Bank of America Advantage SafeBalance Banking

What it is

Bank of America's checkless account costs $4.95 a month, with the fee waived for owners under 25, with a $500 minimum daily balance, or at a qualifying BofA Rewards tier. It takes $25 to open, and transactions that would overdraw the account are declined with no overdraft or NSF fees. Bank of America doesn't pitch it to people with past account problems, and its deposit agreement says it may pull consumer reports at opening.^1,3

Does Bank of America use ChexSystems?

Bank of America's account terms say it may pull consumer reports when you apply. Those can include banking-history reports like ChexSystems. Under 'Opening an Account,' the Deposit Agreement says you authorize Bank of America to get your consumer reports and reports from third parties and to verify your employment history. In the same section it names ChexSystems, Inc. and Early Warning Services, LLC as consumer reporting agencies it may send account default information to, including when it closes an account for not following the agreement.¹

Early Warning Services: may check. Same agreement: consumer reports may be obtained at account opening, and Early Warning Services, LLC is named as an agency Bank of America may report default information to.¹

Fees and overdraft

Monthly fee

$4.95 a month. Waived for a statement cycle if you keep a $500 minimum daily balance, if an account owner is under 25 (fiduciary accounts and POD beneficiaries don't qualify), or if an owner is enrolled in BofA Rewards at the Preferred Plus tier or higher.^1,3

Minimum to open

$25

Overdraft

Transactions that would overdraw the account are declined or returned unpaid, and Bank of America charges no overdraft item or NSF fees. A negative balance can still happen (a tip that raises a debit card amount, a scheduled bill payment, a fee larger than the balance), still with no overdraft fee. Merchants may charge their own fees for declined payments.

ATMs

No fee at Bank of America ATMs; $2.50 at non-Bank of America ATMs in the U.S. ($5 outside the U.S.), plus any operator fee.

Who can open it

The Clarity Statement is marked for all states, but we couldn't load the product page that describes how and where the account can be opened, so online opening and state eligibility weren't confirmed.

Deposit insurance: Bank of America, N.A., Member FDIC

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^5,6
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^7,8
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^7,8,9
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹⁰

ChexSystems, explained