In choosing which bank to go with for a personal checking account, Bank of America is often a major contender. They are one of the largest banks in America in terms of assets and have many options to consider. Let us take a look at both the good and bad factors to opening an account with them, and let us see if there are better alternatives out there.


Bank Of America Checking Account Fees

Most big banks charge monthly maintenance fees for personal accounts, and Bank of America is no exception. For their regular checking account, the monthly charge is 12 dollars. The bank charges $25 for its interest bearing checking account. There are also fees for Bank of America savings account, which are $5 and $12 depending on the type of the savings account.

At this point, a person might be asking, “How exactly will the fees be applied?” The good thing about Bank of America is that they are upfront about all of the fees and make the information easy to access. These changes have been posted on their website so that people don’t have to go to one of the branches of the bank to understand the new policy and fee details.

Bank of America offers a few ways to avoid monthly charges. The monthly fee for the Bank of America regular checking account is waived when one of the following is true:

  • Have at least one qualifying direct deposit of $250 or more OR
  • Maintain an average daily balance of $1,500 or more OR
  • Students under age 23 are eligible to have this fee waived while enrolled in high school, c ollege, university or a vocational program

The monthly fee for the interest checking account is waived when an account maintains a combined balance of at least $10,000 or more each statement cycle. Combined balances include: the average daily balance in eligible linked checking, savings and money market savings accounts for the statement cycle and the current balances in linked personal CDs and IRAs at the end of the Interest Checking statement cycle and the current balance (2 business days before the end of the Interest Checking statement cycle) in your eligible linked Merrill Edge® and Merrill Lynch® investment accounts.

All Bank of America Preferred Rewards clients get the monthly fee waived for any checking account. To become a Preferred Rewards client, a customer should maintain a combine balance of at east $20,000 or more in Bank of America® banking and/or Merrill Edge® and Merrill Lynch® investment accounts.

Customers who choose to go with BofA interest bearing checking account will earn only 0.01% on less than $50,000 balances and 0.02% on balances over $50,000. The rate is qual to those charged by other big name banks in the country. Hovewer, there are better alternatives - either free checking and savings account offered by online banks. You can take a look at current best free checking accounts.

Bank of America checking clients may enroll into free Bank of America Keep the Change. The program is designed to encourage savings, and requires opening one of BofA's savings accounts, which as checking accounts have motnhly fees. The Keep the Change® program rounds up every debit card purchase to the nearest dollar, then transfers the remainder from a client's checking to his savings account. For example, if a customer was to purchase a cup of coffee for $1.58, the price would be rounded up to $2 and the 36-cent difference would be transferred into his savings account. This easy and automatic way to save can really add up over time, however customers need to be aware of monthly fees, which can potentially decrease savings.

Once again if you are looking for no fee savings bearing high interest, today there are better options than Bank of America accounts. However, if you are a loyal customer and prefer ease and convinience of managing everything under one roof, you'll definetely benefit from BofA accounts.


Bank Of America Checking Account Good/Pros

  • Location density. Bank of America is pretty much everywhere in the U.S. providing convenience
  • The Mobile Application and website of BOA is very useful and can make transactions like withdrawing and depositing funds quick and easy
  • The website is very user-friendly and can help people understand the FAQ’s they need to know
  • My Access Checking Account has preferential overdraft fees, which can help people avoid the fees
  • Fee waivers are possible


Bank Of America Checking Account Bad/Cons

  • Monthly maintenance fees
  • Fees are often the highest, when they are charged, compared with other banks
  • Customer service representatives are not authorized to waive the fees that you might be charged, which means the request will have to be forwarded to a supervisor. Checking account owners will often have to do this by phone, or sometimes through the Internet.
  • Some services may take a long time before they can be processed, taking as long as a week before being completed
  • The Bank has declining quality of customer service
  • No interest on funds in personal accounts
  • $25 to open an account

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