Exploring The Best Free Checking Accounts – Written by Marcos Cabello Written by Marcos CabelloArrow Right Writer, Banking / Deposits Marcos Cabello is a banking writer where he is dedicated to helping readers make the best decisions about their finances. Marcos has previously written about money for CNET and NextAdvisor, where he has run personal finance topics, including US economic and monetary policy. Connect with Marcos Cabello on Twitter Twitter Connect with Marcos Cabello on LinkedIn Linkedin Marcos Cabello
Edited by Matthew Goldberg Edited by Matthew GoldbergArrow Right Consumer Banking Reporter Matthew Goldberg is a Consumer Banking Reporter at. Matthew has been in the financial services and banking industry for over a decade. Connect with Matthew Goldberg on Twitter Twitter Connect with Matthew Goldberg on LinkedIn Linkedin Connect with Matthew Goldberg via email Matthew Goldberg
Exploring The Best Free Checking Accounts
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Bank of America is one of the largest banks in the United States and offers a wide range of products and services.
Bank of America offers many different checking account options. Each connects to the bank’s highly rated mobile app to help you manage your finances. As a BofA customer, you also have access to a network of branches, banks and major ATMs.
Bank of America received a score of 3.9 out of 5 stars in the overall review on its deposit account. Its checking account is rated 3.8 out of 5 stars.
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Here is a closer look at the checking accounts provided by BofA to help you decide which one is best for you.
Note: The annual yield percentages (APYs) shown are per November 8, 2023 and may vary from region to region for some products.
Advantage SafeBalance Bank Account Control Account has security protections to help you keep spending within your account balance limits.
Instead of allowing overdraft, BofA will deny your transaction if funds are not in your account, avoiding overdraft fees.
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Checks are not provided with this account. Transactions are carried out using Zelle payment cards and digital banking.
The SafeBalance Bank account has a monthly maintenance fee of $ 4.95, which is waived for eligible students under the age of 25, account holders under the age of 18, and customers who have registered for the Bank of America Favorite Rewards program.
BofA does not charge any ATM fees for withdrawing money from its approximately 15,000 ATMs. Using an ATM outside the Bank of America network in the United States incurs a $ 2.50 fee for each ATM withdrawal, plus a fee charged by the ATM owner.
Other costs to be aware of with this account include: Hard copy fee ($ 5); Cost payment ($ 30); Debit and ATM cards ($ 15); And outbound lines in US dollars ($ 45). There is no overdraft fee because the account cannot be overdrawn.
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Advantage Plus checking accounts provided by Bank of America offer more standard features than SafeBalance bank accounts. Purchases can be paid by debit card, Zelle, phone and online banking or check.
In addition, the overdraft transfer function can be added to the Advantage Plus account, which automatically transfers money from the relevant savings or checking account to cover the purchase.
Withdrawals are free at US Bank ATMs. Funds withdrawn from offline ATMs in the United States are subject to a $ 2.50 service charge plus any fees charged by the ATM operator.
Advantage Relationship Monitoring Account is an interest-bearing account that offers different rates on all balances, even though APYs offer low rates.
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The account allows you to pay for purchases using a Zelle payment card, check or by phone and online banking. For example, an Advantage Plus account has an additional $ 10 per fee. Products. And you will only be charged twice a day.
Advantage Relationship account is an interest-bearing check account, but there are many fees that can be easily eaten at any income.
The monthly maintenance fee alone is $ 25, but you can avoid this fee with a total balance of $ 10,000 or more per statement cycle across eligible linked accounts. Another way to waive fees is to sign up for BofA’s Preferred Rewards program.
Advantage Relationship account earns $ 10 per withdrawal fee. Products. However, if you sign up for this overdraft protection, BofA will transfer funds from the relevant account to cover the overdraft.
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Both Advantage Plus and Advantage Relationship accounts have Balance Connect. This allows you to link up to five accounts to back up this checking account. And there is no transfer fee.
Many other fees charged by Bank of America are waived on Advantage Relationship account, including card exchange and termination fees. But you still have to face the fees for cashier’s checks and local remittances and international remittances sent in US dollars.
Bank of America offers its customers a rewards program that includes benefits such as cash back, bonuses and discounts and exemptions.
Preferred Rewards is a level balancing program that allows Bank of America customers to receive additional rewards as their account balance increases. Benefits include higher APYs on savings, bonuses, credit card rewards, lower mortgage mortgage costs and discounts, car loans and more.
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Balance based on the Bank of America 3-month average daily balance balance for Preferred Rewards members:
BankAmeriDeals is a Bank of America reward that allows you to get cash back on purchases made with a BofA credit or debit card. Cash back offers are available on mobile and online banking portals and will be credited to your account within 30 days of purchase.
Occasionally Bank of America offers a $ 100 registration bonus for checking accounts on its website. New customers who sign up for a BofA personal checking account are eligible when they receive a qualified direct deposit into the account. A code is required when opening an account to qualify.
While you can enjoy the standard features of multi-branch check accounts, these check accounts are limited in other areas. Fees for fees associated with these accounts