Bank of America is one of the largest and most trusted financial institutions in the United States, offering a wide range of banking services to individuals and businesses. Among their many services of Bank of America, Checking Accounts play an important role in day-to-day banking.
In this post, we will explore everything you need to know about checking accounts from Bank of America, covering account types, requirements, procedures, benefits, and much more. Let’s discover now!
About Bank of America Corporation
With over 120 years of history, Bank of America provides various financial services. Famous for its customer-focused approach, the bank offers tailored solutions to meet the needs of individuals and businesses.
History of Bank of America
In 1904, Amadeo Giannini established the Bank of Italy in San Francisco, California, laying the foundation for what would later become Bank of America. Over the years, the institution expanded through strategic mergers, including a pivotal 1998 merger with NationsBank that prompted its rebranding.
Today, Bank of America stands as a global financial leader, offering a full spectrum of services. We can list from retail banking to investment and corporate finance, with millions of clients worldwide. Headquartered in Charlotte, North Carolina, the bank operates an extensive network of financial centers and ATMs across the globe.
Main services of Bank of America
Bank of America Corporation provides various services to individuals, businesses, and institutions. These services include:
- Consumer Banking: Checking and savings accounts, credit cards, mortgages, home loans, and auto loans.
- Wealth Management: Investment management, financial planning, and retirement services.
- Corporate Banking: Business loans, treasury management, commercial banking, and trade finance.
- Investment Banking: Mergers and acquisitions, capital raising, and advisory services.
- Global Markets: Services for institutional clients, including trading, risk management, and foreign exchange.
- Auto Loan: Bank of America Corporation helps individuals or businesses buy a car without having to pay the full price upfront.
Types of Checking Accounts from Bank of America
Bank of America offers several checking account options to suit different financial needs. Whether you are looking for basic features, rewards, or a more comprehensive banking experience, Bank of America has the checking accounts tailored for you.
Checking Accounts Service of Bank of America
Bank of America provides checking accounts to help individuals manage their finances efficiently. The features include online banking, mobile app access, and debit card services. These checking accounts provide flexibility and convenience for everyday transactions. Bank of America provides four primary checking account options, each with unique features.
Advantage SafeBalance Banking
This is an ideal option for young adults, students, or anyone who wants a simple checking account. It offers digital banking features without the ability to write checks, also helping prevent overdrafts.
The monthly fee is $4.95, which can be free for customers under 25 or those enrolled in the Preferred Rewards program.
Advantage Plus Banking
A more flexible account, the Advantage Plus Banking checking account offers additional features. Such as overdraft protection with Balance Connect and the ability to earn interest on your balance.
The monthly fee is $12, which can be waived by maintaining a minimum daily balance of $1,500, setting up a qualifying direct deposit, or joining the Preferred Rewards program.
Advantage Relationship Banking
Suitable for customers who want a more comprehensive banking experience. This account offers the ability to earn interest on balances and access to personalized financial advice.
The monthly fee is $25, but it can be waived by maintaining a minimum daily balance of $20,000 or by being a Preferred Rewards program member.
Advantage SafeBalance Banking for Family Banking
Ideal for parents managing their child’s banking experience. This account provides parent-owned management with child access, parental controls, and alerts on spending. Children can have online access starting from age 6, with limitations.
The monthly fee is $4.95, which can be waived if the child is under 25 years old or if the parent is a Preferred Rewards program member.
Why Choose Bank of America Checking Accounts
There are several great reasons to choose Bank of America for your checking needs:
- Strong Security: With fraud protection and a zero liability guarantee for unauthorized transactions.
- Customizable Alerts: Stay on top of your finances with customizable alerts for low balances, large transactions, or upcoming bills.
- BankAmeriDeals: Earn cash back on everyday purchases at participating retailers through the BankAmeriDeals program.
- 24/7 Customer Support: Bank of America offers round-the-clock customer service to assist you with any questions or issues regarding your account.
- Convenient Digital Banking: Manage your account anytime, anywhere using their mobile app or online banking platform.
- Wide ATM Access: With over 16,000 ATMs, you can easily access your funds whenever you need them.
Bank of America makes managing your checking account safe, simple, and accessible. Besides, maybe you are interested in Home Loan Services; there are many options for you.
Bank of America Checking Accounts: Eligibility
Before opening checking accounts at Bank of America, there are some eligibility requirements, account types, and specific features that you should know. Here’s a more detailed explanation of the key criteria.
Age Requirement
To open a checking account with Bank of America, you must be at least 18 years old. If you’re under 18, you can still open an account, but it must be done with the assistance of a parent or guardian.
Your parent or guardian will be responsible for managing the account until you reach the legal age of adulthood. These accounts are designed to teach minors how to manage finances responsibly, offering features like spending controls and account monitoring.
U.S. Residency
Bank of America requires that you be a U.S. resident with a valid U.S. address to open a checking account. This ensures that the bank can contact you if needed and you can receive your account-related information, such as statements, debit cards, and notices.
For non-U.S. residents or those who do not have a permanent U.S. address, opening a checking account may not be possible unless you are eligible for specific services for international customers or have a valid visa or work permit.
SSN or ITIN
Bank of America requires that you provide a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) when opening a checking account. This number helps the bank confirm your identity and ensures they can report your account to the IRS if necessary.
If you are a U.S. citizen, you would typically use your SSN. If you’re a non-resident or don’t qualify for an SSN, you can use an ITIN. This is issued by the IRS to those who are required to pay taxes but are not eligible for an SSN.
These identifiers are important for tax reporting purposes, preventing identity fraud, and ensuring that your account meets all regulatory requirements.
Preferred Rewards Program
The Preferred Rewards program is designed to reward customers for maintaining qualifying balances across Bank of America and Merrill accounts. It offers four membership tiers with escalating benefits. Therefore, you can benefit when opening checking accounts that satisfy:
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Gold: $20,000 average balance
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Platinum: $50,000 average balance
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Platinum Honors: $100,000 average balance
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Diamond Honors: $1,000,000 average balance
Key Benefits:
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Credit Card Rewards Boost: Members earn a bonus on eligible credit card purchases (up to 75% more points).
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No Monthly Fees: Fee waivers for up to four eligible checking and savings accounts.
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Interest Rate Boost: Higher rates on savings accounts and access to mortgage and auto loan discounts.
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Priority Service: Priority customer support with extended hours.
How to Qualify: Firstly, open an eligible Bank of America checking account. Secondly, maintain a combined average daily balance of $20,000 or more across your eligible deposit and investment accounts.
This program is important to remember because it directly impacts the interest rates you’ll earn—more on that in the next section. Another way to maximize benefits? Consider Investing Service in or exploring referral programs for additional perks.
Bank of America Checking Accounts: Documents and Procedures
When you’re ready to open checking accounts with Bank of America, it’s important to have the necessary documentation. The process is straightforward, but you’ll need to follow a few steps to ensure everything is in order.
Documents for Checking Accounts at Bank of America
When opening a checking account with Bank of America, you’ll need to provide certain documents to verify your identity and comply with regulations. Here’s a breakdown of the required documents:
Personal Identification: To verify your identity, you will need a government-issued photo ID. This could be one of the following:
- Driver’s License
- Passport
- State-issued ID card
The photo ID ensures that Bank of America can confirm your identity and prevent fraud.
Proof of U.S. Address: The bank requires proof of your current U.S. address. Because this helps the bank ensure it can send you account-related information and maintain up-to-date records. Acceptable documents include:
- Utility Bill (electric, water, etc.)
- Rental Agreement or lease contract
- Bank Statement showing your current address
This document must be recent (usually within the last 30 days) to confirm your address.
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): Bank of America requires either your SSN or ITIN for tax reporting purposes and identity verification.
- SSN: For U.S. citizens and permanent residents.
- ITIN: For non-citizens who are not eligible for an SSN but still need to file taxes in the U.S.
Providing one of these numbers helps ensure the bank is compliant with federal regulations and allows it to report your account information to the IRS if necessary.
Procedures for Checking Accounts at Bank of America
You can apply for Bank of America checking accounts online, by phone, or in person at a branch. The application process is simple:
- Choose Your Account: Review the available checking accounts and select the one that best suits your needs.
- Provide Personal Information: Enter your details, including your full name, date of birth, and Social Security number.
- Make an Initial Deposit: Some accounts require a minimum deposit to open the account. For example, the Advantage SafeBalance Banking requires a $100 deposit.
- Confirm Your Information: Review your details to ensure everything is correct, and then submit your application.
- Receive Your Confirmation: Once approved, you will receive a confirmation email, and your account will be ready for use. If you love shopping, you can consider opening a Credit Card.
Bank of America Checking Accounts: Terms and Rates
Bank of America’s checking accounts come with specific terms and conditions. They include monthly maintenance fees, interest rates (if applicable), and features like overdraft protection. It’s important to understand these terms before opening an account.
Account Terms for Checking Accounts
Bank of America offers several checking account options, each with specific terms, fees, and features. Here’s an overview of the account terms:
I. Advantage SafeBalance Banking
Ideal for students and young adults seeking a straightforward, digital-only account. We can mention these key features:
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No paper checks; digital banking only.
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No overdraft fees.
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Mobile and online banking access.
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Monthly Fee: $4.95 or waived if under 25 years old or if you are a Preferred Rewards member.
II. Advantage Plus Banking
It is suitable for individuals desiring flexibility with multiple ways to waive the monthly fee. Here are the key features:
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Digital banking with various payment options.
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Balance Connect for overdraft protection.
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Access to checks and debit card transactions.
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Monthly Fee: $12 or waived if you meet: Maintain a minimum $1,500 balance. Or set up qualifying direct deposits of at least $250 per statement cycle. Another way is to enroll in the Preferred Rewards program.
III. Advantage Relationship Banking
It is ideal for those seeking comprehensive banking with benefits for linked accounts. So, key features for this option are:
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Earns interest on your balance.
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$0 monthly maintenance fee on up to 7 eligible accounts when linked.
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No fees on select banking services.
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Monthly Fee: $25 or waived if you meet one of the following: Either maintain a minimum $20,000 balance in combined accounts, OR enroll in the Preferred Rewards program.
IV. Advantage SafeBalance Banking for Family Banking
Ideal for parents managing their child’s banking experience. The features that this option provides:
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Parent-owned account with child access.
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Parental controls and alerts on spending.
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A child can have online access from the age of 6 with limitations.
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Monthly Fee: $4.95 or waived if the child is under 25 or if the parent is a Preferred Rewards member.
Interest Rates for Bank of America Checking Accounts
The Advantage Relationship Banking account from Bank of America is the only checking account that earns interest. When opening, link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account.
Interest Rate
Here’s a breakdown of the Bank of America Advantage Savings account’s interest rates.
| Account Balance | Rate % | APY % |
| Less than $50,000 | 0.01% | 0.01% |
| $50,000 – $99,999 | 0.02% | 0.02% |
| $100,000 and over | 0.02% | 0.02% |
Here are the bonus rates when you are a member of the Preferred Rewards program.
| Preferred Rewards Tier | Rate % | APY % |
|---|---|---|
| Gold | 0.02% | 0.02% |
| Platinum | 0.03% | 0.03% |
| Platinum Honors | 0.04% | 0.04% |
| Diamond Honors | 0.04% | 0.04% |
Benefits of Checking Accounts of Bank of America
When opening checking accounts with Bank of America, you get several benefits designed to help you manage your finances efficiently. These include a range of digital tools, security features, and rewards programs.
Digital Banking Features
Bank of America’s digital banking tools allow you to manage your account wherever you are. The mobile app lets you deposit checks, transfer money, pay bills, and more. Also, online banking offers similar features, plus access to your account statements and transaction history.
Security Features
Bank of America takes security seriously, offering features like two-factor authentication, fraud alerts, and a $0 liability guarantee for unauthorized transactions. Therefore, with these features, you can rest assured that your account is protected from potential threats.
Rewards and Cash Back Programs
With BankAmeriDeals, you can earn cash back on purchases at participating retailers. Additionally, the Keep the Change program rounds up your debit card purchases to the nearest dollar and automatically transfers the difference to your savings account.
ATM and Debit Card Access
Using Bank of America checking accounts get convenient access to your funds through ATMs and debit card services.
Accessing Accounts via ATMs
Bank of America provides fee-free access to over 16,000 ATMs across the U.S. in its extensive ATM network. So, this allows you to withdraw cash, check your balance, and perform other banking tasks at no extra cost.
However, if you use ATMs outside of the Bank of America network, there will typically be a $2.50 fee for domestic withdrawals and a $5.00 fee for international ATM transactions, plus any additional charges by the ATM operator. To avoid these fees, it’s a good idea to use Bank of America ATMs or those within the Global ATM Alliance, where you can access your funds without extra charges.
Debit Card Services
With a Bank of America checking account, you’ll receive a Visa or Mastercard debit card, which can be used for everyday purchases both in-store and online. The card offers the following benefits:
- Chip Technology: The card comes with an embedded chip for enhanced security when making transactions, protecting against fraud and counterfeits.
- Contactless Payments: You can make fast and easy payments by simply tapping your card at contactless-enabled terminals, eliminating the need for swiping or entering your PIN.
- Global Acceptance: As a Visa or Mastercard debit card, it is accepted worldwide, making it ideal for both domestic and international use.
- Cash Withdrawals: In addition to making purchases, you can use your debit card to withdraw cash at any Bank of America ATM or any other participating ATM worldwide.
These features make the Bank of America debit card a versatile and secure tool for managing your finances while offering convenience and peace of mind when spending or accessing your funds. You can consider Auto Loans Service for your next vehicle.
FAQ About Bank of America Checking Accounts
Here are some popular FAQ on this topic of checking accounts.
- How do I open a checking account at Bank of America?
- You can apply online, by phone, or in person at a branch. The process is simple and requires basic personal information and identification.
- What fees are associated with Bank of America checking accounts?
- Monthly maintenance fees apply, but they can be waived based on account activity or qualifying conditions.
- Can I access my Bank of America checking account internationally?
- Yes, Bank of America provides access to ATMs worldwide. However, foreign ATM fees may apply.
Bank of America offers a range of checking accounts to suit various financial needs, from simple accounts like Advantage SafeBalance Banking to interest-earning options like Advantage Relationship Banking. With benefits like mobile banking, over 16,000 ATMs, and the Preferred Rewards program, you’ll have easy access to your funds and earn rewards for maintaining higher balances.
Whether you’re looking for basic banking or a comprehensive account with extra features, Bank of America provides flexible, secure, and convenient solutions to manage your finances. Looking to grow your business? Explore Business Loan solutions, designed to support expansion, equipment purchases, and working capital with expert financial guidance.
