Cost of Opening a Bank of America Account: Account Opening Fees
November 30, 2023 by JoyAnswer.org, Category : Banking
How much does it cost to open a bank of America account? Explore the expenses involved in opening a Bank of America account. This article outlines the fees and costs associated with initiating an account with the bank.
How much does it cost to open a bank of America account?
Bank of America, like many other banks, typically offers a range of checking and savings accounts, each with its own set of features and fee structures. The costs associated with opening a Bank of America account can vary depending on the type of account you choose.
Here are some general considerations:
Monthly Maintenance Fees:
- Some Bank of America accounts may have monthly maintenance fees. However, many accounts offer ways to waive these fees, such as maintaining a minimum balance or setting up direct deposits.
Minimum Opening Deposit:
- Certain accounts may require a minimum opening deposit. The amount can vary depending on the specific type of account.
Special Account Promotions:
- Bank of America sometimes offers promotions where you can earn a cash bonus or have certain fees waived when you open a new account and meet certain conditions.
Student and Military Accounts:
- Bank of America often provides special account options for students and members of the military, which may have reduced fees or unique benefits.
Online vs. In-Person Account Opening:
- Some banks offer promotions or incentives for customers who open accounts online. However, you can also visit a local Bank of America branch to open an account in person.
It's important to check the Bank of America website or contact the bank directly to get the most up-to-date information on account fees and requirements. Fee structures and account offerings can change, and new promotions may be available.
Keep in mind that fee structures can vary not only between different types of accounts but also based on your location and other factors. Additionally, you should carefully review the terms and conditions of any account you are considering to understand the potential fees and how to avoid them.
The initial cost to open a Bank of America account depends on the type of account you choose. Some accounts have monthly maintenance fees that can be waived by meeting certain requirements, such as maintaining a minimum balance or setting up direct deposit. Other accounts have no monthly maintenance fees.
Here is a table of the initial costs for some of Bank of America's most popular checking and savings accounts:
| Account Type | Initial Cost | Monthly Maintenance Fee |
|---|---|---|
| SafeBalance Banking® | $25 | $4.95, waived when you maintain a minimum balance of $300 or more |
| Advantage Plus Banking® | $12 | $25, waived when you maintain a minimum balance of $1,200 or more, or link your account to qualifying Zelle® transactions |
| Advantage Relationship Banking® | No initial cost | No monthly maintenance fee |
| SafeStart Savings® | No initial cost | $5, waived when you maintain a minimum balance of $300 or more |
| Keep the Change Savings® | No initial cost | No monthly maintenance fee |
Please note that these are just the initial costs. There may be other fees associated with your account, such as ATM fees, overdraft fees, and foreign transaction fees. You can find more information about Bank of America's fees on their website.
