The Bank of America Core Checking is a straightforward personal checking account with some standout advantages for enrolling as a student. Read more for the good, the bad, and our impression.
Current Promotions?
Bank of America typically has a variety of bonus offers and promotions for a wide range of their deposit accounts – Checking and Savings accounts included. The Core Checking account is often eligible for a nice cash bonus. I keep all current offers updated on this Bank of America promotions page. The Chase College CheckingSM account is a great alternative and has a sign-up bonus available.
The Requirements
To qualify for student perks, you must be under the age of 24 and enrolled in secondary or post-secondary education. The minimum opening deposit is $25.
The Good
Monthly Maintenance Fee is Waived for Students
As long as you’re under the age of 24 and enrolled in high school or college, university, or vocational program.
Online, Mobile & Text Banking
Track purchases, transfer money, pay bills, lock debit card and more. Convenient access just about anywhere, at any time.
BankAmeriDeals
With BankAmeriDeals, you’ll earn cash back by paying for your purchases with a Bank of America debit or credit card. Your cash back earned is automatically credited to your account by the end of the month.
Keep the Change Savings Program
Make everyday purchases with your Bank of America debit card, as usual, and the bank will round up your purchase to the nearest dollar amount. They’ll transfer the difference automatically into your savings account.
$0 Liability Guarantee
If your card is lost or stolen, you’re covered! Bank of America will credit fraudulent transactions back into your account as soon as the next business day.
Wide Network
Bank of America has approximately 4,700 branches and 16,000 ATMs in the U.S.
The Fees
| Usage | Fee | Notes |
| Monthly Maintenance | $23 | Waived for students under the age of 24! |
| Non-Bank of America ATM (domestic) | $2.50 | Not including any fee charged by the ATM operator. |
| Non-Bank of America ATM (international) | $5.00 | Not including any fee charged by the ATM operator. |
| Debit Card Foreign Transaction | 3% | |
| Overdraft (NSF) | $35 | Max 4 items per day. |
| Returned Item (NSF) | $35 | Max 4 items per day. |
| Extended Overdrawn Balance | $35 | For accounts in the red for 5 consecutive business days. |
| Overdraft Protection | $12 | Automatically transfer available funds from a linked savings or second eligible checking account. One transfer fee charged per day. |
| Emergency Cash at ATM | $35 | This fee will be charged unless you deposit money to cover your overdraft bye the end of the business day. |
| Paper Statement | $5 | Per monthly billing cycle. |
| Replacement Card | $5/$15 | Regular/rush delivery. |
The Bad
High Overdraft Fees
Although not the highest we’ve seen for a student checking account, $35 per returned or paid item due to non-sufficient funds is steep. At a maximum of 4 items, you’re looking to lose $140 per day if you don’t keep a close eye on your balance.
No Yield on Deposits
Unfortunately, the Bank of America Core Checking does not earn interest.
Bottom Line
As a basic checking account from a bank Goliath, the Bank of America Core Checking is extremely attractive for its ease of access to physical ATMs and branches, great for those that prefer banking in person. We’re also keen on the student enrollment advantages, like fee-free monthly maintenance and cash back on purchases with the debit card.
Perhaps the biggest blow to the Bank of America Core Checking is its overdraft fees. If you opt with this account, just make sure you’re aware of the overdraft rules and work to avoid them.
The Chase College CheckingSM account is a great option to compare with the Core Checking account, and it offers a sign-up bonus.
MoneysMyLife Top Offer Picks  With 16,000 ATMs and 5,100 branches throughout the United States, Chase Bank is second only to Wells Fargo with regards to the total number of branches. This makes the bonus offers from Chase extremely popular, and they always have several promotions to choose from. Full Review.
 Apply online for a new TD Bank Checking account to earn either a $300 bonus for the TD Premier Checking account ( $2,500 in direct deposits required), or a $150 bonus for the TD Convenience Checking account ($500 in direct deposits required). This is a limited time offer. Full Review  Earn 75,000 miles each year (worth $750) if you spend $25,000 on purchases with the Barclays Arrival® Premier World Elite Mastercard®. This credit card is intended for high spenders looking for a card to carry for the long-term. The card will earn unlimited miles at the rate of 2 miles per $1 spent on all purchases. See Terms. Full Review |
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