How to open a checking account at Bank of America: Open a checking account with Bank of America by using the following information.
You might be interested in opening an account in the United States for a number of reasons. Perhaps you are considering moving there permanently, or thinking about taking a trip there. Perhaps you have a business where many of your clients are North Americans and they pay you in dollars.
No matter what your situation, here you will find the steps you need to take to open a Bank of America account, its requirements, and its commissions.
This account makes it easy for you to pay your bills, and it also provides you with proof of payment for all your transactions. Let us explain how you can open a Bank of America checking account to help you.
Page Contents
How does a Bank of America checking account work?
Checking accounts are types of deposit accounts that allow you to deposit and withdraw funds at any time, usually by writing checks or using debit cards. You may be able to earn interest on checking accounts.
Keep Reading: How do I remove the automatic payment in Capital One?
What are the requirements to open a checking account with Bank of America?
Bank of America has online banking systems and branches as well as agencies where you can open a checking account. In either case, you must collect the following information to complete the application:
- Addresses currently in use.
- Social Security Number
- Email.
- To make your first deposit into your new Bank of America account, you will need your account number or debit card number.
- If the account is joint, the personal information of the joint owner.
If you wish to open a checking account at a local branch, you will need to provide two forms of identification.
Among the most common forms of identification are:
- US passport
- Military photo ID
- Driver’s license
- State issued photo ID
- Bank of America debit or credit card with photo
Verifying your primary identification with your second form of identification is important. The following types of secondary ID are acceptable:
- Other financial institution’s primary credit card
- Retail credit cards from department stores or national retail chains
- Other financial institution’s debit card
- University or college IDs
- Identification card for an American student from the local high school
- Work or employment identification card issued in the U.S.
Requirements for foreigners
If you are a foreigner, you may also be asked for the following documents:
- Residence permit
- Copy of your passport
- Other identity document, such as a driver’s license
- Copy of your visa
Multi-currency account
Even if you are not a U.S. resident, you can open a multi-currency account for free and 100% online.
This way, any person or company wishing to send you dollars can easily do so through a wire transfer or a common debit to your US account. Whether you’re a company owner or a freelancer, it’s a very convenient option.
You can convert the money in your multi-currency account to more than 50 currencies at the official exchange rate (you can check it yourself on Google). A MasterCard card is also associated with the account, so you can use the money you have in it worldwide.
Keep Reading: Can I deposit a money order at Bank of America?
Decide which Bank of America account is best for you
Following the gathering of your documents, you will need to choose the checking account that best suits your needs. You have two choices:
-
Checking account with Bank of America Core: This checking account is designed for individuals and students who want an account that does not have a high minimum balance requirement. The account can be set up to receive direct deposits.
-
Bank of America Interest Checking account: Interest checking accounts from Bank of America might be a good choice for you if you have a high balance in your checking account. In addition to earning interest, you’ll find benefits like fees with no service charge and the possibility to open three more checking or savings accounts without any maintenance fees. In addition, you’ll qualify for the Preferred Rewards program, which offers discounts on auto loans as well as 12 free ATM transactions per month.
Keep Reading: What is Prime Rate and how is it calculated?
Checking account fees at Bank of America
Checking account fees at Bank of America vary. A Core Checking account costs $ 12 per month unless you maintain a minimum daily balance of $ 1,500 or have a direct deposit of $250. These fees are waived for students enrolled in an educational institution under the age of 23.
There is a monthly fee of $ 25 for an interest-bearing checking account, unless you maintain a combined balance of $ 10,000 across your checking, savings, certificate of deposit, and IRA accounts. Overdraft fees can also be avoided in some cases, but in most cases, you will have to pay a fee of $ 35.
FAQs about Bank of America checking accounts
If you still have questions after reviewing the list of documents you need, choosing a checking account with Bank of America, and understanding its fees, you can reach out to us directly. You can better understand Bank of America’s options and services by reading through some commonly asked questions about online banking.
Keep Reading: How to Deposit a Check by Phone with Bank of America
How will my checking account be protected?
You can add your photo to your debit card to help prevent fraud, and every debit card has a built-in chip for added security. If someone changes the account, an alert will be sent to you. Bank of America will not hold you liable for fraudulent charges if your card is lost or stolen.
If you lose your debit card, you can also use Bank of America’s online system to block your debit card if you lose it , giving you the opportunity to locate and reactivate it rather than cancel it entirely.
You’re about to learn how to apply for credit (and get approved) in 6 easy steps:
Following these steps will allow you to make a mobile deposit using your smartphone:
Install the mobile banking app.
With your phone’s camera, take a photo of the front and back of the check.
Make sure to write down the check’s exact amount.
Click the “Submit” button.
On your statement or online account activity summary, verify that the deposit has been made.
Can I open a Bank of America bank account without being a resident?
As part of the requirements for opening a Bank of America account, customers must provide proof of residence in the United States and provide their Social Security number. You may not have access to these documents if you are not a resident, but there are a few online alternatives that do.
Tourists may be able to open an account with Bank of America if they present the bank branch with a copy of their visa, proof of residence in their country of origin, and an address for notification purposes in the United States Joined.
How to open a Bank of America account online
Choose between the savings accounts or current accounts pages, depending on what interests you.
Click on the “Open Now” button.
A screen will appear asking if you are already a Bank of America customer or if you have a promotional code. Check the boxes and click “Go to application”.
Complete the forms with your personal information.
They will notify you within one to two business days if your request has been approved.
You need to be a resident of the United States in order to open a Bank of America account online. If you are not a resident, you can use online alternatives.
What are the commissions when opening an account with Bank of America
The most common fees are those for opening an account, maintaining it, making withdrawals from ATMs, and transferring funds. The amounts may differ depending on the type of account you have.
Account opening
Bank of America does not charge any fees for opening an account. They do require, however, that you make a minimum deposit of $25 in Advantage Safe Balance checking accounts and $100 in the others.
Commission for maintenance
The following fees are charged by the bank each month to maintain your account:
Advantage Safe Balance checking account: $4.95 (free for students under 24).
Advantage Plus checking account costs: $12. For free, you must receive a payment of $250 or more, be a student under 24, or keep your balance above $1,500 on any day of the month.
Advantage Savings account: $8. You will receive a 100% discount if your balance does not fall below $500 during the month, or if you are a student under 24 years old.
ATM withdraw money
No matter what type of account you have, you have to pay the same fee to withdraw money from an ATM
ATMs belonging to the Bank of America network: Free.
Other ATMs within the United States: $2.50 plus fees assessed by the entity that owns the ATM.
Withdraw money from an ATM outside the United States
The following three charges must be considered in these cases:
The Bank of America commission is $5.
Bank of America charges a 3% exchange rate surcharge when converting money to foreign currency.
Use of the ATM depends on the organization that owns it.
Transfers abroad
Bank of America charges a fee of 35 dollars for sending money abroad, as long as the transfer is in the currency of the destination country. When converting between currencies, traditional banks don’t use the real exchange rate, but instead apply their own exchange rates with a premium. This will result in the final shipping price being higher than advertised.
Your bank will charge you 45 USD for the transfer if you use dollars.
Both parties may charge extra commissions due to the SWIFT network when using the receiving bank or intermediary entities.
What type of Bank of America account is best for my needs?
There are two types of accounts offered by Bank of America: Credit (current) accounts and savings or check accounts. Here’s a look at what’s available from this entity.
What types of checking accounts does Bank of America offer?
You can use current accounts to have access to the money you need to live your everyday life. Using them to receive your salary and pay for your purchases is possible, since they allow you to request a credit or debit card. However, these types of accounts do not earn interest. Look for a savings account if you want to earn a return on your money.
Bank of America offers two types of checking accounts:
Advantage Safe Balance
Advantage Plus.
There is not much of a difference between the two:
The maintenance fee for the Plus account is a bit higher
You can write paper checks with the Plus version, but not with SafeBalance.
Overdrafts are not allowed in the SafeBalance account, but they are permitted in the Plus account.
Advantage Savings Account
Money saved in a savings account earns interest, whereas money in a current account does not. Bank of America accounts provide an annual return of 0.01%, although the Preferred Rewards program can increase that rate to 0.06%.
You have some limitations when it comes to disposing of your money when you have this type of account. If you make more than six transfers or withdrawals of funds per month, you will be charged a fee of 10 dollars.
What is the minimum amount to open an account with Bank of America?
The minimum deposit for opening a Bank of America account is $100.
How does a savings account at Bank of America work?
For accounts with an average balance of $2,500, you can deposit your savings with a minimum deposit of $100 dollars. This will generate an interest rate of between 0.01% and 0.05% per year.
It is very easy to open a checking or savings account at Bank of America, and the benefits are extremely attractive for customers, since they can participate in various savings and rewards programs to earn more interest on their deposits.
Do Bank of America checking accounts offer Any special benefits?
When you open a checking account with Bank of America, you can enjoy two special benefits:
Keep your Change savings account: You can transfer the money from your debit card purchases to your savings account if you also have a Bofa savings account.
BankAmeriDeals: By opening the mobile application on your phone, click on the offers you wish to earn money. When you shop with your debit card, the cash back you earn will be credited to your account at the end of the month.
You can use it to save money you do not need to use in your daily life but want to earn a return on.
