Most Bank of America checking and savings accounts have a monthly maintenance fee, but you can waive it
Bank of America charges a $12 monthly maintenance fee on most of its checking accounts and a $4 to $25 monthly fee on 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, use their debit card a certain number of times per month, or link to a Bank of America investment or credit product.
The specific waiver requirements vary by account. Some accounts waive the fee with a $1,500 minimum daily balance; others require $500 in monthly direct deposits or 10 debit card transactions per month. If you do not meet any waiver condition, the fee posts automatically each month.
If you are charged a fee you believe you should not have been, you can contact Bank of America to dispute it, though they are not required to reverse it retroactively. The best approach is to confirm which account you hold and which waiver method works for your situation before the fee hits.
Key Takeaways
- Bank of America's most common checking account (Checking) carries a $12 monthly fee unless you meet a waiver condition.
- Waiver options include maintaining a $1,500 minimum daily balance, setting up direct deposit of $500 or more per month, or making 10 debit card transactions monthly.
- Savings accounts range from $4 to $25 per month depending on the account tier, with similar waiver options available.
- Premium accounts like Preferred Rewards may offer fee waivers or reduced fees if you maintain higher balances or have may have access to investments with Bank of America.
Checking Account Fees and How to Waive Them
Bank of America's standard Checking account charges $12 per month. You can waive this fee by meeting any one of these conditions: keeping a $1,500 minimum daily balance, setting up direct deposit of at least $500 per month, or making at least 10 debit card transactions in a calendar month.
If you have a Bank of America investment account or credit card, linking them to your checking account may also waive the fee, depending on your Preferred Rewards tier. Preferred Rewards is Bank of America's tiered program that offers fee waivers and other benefits based on your total relationship balance with the bank (checking, savings, investments, and credit products combined).
Bank of America also offers a SafePass Checking account with no monthly fee, but it has limited features: no debit card, no checks, and transactions only through ATM, online, or mobile app. This account is designed for people who rarely need in-branch services.
Savings Account Fees by Account Type
Bank of America offers three main savings products, each with different monthly fees:
| Account Type | Monthly Fee | Common Waiver Methods |
|---|---|---|
| Regular Savings | $4 | $300 minimum daily balance or link to checking with direct deposit |
| Money Market Savings | $12 | $2,500 minimum daily balance or Preferred Rewards membership |
| Premium Savings | $25 | $10,000 minimum daily balance or Preferred Rewards Gold/Platinum tier |
The fee waiver conditions for savings accounts are stricter than for checking. If you cannot maintain the required balance, linking your savings account to a checking account that has direct deposit may waive the fee on the savings side as well, though this varies by account combination.
What Happens If You Do Not Meet a Waiver Condition
If you do not meet any waiver condition, the monthly fee posts automatically on a set date each month (usually around the first or middle of the month, depending on when your account was opened). The fee is deducted from your account balance, and Bank of America sends no separate notice before it is charged.
You can check your account statements online or through the mobile app to see when fees were charged. If you notice a fee you did not expect, you have the option to contact Bank of America and request a one-time reversal, though they are not required to grant it. Repeated requests for reversals may result in the bank declining future requests.
To avoid future fees, change your account behavior to meet a waiver condition: set up direct deposit, increase your balance, or make more debit card transactions. You can also downgrade to SafePass Checking if you do not need standard checking features.
How Preferred Rewards Affects Your Monthly Fees
Bank of America's Preferred Rewards program tiers your benefits based on your total relationship balance across all accounts with the bank. The program has four levels: member (no minimum), Silver ($20,000+), Gold ($50,000+), and Platinum ($100,000+).
At the Silver tier and above, you receive a monthly fee waiver on one checking account and one savings account, regardless of balance or transaction activity. Higher tiers (Gold and Platinum) may also waive fees on additional accounts or offer reduced fees on premium products. If you have investments or a mortgage with Bank of America, these balances count toward your Preferred Rewards tier.
Preferred Rewards membership is free to join, and you can check your current tier status in your online account or by calling Bank of America. If you are close to a higher tier, moving money into a Bank of America savings or investment account can push you over the threshold and unlock additional fee waivers.
Comparing Bank of America Fees to Other Banks
Bank of America's $12 monthly checking fee is higher than many online banks and credit unions, which often offer free checking with no minimum balance or conditions. However, Bank of America has more than 4,000 branches nationwide, which some customers value for in-person deposits and withdrawals.
If you primarily bank online and do not need branch access, switching to an online bank or credit union can eliminate monthly fees entirely. If you want to stay with Bank of America, the easiest waiver method for most people is setting up direct deposit, since it requires no ongoing balance maintenance and no transaction counting.
How to Check Your Current Account and Fee Status
Log into your Bank of America online account or mobile app and go to the account details section. Your account type will be listed (for example, "Checking" or "Money Market Savings"), and your current monthly fee will be shown in the account summary or fee schedule.
You can also call Bank of America at the number on the back of your debit card or visit a branch to ask which waiver method applies to your account and whether you are currently meeting the requirements. Bank of America representatives can also help you switch to a different account type if your current account does not fit your needs.
Frequently Asked Questions
Can I get a monthly fee waived if I already paid it?
Bank of America may reverse a single fee if you contact them and explain that you met a waiver condition, but they are not required to do so. Repeated requests for reversals are less likely to be granted. The best approach is to confirm your waiver status now and prevent future fees.
Does direct deposit have to come from my employer?
No. Direct deposit for fee waiver purposes can come from an employer, government benefit (Social Security, unemployment, tax refund), or another bank account. Bank of America counts any recurring electronic deposit as direct deposit for the purpose of waiving fees.
If I close my checking account, do I still owe the monthly fee?
No. Once your account is closed, no further fees are charged. However, if a fee was charged before you closed the account, you are responsible for that charge. Close your account after the fee posts to avoid paying for a month you did not use the account.
What if I have multiple Bank of America accounts?
Each account is charged its own monthly fee unless you meet a waiver condition for that specific account. Preferred Rewards membership waives fees on one checking and one savings account per tier level, so if you have multiple accounts, you may still pay fees on the extras.
Does Bank of America charge fees for using out-of-network ATMs?
Bank of America does not charge a fee for using their own ATMs, but they do charge $2.50 per transaction when you use an out-of-network ATM. This is separate from the monthly maintenance fee and applies each time you withdraw cash from a non-Bank of America ATM.