What Bank of America Is and What It Offers

Bank of America is one of the largest retail banks in the United States, with branches in most states and a full suite of digital banking tools. It offers checking and savings accounts, credit cards, debit cards, loans, investment services, and wealth management. Most people interact with Bank of America through one of three routes: walking into a branch, using the mobile app or website, or calling customer service.

The bank is headquartered in Charlotte, North Carolina, and is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are insured by the federal government. This protection applies whether you bank in person or online.

Bank of America operates under federal banking law and is regulated by the Office of the Comptroller of the Currency (OCC). If you have a complaint about the bank's practices, you can file it with the OCC or the Consumer Financial Protection Bureau (CFPB).

Key Takeaways

  • Bank of America offers checking, savings, credit cards, and debit cards through branches, mobile apps, and online banking.
  • Deposits are insured by the FDIC up to $250,000 per account type, protecting your money if the bank fails.
  • The bank charges monthly maintenance fees on most accounts, but fees are waived if you meet minimum balance or direct deposit requirements.
  • You can open an account online, by phone, or in person at a branch, and the process typically takes 10 to 15 minutes.
  • Bank of America's customer service is available 24/7 by phone, and the mobile app lets you deposit checks, transfer money, and pay bills without visiting a branch.

Types of Accounts Bank of America Offers

Bank of America offers several checking account options, each with different features and fee structures. The Advantage SafePass Checking account is designed for basic banking and charges a $12 monthly maintenance fee, which is waived if you maintain a $1,500 minimum daily balance or set up direct deposit. The Advantage Plus Checking account costs $15 per month and waives the fee with a $2,000 minimum balance or direct deposit. Both accounts include a debit card, online bill pay, and mobile check deposit.

For savings, Bank of America offers the Regular Savings account, which earns interest and charges a $5 monthly maintenance fee (waived with a $300 minimum balance). The bank also offers Money Market Accounts, which typically require higher minimum balances but offer higher interest rates. Interest rates vary based on market conditions and your balance tier.

Bank of America also offers Certificates of Deposit (CDs), which lock your money away for a set period (typically 3 months to 5 years) in exchange for a fixed interest rate. If you withdraw early, you pay a penalty. The bank publishes current CD rates on its website.

How to Open an Account

You can open a checking or savings account with Bank of America online, by phone, or in person at a branch. The online process takes about 10 to 15 minutes and requires a valid government-issued ID, your Social Security number, and an initial deposit (usually $25 or more). You will need to provide your name, address, date of birth, and employment information.

If you open online, the bank will verify your identity using information from your credit report or by asking security questions. Once approved, you can use your account when ready for transfers and bill pay, though your debit card will arrive by mail within 7 to 10 business days. If you prefer, you can visit a branch and open an account with a banker, who can answer questions and help you choose the right account type.

To open an account by phone, call Bank of America's customer service line at 1-800-432-1000. A representative will walk you through the process and mail your debit card once the account is set up.

Debit Cards and How to Use Them

When you open a checking account, Bank of America issues you a debit card — a card linked directly to your account that lets you withdraw cash and pay for purchases without borrowing money. Your debit card arrives by mail and is activated automatically when it arrives, though some banks require you to call or use the app to set up it. Check your welcome materials or the Bank of America app to confirm.

You can use your debit card at any merchant that accepts Visa (Bank of America's debit cards run on the Visa network), at ATMs to withdraw cash, and online to pay for goods and services. When you use your card, the money comes directly from your checking account. If you don't have enough money in your account, the transaction will be declined unless you have overdraft protection enabled.

Bank of America offers overdraft protection, which links your checking account to a savings account or credit line. If you overdraw your checking account, the bank automatically transfers money from the linked account to cover the shortfall. This prevents declined transactions but may incur a fee. You can set up or modify overdraft protection through the mobile app or by calling customer service.

Credit Cards and How They Differ from Debit Cards

Bank of America also issues credit cards, which are different from debit cards. With a credit card, you borrow money from the bank and pay it back later. The bank charges interest on the balance you carry, and you receive a monthly bill. Credit cards build your credit history if you pay on time, whereas debit cards do not.

Bank of America offers several credit card products, including the Bank of America Cash Rewards Credit Card (which gives cash back on purchases), the Bank of America Travel Rewards Credit Card (which earns points on travel and dining), and cards designed for people building or rebuilding credit. Each card has different annual percentage rates (APRs), annual fees, and rewards structures. You can compare them on the Bank of America website or ask a banker in a branch.

To open a credit card account, you must be at least 18 years old and have a Social Security number. The bank will check your credit report to decide whether to approve you and what interest rate to offer. If you have limited or poor credit history, you may not be approved, or you may be offered a card with a higher APR or lower credit limit.

Mobile Banking and Online Tools

Bank of America's mobile app and website let you manage your account without visiting a branch. Through the app or website, you can check your balance, view transaction history, transfer money between accounts, pay bills, deposit checks by taking a photo, and set up alerts for low balances or large transactions.

The mobile app is available for iPhone and Android and can be downloaded from the App Store or Google Play. To log in, you will need your username and password, or you can use fingerprint or face recognition if your phone supports it. The app also lets you lock or unlock your debit card if it is lost or stolen, and you can order a replacement card directly from the app.

Bank of America's website (bankofamerica.com) offers the same features as the mobile app, plus additional tools like investment management and loan applications. If you forget your password, you can reset it on the login page using your username and email address.

Customer Service and Getting Help

Bank of America offers customer service by phone 24 hours a day, 7 days a week. The main customer service number is 1-800-432-1000. You can also reach customer service through the mobile app by selecting "Help" and choosing to chat with a representative or schedule a callback.

If you visit a branch, you can speak with a banker during business hours (typically 9 a.m. to 5 p.m. Monday through Friday, with limited Saturday hours). To find the nearest branch and its hours, use the branch locator on bankofamerica.com or call the main customer service line.

If you have a complaint about Bank of America's practices or believe the bank has violated banking law, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov or by calling 1-855-411-2372. The CFPB will investigate and may require the bank to respond.

Frequently Asked Questions

What happens if Bank of America fails or goes out of business?

Your deposits are insured by the FDIC up to $250,000 per account type. If the bank fails, the FDIC will transfer your money to another bank or send you a check. This protection applies to checking accounts, savings accounts, and money market accounts separately, so you could have up to $750,000 insured across three account types.

Can I use my Bank of America debit card outside the United States?

Yes, you can use your debit card at ATMs and merchants worldwide that accept Visa. However, the bank charges a foreign transaction fee (typically 3% of the transaction amount) and may charge an ATM fee if you withdraw cash from a non-Bank of America ATM. Check the Bank of America website for current fees before traveling.

How do I report a lost or stolen debit card?

Call Bank of America's customer service line at 1-800-432-1000 or use the mobile app to lock your card when ready. The bank will cancel the card and mail you a replacement within 7 to 10 business days. You are not responsible for fraudulent charges if you report the card lost or stolen promptly.

What is the difference between a checking account and a savings account?

A checking account is designed for frequent deposits and withdrawals and comes with a debit card and bill pay tools. A savings account earns interest and is designed for storing money long-term, though you can withdraw funds anytime. Savings accounts typically have lower monthly fees but earn less interest than CDs or money market accounts.

Can I open a Bank of America account if I don't have a Social Security number?

Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you may not be able to open an account with Bank of America, though you can contact the bank to ask about exceptions or alternative options.