Bank of America charges a monthly fee on most checking accounts, but you can waive it

Bank of America charges a $12 monthly maintenance fee on its standard checking account, called the Checking account. However, the fee is waived if you meet one of these conditions each month: maintain a minimum daily balance of $1,500 in the account, set up a direct deposit of any amount, or link the account to a Bank of America savings or money market account with a $2,500 minimum balance.

Bank of America also offers accounts with different fee structures. The Advantage Plus Checking account has a $10 monthly fee, waived with a $1,000 minimum daily balance or direct deposit. The eBanking Checking account has no monthly fee but requires you to use online banking only and receive statements electronically—no paper statements or in-person teller access.

If you do not meet the waiver requirements, the monthly fee will post to your account automatically. Bank of America does not refund fees retroactively, so the key is setting up a waiver condition before the fee hits.

Key Takeaways

  • The standard Bank of America Checking account charges $12 per month unless you maintain $1,500 in daily balance, set up direct deposit, or link a savings account with $2,500 minimum.
  • Direct deposit of any amount—even $1 per pay period—counts as a waiver condition and is the easiest option if your employer offers it.
  • The eBanking Checking account has no monthly fee but only works online; you cannot visit a branch for withdrawals or deposits.
  • Monthly fees post automatically if you do not meet waiver conditions, and Bank of America does not reverse them after the fact.
  • Switching accounts or linking accounts takes a few minutes online and can save you $144 per year if you currently pay the fee.

How direct deposit waives the monthly fee

Setting up a direct deposit is the most common way to waive the $12 fee. Bank of America counts any recurring deposit from an employer, government agency, or other source as direct deposit—the amount does not matter. A single dollar per pay period is enough to trigger the waiver.

To set up direct deposit, you need your Bank of America account and routing number. You provide these to your employer's payroll department or to the agency sending the payment. The deposit usually begins within one to two pay cycles. Once it posts, the monthly fee waiver takes effect immediately.

If you do not have an employer offering direct deposit, you can explore other sources: Social Security, pension payments, unemployment benefits, and tax refunds can all count as direct deposit. Peer-to-peer transfers and manual deposits do not may have access to.

Maintaining the minimum balance to avoid fees

The $1,500 minimum daily balance is the second waiver path. 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 monthly fee posts.

Bank of America calculates the daily balance by looking at your account at the end of each business day. Deposits and withdrawals both affect this number. If you are paid weekly or biweekly, your balance may dip below $1,500 between paychecks, which would trigger the fee.

For most people, maintaining $1,500 constantly is harder than setting up direct deposit. However, if you keep a larger emergency fund or savings buffer in your checking account anyway, this method requires no additional action.

Linking a savings account to waive the fee

You can waive the checking account fee by linking it to a Bank of America savings or money market account that holds a $2,500 minimum daily balance. The savings account must be in your name and must meet the $2,500 threshold every day of the month, just like the checking balance requirement.

This option works if you already maintain a separate savings account at Bank of America. The two accounts do not need to be connected for transfers—the link is simply a way to group them for fee-waiver purposes. You can set this up online in a few minutes.

If you do not have a Bank of America savings account, opening one takes about 10 minutes online. However, you would then need to fund it with $2,500 and keep that money there, which is a larger commitment than setting up direct deposit.

The eBanking Checking account with no monthly fee

Bank of America offers the eBanking Checking account with zero monthly maintenance fee. The catch is that it is online-only: you cannot visit a branch to make deposits or withdrawals, and you cannot receive paper statements.

With eBanking Checking, you can deposit checks using the mobile app, transfer money online, and withdraw cash at any Bank of America ATM. You can also set up direct deposit and automatic bill payments. The account works well if you rarely need to visit a branch and are comfortable managing money entirely through the app or website.

eBanking Checking has the same fraud protection and FDIC insurance as other Bank of America accounts. The trade-off is convenience: if you need to deposit cash or speak to a teller in person, you cannot do it with this account.

What happens if you do not meet waiver conditions

If your account does not meet any of the three waiver conditions in a given month, the $12 fee posts automatically on a specific date—usually around the end of the month. Bank of America does not send a warning before the fee posts.

Once the fee posts, you cannot reverse it by meeting a waiver condition later that same month. The fee is final. However, you can prevent future fees by setting up a waiver condition immediately after the fee posts.

If you are charged a fee by mistake—for example, if direct deposit was set up but did not post in time—you can contact Bank of America and ask for a one-time reversal. They may grant it, but there is no may provide. The best approach is to confirm your waiver condition is active before the month ends.

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 requirement. Ally Bank, Charles Schwab, and Discover Bank all have no-fee checking accounts. Credit unions often have lower or no fees as well.

The trade-off with these alternatives is branch access. Bank of America has thousands of branches and ATMs nationwide, which is valuable if you deposit cash frequently or need in-person service. Online banks have no physical branches but offer 24/7 customer service by phone or chat.

If you use Bank of America primarily for ATM access and online banking, switching to an online bank could save you $144 per year. If you visit a branch regularly or deposit cash often, the convenience of Bank of America's network may justify the fee—or you can waive it by meeting one of the three conditions listed above.

Frequently Asked Questions

Can I waive the fee by using my debit card a certain number of times per month?

No. Bank of America does not waive the monthly fee based on debit card usage, number of transactions, or account activity. The only waivers are direct deposit, $1,500 minimum daily balance, or linking a savings account with $2,500 minimum.

If I set up direct deposit, when does the fee waiver start?

The waiver takes effect once the first direct deposit posts to your account, which usually happens within one to two pay cycles. If you set up direct deposit on the 15th of the month but the first deposit does not post until the 1st of the next month, the fee may still post on the current month's statement. Contact Bank of America if this happens and ask for a one-time reversal.

Does the $1,500 minimum balance include money in linked savings accounts?

No. The $1,500 minimum for the checking account fee waiver must be in the checking account itself. Money in a savings account does not count toward this threshold. However, you can waive the fee by linking a separate savings account that holds $2,500 minimum—that is a different waiver path.

What if I close my checking account and reopen it later?

Closing and reopening an account does not reset fee history. If you owed a monthly fee before closing, Bank of America may still pursue collection. If you are reopening to avoid fees, set up a waiver condition (direct deposit, minimum balance, or linked savings) before or immediately after opening the new account.

Can I get the monthly fee refunded if I switch to eBanking Checking?

No. Switching account types does not reverse fees already posted. However, switching to eBanking Checking prevents future fees from that point forward, since it has no monthly maintenance charge. Any fees charged before the switch remain on your record.