What fees Bank of America charges on checking accounts

Bank of America charges a $12 monthly maintenance fee on most of its checking accounts, though you can waive it by meeting one of several conditions. The fee applies to the Basic Checking and Advantage Checking accounts, which are the two main options for individual customers. Some accounts have no monthly fee at all, and others waive the fee if you keep a minimum balance or set up direct deposit.

Beyond the monthly maintenance fee, Bank of America also charges for specific actions: overdraft fees ($35 per transaction if you spend more than your balance), non-Bank of America ATM fees ($2.50 per withdrawal), wire transfer fees ($15 for domestic outgoing wires), and stop payment fees ($30 per request). Fees for returned deposits and account research requests also apply. The exact charges depend on which checking account you hold and what you do with it.

Bank of America does not charge fees for common transactions like debit card purchases, check deposits, or transfers between your own accounts. Incoming wire transfers and ACH deposits are also free.

Key Takeaways

  • Bank of America's Basic Checking account has a $12 monthly fee that you can waive by setting up direct deposit, keeping $500 in the account, or maintaining a linked savings account with $500.
  • Overdraft fees are $35 per transaction, and Bank of America allows multiple overdrafts per day, so a single mistake can cost $70 or more.
  • Using an ATM outside the Bank of America network costs $2.50 per withdrawal, but Bank of America has over 16,000 ATMs nationwide.
  • Wire transfers, stop payments, and returned check fees all carry separate charges ranging from $15 to $30.
  • Some Bank of America accounts, like the Advantage Checking account, have the same $12 fee but offer additional perks like higher interest rates on linked savings accounts.

How to waive the $12 monthly maintenance fee

The easiest way to avoid the $12 fee is to set up direct deposit of your paycheck or other regular income. Bank of America requires at least one direct deposit per month to waive the fee. If you do not receive regular direct deposits, you have two other options: keep a minimum balance of $500 in the checking account itself, or maintain a linked Bank of America savings account with at least $500 in it.

The balance requirement is straightforward—if your account balance never drops below $500, the fee does not post. The linked savings account option works the same way: if you have a Bank of America savings account with $500 or more, the checking account fee is waived even if the checking account balance is lower. You do not need to transfer money between them; they just need to be linked to the same customer profile.

If none of these conditions apply to you, the $12 fee will post on the same day each month. You can call Bank of America to request a one-time fee reversal, but they do not reverse fees automatically or repeatedly.

Overdraft fees and how they add up

Bank of America charges $35 for each overdraft transaction—meaning each purchase, ATM withdrawal, or check that pushes your account negative costs $35. The bank allows up to four overdraft fees per day, so if you make five purchases when your balance is low, you could face $140 in overdraft fees in a single day.

Bank of America does offer overdraft protection, which links your checking account to a savings account or line of credit. If you overdraft, the bank transfers money from the linked account instead of charging a fee. This costs nothing if the transfer succeeds, but if the linked account does not have enough money, you pay the overdraft fee anyway. You must set up overdraft protection yourself through online banking or by calling the bank.

The bank also offers a grace period called the Overdraft Courtesy program, which may waive one overdraft fee per year if your account has been in good standing. This is not may provide, and the bank does not advertise which customers receive it. If you overdraft, you can call and ask for a courtesy reversal, but you should not count on it.

ATM fees and where to withdraw cash for free

Bank of America charges $2.50 per withdrawal at ATMs outside its network. This applies whether you use another bank's ATM or an independent ATM at a convenience store or gas station. The fee posts immediately and appears on your statement as an out-of-network ATM fee.

To avoid this fee, use one of Bank of America's own ATMs. The bank operates over 16,000 ATMs across the United States, and most branches have at least one. You can find the nearest ATM using the Bank of America mobile app or website. If you travel frequently or live far from a Bank of America branch, the $2.50 fees can add up quickly—using an out-of-network ATM twice a month costs $60 per year.

Bank of America also participates in the Allpoint network, which gives you free withdrawals at over 55,000 ATMs worldwide if you have certain account types or maintain a high balance. Check your account details or call the bank to see if your account includes Allpoint access.

Wire transfer fees and other transaction charges

Sending a domestic wire transfer through Bank of America costs $15. International wire transfers cost $45. These fees apply whether you initiate the wire online, by phone, or in person at a branch. Incoming wire transfers are free, so you only pay when you send money out.

Stopping payment on a check costs $30 per request. If you write a check and then want to cancel it before the recipient cashes it, you must request a stop payment and pay the fee. This is useful if a check is lost or if you need to reverse a payment, but it is not free.

Returned check fees (also called NSF fees, for non-sufficient funds) are $35 if a check you deposit bounces. Account research requests, which happen when you ask the bank to investigate a transaction or provide documentation, cost $25 per hour with a $50 minimum. These charges are less common than monthly fees or overdraft fees, but they can surprise you if you need them.

Comparing Bank of America checking accounts

Bank of America offers two main checking accounts for individuals: Basic Checking and Advantage Checking. Both have the same $12 monthly maintenance fee and the same overdraft and ATM fees. The difference is in the perks.

Advantage Checking offers a higher interest rate on linked savings accounts (the rate varies but is typically higher than the Basic Checking rate) and includes some additional protections. It also has the same fee-waiver options: direct deposit, $500 minimum balance, or a linked savings account with $500. If you keep money in savings anyway, Advantage Checking may be worth choosing because the higher savings rate can offset the checking fee over time.

Bank of America also offers Student Checking, which has no monthly fee for customers under 24 years old and waives the fee automatically once you turn 24 (though you can request a waiver if you meet other conditions). If you are a student, this account eliminates the monthly fee entirely.

What happens if you cannot meet the fee-waiver requirements

If you cannot set up direct deposit, keep $500 in the account, or maintain a linked savings account with $500, you will pay the $12 monthly fee. Over a year, this costs $144. Some customers choose to accept this cost rather than maintain a high balance they do not need.

If the $12 fee is a burden, you have other options. Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance. These accounts typically have fewer physical branches and ATMs, but they charge no fees for basic checking. If you rarely visit a branch and do not need in-person service, switching to an online bank could save you $144 per year.

You can also call Bank of America and ask to switch to a different account type or request a fee waiver. The bank sometimes reverses fees for long-standing customers or those who have had recent hardship, though this is not may provide. It never hurts to ask, especially if you have been a customer for many years.

Frequently Asked Questions

Can I get the monthly fee waived if I have direct deposit from my job?

Yes. Bank of America waives the $12 monthly maintenance fee if you set up at least one direct deposit per month. This includes paychecks, government benefits, or any other regular income deposited directly into your account. You do not need to meet any balance requirement if direct deposit is active.

What is the overdraft fee if I go negative by $5?

The overdraft fee is still $35, regardless of how much you overspend. Bank of America charges a flat $35 per overdraft transaction, not a percentage of the amount. This means overdrafting by $5 costs the same as overdrafting by $500.

Do I pay the $2.50 ATM fee if I use a Bank of America ATM?

No. Bank of America ATMs are free for all Bank of America customers. The $2.50 fee only applies when you use an ATM owned by another bank or an independent ATM network. You can find Bank of America ATMs using the mobile app or by visiting a branch.

Can Bank of America reverse an overdraft fee if I call and ask?

Bank of America may reverse one overdraft fee per year through the Overdraft Courtesy program if your account is in good standing, but this is not may provide. You can call and request a reversal, and the bank will review your account history. Long-standing customers or those with no prior overdrafts have a better chance of approval.

Is there a checking account at Bank of America with no monthly fee?

Bank of America's Student Checking account has no monthly fee for customers under 24 years old. For adults, the Basic Checking and Advantage Checking accounts both charge $12 per month unless you meet one of the waiver conditions (direct deposit, $500 balance, or linked savings account with $500).