Banking

A quick introduction to an established institution

There are good reasons why so many people rely on banks. Banks provide safety and convenience. They serve as a safe harbor for your cash, a place to manage your personal and business expenditures, and an access point for loans and mortgages.

Banking basics

Banks offer many options for direct deposit, bill paying and overall cash management.
Online banking can make bill paying much easier and can be linked with financial management programs.
Most banks offer overdraft protection, covering your checks beyond your balance.

Mobile and online banking-banking wherever life takes you

With Bank of America Mobile & Online Banking, you can:

Deposit checks on your phone using the Mobile Banking app.¹
Pay bills.²
Transfer funds between your eligible Bank of America bank accounts and Merrill investment accounts.³
Send and receive money with Zelle.®⁴
Add your Bank of America credit or debit card to your digital wallet to pay in-store, in-app or online using your phone.
Track your spending with Bank of America’s Spending & Budgeting tool.⁵
Meet Erica, your virtual financial assistant in the Bank of America Mobile Banking app.⁶
Find the answers you're looking for in one place with the search bar in the Mobile Banking app.

Download the Bank of America Mobile Banking app or check out our mobile banking page to learn more.

Accounts

Opening checking and savings accounts at a bank is usually the first step towards financial adulthood.

Checking accounts:

Allow you to write checks against the balance in your account
Enable you to access your money through an ATM or debit card
Are best used for day-to-day expenses

Your checking account options

Two checking account options are non-interest bearing and interest-bearing accounts.Both accounts may require minimum balances, and both can be owned individually or jointly. So which is right for you?

Non-interest bearing checking account

These work well for depositing your paycheck and paying bills. They may require you to use direct deposit of your paycheck to avoid higher fees.

Interest bearing checking account

These pay interest based on the balance of your account. Typically, standard bank fees are waived if you maintain a certain balance at the bank. There may be penalty fees if you go below that balance, though.

Which savings accounts are right for you?

There are a variety of savings accounts to choose from. Each has its pros and cons, depending on your financial goals.

A Traditional Savings Account

• Provides easy access to your money

• Insured by the FDIC⁷

• Can be used mostly to store short-term cash safely

• Can provide overdraft protection for your checking account

• Has low minimum-balance requirements and low or no fees

• Usually allows you to transfer funds to other accounts at the bank

A Money Market Savings Account

• Usually offers a higher rate of interest than traditional accounts

• May be insured by the FDIC⁷

• May limit the number of withdrawals and checks you can use each month

• May require a minimum balance of $500 to $2,500 to avoid extra fees

Certificates of Deposit (CDs)

• Guarantee principal and provide a specific interest rate

• Require a minimum deposit, usually $1,000 to $15,000

• Are less liquid than other savings accounts

• Usually impose penalties on withdrawals before the maturity date

• Terms range from 7 days to 10 years; the longer the term, the higher the interest rate

Why is FDIC insurance important?

The Federal Deposit Insurance Corporation (FDIC) exists to protect depositors' money held in banks. Its insurance limit applies to each account holder at each bank. For single accounts, joint accounts and retirement accounts, FDIC insurance covers up to $250,000 per owner at each bank.⁷

What can YOU do to protect your personal information?

Limit who has access.
Keep your account information private.
Be on the alert for fraudulent email, texts, or calls that look like they are from your bank but aren’t – and don’t trust caller ID.
Avoid too-good-to-be-true deals and offers that require payment details.
Don’t open ATM doors for others. Be aware of your surroundings.
Shield your PIN number whenever you enter it into a device.
Consider setting up Touch ID or Face ID on your devices
Don’t share codes requested via email, phone, or text messages – banks will never ask you to do that.

Connect with a Private Client Advisor

¹Mobile check deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply. In the Mobile Banking app menu, select Menu > Help > Browse More Topics > Mobile Check Deposit for details and other terms and conditions. Message and data rates may apply.

² Payments made through Bill Pay with your Bank of America Advantage SafeBalance Banking® account will be withdrawn from your account before delivery to the payee. If there are not enough funds in your account when we attempt to withdraw the payment amount, the payment will not be sent. Please see the Online Banking Service Agreement for details.

³ Fees apply to wires and certain transfers. See the Online Banking Service Agreement for details. Data connection required for online and mobile transfers. Wireless carrier fees may apply.

⁴Zelle® should only be used to send money to friends, family or others you trust. We recommend that you do not use Zelle® to send money to those you do not know. Transfers require enrollment in the service with a U.S. checking or savings account and must be made from an eligible Bank of America consumer or business deposit account. Transactions between enrolled users typically occur in minutes and transactions between enrolled consumers do not typically incur transaction fees. We will send you an email alert with transaction details after you send money using Zelle®. Dollar and frequency limits apply. See the Online Banking Service Agreement for further details. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle® offers a protection program for any authorized payments made with Zelle®. Regular account fees apply. Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

⁵ The Spending & Budgeting tool is currently available to clients with a personal checking or savings account, credit card, a linked Merrill investment account, as well as a Small Business checking or savings account.

⁶ The mobile feature, Erica, is only available in the English language. The feature requires that you download the latest version of the Mobile Banking app and is only available in the Mobile Banking app for select iOS and Android devices. Message and data rates may apply.

⁷The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are held at an insured bank.