Bank of America charges monthly fees on most checking accounts, but you can waive them

Bank of America's standard checking account, called the Checking Account, costs $12 per month. However, you can waive this fee by maintaining a minimum daily balance of $1,500 in the account, or by setting up direct deposit of at least $250 per month. If you do neither, the $12 monthly charge appears on your statement.

Bank of America also offers a SafePass Checking Account with no monthly fee, but it has significant restrictions: no debit card, no checks, and you can only withdraw cash at Bank of America ATMs or by visiting a branch. This account is designed for people who want basic checking without the tools most people use daily.

If you are under 24 years old, the Advantage Banking for Students account has no monthly fee and includes a debit card and checks. This account converts to the standard Checking Account when you turn 24, at which point the $12 monthly fee applies unless you meet one of the waiver conditions.

Key Takeaways

  • Bank of America's standard checking account charges $12 per month unless you maintain a $1,500 daily balance or set up direct deposit of $250 or more monthly.
  • The SafePass Checking Account has no monthly fee but does not include a debit card or checks, limiting how you can access your money.
  • Students under 24 can open an Advantage Banking for Students account with no monthly fee, but the fee kicks in when you turn 24.
  • Other fees apply separately: overdraft fees, out-of-network ATM fees, wire transfer fees, and stop payment fees are not waived by the monthly fee structure.

What other fees Bank of America charges beyond the monthly account fee

The $12 monthly fee is only one cost. Bank of America charges overdraft fees of $35 per transaction if you spend more than your balance, up to three fees per day. This means a single day of overspending could cost you $105. You can link a savings account to your checking account to prevent overdrafts, though this does not stop the fee if the transfer fails.

Using an ATM outside the Bank of America network costs $2.50 per withdrawal. If you travel or live far from a Bank of America branch, this adds up quickly. Bank of America has about 4,600 ATMs nationwide, but if you need cash elsewhere, the fee applies immediately.

Wire transfers cost $15 for domestic transfers and $45 for international transfers. Stopping payment on a check costs $30. Replacing a lost or stolen debit card costs $10. These are not automatic charges—they only appear if you use these services—but they are worth knowing before you need them.

How to waive the $12 monthly fee

The simplest way to avoid the $12 monthly fee is to set up direct deposit. This means your employer or a government agency (like Social Security) deposits money directly into your account. The deposit must be at least $250 per month. Once direct deposit is active, the monthly fee disappears. You do not need to maintain any balance.

If direct deposit is not an option, you can waive the fee by keeping a minimum daily balance of $1,500. This means your account balance must stay at or above $1,500 every single day of the month. If it drops below $1,500 even once, the $12 fee applies that month. For people living paycheck to paycheck, this is often not realistic.

A third option is to open a Bank of America savings account and link it to your checking account. If you maintain a combined balance of $5,000 across both accounts, the checking account fee is waived. However, this requires money sitting in savings that you may need elsewhere.

When the monthly fee does and does not apply

Bank of America charges the $12 fee on the last day of each month if you have not met one of the waiver conditions by that date. If you set up direct deposit on the 28th of the month and the fee posts on the 30th, you may still be charged because the direct deposit has not yet processed. The fee typically posts before the next direct deposit arrives.

If you close your account mid-month, Bank of America prorates the fee. If you close on the 15th of a 30-day month, you pay $6 instead of $12. However, if you have an overdraft or other outstanding fees, those are charged in full regardless of when you close.

The fee does not apply if your account is inactive. If you do not make any deposits or withdrawals for an extended period, Bank of America may close the account without charging the monthly fee, though the exact timeline varies. It is better to keep the account active or close it intentionally than to let it sit dormant.

Comparing Bank of America checking to other banks

Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance. Charles Schwab, Ally Bank, and Discover Bank all offer no-fee checking with no balance requirement. Some credit unions also waive fees for members, though membership rules vary by location and employer.

The trade-off is usually convenience. Bank of America has 4,600 ATMs and thousands of branches where you can deposit cash or speak to someone in person. Online banks have fewer physical locations but often reimburse out-of-network ATM fees, which Bank of America does not. If you rarely use ATMs or branches, an online bank may save you money overall.

If you need to deposit cash regularly, Bank of America's branch network is valuable. If you mostly use direct deposit and online transfers, the $12 monthly fee may not be worth paying when free alternatives exist.

What happens if you cannot meet the waiver conditions

If you cannot maintain a $1,500 balance and do not have direct deposit, you have three realistic options. First, you can accept the $12 monthly fee as a cost of banking with Bank of America and budget for it. Second, you can switch to the SafePass Checking Account, which has no fee but limits how you access your money. Third, you can move to a different bank that does not charge a monthly fee.

Before you switch, check whether you have automatic payments set up on your Bank of America account. Changing banks means updating payment information with your employer, insurance companies, utilities, and any other services that pull money from your account. This takes time and carries a small risk of missed payments during the transition.

If you decide to stay with Bank of America despite the fee, make sure you understand the other charges—overdraft fees, ATM fees, and wire transfer fees—so you can avoid them. The $12 monthly fee is predictable, but a single overdraft can cost $35 or more.

Frequently Asked Questions

Can I waive the $12 fee if I have a savings account at Bank of America?

Yes, if you maintain a combined balance of $5,000 across your checking and savings accounts, the checking account fee is waived. The money does not have to be in checking—it can all be in savings. However, this ties up $5,000 that you might need elsewhere.

Does direct deposit have to come from my job?

No. Direct deposit from Social Security, disability benefits, unemployment, tax refunds, or any other regular deposit counts toward the $250 minimum. The source does not matter as long as the deposit is automatic and recurring.

What if I set up direct deposit but it does not process until after the monthly fee posts?

Contact Bank of America and ask them to reverse the fee. If direct deposit was set up before the fee posted, they will usually waive it. If the fee already posted and direct deposit has not yet arrived, you may need to call to dispute it, but Bank of America often reverses the first fee when you set up direct deposit.

Is the $12 fee charged every month no matter what?

No. The fee only charges if you do not meet one of the waiver conditions: direct deposit of $250+, a $1,500 daily balance, or a $5,000 combined balance across checking and savings. If you meet any one of these, the fee does not post.

Can I avoid overdraft fees by linking a savings account?

Linking a savings account allows Bank of America to transfer money automatically if you overdraft, but the overdraft fee still applies if the transfer fails or if you do not have enough in savings. The overdraft protection prevents the transaction from being declined, but it does not eliminate the $35 fee.