How to Open a Bank of America Checking or Savings Account

What you need to open a Bank of America account

You can open a Bank of America checking or savings account online, by phone, or in person at a branch. The fastest route is online, which takes about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit — usually $25 for a savings account or $100 for a checking account, though some accounts have no minimum.

Bank of America checks your ChexSystems report, which is a banking history database similar to a credit report. If you have been flagged for fraud or unpaid overdrafts at another bank, you may be denied. You can request your ChexSystems report for free at chexsystems.com before you open an account to see if there are issues.

You will also need a current mailing address and a phone number. If you are opening an account online, you will need a debit card from another bank to fund your initial deposit, or you can transfer money from an existing account.

Key Takeaways

• You can open a Bank of America account online in about 10 minutes with a valid ID, Social Security number, and initial deposit.
• Bank of America reviews your ChexSystems report, so check yours first at chexsystems.com if you have had banking problems at other institutions.
• Online account opening requires a debit card from another bank or an existing account to fund your deposit.
• In-person account opening at a branch takes longer but does not require another bank's debit card.
• You can choose between checking, savings, or money market accounts depending on how you plan to use the account.

Opening an account online

Go to bankofamerica.com and click "Open an account" at the top of the page. Select the account type you want — Advantage Checking, Advantage Plus Checking, or Advantage Savings are the most common options for new customers. Bank of America will ask you to enter your personal information: full name, date of birth, Social Security number, address, phone number, and email.

Next, you will verify your identity. Bank of America will ask questions based on your credit history to confirm you are who you say you are. Answer these questions and proceed. You will then choose how to fund your account. If you have a debit card from another bank, enter that card number and the amount you want to deposit. If you do not have another debit card, you can link an existing bank account and transfer money from it instead.

Review the account terms and disclosures, then sign electronically. Bank of America will give you a temporary account number when ready. Your debit card will arrive by mail in 7 to 10 business days. You can use your account number to set up direct deposit or transfers before your card arrives.

Opening an account in person at a branch

Find your nearest Bank of America branch using the branch locator at bankofamerica.com. Bring your government-issued ID, Social Security number, and your initial deposit. You can deposit cash, a check, or a debit card payment in person.

A Bank of America representative will walk you through the account process, which takes 15 to 30 minutes. They will verify your identity, run your ChexSystems report, and set up your account on the spot. You will receive a temporary debit card at the branch or have one mailed to you, depending on the branch's process. Ask the representative which option applies to your location.

Opening in person is useful if you have questions about which account type fits your needs, or if you do not have another bank's debit card to fund an online account.

Account types and what they cost

Bank of America offers several account types for personal banking. Advantage Checking is the standard checking account with no monthly fee if you maintain a $500 minimum balance or set up direct deposit. If you do not meet either requirement, the monthly fee is $12. This account includes unlimited debit card transactions, check writing, and online bill pay.

Advantage Plus Checking is designed for customers who want higher rewards. It has the same $12 monthly fee structure but offers higher interest rates on linked savings accounts and cash back on debit card purchases at certain retailers. Advantage Savings is a basic savings account with no monthly fee and a variable interest rate. The rate changes based on market conditions and your balance.

Bank of America also offers Money Market Accounts, which combine features of checking and savings accounts and typically pay higher interest rates than savings accounts. These accounts have higher minimum balance requirements, usually $2,500 or more.

Setting up direct deposit and transfers

Once your account is open, you can set up direct deposit so your paycheck goes straight into your account. Log into your Bank of America account online or through the mobile app, go to the settings or account services section, and select "Direct Deposit." Bank of America will give you your routing number and account number to provide to your employer's payroll department.

You can also transfer money from another bank account into your Bank of America account. In the mobile app or online banking, select "Transfer Money," then "From another bank." Enter the other bank's routing number and your account number there, and the amount you want to move. Bank of America will verify the account by depositing two small amounts (usually under $1 each) into that account, which you will need to confirm. This process takes 1 to 2 business days.

If you already have a Bank of America account and are opening a second one, you can transfer between your own accounts when ready through online banking or the mobile app.

What happens after you open your account

Your debit card will arrive in the mail within 7 to 10 business days. When it arrives, you will need to set up it before you can use it. You can set up it through the Bank of America app, online banking, or by calling the number on the card. Once activated, you can use it at ATMs and stores when ready.

Bank of America will send you a welcome packet with your account number, routing number, and information about online banking and the mobile app. Set up online banking and the mobile app right away so you can monitor your account, pay bills, and transfer money. You can also order checks if you need them, though many people use bill pay or transfers instead.

Your first statement will arrive 30 days after your account opens. You can view statements online or request paper statements by mail. Bank of America charges $2 per month for paper statements if you have online banking available, so most customers view statements online to avoid the fee.

Overdraft protection and fees

Bank of America offers overdraft protection, which prevents your account from going negative if you spend more than your balance. You can link your checking account to a savings account or credit card, and Bank of America will automatically transfer money to cover the shortfall. There is no fee for this transfer if you use a linked Bank of America account.

If you do not have overdraft protection and you spend more than your balance, Bank of America will charge an overdraft fee, typically $35 per transaction. You can decline overdraft protection in your account settings, which means transactions will be declined if you do not have enough money — this prevents fees but may cause problems at stores or online.

You can also set up low balance alerts in the mobile app so you get a notification when your balance drops below a certain amount. This helps you avoid overdrafts altogether.

Frequently Asked Questions

Can I open a Bank of America account if I do not have a Social Security number?

No, Bank of America requires a Social Security number to open a personal account. If you are a non-citizen without a Social Security number, you may be able to open an account using an ITIN (Individual Taxpayer Identification Number) instead. Contact your local branch to ask whether this option is available.

What if Bank of America denies my account?

Bank of America will tell you the reason for denial, usually related to your ChexSystems report or a history of fraud. You can dispute inaccurate information on your ChexSystems report at chexsystems.com. If the denial is due to a closed account with unpaid fees, you may need to pay those fees at your previous bank before Bank of America will open an account for you.

Can I open an account for someone else, like a child or elderly parent?

You can open a joint account with another adult if you both go to the branch together with valid IDs. For a minor, you can open a student checking account or a custodial savings account where you are the account owner and the minor is an authorized user. Contact your local branch for details on minor accounts.

Do I need to keep a minimum balance to avoid fees?

It depends on the account type. Advantage Checking has no monthly fee if you maintain a $500 minimum balance or set up direct deposit. If you do neither, you pay $12 per month. Advantage Savings has no minimum balance and no monthly fee. Money Market Accounts typically require $2,500 or more.

How long does it take to receive my debit card?

Standard delivery takes 7 to 10 business days. If you open an account in person at a branch, some branches issue a temporary card on the spot that you can use for a few days while you wait for your permanent card. Ask the representative at your branch whether this option is available.