Bank of America (BOA), one of the world's leading banks with an extensive network and diverse product offerings, not only has thousands of branches and more than 10,000 ATMs around the globe, but also attracts new customers through its ongoing online account opening incentives.

BOA Account Opening Conditions

BOA's primary checking accounts include SafeBalance, Advantage Plus, and Advantage Relationship, with monthly fees ranging from US$4.95 to US$25. Customers can waive these fees by meeting specific criteria such as participation in the Preferred Rewards program or maintaining minimum deposit requirements:

• SafeBalance Account: Ideal for young adults and students, with a minimal monthly fee of US$4.95.
• Advantage Plus Account: Requires direct deposits of at least US$250 per month, a minimum daily balance of US$1500, or participation in the Preferred Rewards program, with a monthly fee of US$12.
• Advantage Relationship Account: Requires a combined balance of US$10,000 across all BOA accounts or participation in the Preferred Rewards program, with the highest monthly fee of US$25.

BOA Account Opening Required Information

When applying to open an account, customers typically need to provide the following information:

• Primary identification documents such as passport, U.S. visa, etc.
• Secondary identification documents like driver's license, student ID, or credit/debit card with Visa or Mastercard logo.
• Proof of U.S. address such as government-issued ID, lease agreement, utility bills, etc.
• For non-U.S. permanent residents, proof of a permanent overseas address.
• ITIN (Individual Taxpayer Identification Number) or SSN (Social Security Number).
• Initial deposit funds.

BOA Remote Account Opening Process

BOA offers convenient online account opening services, available to most U.S. citizens and Resident Aliens (RA). Customers can select their account type on the BOA website, fill out personal details, and choose their initial deposit method, completing the process in approximately 10 minutes.

BOA typically processes applications within 1-2 business days and notifies customers via email or mail, with account documents arriving at their address within 7-10 business days.

BOA Account Opening Reward Mechanism

Currently, BOA offers up to US$100 in cash rewards for opening an Advantage checking account. Eligible customers simply need to open an account before June 30, 2023, and receive cumulative direct deposits totaling US$1000 within 90 days of account opening to qualify.

BOA deposits the bonus into the customer's account within 60 days, though taxes may be withheld or require reporting (e.g., IRS Form 1099).