One of the most popular banks that USA residents want to bank with is the Bank of America. And in the course of this article, we would take you through a guide on how to open one. We would also carefully elucidate everything that a USA resident would need in the process of opening a bank of America account.
There are four different types of accounts that you have if you want to get it done by online application. A USA resident can get a checking account, a CD, an IRA account or a savings account.
All you need is to use their official website, enter your personal information, verify it, and then chose the funding options and other features that might interest you.
After a successful online application, you would be emailed and get instructions on what to do next with your new bank of America account. So, what and what do you need to open a bank account at Bank of America?
Breaking down of the account offers of the Bank of America
Here is a detailed breakdown of the account types that might interest a wanna-be bank of America customer.
It is important to note that the national bank offers three main options for checking and then one for savings.
Options for the checking
- Bank of America Safebalance Banking: This is a bank of America account type for individuals that keep low balance and does not need checks. It is an account that is mostly patronized by students in the USA. With the Bank of America safebalance banking, an individual can avoid the monthly fee.
- Bank of America Advantage plus Banking: This is another interesting bank of America option that is worth trying. With this standard bank of America checking option, there are four ways a customer can avoid the monthly fee. It is important for the potential customer to know that the option also comes packed with an overdraft program. With the aid of the overdraft program, you can be able to cover for any financial transaction if you don’t have enough money for it.
- Bank of America Relationship Banking: This is a bank of America account type that is meant for customers that wish to keep high balances. And just like the other two aforementioned accounts, offer cool interest rates. There is also a checking option alongside an overdraft program.
Bank of America options for Savings
- The bank of America Advantage Savings: This is an account type that features a very low-interest rate. It also has a monthly fee for potential customers. It is important to note that there are so many ways an online customer can waive the fee.
What do you need to open a bank account at Bank of America?
To make your bank of America application a fast one, you need to have the following information on hand:
- Your SSN (Social security number)
- Present residential address
- Your working email address
- The debit card number or account number
- If necessary, the personal information of the co-applicant.
If peradventure you are missing any of this necessary information, you can arrange for an appointment with your local financial center for a date that best suits you.
Is it safe to apply for the bank of America Online?
The bank of America Company makes use of the SSL technology to make sure that the online information of potential customers is passed on safely. It is with this technology that the customers use to establish sessions with internet sites that are secure.
This means that there is a minimal risk of external violation. Once your log on to the bank of America website, you are secured through the SSL technology.
How long does it take to open a bank of America account after applying?
A bank of America account takes up to 1 to 2 business days to be processed. After your application, you would be sent an email informing you that you are now approved for your bank of America account.
The bank of America customer would then receive the account documents through U.S mail with 7 to 10 business days.
How can you fund your bank of America account?
There is no much needed fuss about funding your newly created bank of America account. You can go on to set up a transfer from an already existing savings or checking account. Or the bank of America customer can go on to pay with cash, debit card, money order or check from a local bank of America branch.
How much is it to open a Bank account with Bank of America?
It is important to note that the minimum balance for funding a bank of America account is $100, while the standard term CDs demands $1000.
Also worth noting, is that your account would not take place until the newly created bank of America account is approved. Also, endeavor to leave sufficient funds, so that the funds can be transferred without much fuss.