Bank of America Checking Account
If you want to open a Bank of America checking account through its online banking system or personal. You have needed the following information:
Bank of America Checking Account
- Current mailing address
- Current email address
- Social Security Number
- Information any join account holder
- Driver’s license
- State-issued ID with photo
- U.S. passport
- Military ID with photo
- Bank of America-branded debit or credit card with photo
- Your second form of ID works to verify your primary ID. Types of acceptable secondary IDs include
- Major credit card from another financial institution
- Major retail credit card from a national department store or retail company
- Debit card with Visa or MasterCard logo from another financial institution
- U.S. college or university ID
- U.S. student ID card from a local high school
- U.S. issued employment or work ID card or badge
Let you have above required documents are available at your end.
Decide on checking or savings Choose checking if you want to:
- Pay your bills
- Write checks
- Make debit card purchases
Choose savings if you want to:
- Build an emergency fund
- Put away money for specific goals
What to look for in a checking account:
- Low or no overdraft fees
- Convenient ATM access
- High interest rates
Here’s a quick list of some of the fees and features you may want to compare across accounts to find the financial institution that offers the most relevant services for you at the lowest cost:
|· Monthly service charges or maintenance fees
· Overdraft or nonsufficient funds fees
· Debit/ATM card fees
· Low minimum balance fees
· Online banking fees
· Printed checks fees
· Balance inquiry fees
|· Limits on the number of transactions
· Wait time for deposits to be credited
· Check-writing privileges
· Electronic banking options such as bill pay
· Overdraft protection
|· Minimum opening deposit
· Minimum balance
· Direct deposit
How to Open a Bank of America Checking Account
Now you have to decide what types of account you intend to open. There are two types of account are available of Bank of America:
- Bank of America Core Checking Account : This checking account is designed for individuals and students who want an account that doesn’t require a high minimum balance. You can set up direct deposit with this account.
- Bank of America Interest Checking Account : If you want to maintain a high balance in your checking account. You’ll earn interest and receive perks like no service fees and the option to open three other checking or savings accounts with no monthly maintenance fees. You will also qualify for the tiered Preferred Rewards program, which offers benefits such as 12 free ATM transactions a month and auto loan interest rate discounts.
Checking Account Fees of Bank of America :
Bank of America’s checking account fees vary through customer to customer. Core Checking costs $12 a month unless you have a $250 direct deposit or keep a minimum daily balance of $1,500. Students under the age of 23 enrolled in an educational institution get this fee waived.
Interest Checking costs $25 a month unless you maintain a $10,000 combined balance in your checking, investment, CD and IRA accounts. You will also have to pay a $35 fee if you overdraft, but overdraft fees can be avoided in some cases.
You can Deposit a Check Without Going Into a Branch:
Yes, you can make a mobile deposit using your smartphone by following these steps:
- Download the mobile banking app.
- Take a photo of the front and back of the check with your phone camera.
- Type in the exact amount of the check.
- Hit the “send” button.
- Verify the deposit on your account transaction summary either online or on your paper statement.
Bank of America Checking Accounts Have Special Benefits:
You can take advantage of two special benefits for opening a Bank of America checking account:
Keep the Change savings program: If you also have a savings account with the bank, Bank of America rounds up every purchase you make with your checking debit card to the nearest dollar and transfers that money to your savings account.
Bank AmeriDeals: Open the mobile app on your phone and earn cash back by clicking on the deals you want. Use your debit card to shop and the cash back you earn will be credited to your account by the end of the following month.
Most banks and credit unions give you a choice between setting up an account online or visiting a nearby branch to open your account the old-fashioned way. Whichever you choose, opening an account follows the same general steps:
Your Application Materials: Before you can complete an application, you’ll need the following three things:
Identification: When opening an account in person, most banks require two forms of identification such as a Social Security card, driver’s license, state ID, passport or birth certificate. If you are not a U.S. citizen, you may be able to open an account with identification issued from your home country. To apply online, you’ll need to supply your Social Security number, date of birth and the number of a government-issued ID like a driver’s license. If you’re applying for a joint account, both account holders will need to provide identification.
Proof of Address: To open an account in person, bring a lease or utility bill with your name and current address.
Opening Deposit: Typically, a minimum opening deposit for a basic checking account is between $25 and $100, although it may higher for interest-bearing accounts. If you open your account online, you can pay with a credit card, debit card or an electronic transfer from a savings or checking account at another institution.
Complete an Application: Simply go to the application page on the institution’s website or visit a branch location.Afterward, the institution will review your information. Typically, the bank will run a special credit check that provides information on your past banking history to determine whether to approve your account. If approved, you should receive documents that bear your new account number and routing number as well as other important account information.
Sign a Signature Card/Account Documents: This is the card to which your signature will be matched every time you write or deposit a check. With many online-only institutions, you’ll be able to sign your paperwork electronically but some may require you to visit a physical branch to sign the signature card or to mail or fax documents.
Make Your Opening Deposit: Depending on how you make this payment, there may be a hold of a few days before your funds are available for writing checks, making withdrawals or making debit card purchases.
Receive Your Account Tools: Once your application is finalized, your deposit is made and your account set up by the bank or credit union, you will receive in the mail a set of personalized checks, deposit slips and, in most case, either a debit card or an ATM card. You will need to activate your debit/ATM card and set up online account access.
Set Up Direct Deposit: Arranging to have payroll or government check directly deposited to your account is often required to avoid monthly fees or to get other benefits. If you have chosen an account that requires direct deposit or simply want to take advantage of this convenience, you’ll need to talk to the payroll department at your employer, for example, to get the direct deposits started.
Note: This article compiled by the various articles of various articles from internet.