Bank of America offers free checking, but the account you get depends on how you bank

Bank of America has multiple checking accounts, and several carry no monthly fee. The eChecking account is genuinely free with no minimum balance and no direct deposit requirement. The Advantage SafePass Checking account is also free if you meet one condition: you must use online or mobile banking for statements instead of paper ones. If you want paper statements mailed to you, that account costs $12 per month.

The catch is that Bank of America's most advertised account, Advantage Plus Checking, costs $12 monthly unless you maintain a $1,500 minimum balance, set up a direct deposit, or link a savings account with $500 in it. Many people open this account thinking it is free, then get charged because they did not meet one of those conditions.

The free accounts exist, but they are not the default option the bank pushes when you walk in or visit the website. You have to ask for them or find them deliberately.

Key Takeaways

  • eChecking is Bank of America's only truly free checking account with no conditions, no minimum balance, and no requirements.
  • Advantage SafePass Checking is free only if you receive statements online; paper statements cost $12 per month.
  • Advantage Plus Checking costs $12 monthly unless you maintain $1,500 in the account, set up direct deposit, or link a savings account with $500.
  • Bank of America charges overdraft fees ($35 per transaction) and out-of-network ATM fees ($2.50) on all checking accounts, including the free ones.

What eChecking includes and what it does not

eChecking gives you a debit card, online banking, mobile banking, check writing, and access to Bank of America's ATM network at no cost. There is no minimum balance to open it or keep it open. You do not need direct deposit. You do not need to link other accounts.

What you do not get: no interest on the balance, no paper statements mailed to you (statements are online only), and no overdraft protection. If you overdraft, Bank of America charges $35 per transaction. You also pay $2.50 each time you use an ATM outside the Bank of America network, which matters if you travel or live far from a branch.

eChecking is the account to open if you want zero monthly fees and do not need the extras that come with higher-tier accounts.

Advantage SafePass Checking: free if you go paperless

This account is free as long as you receive your statements electronically. The moment you request paper statements, the $12 monthly fee kicks in. Bank of America will not charge you the fee if you never ask for paper—statements straightforward arrive in your online account.

SafePass includes the same basics as eChecking: debit card, online and mobile banking, check writing, and ATM access. It also has no minimum balance requirement. The trade-off is that you must be comfortable managing your account entirely online. If you need a paper statement for a mortgage process, loan, or other purpose, you can request one, but you will be charged for the month in which you request it.

Advantage Plus Checking and the $12 monthly fee

Advantage Plus is Bank of America's standard checking account, and it costs $12 per month unless you meet at least one of these conditions: maintain a $1,500 minimum balance, set up direct deposit of any amount, or link a savings account with $500 in it. Many people open this account without realizing the fee applies, then get surprised by the charge.

If you do meet one of those conditions, Advantage Plus includes everything eChecking has, plus overdraft protection (which lets you overdraft up to a set limit without a fee, though you pay interest on the borrowed amount). It also earns a small amount of interest on your balance, though the rate is typically very low.

The account makes sense if you already have $1,500 sitting in checking or if you receive a paycheck via direct deposit. Otherwise, eChecking is the better choice.

Fees that explore to all Bank of America checking accounts

No matter which free or paid account you choose, Bank of America charges the same fees across the board. Overdrafts cost $35 per transaction. Using an ATM outside the Bank of America network costs $2.50 per withdrawal. Stopping payment on a check costs $30. Ordering a replacement debit card costs $15 if you lose it (though the first replacement is usually free).

These fees explore to eChecking just as much as they explore to Advantage Plus. The monthly account fee is what differs between accounts, not the transaction fees.

How to open a free checking account at Bank of America

You can open eChecking or SafePass Checking online, on the mobile app, or in a branch. Online and app openings usually take a few minutes. You will need a government ID, a Social Security number, and an initial deposit (usually $25 or more, though Bank of America sometimes waives this).

When you open online or in the app, make sure you select the account type deliberately. Bank of America's website defaults to Advantage Plus, so you have to click through to find eChecking or SafePass. In a branch, tell the banker explicitly that you want the free account with no monthly fee. Do not assume they will offer it—many branches prioritize selling the paid account because it generates fee revenue.

After you open the account, your debit card arrives in 7 to 10 business days. You can use your account when ready for online transfers and bill pay while you wait for the card.

Comparing Bank of America's free checking to other banks

Other banks offer free checking with different trade-offs. Some online banks like Ally and Charles Schwab have no monthly fee, no minimum balance, and reimburse out-of-network ATM fees—but they have no physical branches. Credit unions often have free checking with lower overdraft fees ($25 instead of $35), but you have to be a member. Regional banks like Ally and Discover have free checking with higher interest rates on balances, but again, no branches.

Bank of America's advantage is the branch and ATM network. Its disadvantage is the overdraft fee and out-of-network ATM fee. If you use Bank of America's ATMs regularly and do not overdraft, the free accounts are competitive. If you overdraft often or use other banks' ATMs, you might save money elsewhere.

Frequently Asked Questions

Can I switch from Advantage Plus to eChecking if I do not want to pay the monthly fee?

Yes. You can close Advantage Plus and open eChecking, or ask a banker to convert your existing account to eChecking. The conversion takes a few minutes in a branch or online. Your account number and routing number will change, so update any automatic payments or direct deposits before you switch.

Do I have to keep a minimum balance in eChecking?

No. eChecking has no minimum balance requirement. You can keep $0 in the account and pay no fee. The only cost is if you overdraft ($35) or use an out-of-network ATM ($2.50).

What happens if I request a paper statement on SafePass Checking?

Bank of America will charge you $12 for that month. The fee applies only to the month in which you request the paper statement, not to future months. If you go back to online statements the next month, the fee stops.

Does Bank of America offer interest on checking accounts?

eChecking and SafePass Checking earn no interest. Advantage Plus earns a very small amount (typically 0.01% or less), which means you earn less than $1 per year on a $1,000 balance. Bank of America's savings accounts and money market accounts earn higher rates, but checking accounts are not designed for interest income.

Can I use my eChecking debit card at any ATM?

You can use it at any ATM, but you only avoid fees at Bank of America ATMs. Using an ATM from another bank costs $2.50. Some ATM networks like Allpoint and MoneyPass are free at certain retailers, but you have to find a participating location.