Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.
Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S”, or “Merrill”), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Trust and fiduciary services are provided by Bank of America, N.A. and U.S. Trust Company of Delaware. Both are indirect subsidiaries of Bank of America Corporation.
Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.
Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Investment and insurance products:
“Get more rewards with your everyday banking” is a trademark and Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.
FAQs
Can you open a joint bank account online?
You can often open a joint account online, and the process is similar to opening an individual account. You choose a bank, select the account to open and provide some personal information. For a joint account, both you and the other account holder will need to provide the requested information
Can you open a joint bank account with Bank of America?
Bank of America joint account Bank of America’s checking and savings accounts are all eligible for co-ownership. Each applicant must provide a form of identification and additional customer information such as their name, address, employer information, date of birth, taxpayer identification and more
How do I make my Bank of America account a joint account?
When adding an owner, all account owners will need to be present at the appointment and bring a valid government-issued photo ID. During your appointment, you may want to ask the bank associate about the advantages of bringing the added owner’s other bank relationships to Bank of America.
What do you need to open a joint checking account at Bank of America?
Your Social Security number. Your current residential address. Your email address. Your account number or debit card number to make your opening deposit into your new Bank of America account….Want us to walk you through enrolling?
- Proof of U.S. residency. …
- One primary photo ID. …
- One secondary ID.
Can you open a joint bank account without the other person present?
One person cannot open a joint checking account without the other person present, if the account is opened at a branch. If you open the account online, one person alone can do this. However, they will need to provide personal information, such as social security number and ID, for both account owners.
Can unmarried couples have joint bank account?
Civil partners, unmarried couples who live together, roommates, senior citizens and their caregivers and parents and their children can also open joint bank accounts. A joint bank account is a good way to deal with shared expenses, as with married couples or roommates.
Can an unmarried couple open a joint bank account?
Banks’ response
TNM reached out to multiple banks asking if they had a policy on joint bank accounts for unmarried couples. “There is no restriction of opening joint account by unrelated parties,? said Sanjay Silas, president and head branch banking of Axis Bank.
What documents do you need for a joint bank account?
To open a joint account, you’ll need:
Identification for both account owners, like a driver’s license, state ID or passport. Personal information for both account owners, including your date of birth, Social Security number and current address.
Can you open a joint bank account over the phone?
Some banks will allow you to open a joint account online or over the phone. In this case, both people need not be present, but both must provide social security number and photo ID. If the bank requires an in-person meeting before the account is activated, then both account holders will need to be present.
Do you have to live together to have a joint bank account?
Simply, joint accounts are regular bank accounts that can be accessed by more than one person. They tend to be shared by married couples, but you don’t have to tie the knot to open a joint account. Unmarried couples, civil partners, and flatmates are just a few examples of people who set up accounts together.
Can I add my girlfriend to my bank account?
You can visit your bank to add your spouse to your bank account. This process usually requires having your spouse show identification and setting up access for deposits and withdrawals.
Bank Account Application FAQs: What Do You Need to Apply?
Bank Account Application FAQs: What Do You Need to Apply?Skip to main contentApplying for Bank Accounts FAQsSelect Your StatePlease tell us where you bank so we can give you accurate rate and fee information for your location. | How can I open an account? You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps. What do I need to apply? For a faster application process, please have the following information on hand when you begin your application:Your Social Security numberYour current residential addressYour email addressYour account number or debit card number to make your opening deposit into your new Bank of America accountCo-applicant’s personal information (if applicable)If you’re missing one of these pieces of information, you can also schedule an appointment with an associate at your local financial center for a day and time that works best for you. What information do I need to open a joint account? You’ll need the same information that’s needed when opening an individual account, but you’ll need it for both applicants. For details, please see the preceding question and answer. Please note that each co-applicant has to sign the signature form. How do I make an initial deposit for an account that I just opened? To make your initial deposit, you can transfer money from your account at another bank. If you are already a Bank of America customer, you can transfer money from your existing account. You can also use a debit card, check or money order for your initial deposit.The transfer will not take place until your account is approved. Please ensure that you have sufficient funds available to be transferred. Is my online application secure? We use Secure Socket Layer (SSL) technology to ensure your online information is passed to us securely. This technology allows users to establish sessions with internet sites that are secure, meaning they have minimal risk of external violation. Once inside the Online Banking site, you are secure through our use of SSL technology. How long will it take to open an account when I apply? Your application will be processed in 1 to 2 business days. We’ll send you either an email or letter letting you know if you are approved for your account. You will receive your account documents via U.S. Mail within 7-10 business days.Processing times may be slower due to high volume of applications What’s an offer code? An offer code is a series of numbers and letters that you may have received from Bank of America in conjunction with a promotion or offer. Your offer code is indicated on the communication material you may have received from us. Examples of communications are a brochure that you received in the mail or from a web page ad. You can provide this offer code with your application. How do I get my account opening documents? As part of your online application, you will be asked to give consent to receive certain account opening documents and notices from us electronically. Other account opening documents will be sent through U.S. Mail within 7-10 days of account opening. If you do not wish to consent to receiving documents electronically, you may visit any Bank of America banking center to apply in person. What’s a signature form? Why do I need to send it back to you? A signature form allows Bank of America to service your account. It is important to sign and mail your signature form to us as soon as possible (and have any co-applicants sign the signature form too) so that we can service your account, which includes…
Open a Bank Account Online Today – Bank of America
Bank Accounts – Open a Bank Account Online TodayInvesting in securities involves risks, and there is always the potential of losing money when you invest in securities. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S”, or “Merrill”), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Trust and fiduciary services are provided by Bank of America, N.A. and U.S. Trust Company of Delaware. Both are indirect subsidiaries of Bank of America Corporation.Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.Investment and insurance products:”Get more rewards with your everyday banking” is a trademark and Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.
What Is a Joint Bank Account and Is It Right for You?
What Is a Joint Bank Account and Is It Right for You?Talking about money and managing finances can lead to stress in even the best relationship. Perhaps you and your partner are considering opening a joint bank account but worry it may get too complicated. Or you may be leaning toward separate accounts but worry that will make managing your joint expenses difficult. Understanding what a joint bank account is and how it works can help you make a smarter decision for your finances and relationship. A joint account functions just like a standard banking account, except that two or more people own the account. You can use a joint account to pool your money together. This is helpful with both saving—you can save toward shared goals, such as a new home or vacation—and spending. With a joint account, you and your partner can pay shared household expenses, such as mortgage, car payments, utilities and groceries, from the same place. Withdrawing cash, writing checks and making online payments from one account also allows both of you to see how money is being spent. That can help you budget together as a couple. With account activity visible to both of you, there may be less temptation to splurge on discretionary items or make purchases in secret. Opening a joint account can also help you take advantages of features that may not be available to you as an individual account holder. That’s because pooling your money may help you meet the minimum balance requirements that qualify you for features like waived maintenance fees, a higher interest rate or rewards. If you decide to go in this direction, opening a joint account is a similar process to opening an individual account. You and your partner will both need to provide information and identification. You may also be able to add one partner to another’s existing account. As co-owners, both of you will be able to access and withdraw funds without the other’s permission, and each of you will be able to talk to the bank about the account without the consent of the other. After you set up your account, you can decide how to manage and monitor it, including whether you want to sign up for online banking, which of you (or both) will receive account alerts, and if you’ll have shared or individual online banking profiles. Some couples feel more comfortable keeping their individual accounts. Keeping your separate accounts as they are grants each person the freedom to control the money he or she earns. This is helpful if partners have different spending habits; being able to manage money in one’s own way gives each person a stronger feeling of financial ownership. Separate accounts can also be helpful if you and your partner are in different places financially. For example, if one partner is carrying a lot of debt or has mismanaged money in the past, a degree of separation can provide a sense of security for the other person—at least until the debt is paid off. (Third parties may take funds from a joint account to cover debt owed by one of the individuals.) The challenge with separate accounts is how to manage shared expenses. Determining who pays for what can be a point of stress for couples. If you decide to maintain separate accounts, you and your partner should have clarity around this issue, and make sure each of you is comfortable with the arrangement. For some couples, linked accounts offer a happy middle ground between joint and individual options. A linked account is an account linked to another at the same financial institution so that funds can be transferred between them electronically. For example, many people link their checking and savings account so that funds can be easily transferred electronically between them. You can use the same feature to help you and your partner. You might consider opening a joint account but keeping your separate accounts, as well. If so, talk to your bank about linking both…
A Flexible Checking Account – Bank of America
Bank of America Advantage Banking – A Flexible Checking AccountSkip to main contentBank of America Advantage Banking Which is best for you?SafeBalance®Checkless banking with flexible ways to payAdvantage PlusEveryday banking with more ways to waive the monthly feeAdvantage RelationshipPerks for higher balances, like fee waivers and interest Bank of America Advantage SafeBalance Banking®Checkless banking with flexible ways to pay$XXXX or $0 Avoid the monthly feeWe’ll waive the monthly maintenance fee each statement cycle that you:Are an owner of this account who qualifies as a Student under age 25 enrolled in school or an educational or vocational programORAre an owner of this account under age 18ORAre enrolled in Preferred Rewards (applies to first 4 checking accounts)OR Bank of America Advantage Plus Banking®Everyday banking with more ways to waive the monthly fee$XXXX or $0 Avoid the monthly feeWe’ll waive the $XXXX monthly fee each statement cycle that you:Have at least one qualifying direct deposit of $XXXX+ORMaintain a $XXXX minimum daily balanceORAre enrolled in Preferred Rewards (applies to first 4 checking accounts)OR Bank of America Advantage Relationship Banking®Perks for higher balances, like fee waivers and interest$XXXX or $0 Avoid the monthly feeWe’ll waive the $XXXX monthly fee each statement cycle that you:Maintain a combined balance of $XXXX in eligible linked accounts. Learn about combined balancesORAre enrolled in Preferred Rewards (applies to first 4 checking accounts)ORHere’s how it worksBank of America Advantage Banking is a checking account layer with three settings. Pick the one that works.If life changes, just switch it up.What is a checking account?A checking account is a type of deposit account that enables you to deposit and withdraw available funds on demand, typically by writing a check or using a debit card. Checking accounts are sometimes interest-bearing.SafeBalance®Checkless banking with flexible ways to payAdvantage PlusEveryday banking with more ways to waive the monthly feeAdvantage RelationshipPerks for higher balances, like fee waivers and interestBank of America Advantage SafeBalance Banking®About SafeBalance®:A smart start for students – no monthly fee for Students under 25Helps keep you from spending more than you have — no overdraft feesSole ownership for ages 16+$XXXX or $0 monthly feeWe’ll waive the monthly maintenance fee each statement cycle that you:Are an owner of this account under age 25 and qualify as a StudentORAre an owner of this account under age 18ORAre enrolled in Preferred RewardsTo view all fees see the Personal Schedule of Fees. You can also refer to our Clarity Statement for additional information.About SafeBalance®:A smart start for students – no monthly fee for Students under 25Helps keep you from spending more than you have — no overdraft feesSole ownership for ages 16+$XXXX or $0 monthly feeWe’ll waive the monthly maintenance fee each statement cycle that you:Are an owner of this account under age 25 and qualify as a StudentORAre an owner of this account under age 18ORAre enrolled in Preferred RewardsTo view all fees see the Personal Schedule of Fees. You can also refer to our Clarity Statement for additional information.Bank of America Advantage Plus Banking®About Advantage Plus:Multiple ways to waive the monthly feeOption to set up Balance Connect® for overdraft protectionOption to buy paper checksBank of America Advantage Plus Banking®About Advantage Plus:Multiple ways to waive the monthly feeOption to set up Balance Connect® for overdraft protectionOption to buy paper checksBank of America Advantage Relationship Banking®About Advantage Relationship:No fees on select services and additional accountsEarns interest See ratesOption to set up Balance Connect® for overdraft protectionPaper checks available (no charge or discounted depending on check style)Bank of America Advantage Relationship Banking®About Advantage Relationship:No fees on select services and additional accountsEarns interest See ratesOption to set up Balance Connect® for overdraft protectionPaper checks available (no charge or discounted depending on check style)Which is best for you?Easy, anytime accessEasy, anytime accessVisit us at thousands of financial centers and ATMs or have a quick chat with Erica, your virtual…
Sharing Finances in a Marriage – Bank of America
Marriage and money: 10 tips for financial blissThese tips can help you start your marriage on the right financial foot. They say money can’t buy happiness, but when it comes to your marriage, just talking about money goes a long way. To get the conversation started, here’s a checklist designed to help you and your partner budget happily ever after. 1 Give yourselves a financial checkup Many couples may put off talking about money before marriage, but that lack of knowledge can be pretty risky; past mistakes can affect your future together. Get to know each other’s financial situation, like how many credit cards you each have and how you spend your money—including what kinds of things you both indulge in—before you walk down the aisle. Getting a good grasp on your partner’s spending habits and financial picture will help you make decisions on how to merge your money after you get married. 2 Understand your partner’s debt Get to know what your partner’s debt looks like before you combine your finances. If needed, you can work together to get debts paid down. Until that happens, keep your finances separate—for example, try to avoid opening a joint account, cosigning or adding your partner as an authorized user. You’ll want at least one good credit history to fall back on if there are wedding bells in your future. Learn more strategies for paying down debt. 3 Save for the wedding and beyond Once you announce your engagement, open a savings account earmarked for your financial goals and future expenses. Generally speaking, many experts recommend putting at least 10 percent of your combined income into savings each month. If you’re saving for a wedding, you might consider boosting that amount so you can continue contributing to your normal savings while still putting money away for the big day. Even if you’ll have help paying for the wedding, you’ll likely still want some money saved, perhaps for a honeymoon or down payment on a new home. 4 Create a budget you both can live by Get all your bills and paperwork together and literally put everything on the table. Calculate just how much you’ll owe each month, how much combined income you’ll have and what’s actually left when everything’s said and done. Don’t forget to factor in any potential wedding or honeymoon expenses. Also, it’s helpful to set spending limits. Before you take those vows, agree on a set dollar amount each of you can spend without talking to the other first. 5 Decide who manages what When it comes to handling your finances, it’s a good idea that each of you plays a part. For example, one person might take on the day-to-day bills while the other tackles long-term investments and retirement plans. After the big day 6 To combine or not to combine? There are a number of different ways you can manage money in marriage. So weigh your options and figure out which method works best for both of you. You might consider opening a joint account, linking your individual accounts together or continuing with separate accounts. It’s a personal decision, so consider the options and decide which works for your lifestyle. 7 Update your beneficiaries Once you’re married, you can name your spouse as a beneficiary—the person who receives money and benefits if something were to happen to you. This applies to things like life insurance, 401(k) plans, your will and any other benefits for which they might be eligible. 8 Change your withholdings Married couples can decide to file taxes either jointly or separately, so talk to your spouse and your…
Bank of America Account Ownership Changes
Bank of America Account Ownership ChangesMaking updates to your account is simpleIn most cases, a brief financial center appointment is all you needWhen you’ve experienced an event that requires updating a name or changing the account owner and/or payable on death (POD) beneficiary layer on your account, we’re here to make the process as easy as possible. Visit your local financial center with your documents and we’ll make the update.Before you schedule your financial center appointmentTell us what type of account you have and what changes you need to make — we’ll tell you what documents and information you need to bring to your appointment so we can quickly update your accounts.Before your appointment, consider starting your Life Plan for a more personalized experience with a financial specialist. Bank of America Life Plan® can help you set and track goals and shape a plan for your future.If you don’t live near a financial center, please call us at 800-432-1000 (Mon-Fri 7 a.m.-10p.m. or Sat-Sun 8a.m-5p.m., all times ET).A POD account is payable on your death (or the death of the last surviving co-owner) to one or more payees named in the title of the account. When the title of an account includes language like “in trust for (ITF),” “transfer on death (TOD)” or similar language, the account is treated as a POD account. You may change, add or remove the name of any payee or beneficiary anytime by visiting a financial center and providing us with proper written notice. Generally, the payee or beneficiary must survive all owners in order to receive their share of funds from a POD account.What type of account do you have?(Select one)You need to update a name on your account (make a different change)In order to update a name on your Bank of America account, you’ll need to schedule an appointment in a financial center and bring:A valid government-issued photo IDOne of the following: marriage certificate, divorce decree indicating name change, court order of name change or adoption certificateIf there are multiple owners on the account, all account owners will need to be present at the financial center appointment and bring valid government-issued IDs.Schedule an appointmentSchedule an appointmentSchedule an appointmentDon’t live near a financial center? Please contact customer service at 800-432-1000 (Mon-Fri 7 a.m.-10 p.m. or Sat-Sun 8 a.m.-5 p.m., ET) for information on how to make this change to your account.You need to add or remove an owner on your account (make a different change)In order to add or remove an owner on your Bank of America account, you’ll need to schedule an appointment in a financial center.When adding an owner, all account owners will need to be present at the appointment and bring a valid government-issued photo ID. During your appointment, you may want to ask the bank associate about the advantages of bringing the added owner’s other bank relationships to Bank of America.When removing an owner, bring a valid government-issued ID to your appointment. (In the event of a deceased account owner, you’ll need to notify estate services of the deathnotify estate services of the deathnotify estate services of the death.) If…
Bank of America Account Frequently Asked Questions
Bank of America Account Frequently Asked QuestionsSaving your User ID can be a convenience, but there are a number of best practices you should observe when doing so.Saving an User IDWe highly recommend you have only one User ID – and not share it with anyone else – as a way of helping keep your financial and personal information safe. Learn more about account securityTo save your User ID so it will be prefilled each time you log in, simply check the box that says Save User ID before you select the Log In button. This will automatically save the User ID to your browser.If you switch from one browser to another (for example, from Edge to Chrome), you will need to save your User ID to your new browserNever save an User ID if you are accessing our site from a public computerSaving multiple User IDsYou may have more than one User ID, such as when you have a second one for your small business. If you wish to save multiple User IDs, follow these steps:Log in to Online Banking using each User ID. Be sure to check the box that says Save User ID before you select the Log In button.The next time you visit the home page, you’ll see the User ID prefilled with the ID most recently used. You can click the User ID field to see a dropdown list of all User IDs saved to the browser.Due to security reasons, we can only reveal first 4 characters of the User ID, so make sure the first 4 characters of each User ID are different from each other.Deleting saved User IDsYou can delete User IDs by signing into Online Banking and selecting the Security Center tab. In the User ID portion of the Sign-in settings area, select the Review your saved User IDs link and click Delete to remove saved IDs from your browser.
How to Open Joint Account in Bank Of America
How to Open Joint Account in Bank Of America A joint account is a type of bank account which allows more than one person to own, operate and manage it. A joint account is a simple way to keep track of your and your family’s finances. With a joint account, all account holders are allowed to view transactions, carry out transactions, hold a debit card, and pay money in. Bank Of America offers the option to open joint account. It is very easy to open a Joint Account in Bank Of America Remember that if you want your independence and do not want to share your financial details with others, you should avoid opening joint account.Why to Open Joint Bank Account?Following are the main reasons of opening Joint Bank Account:To give a transparent view of the bank account to all the joint holdersIn order to check, control and manage your house hold expenses together in a better wayAll the joint holders can save in the joint bank account towards their shared goalsOpportunity to build emergency fund togetherTypes of Joint AccountFollowing Types of Joint Account are offered by a bank:TypeDescriptionJointThe account can be operated by the signs of all the account holders. If any of the account holders dies, the account cannot be continued further anymore and needs to be closed immediately. The proceeds of the account will be given to the surviving account holder/sJoint or SurvivorThe account can be operated by the signs of all the account holders. If any of the account holders dies, the account can be continued and operated further by the surviving account holder/sFirst holder or SurvivorAccount has to be operated only by the first holder till the time he/she is alive. The other holder/s can transact only after the death of the first holderEither or SurvivorThere are only two account holders in this type of account. Account can be operated by any of these two account holdersAnyone or SurvivorThere can be more than two account holders in this type of account. Account can be operated by any of these account holdersPros of Joint AccountEqual access to fundsEasy to manage shared transactionsHelps to manage daily expenses effectivelyMany banks offer additional benefits on joint accounts for example debit cards and cheque books to every account holderYou can achieve your financial goals togetherNo requirement of maintaining minimum average monthly balance required in two separate accountsIf you are away for a long time, the other account holder can take care of the accountCons of Joint AccountIf any account holder uses all the money, others have no chance to recover itFinancial condition of one holder has an impact on other holders in joint accountChances of confusion and disagreementIt is easy to access your money, in case the relationship with joint holders breaks downIf the joint account gets seized by law due to misconduct of a joint account holder, then other holders of joint account may be restricted to access their own moneyIf any of the joint account holders has a poor credit rating, others may suffer as a result of itEligibility Criteria for opening Joint Account in Bank Of AmericaIndividuals are allowed to open a joint account in Bank Of America.Generally, married couples, partners, roommates, senior citizens and parents with their children open a joint account.Minor, HUF,…
Best Joint Checking Accounts of 2022 – Investopedia
Best Joint Checking Accounts of 2022 We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info. A joint checking account is an easy banking solution for any two people who want to partially or fully share finances, providing each with the ability to manage the funds. Most commonly, joint checking accounts are opened by couples, but they can also be useful for parents with teens or even business partners. The best joint checking accounts offer features such as debit card usage, check-writing ability, ATM access, online bill payment, and more. These accounts can easily be accessed by their account holders on the go and offer competitive interest and low or zero fees. Best Joint Checking Accounts of 2022 Best Overall: Ally Bank Best for Parents & Teens: Capital One Best for Frequent ATM Users: Axos Bank Best for Branch Banking: Wells Fargo Best for High Interest: Presidential Bank Best for Cash Back: LendingClub Banking Best for Debit Users: Evansville Teachers Federal Credit Union Best Overall : Ally Bank Ally Bank Minimum Deposit: NoneFees: NoneAPY: 0.10%-0.25% Why We Chose It Ally offers the best checking account because it doesn’t charge any fees and doesn’t require a minimum deposit. Pros and Cons Pros No monthly fees Free checks with unlimited refills Well-designed online and mobile tools Cons Some other accounts pay higher interest No physical branches Cannot deposit cash Overview It’s hard to beat Ally’s Interest Checking Account, whose ease of couples account management and the ability to avoid almost all fees makes it our all-around winner among joint checking accounts. Reestablished in 2009 as an internet-only bank, Ally also offers savings, money market, and CD accounts, as well as mortgages, auto and personal loans, and investment accounts. Opening a joint bank account with Ally is quick and simple and is handled almost entirely online. While there are no brick-and-mortar branches you can visit, customer service is easy to access via a phone call or live chat, available both in the app and via online banking. Ally’s web and mobile interfaces are among the most user-friendly banking apps in the industry. Plus, each account holder gets their own login, letting you individually set up your own external transfer accounts, Zelle contacts and payments, and so forth, making it easy for each of you to both view and execute transactions. What makes Ally’s checking account additionally notable is that it is so seamless, with virtually no bumps in the experience from unexpected fees. There are also no requirements to meet in order to waive fees, which makes couples’ management of the account even easier. As for checks, not only is a printed supply with both account holders’ names provided to you free of charge, Ally will also send you free refills whenever your checkbook runs out. Ally’s checking account also pays interest on your funds, currently 0.10% APY if your balance is below $15,000 and 0.25% APY above that threshold. Though some checking accounts pay more, higher rates are often tied to meeting certain transaction requirements each month. Meanwhile, Ally’s interest rate is provided automatically and is far above the current national average of 0.03% APY. Best for Parents & Teens : Capital One Capital One Minimum Deposit: NoneFees: NoneAPY: 0.10% Why We Chose It Ideal for parents and teens, this account has parental controls, separate parent and teen logins, and no minimum balance requirements. Pros and Cons Pros No monthly fees Parental monitoring and controls Financial goal setting and progress tracking Cons Minimal interest earnings No check writing Fees for out of network ATMs Overview Opening a joint checking account with your tween or teen is an excellent way to help them learn how to bank wisely, as you track their account activity for teaching money moments. Whether you’re transferring allowance funds…
How To Open a Bank of America Checking Account
How To Open a Bank of America Account Ken Wolter / Shutterstock.com Whether you need a convenient way to pay bills, track your finances or provide proof of payment, having a checking account can come in handy. It also serves as a more secure method of payment than cash. Although there’s no shortage of financial institutions to choose from when you’re interested in opening an account, Bank of America is ranked as one of the best national banks of 2021. So it’s not by accident that the bank has several good checking account options for you to consider. Read on for the full details of the bank’s Advantage Banking checking account settings and what you’ll need to open an account. What Do You Need To Open an Account at Bank of America? To open a checking account with Bank of America, you’ll need to provide your personal information to complete the application, including: Current mailing address Social Security number Email address Account number (if you have an existing checking account) Same information for any joint account holder You’ll be required to show two forms of identification. Acceptable primary forms of ID include: Driver’s license State-issued ID with photo U.S. passport Military ID with photo Bank of America-branded debit or credit card with photo Your second form of ID verifies your primary ID. Types of acceptable secondary IDs include: Major credit card from another financial institution Major retail credit card from a national department store or retail company Debit card with Visa or Mastercard logo from another financial institution U.S. college or university ID U.S. Student ID card from a local high school U.S.-issued employment or work ID card or badge Decide Which Bank of America Account Is Best for You Once you’ve gathered your documents, you’ll need to choose the Bank of America checking account setting that best suits your needs. Bank of America currently offers three options: Bank of America Advantage Plus Banking®: This account setting is designed for individuals and Students who want an account with a low minimum balance requirement. The monthly service fee is $12, but Bank of America will waive the fee if you have a monthly $250 direct deposit, you maintain a $1,500 minimum daily balance, or you enroll in the Preferred Rewards program. Bank of America Advantage Relationship Banking®: This account setting is for individuals who maintain a high balance in their checking account. You’ll earn interest and receive perks such as no service fees, free incoming domestic wires and the option to open other checking or savings accounts with no monthly maintenance fees. If you don’t maintain a combined $10,000 in balances among all of your Bank of America accounts, and you’re not a member of the Preferred Rewards program, then you’ll have to pay a $25 monthly service fee for Advantage Relationship. Bank of America Advantage SafeBalance Banking®: The Advantage SafeBalance is a “checkless” checking account setting, which means there is no paper check writing for this account setting. It is more of a digital payment method with a $4.95 monthly service fee that is waived for Students under 25 and Preferred Rewards members. Now that you’ve reviewed what Bank of America’s Advantage Banking checking settings have to offer, you can make an informed decision as to whether one suits your needs. If you’re still not sure or want to read more before you decide, check out a review of the bank that covers its products, fees and how it compares to its competitors. Click through to learn more about Bank of America and decide whether it’s the right bank for you. This article…