Assalam Alaikom,

Some banks (including Bank of America) give the customer free checks, free safe box,..etc, but they require maintaining a minimum balance (usually about 5000$). Also they have a penalty of 20$ daily if the balance was below the mininmum.

Is it allowed to have this CHECKING account and have these benefits (safe box, free checks...etc).

May Allah reward you the best.

AA
It is clear from their offer that they will use your money for interest-bearing loans like any other conventional bank, even though it is a checking account, but this is how the system works.

Since you are in need to save your money in a secured place, you can open a checking account in any other bank; free of charge, free of interest, and no minimum amount required.

As of the safe box`s service, it is allowed-Islamically- to be a chargeable service.

My focus here is that a Muslim should keep dealing with the interest- bearing banking system to the minimum, only based on a pressing need, and whether this system exists in a Muslim or non-Muslim society.