What Bank of America charges and what it doesn't
Bank of America does not have accounts with zero fees across the board. Most checking and savings accounts carry a monthly maintenance fee of $12, though you can waive it by meeting one of several conditions: keeping a minimum balance (usually $1,500 to $2,500 depending on the account), setting up direct deposit, or maintaining a linked savings account with a certain balance. Some accounts, like the eChecking account, have no monthly fee at all but come with restrictions—for example, no debit card and limited check writing.
Beyond the monthly maintenance fee, Bank of America charges for specific actions: overdraft fees (currently $35 per overdraft), wire transfer fees ($15 domestic, $45 international), stop payment requests ($30), and ATM fees if you use an out-of-network machine ($2.50 per withdrawal). The bank also charges for paper statements, cashier's checks, and expedited delivery of cards. If you maintain certain account balances or have a Preferred Rewards membership, some of these fees may be reduced or waived.
The key to minimizing fees is understanding which ones apply to your specific account type and which conditions you can meet. A customer who receives direct deposit and keeps $1,500 in their checking account will pay no monthly maintenance fee. A customer who does neither will pay $12 every month.
Key Takeaways
- Bank of America's standard checking and savings accounts charge a $12 monthly maintenance fee, but you can waive it by direct deposit, minimum balance, or linking accounts.
- The eChecking account has no monthly fee but does not include a debit card or checkbook, making it useful only for specific situations.
- Overdraft fees, wire transfer fees, and out-of-network ATM fees are separate from the monthly maintenance fee and apply when you use those services.
- Preferred Rewards members and customers with higher account balances may see reduced or waived fees on certain transactions.
How to waive the monthly maintenance fee
Bank of America offers three main paths to avoid the $12 monthly charge on most checking accounts. The first is direct deposit: if your paycheck or government benefit payment hits your account electronically, the fee is waived automatically. You do not need a large deposit—even a small recurring transfer counts.
The second path is maintaining a minimum balance. For most checking accounts, this is $1,500. For savings accounts, it is typically $300. The balance is measured on a specific day each month (usually the last business day), so you need to keep that amount in the account on that date to avoid the fee. If your balance dips below the minimum on that day, you will be charged.
The third path is linking a savings account with a may have access to balance. If you open both a checking and savings account and keep $2,500 in the savings account, the checking account fee is waived. This works for customers who prefer to keep their money in savings rather than checking.
If none of these apply to you, the eChecking account is the only Bank of America option with no monthly fee, though it comes with significant limitations on how you can access your money.
Overdraft and out-of-network fees
An overdraft fee of $35 is charged each time your account goes negative and Bank of America covers the transaction. This can happen multiple times in a single day if you make several purchases while your balance is low. Bank of America does not charge a fee simply for having a negative balance—only when the bank pays a transaction on your behalf.
You can opt out of overdraft coverage entirely, which means transactions will be declined rather than covered and charged. This prevents overdraft fees but may cause problems if you rely on overdraft as a safety net. To change your overdraft settings, log into your account online or call the customer service number on your card.
Out-of-network ATM fees are $2.50 per withdrawal when you use an ATM that is not part of the Bank of America network or a partner network. Bank of America has thousands of ATMs nationwide, so this fee is avoidable if you plan ahead. If you travel frequently or live far from a Bank of America branch, this fee can add up quickly.
Fees for specific services and transactions
Beyond monthly maintenance and overdraft, Bank of America charges for services you request. A domestic wire transfer costs $15; an international wire costs $45. A stop payment request (telling the bank to cancel a check you wrote) costs $30. Cashier's checks cost $10 each. Expedited card delivery costs $15. Paper statements, if you opt out of electronic statements, may incur a fee depending on your account type.
These are not automatic charges—you only pay them if you use the service. However, they can be significant if you wire money regularly or frequently request cashier's checks. Some customers find it worthwhile to switch banks if they regularly use services that carry high fees.
Preferred Rewards and fee reductions
Bank of America's Preferred Rewards program offers fee reductions based on your total relationship with the bank. If you maintain a combined balance of $20,000 or more across all your Bank of America accounts (checking, savings, investment accounts), you move into the Gold tier and receive benefits including a waived monthly maintenance fee and reduced overdraft fees. Higher tiers (Platinum and Diamond) require larger balances and offer more fee waivers.
This program is automatic—if you meet the balance requirement, the benefits apply without you having to enroll. However, the balance is measured on a specific day each month, so you need to maintain it consistently. If your balance drops below the threshold, you lose the benefits the following month.
Comparing Bank of America to other banks
Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Some examples include Charles Schwab Bank (which reimburses out-of-network ATM fees), Ally Bank, and various local credit unions. If you are paying $12 per month and cannot meet any of Bank of America's fee-waiver conditions, switching to one of these alternatives could save you $144 per year.
However, Bank of America offers advantages that some customers value: thousands of physical branches and ATMs, robust fraud protection, and integration with other financial products. The decision to stay or switch depends on how much you use these features and whether the monthly fee is worth the convenience.
What happens if you are charged a fee by mistake
If you believe you were charged a fee in error—for example, a monthly maintenance fee despite meeting the waiver conditions—contact Bank of America customer service by phone or through your online account. Explain the situation and provide evidence (such as proof of direct deposit or your account balance on the measurement date). Bank of America will review the charge and may reverse it if you have a valid reason.
If you have been a customer in good standing and this is your first dispute, the bank is often willing to reverse a single fee as a courtesy. However, this is not may provide, and repeated disputes may result in the bank declining to reverse fees in the future.
Frequently Asked Questions
Can I get the monthly fee waived if I only have a savings account?
Bank of America savings accounts also carry a $12 monthly maintenance fee, waived by the same methods: direct deposit, minimum balance ($300), or linking to a checking account with a may have access to balance. If you have only a savings account and cannot meet these conditions, you will be charged the monthly fee.
Does Bank of America charge a fee to open an account?
No. Bank of America does not charge an account opening fee for checking or savings accounts. You can open an account online, by phone, or at a branch at no cost.
What is the eChecking account, and why would I use it?
The eChecking account has no monthly maintenance fee and no minimum balance, but it does not come with a debit card or checkbook. It is designed for customers who rarely need to make purchases in person or write checks, and who want to avoid all monthly fees. You can transfer money online or by phone, but you cannot swipe a card at a store.
If I close my account, will Bank of America charge me a fee?
Bank of America does not charge a fee to close a checking or savings account. However, if you close the account while it has a negative balance, you are still responsible for paying that amount.
Are there any Bank of America accounts with no fees at all?
The eChecking account has no monthly maintenance fee, no minimum balance, and no overdraft fees (because you cannot overdraft). However, it lacks a debit card and checkbook, which limits how you can access your money. For most customers, meeting one of the fee-waiver conditions on a standard account is more practical.