Bank of America: Overview and Account Opening Guide

Bank of America (BoA) is one of the largest financial institutions in the world and the second-largest bank in the United States by market capitalization in 2025. With a strong domestic presence and growing international operations, BoA provides a wide range of services spanning retail banking, corporate finance, investment banking, and private wealth management.

The bank serves more than 67 million consumer and small business clients through approximately 3,800 retail financial centers and a robust digital platform. For individuals and corporations seeking to open an account with Bank of America, understanding the requirements and procedures is essential.

Bank Profile

• Founded: 1904 (as Bank of Italy; renamed Bank of America in 1930)
• Headquarters: Charlotte, North Carolina, USA
• Market Cap (2025): ~USD 450 billion
• Global Presence: 35+ countries, including London, Singapore, and Hong Kong
• Key Services: Retail and commercial banking Credit cards and consumer lending Corporate and investment banking Private banking and wealth management Treasury and trade solutions

Why Choose Bank of America?

• Strong global brand and presence across major financial hubs
• Comprehensive digital banking platform with award-winning mobile app
• Tailored solutions for both retail and institutional clients
• Private banking services for high-net-worth individuals (HNWIs)
• Wide range of credit and lending products

Account Types Available

1. Personal Banking Checking and savings accounts Certificates of deposit (CDs) Credit cards linked to accounts
2. Business Accounts Business Advantage accounts for small to mid-sized businesses Treasury management services for corporates Merchant services and loans
3. Private Banking (Merrill Private Wealth Management) For clients with investable assets of USD 3 million+ Services include tailored investment management, estate planning, and structured lending

Account Opening Requirements

For Individuals (U.S. Residents):

• Government-issued photo ID (driver’s license, passport, or state ID)
• Social Security Number (SSN)
• Proof of address (utility bill, lease agreement, or official statement)

For Non-Residents / Foreign Clients:

• Valid passport
• Secondary ID (if available)
• Proof of overseas address (utility bill or bank statement)
• U.S. tax identification number (ITIN) or equivalent documentation
• Additional screening under FATCA/CRS regulations

For Corporate Accounts:

• Articles of Incorporation / Certificate of Formation
• Federal Employer Identification Number (EIN)
• Operating Agreement or Bylaws
• Business address verification
• Identification of owners (beneficial ownership disclosure form)

Step-by-Step Account Opening Process

1. Initial Contact Visit a Bank of America branch or schedule an appointment online. Foreign clients should contact international banking desks in hubs such as New York, London, or Hong Kong.
2. Document Submission Provide identity, address, and financial documents.
3. Compliance and Verification BoA conducts KYC and AML checks, particularly stringent for international clients.
4. Approval Timeline Personal accounts: typically 3–7 business days Business accounts: 1–2 weeks Private banking: 2–4 weeks, depending on complexity
5. Account Activation Clients receive account details, debit/credit cards, and online banking credentials.

Advantages & Considerations

Advantages

• Large domestic branch network across the U.S.
• Award-winning mobile banking app and digital tools
• Strong reputation in both retail and investment banking

Considerations

• Non-residents may face strict requirements for account opening
• Higher fees compared to some competitors
• Private banking thresholds are significant (multi-million-dollar entry)

Frequently Asked Questions (FAQ)

Q1: Can foreigners open a Bank of America account remotely?
A1: Generally no. Non-residents must usually visit a branch in the U.S. or use international banking desks. Remote options are limited.

Q2: What is the minimum balance requirement?
A2: For standard checking, minimums can start as low as USD 25. Premium accounts may require higher balances.

Q3: Does Bank of America operate in Singapore?
A3: Yes, but primarily for corporate and institutional clients. Retail services are focused on the U.S. market.

Internal Link Suggestions

• Link from Global Top 20 Banks by Market Cap 2025 → “Bank of America” anchor text
• Related banks: [JPMorgan Chase Account Opening], [Citigroup Guide], [Wells Fargo Overview]

Bank of America, BoA, account opening, U.S. banks, private banking, retail banking

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles