Open Checking Account With Bank Of America – According to some studies, people lose about $170 a year in monthly bank fees alone. Others report that over a decade, you can lose at least $1,000 in hidden fees and maintenance costs per bank account you open.
Earn Cheese aims to provide our users with $0 monthly fees and other zero-fee benefits such as no overdraft fees, international fees and minimal balance fees. Large international banks such as Bank of America often cannot offer the same level of free assistance.
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So how much would you pay to open a bank account at Bank of America? What fees are associated with a BoA checking account? And what are your options for different types of BoA checking accounts and savings accounts? What is the minimum balance? We have the answers for you.
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Some large international banks require you to meet a minimum opening deposit requirement in order to open an account with them. Bank of America requires a minimum deposit of $25 for the most basic Bank of America checking account and $100 for the other two levels of checking accounts. However, they each have their own monthly fees and individual ways to waive monthly BoA bank fees depending on your account.
Each BoA checking account includes unique monthly fees and other fees that may make them more expensive than others. There are three Bank of America checking account options:
What’s in common? Each checking account includes a debit chip card, the ability to transfer money and pay with Zelle, and access to a digital wallet. However, the Bank of America app has a Zelle money transfer limit of $2,500 per day.
The monthly fee for the Bank of America Advantage SafeBalance checking account service is $4.95 (which is less than the $12 standard monthly Bank of America maintenance fee at other banks such as Chase and Citibank). However, you can waive this fee in one of two ways:
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It is important to note that BoA overdraft protection is not available for this account. However, if you do not have enough funds, you are not charged, the transaction is rejected. Also, you are not allowed to order or use paper checks with this account.
The monthly service/maintenance fee for the Bank of America Advantage Plus checking account is $12. However, you can waive this fee in one of four ways:
The BoA overdraft fees and overdraft protection for this account are the same as the Bank of America checking account option, except that you can choose an overdraft setting when you open a bank account with BoA. And the Bank of America overdraft fee is $35.
The monthly service/maintenance fee for a Bank of America Advantage Relationship Banking account is $25. However, you can waive this fee in one of two ways:
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Other than that, the fees associated with the account are the same as for an Advantage Relationship Banking account, except that you can choose a Bank of America overdraft when you open the account. And the overdraft fee is $35; The minimum deposit to open a Bank of America Advantage Relationship Banking account is $100.
What makes this BoA checking account different is that you can earn APY on your balance. Balances under $50,000 are subject to 0.01% APY and balances over $50,000 are subject to 0.02% APY.
The BoA Small Savings Account is owned and managed by a person under 18, while the BoA Savings Savings Account is similar but managed by a parent, guardian or legal guardian.
A minimum deposit of $100 is required to open a Bank of America Advantage Savings Account. Additionally, after the first six months, you may pay an $8 monthly service/maintenance fee if:
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With a Bank of America Advantage Savings Account, you can make a total of six transfers and withdrawals each monthly statement cycle without paying any withdrawal fees. After that, you will be charged a $10 fee for each withdrawal.
This account has an APY of 0.01% unless you are a Preferred Rewards member. In this case, the APY will increase from 0.04% to 0.06%.
Like other major banks in the country, there are some fees associated with a BoA account. You can expect to pay Bank of America monthly maintenance fees, BoA overdraft fees, fees for your BoA checking account and BoA savings account fees, as well as wire transfer fees and foreign transaction fees.
Almost every checking and savings account expects $2.50 in withdrawals from out-of-network ATMs in the United States and $5 when you use international ATMs.
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The only other fee you’ll actually pay when you open a Bank of America checking or savings account is the lost card fee. You will need to pay $5 to replace your BoA card.
While most people can waive the fees associated with a Bank of America checking or savings account, none of their accounts offer you the chance to actually earn rewards in the form of cash back.
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Checking Vs. Savings Accounts
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Chase and Bank of America are two of America’s largest national banks and offer similar bank accounts. There is no clear overall winner between the two, so your choice will depend on the type of accounts you want to open.
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Below are the winners of the Chase and Bank of America checking, savings and CDs. We also compared the reliability of each organization.
Chase and Bank of America have a variety of checking accounts, but we compared two popular accounts that charge the same monthly fee.
Chase’s sign-up bonus and minimum deposit give it an edge over Bank of America, though Bank of America makes it a little easier to waive the $12 monthly service fee.
$34 overdraft and insufficient funds fee (no fee if you go over $50 or less by the end of the business day)
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Bank of America Advantage Savings waives your monthly fees for the first six months and may not apply until you turn 24. Bank of America also offers cash back rewards at select retailers while you have this account. If you don’t have a monthly bank fee waiver, you can choose Chase because its fees are lower.
No high withdrawal fees if you have a balance of at least $20,000 or if you are a Preferred Rewards customer
It’s a tight race, but the small details put Chase on top. While both banks offer up to 10 years, Chase typically offers higher CD rates if you already have a checking account to qualify for the relationship rate.
There is no clear answer as to which bank is more reliable. The Better Business Bureau gave JPMorgan Chase & Co. (Chase’s parent company) an A rating and Bank of America an A+.
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A good BBB-rated company responds effectively to customer complaints, has fair advertising practices, and is transparent about how it does business.
While both banks have good BBB scores, each has its own history of public scandals. Here are two of Chase’s conflicts over the years:
Chase’s recent scandals revolve around trade and investment, and Bank of America’s about discrimination. The contrasting features of each bank may influence your choice between the two, or it may be up to you to decide
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