What Bank of America charges for checking accounts
Bank of America charges a monthly maintenance fee on most checking accounts, but the amount depends on which account type you have and whether you meet certain conditions. The most common account, the Advantage SafePass Checking, costs $12 per month — but the fee is waived if you maintain a minimum daily balance of $1,500, set up direct deposit, or use a Bank of America credit card for at least one purchase per month.
The Advantage Plus Checking account carries a $15 monthly fee, waived under the same conditions. If you are under 18 or a full-time student under 24, the Advantage Student Checking account has no monthly fee. Bank of America also offers accounts with no monthly maintenance fee for certain customers, though these may have other restrictions or requirements.
Beyond the base monthly fee, Bank of America charges for specific actions: overdraft fees (currently $35 per overdraft transaction), out-of-network ATM fees ($2.50 per withdrawal), and wire transfer fees ($15 for domestic wires, $45 for international). Returned deposit fees and stop-payment requests also carry charges. These fees are separate from the monthly maintenance fee and apply only when you use those services.
Key Takeaways
- Bank of America's most common checking accounts charge $12 to $15 per month, but you can waive the fee by keeping $1,500 in the account, setting up direct deposit, or using a Bank of America credit card monthly.
- Overdraft fees are $35 per transaction, and out-of-network ATM withdrawals cost $2.50 each — these are separate from the monthly maintenance fee.
- Student accounts under age 24 have no monthly fee, and accounts for customers under 18 are also free.
- Wire transfers, stop-payment requests, and returned deposit fees all carry separate charges beyond the monthly maintenance cost.
How to waive the monthly maintenance fee
The easiest way to avoid paying the monthly fee is to keep a minimum daily balance of $1,500 in your checking account. This means the account must hold at least that amount every day of the month — if it drops below $1,500 even once, the fee applies for that month.
If maintaining that balance is not realistic for you, set up direct deposit instead. Any direct deposit counts, whether it is a paycheck, government benefits, or a transfer from another account. Once direct deposit is active, the monthly fee is waived regardless of your account balance. This is often the most practical option for people who receive regular income.
A third option is to use a Bank of America credit card for at least one purchase per month. The purchase can be any amount — even a small transaction qualifies. If you already have a Bank of America credit card, this requires almost no effort and waives the fee automatically.
Overdraft fees and how they stack up
When you spend more money than you have in your account, Bank of America charges $35 per overdraft transaction. If you overdraft multiple times in one day, you can be charged $35 for each transaction, which adds up quickly. For example, if you make five purchases that overdraft your account on the same day, you could face $175 in overdraft fees alone.
Bank of America does offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraft, the bank transfers money from the linked account to cover the shortfall. This avoids the $35 fee but may trigger a transfer fee instead, depending on your account type. Setting up overdraft protection is optional and requires you to link another account first.
You can also opt out of overdraft coverage entirely, which means transactions that would overdraft your account will simply be declined at the point of sale. This prevents the fee but may cause inconvenience if you are not expecting a transaction to fail.
ATM fees and out-of-network withdrawals
Bank of America does not charge a fee when you withdraw money from one of its own ATMs. However, using an ATM that belongs to another bank costs $2.50 per withdrawal. This fee is charged by Bank of America, not by the other bank — though the other bank may charge an additional fee on top of that.
To avoid these charges, use Bank of America's ATM network, which is one of the largest in the country. If you travel frequently or live in an area with few Bank of America ATMs, this fee can add up. Some people factor this into their decision to switch banks or to maintain a second account with a bank that has more ATMs in their area.
Wire transfer and other transaction fees
Sending money by wire transfer through Bank of America costs $15 for a domestic wire (within the United States) and $45 for an international wire. These fees are charged when you initiate the transfer, not when the recipient receives the money. If you send multiple wires in a month, the fees accumulate.
Other transaction-specific fees include $35 for a returned deposit (if a check you deposited bounces), $30 for a stop-payment request on a check, and $10 for each overdraft protection transfer. Cashier's checks cost $10 each. These fees apply only when you use these services — they are not part of the monthly maintenance fee.
Comparing Bank of America to other banks
Many online banks and credit unions offer checking accounts with no monthly maintenance fee and no minimum balance requirement. Some also reimburse out-of-network ATM fees or charge lower overdraft fees. If you are paying the $12 or $15 monthly fee consistently and not using Bank of America's other services, switching to a bank with no monthly fee could save you $144 to $180 per year.
However, Bank of America's large ATM network and branch locations may be worth the fee if you need frequent in-person banking or ATM access. The value depends on how you bank — if you rarely visit branches and can use online banking, a no-fee bank may be a better fit. If you use Bank of America's credit cards, investment services, or mortgage products, the checking account fee may be less of a concern.
How to review your account and reduce fees
Log into your Bank of America account online or through the mobile app and check your recent transactions and fees. Your statement shows every fee charged and the reason for it. If you see overdraft fees, note which transactions caused them and whether they were preventable. If you see out-of-network ATM fees, identify where you were using ATMs and whether a Bank of America ATM was nearby.
Once you understand which fees you are paying, decide which ones you can eliminate. If the monthly maintenance fee is the largest cost, set up direct deposit or maintain the minimum balance. If overdraft fees are the problem, enable overdraft protection or opt out of overdraft coverage. If ATM fees are high, use Bank of America ATMs or switch to a bank with a larger network in your area.
Frequently Asked Questions
Can I get the monthly fee refunded if I just opened the account?
Bank of America does not automatically refund monthly fees, but you can contact customer service and ask. If you have just opened the account and the fee was charged before you had a chance to set up direct deposit or meet the minimum balance, the bank may reverse one fee as a courtesy. There is no may provide, but it is worth asking.
What happens if I close my account and reopen it later?
Closing and reopening an account does not reset fee history or give you a fresh start. Bank of America tracks accounts by customer, not by account number. If you close an account and open a new one within a short time, the bank may apply the same fee structure and policies to the new account.
Do I pay overdraft fees if I have overdraft protection turned on?
No, overdraft protection prevents the $35 overdraft fee by transferring money from a linked account instead. However, Bank of America may charge a transfer fee depending on your account type — usually $1 per transfer. This is much cheaper than the $35 overdraft fee, but it is not free.
Can I dispute a fee Bank of America charged?
Yes, you can contact Bank of America and dispute any fee you believe was charged in error. Call the number on the back of your debit card or visit a branch in person. The bank will review the transaction and may reverse the fee if it was applied incorrectly. If the fee was applied correctly according to the account terms, the bank will likely deny the dispute.
Are there any Bank of America checking accounts with no fees at all?
Bank of America offers no-fee checking accounts for customers under 18 and full-time students under 24. For other customers, the standard accounts have a monthly fee unless you meet one of the waiver conditions. Some specialty accounts may have different fee structures, so contact the bank directly to ask about all options available to you.