Bank of America charges monthly fees on most checking and savings accounts, but you can waive them by meeting specific requirements

Bank of America does charge a monthly maintenance fee on most of its checking and savings accounts. The fee is usually $12 per month for checking accounts and $4 to $25 per month for savings accounts, depending on the account type. However, the fee is waived if you meet one of several conditions: maintain a minimum balance, set up direct deposit, or keep a linked savings account with a certain balance.

The exact fee and waiver requirements vary by account. A basic checking account might waive the $12 fee if you maintain $1,500 in the account or set up a direct deposit of at least $250 per month. Premium accounts have higher minimums or different requirements. Savings accounts typically waive their fee if you maintain a higher balance or link them to a may have access to checking account.

If you do not meet the waiver requirements, the fee is charged on the last day of each statement period. You can check your specific account's fee structure and current balance requirements by logging into your Bank of America account online, calling their customer service line, or visiting a branch.

Key Takeaways

  • Most Bank of America checking accounts charge $12 per month, but the fee is waived if you maintain a minimum balance, set up direct deposit, or link a savings account.
  • Savings accounts charge $4 to $25 per month depending on the account type, and fees are usually waived by maintaining a higher balance or linking to a checking account.
  • The exact waiver requirements depend on your specific account, so you should check your account details online or call Bank of America to confirm what applies to you.
  • If you do not meet waiver requirements, the monthly fee is charged automatically on your statement closing date.
  • Moving to a different account type or bank is an option if you cannot meet the balance or direct deposit requirements.

Checking Account Fees and How to Waive Them

Bank of America's standard checking account, called the Core Checking account, charges $12 per month. This fee is waived if you meet any one of these conditions: maintain a minimum balance of $1,500, set up a direct deposit of at least $250 per month, or maintain a linked savings account with a balance of at least $500.

If you have a Advantage Plus Checking account, the monthly fee is also $12, and the waiver requirements are the same. For customers 62 and older, Bank of America offers a SafePass Checking account with no monthly fee, regardless of balance or direct deposit.

The direct deposit route is often the easiest waiver method if your employer or benefit provider offers it. Direct deposit includes payroll, Social Security, pension payments, and other regular deposits. If you do not receive direct deposits and cannot maintain the minimum balance, you may want to consider moving to a bank with no monthly fees or lower balance requirements.

Savings Account Fees and Balance Requirements

Bank of America's savings accounts charge monthly fees that range from $4 to $25 depending on the account type. The Regular Savings account charges $4 per month, while premium savings products charge higher fees. Most savings account fees are waived if you maintain a minimum balance—typically $300 to $500 for basic accounts—or if you link the savings account to a may have access to checking account.

Some savings accounts waive the fee automatically if your linked checking account has no monthly fee. This means if you meet the waiver requirements for your checking account, your savings account fee may also be waived at no additional cost. Check your account details to confirm whether your savings account is linked and what balance is required.

If you maintain multiple accounts, the linked account strategy can be cost-effective. However, if you are unable to meet the minimum balance requirements across multiple accounts, consolidating into a single account or switching to a bank with lower fees may save you money over time.

Money Market and Premium Account Fees

Bank of America's Money Market Savings account charges a monthly fee that varies based on your balance tier. Accounts with lower balances pay higher fees, while accounts with balances above a certain threshold may have the fee waived. These accounts typically offer higher interest rates in exchange for maintaining a larger minimum balance.

Premium checking accounts, such as the Preferred Rewards Checking account, may have different fee structures tied to your Preferred Rewards membership tier. If you are a Preferred Rewards member, your monthly fees may be reduced or waived depending on your membership level and account balance.

Before opening a premium account, confirm the exact monthly fee, the balance required to waive it, and whether the higher interest rate or rewards benefits justify the cost. Bank of America's website and account disclosures will show the current fee schedule for each account type.

What Happens If You Do Not Meet Waiver Requirements

If you do not meet any of the waiver conditions—minimum balance, direct deposit, or linked account—the monthly fee is charged automatically. The fee appears as a line item on your statement and is deducted from your account balance on the last day of your statement period. This happens every month until you meet a waiver requirement or close the account.

Monthly fees add up quickly. A $12 monthly checking fee costs $144 per year. If you have both a checking and savings account with fees, the annual cost could exceed $200. Over several years, these fees can represent a significant amount of money that could have remained in your account or been saved elsewhere.

If you notice a monthly fee has been charged and you believe you met the waiver requirements, contact Bank of America immediately. Explain which requirement you met—direct deposit, minimum balance, or linked account—and ask them to review your account. They may reverse a single fee if there was an error, though they typically do not refund fees for past months if you did not meet the requirements.

Comparing Bank of America Fees to Other Banks

Many online banks and credit unions offer checking accounts with no monthly fees and no minimum balance requirements. If you are paying $12 or more per month at Bank of America and cannot meet the waiver requirements, switching to a no-fee bank could save you significant money annually.

Traditional banks like Chase, Wells Fargo, and Citibank also charge monthly fees on most checking accounts, though their waiver requirements and fee amounts vary. Credit unions typically offer lower or no monthly fees, especially if you are a member of a workplace or community credit union. Before switching, compare the full fee structure, interest rates, branch availability, and ATM access at other institutions.

If you value Bank of America's branch network and customer service, meeting the waiver requirements through direct deposit or maintaining the minimum balance may be worth the effort. If you rarely use branches and want to minimize fees, a no-fee online bank or credit union may be a better fit.

How to Check Your Account Fees and Waiver Status

Log into your Bank of America account online or through the mobile app and navigate to your account details or account settings. Your statement will show whether a monthly fee was charged and the amount. The account information section will display your current balance and any active waivers.

You can also call Bank of America's customer service at the number on the back of your debit card or visit a local branch. A representative can confirm your current monthly fee, explain the waiver requirements for your specific account, and tell you whether you currently meet any of them. They can also help you set up direct deposit or adjust your account type if needed.

Review your statements regularly to catch any fees you were not expecting. If your balance drops below the minimum or your direct deposit stops, the monthly fee will resume. Staying aware of your balance and deposit status helps you avoid surprise charges.

Frequently Asked Questions

Can I get a refund for monthly fees I already paid?

Bank of America may reverse a single recent fee if you contact them and explain that you met the waiver requirements. However, they typically do not refund multiple months of fees or fees from past statements. If you were charged in error, ask a representative to review your account history and waive the most recent fee.

Does direct deposit have to be from my employer?

No. Direct deposit includes payroll, but also Social Security, pension payments, disability benefits, tax refunds, and other regular deposits from government agencies or financial institutions. Any recurring deposit of at least $250 per month should count toward the waiver requirement, though you should confirm with Bank of America that your specific deposit type qualifies.

What if I cannot maintain the minimum balance?

If you cannot maintain $1,500 in checking or meet the direct deposit requirement, you have several options: open a savings account and link it to waive fees, switch to a bank with no monthly fees, or join a credit union. Some employers also offer credit union membership through workplace benefits, which often includes free checking with no balance requirements.

Do Bank of America savings accounts have different fees than checking accounts?

Yes. Savings accounts charge $4 to $25 per month depending on the account type, which is different from checking account fees. However, savings account fees are often waived if you maintain a linked checking account with no fee or if you keep a higher balance in the savings account itself.

Will my fee be waived if I have a linked account with another bank?

No. Bank of America only waives fees based on accounts held within Bank of America. A linked account at another bank does not count toward the waiver requirement. You must maintain the minimum balance or direct deposit within your Bank of America account to waive the fee.