Bank of America's current checking account fees

Bank of America does not charge a monthly maintenance fee on most of its checking accounts, but it does charge fees for specific actions: overdrafts ($35 per transaction), non-network ATM withdrawals ($2.50), and wire transfers ($15 domestic, $45 international). The bank also charges $10 if you request a paper statement instead of going paperless. These fees have remained stable for several years, though the overdraft fee was last raised in 2009.

The accounts that avoid monthly fees are SafePass Checking, Advantage Checking, and Advantage Plus Checking. Each has different requirements—SafePass requires a $500 minimum balance, while Advantage Checking requires either a $1,500 minimum or a monthly direct deposit. If you fall below the minimum, Bank of America charges $12 per month on Advantage Checking and $25 per month on Advantage Plus Checking.

Bank of America has not announced plans to introduce new monthly maintenance fees on these accounts. However, the bank regularly reviews its fee structure, and changes can happen with 30 days' notice sent to your registered address or email.

Key Takeaways

  • Bank of America does not charge a monthly maintenance fee on SafePass, Advantage, or Advantage Plus checking accounts, though minimum balance requirements apply to the latter two.
  • Overdraft fees remain $35 per transaction, a rate that has not changed since 2009.
  • Non-network ATM withdrawals cost $2.50, wire transfers cost $15 to $45, and paper statements cost $10 per month.
  • The bank sends fee changes 30 days in advance to your address or email on file, so check your mail and account messages regularly.

When Bank of America last changed its overdraft and ATM fees

Bank of America raised its overdraft fee to $35 in 2009, where it has remained for over a decade. The $2.50 non-network ATM fee was introduced in 2011 and has not moved since. These are the two fees that affect most customers most often, and neither has increased recently.

The bank did make changes to overdraft protection in 2010, when it began charging the overdraft fee only after the account remained negative for one business day, rather than charging immediately. This gave customers a small window to deposit funds before the fee hit. However, the fee amount itself stayed at $35.

Wire transfer fees ($15 domestic, $45 international) have also remained unchanged for several years. Bank of America has not announced any plans to raise these fees in the near future.

How to avoid the fees Bank of America does charge

The easiest fee to avoid is the paper statement fee: simply switch to paperless statements in your online account settings. This takes two minutes and saves $10 per month if you were paying for paper.

To avoid overdraft fees, keep your account balance above zero. If you are prone to overdrafts, link a savings account to your checking account and set up overdraft protection—Bank of America will transfer funds from savings to checking if you go negative, and the transfer is free. Alternatively, opt out of overdraft coverage entirely, which means transactions will be declined rather than charged a fee.

To avoid non-network ATM fees, use Bank of America's ATM network or banks in the Allpoint network, which Bank of America customers can access for free. The Allpoint network includes over 55,000 ATMs worldwide. If you travel frequently or live far from a Bank of America branch, this matters more than it does for someone with easy access to the bank's machines.

Wire transfer fees are harder to avoid if you need to send money. However, some online banks and credit unions offer free domestic wire transfers, so if you send wires regularly, comparing institutions might save you money over time.

Comparing Bank of America fees to other major banks

Chase, Wells Fargo, and Citibank also do not charge monthly maintenance fees on their basic checking accounts, though they have similar minimum balance requirements and charge comparable overdraft fees ($35 at Chase and Wells Fargo, $34 at Citibank). Non-network ATM fees are typically $2 to $3 across all four banks.

Credit unions often charge lower or no overdraft fees and may offer free non-network ATM access through shared branching networks. However, credit unions have membership requirements and may have fewer branches and ATMs than Bank of America, depending on where you live.

Online banks like Ally, Charles Schwab, and Discover typically charge no overdraft fees and reimburse out-of-network ATM fees entirely. The tradeoff is that they have no physical branches, so if you need to deposit cash or speak to someone in person, they are not an option.

How to find out about future fee changes

Bank of America sends notice of fee changes to the address and email on file in your account. Check your email regularly and open mail from the bank, even if it looks like marketing. The bank is required by law to give you at least 30 days' notice before a fee change takes effect, and that notice will tell you how to close your account if you disagree with the change.

You can also log into your Bank of America account online and review the fee schedule under "Account Fees" or "Pricing Information." This page is updated whenever fees change and shows the current rates for all transaction types.

If you want to stay informed without waiting for mail, call Bank of America customer service at 1-800-432-1000 and ask whether any fee changes are planned for your account type. They cannot predict future changes, but they can confirm what is currently in effect.

What happens if you are charged a fee you think is wrong

If Bank of America charged you an overdraft fee and you believe it was an error—for example, you deposited funds that should have cleared before the fee posted—contact the bank within 60 days of the charge. You can call 1-800-432-1000, visit a branch, or use the messaging feature in your online account. Explain what happened and provide any evidence (deposit receipts, screenshots of your balance, etc.).

Bank of America does not automatically reverse overdraft fees, but the bank will review your account history and may reverse the fee if you have a clean record or if the error was the bank's fault. If the fee was charged correctly but you want to dispute it on principle, you can close your account and move to another bank—this is your right, and the bank cannot penalize you for leaving.

If you were charged a non-network ATM fee and you used a Bank of America ATM or an Allpoint ATM, the fee should not have been charged. Contact the bank with the ATM location and time of the transaction, and they will investigate and refund the fee if it was applied in error.

Frequently Asked Questions

Does Bank of America charge a monthly fee just for having a checking account?

No, not on SafePass, Advantage, or Advantage Plus checking. However, Advantage and Advantage Plus charge $12 to $25 per month if you fall below the minimum balance requirement. SafePass requires a $500 minimum but does not charge a monthly fee if you meet it.

Can I get my overdraft fee reversed if I call the bank?

Bank of America may reverse an overdraft fee if you have a good account history or if the bank made an error. Call 1-800-432-1000 within 60 days of the charge and explain your situation. The bank is not required to reverse it, but many customers report success, especially if it is their first overdraft in years.

What is the cheapest way to withdraw cash if I do not have a Bank of America ATM nearby?

Use an Allpoint ATM, which Bank of America customers can access for free. Allpoint has over 55,000 ATMs worldwide. If you cannot find one, ask the merchant at a store to give you cash back when you make a purchase—this is free and does not trigger an ATM fee.

If Bank of America raises its fees, do I have to pay them?

No. If the bank raises fees and you disagree, you have the right to close your account within the 30-day notice period. The bank cannot charge you a penalty for closing. You can move your money to another bank at any time.

Are Bank of America's fees higher than other banks?

Bank of America's overdraft and ATM fees are in line with other major banks like Chase and Wells Fargo. Credit unions and online banks often charge less or nothing. Compare based on where you live and how you bank—if you need branches and ATMs, Bank of America may be competitive; if you bank online, you might save money elsewhere.