Bank of America charges a monthly fee on most checking and savings accounts, but the fee is waived if you meet one simple requirement
Bank of America's most common checking account, the Checking Account, costs $12 per month. Their Advantage Savings Account costs $8 per month. However, both fees disappear if you keep a minimum daily balance of $1,500 in the account. If you maintain that balance, you pay nothing.
The fee structure varies by account type. Some accounts have no monthly fee at all, while others waive fees under different conditions — like setting up direct deposit or maintaining a linked savings account. Bank of America also offers accounts specifically designed for students and seniors with different fee rules.
The key is knowing which account you have and what triggers the fee. A $12 monthly charge adds up to $144 per year if you do not meet the waiver requirement, so it matters whether you know the rule for your specific account.
Key Takeaways
- Bank of America's standard Checking Account charges $12 per month unless you maintain a $1,500 minimum daily balance.
- The Advantage Savings Account charges $8 per month and is waived the same way — by keeping $1,500 in the account.
- Some accounts waive fees through direct deposit, linked accounts, or other conditions instead of a balance requirement.
- Student and senior accounts have different fee structures and may have no monthly fee at all.
- You can check your account type and current fee status in the Bank of America app or by calling 1-800-432-1000.
How the $1,500 minimum balance waiver works
The balance requirement is measured as a minimum daily balance, not an average. This means your account balance must hit $1,500 or higher on every single day of the month. If your balance drops to $1,499 on even one day, the fee applies for that month.
The balance includes only money in that specific account. If you have $1,200 in checking and $400 in savings, the checking account still gets charged because the checking balance alone did not reach $1,500. Linked accounts do not combine for the purpose of meeting the minimum.
Bank of America posts the fee on the last day of the month if the balance requirement was not met. You will see it listed as a service charge on your statement. If you fall short one month but meet the requirement the next month, the fee does not carry over — you simply do not get charged that next month.
Other ways to waive the monthly fee
Not every Bank of America account uses the $1,500 balance rule. Some accounts waive fees through different conditions. The Advantage Plus Checking account, for example, waives its $12 fee if you set up direct deposit of at least $250 per month, even if your balance stays low.
The Student Checking Account has no monthly fee for the first four years after you open it, as long as you are enrolled in school. After that period ends, it converts to a standard account with the usual fee structure. The Preferred Rewards Checking Account waives fees if you are part of Bank of America's Preferred Rewards program, which requires a certain level of assets or investments with the bank.
Some accounts also waive fees if you maintain a linked savings account with a minimum balance. The exact conditions depend on which account you hold, so the fee waiver that works for your neighbor may not work for you.
What happens if you do not meet the waiver requirement
If your balance drops below $1,500 (or you do not meet whatever waiver condition applies to your account), the monthly fee posts automatically. There is no warning or grace period — the charge simply appears on your statement at month's end.
If you are charged a fee by mistake — for example, if you believe your balance was above $1,500 every day — you can contact Bank of America and ask for a reversal. They will review your transaction history. If the error is on their side, they will remove the charge. If your balance genuinely dipped below the requirement, they typically will not reverse it, though you can ask.
Repeated monthly fees add up quickly. Over a year, a $12 monthly charge becomes $144. If you cannot maintain the $1,500 balance, switching to a no-fee account or a different bank may save you money.
Bank of America accounts with no monthly fee
Bank of America does offer accounts that charge no monthly fee under any circumstance. The eChecking Account has no monthly maintenance fee, though it comes with fewer features than the standard Checking Account — for example, it does not include overdraft protection by default.
The eChecking Account is designed for customers who want basic checking without the fee. You get a debit card, online banking, and bill pay, but no checkbook and no overdraft coverage unless you add it separately. There is no balance requirement to avoid a fee because there is no fee to avoid.
If you are a Bank of America customer primarily for savings rather than checking, the Regular Savings Account has no monthly fee. You can open it alongside a checking account, or use it as your only Bank of America product.
How to check your account type and current fees
The fastest way to see what you are being charged is to log into your Bank of America account online or through the mobile app. Go to your account details or account summary. Your current monthly fee (if any) will be listed, along with the condition to waive it.
You can also call Bank of America at 1-800-432-1000 and speak to a representative who can tell you your account type, your current fee, and exactly what you need to do to waive it. They can also discuss switching to a different account type if your current one does not fit your banking habits.
If you visit a Bank of America branch in person, a banker can review your account and show you all available options. They can switch your account type on the spot if you decide a different account makes more sense for you.
Comparing Bank of America fees to other banks
Bank of America's $12 monthly checking fee is higher than many other large banks. Chase's basic checking account charges $12 but waives it with a $1,500 balance or direct deposit. Wells Fargo charges $10 per month on its standard checking, also waivable with a $500 balance or direct deposit. Smaller regional banks and online banks often charge no monthly fee at all, regardless of balance.
The trade-off is that Bank of America has more than 4,600 branches and 16,000 ATMs nationwide, so the fee may be worth it if you use the branch network frequently. If you rarely visit a branch and do not need the physical locations, a no-fee online bank could save you $144 per year or more.
Before switching banks, consider what you actually use. If you need frequent in-person service, the fee might be acceptable. If you do online banking only, a no-fee online bank is usually the better choice financially.
Frequently Asked Questions
Can I get the monthly fee waived if I have a savings account linked to my checking?
It depends on your specific account type. Some Bank of America accounts waive checking fees if you maintain a linked savings account with a minimum balance, but this is not the standard waiver for most accounts. Call 1-800-432-1000 to confirm whether your account qualifies for this waiver.
What if my balance is exactly $1,500 — does that waive the fee?
Yes. The requirement is a minimum daily balance of $1,500, meaning $1,500 or higher. If your balance is $1,500 on every day of the month, the fee is waived. If it drops to $1,499 on any day, the fee applies.
Does Bank of America charge fees for overdrafts or other services besides the monthly maintenance fee?
Yes. Bank of America charges overdraft fees (currently $35 per overdraft), non-Bank of America ATM fees ($2.50 per withdrawal), and fees for certain services like wire transfers or stop payments. The monthly maintenance fee is separate from these charges.
If I switch to the eChecking Account, will I lose any features?
The eChecking Account does not include a checkbook or overdraft protection by default, though you can add overdraft protection if you want it. You keep online banking, bill pay, and a debit card. It is a simpler account designed to eliminate the monthly fee.
Can I switch my account type to avoid the monthly fee?
Yes. You can switch to the eChecking Account or another no-fee account type by calling 1-800-432-1000, using the Bank of America app, or visiting a branch. The switch is free and can happen immediately.