To open a Bank of America bank account is very easy and straightforward. It can be done at a branch, over the phone, on your desktop computer or on a mobile device connected to the internet. Whichever way you decide, this article will outline the steps to follow in order to successfully open a bank account at Bank of America.
Before you proceed, first you need to know or choose which accounts best suit you. Bank of America offers three main options for checking and one for savings. You can choose from any of them.
Bank of America Checking Account
- Bank of America Advantage SafeBalance Banking: This account is for someone who keeps a low balance and doesn’t need checks. Students under age 24 can avoid the monthly fee.
- Bank of America Advantage Plus Banking: This is the standard checking option with four ways to avoid the monthly fee, including receiving direct deposits. Paper checks are available for a fee. This account has overdraft programs that help you cover transactions if you don’t have enough money in checking.
- Bank of America Advantage Relationship Banking: This type of account is for customers who keep high balances and it offers some interest, unlike the other two accounts. Overdraft programs and checks are also available.
Bank of America Savings Account
- Rewards Savings: The interest rate for Rewards Savings account is low and the monthly fee is high for a savings account, though there are multiple ways to waive it.
Requirements to Open a Bank of America Account
You need the following information in order to open a checking or savings account with Bank of America.
- Social Security number or Tax Identification Number.
- Current home address.
- Email address.
- Funding method (account number or debit card number for an existing checking account, or cash or check).
- The same information for any joint account holder.
How To Open a Bank of America Account
You can fill in the Bank of America Account Opening Application form through Bank of America’s website https://www.bankofamerica.com on a computer or mobile device. Also, you can open the account over the phone or at a branch. Just visit the nearest Bank of America branch and request to open an account.
After that, fund the account by setting up a transfer from your existing checking account, or you pay with cash or check at a local branch. The minimum opening deposit for many Bank of America accounts is $100. Standard Term CDs require $1,000.
For any question regarding how you can open an account with the Bank of America, simply use the comment section below.
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