Bank of America checking accounts have fees, but you can avoid most of them

Bank of America charges a monthly maintenance fee on most checking accounts—typically $12 per month—but you can waive it by meeting one of several conditions. The most common way is to keep a minimum daily balance (usually $500 to $1,500 depending on the account type) or set up direct deposit. If you do neither, the fee hits your account every month.

Beyond the monthly fee, Bank of America also charges for specific actions: overdrafts, wire transfers, stop payments, and using an ATM outside their network. Some of these fees are avoidable if you know the rules; others are built into how the service works. Understanding which fees apply to your account and which ones you can prevent is the difference between paying nothing and paying $200+ per year.

Key Takeaways

  • Bank of America's standard checking account fee is $12 per month, but you can waive it by maintaining a $500 minimum daily balance or setting up direct deposit.
  • Overdraft fees are $35 per transaction, and Bank of America allows multiple overdrafts per day, so a single mistake can cost $70 or more.
  • Out-of-network ATM withdrawals cost $2.50 per transaction, but using a Bank of America ATM or a partner network ATM is free.
  • Wire transfers, stop payments, and expedited shipping of checks all carry separate fees ranging from $15 to $30.
  • Student and senior accounts have lower or no monthly fees if you meet age or enrollment requirements.

Monthly maintenance fees and how to waive them

Bank of America's most common checking account is the Checking account, which carries a $12 monthly maintenance fee. You can eliminate this fee in three ways: maintain a minimum daily balance of $500, set up a direct deposit of any amount, or be under 18 years old. If you do none of these, the $12 charge appears on your statement every month.

The Interest Checking account has a $25 monthly fee and requires a $2,500 minimum daily balance to waive it. This account earns a small amount of interest on your balance, but the interest rate is typically so low that the fee outweighs any earnings unless you maintain a very large balance.

The Advantage Plus Checking account has a $12 monthly fee and can be waived with a $500 minimum daily balance or direct deposit. This account is designed for people who want basic checking without the interest-earning features of the Interest Checking account.

If you are a student, Bank of America offers a Student Checking account with no monthly fee as long as you are enrolled in school and under 24 years old. Once you turn 24 or stop being a full-time student, the account converts to a standard Checking account with the $12 fee unless you meet one of the waiver conditions.

Overdraft fees and how they stack up

An overdraft occurs when you spend more money than you have in your account. Bank of America charges $35 per overdraft transaction. If you overdraw your account multiple times in a single day, you can be charged $35 for each transaction, even if they all happened within minutes of each other.

Bank of America allows up to four overdraft fees per day, meaning you could be charged $140 in a single day if you make four separate purchases while overdrawn. This is one of the highest overdraft limits in the banking industry and is a major source of unexpected fees for customers.

You can reduce overdraft risk by setting up overdraft protection, which links your checking account to a savings account or credit line. If you overdraw, Bank of America transfers money from the linked account instead of charging a fee. However, if you use overdraft protection, you may be charged a transfer fee (usually $1 to $3 per transfer) depending on your account type.

Another way to avoid overdrafts is to opt out of overdraft coverage entirely. If you do this, Bank of America will decline transactions that would overdraw your account instead of charging you a fee. This prevents the $35 charge but may result in a declined card at the checkout, which can be embarrassing.

ATM fees and surcharges

Using a Bank of America ATM is free. The bank operates one of the largest ATM networks in the United States, with machines in most cities and many retail locations.

If you use an ATM that does not belong to Bank of America, you are charged $2.50 per withdrawal. This fee is charged by Bank of America, not by the other bank (though the other bank may charge you an additional fee on their end). Over a year, using non-Bank of America ATMs twice per week adds up to $260 in fees.

Bank of America is also part of the Allpoint network, which includes ATMs at retailers like CVS, Walgreens, and Target. Withdrawals from Allpoint ATMs are free for Bank of America customers, so you have more options than just Bank of America's own machines.

Wire transfer, stop payment, and check-related fees

Sending a domestic wire transfer through Bank of America costs $15. An international wire transfer costs $45. These fees are charged regardless of the amount you send, so sending $100 or $10,000 costs the same.

If you need to stop payment on a check you have already written, Bank of America charges $30. This fee applies even if the check has not been cashed yet. You must request the stop payment in person, by phone, or online, and the bank needs at least one business day to process it.

Ordering checks through Bank of America costs money, though the price varies depending on the style and quantity. You can order checks more cheaply through third-party vendors like Costco or online check printers, and Bank of America will accept them without charging you a fee for depositing them.

If you request expedited shipping on checks or other items, Bank of America charges an additional fee on top of the check order cost. Standard shipping is included with most check orders.

Fees for inactive accounts and dormant balances

Bank of America does not charge a fee simply for having an inactive account, but if your account has no activity for a long time, the bank may close it. The exact timeline varies, but generally if you do not make any deposits, withdrawals, or transfers for 12 months or more, Bank of America may close the account without notice.

If your account is closed, any remaining balance is returned to you, but you will lose the account and any associated debit card or checks. To keep an account open, make at least one transaction every few months—a transfer between your own accounts counts.

Special accounts with lower or no fees

Bank of America offers a Checking account for seniors (age 65 and older) with a $12 monthly fee that can be waived with a $500 minimum daily balance or direct deposit. The fee structure is the same as the standard Checking account, but the bank markets it separately.

If you maintain a very high balance or have multiple accounts with Bank of America, you may be may be able to access for Preferred Rewards, a tiered program that waives fees and offers other benefits. The entry level requires $20,000 in combined Bank of America balances, and higher tiers require $50,000 or $100,000. At the highest tier, monthly maintenance fees are waived and you receive other perks like higher interest rates on savings.

Military members may be may be able to access for fee waivers under the Servicemembers Civil Relief Act (SCRA), which requires Bank of America to waive certain fees for active-duty service members. You must provide proof of active duty status to receive these benefits.

How to track and dispute unexpected fees

Bank of America sends you a monthly statement (online or by mail) that lists all fees charged to your account. Review this statement carefully to catch fees you did not expect. If you see a fee you believe is incorrect, contact Bank of America within 60 days to dispute it.

You can dispute a fee by calling the customer service number on the back of your debit card, visiting a branch in person, or using the online banking portal. Have your statement ready and explain why you believe the fee should not have been charged. Bank of America will investigate and either reverse the fee or explain why it was correct.

If you are charged an overdraft fee and you have a clean account history, Bank of America may reverse one overdraft fee per year as a courtesy. This is not may provide, but it is worth asking if you have been a customer for a long time and have not had overdrafts before.

Frequently Asked Questions

Can I avoid the $12 monthly fee without keeping $500 in my account?

Yes. Setting up direct deposit of any amount will waive the monthly fee, even if the deposit is small. You can also waive the fee by maintaining a $500 minimum daily balance. If you do neither, the $12 fee is charged every month.

What happens if I overdraft my account multiple times in one day?

Bank of America charges $35 per overdraft transaction, and you can be charged up to four times per day. This means a single day of overdrafts could cost you $140. Linking a savings account for overdraft protection can prevent these charges.

Are there any Bank of America checking accounts with no fees at all?

Student Checking has no monthly fee if you are under 24 and enrolled in school. Once you age out or stop being a full-time student, it converts to a standard account with a $12 fee. Otherwise, you must meet the balance or direct deposit requirement to avoid fees.

How much does it cost to send money to someone outside the United States?

An international wire transfer costs $45. This is in addition to any fees the receiving bank may charge. For smaller amounts, consider using a money transfer service like Western Union or a peer-to-peer payment app, which may be cheaper.

What should I do if Bank of America charged me a fee I think is wrong?

Contact Bank of America within 60 days of the charge and explain why you believe it is incorrect. You can call, visit a branch, or use online banking. Have your statement ready. The bank will investigate and either reverse the fee or explain why it was correct.