Bank of America charges monthly fees on most checking and savings accounts, but you can waive them by meeting specific requirements

Bank of America's most common account, the Checking Account, carries a $12 monthly maintenance fee. The Savings Account costs $8 per month. However, the fee disappears if you meet one of several conditions: keep a minimum balance (usually $1,500 for checking, $300 for savings), set up direct deposit, maintain a linked Bank of America credit card, or enroll in paperless statements. The exact requirements vary by account type and sometimes by branch location.

If you do not meet any waiver condition, the fee posts automatically on the same day each month. You can see it listed as "Monthly Maintenance Fee" or "Service Charge" on your statement. Once the fee posts, you can call Bank of America to request a one-time reversal, but they are not required to grant it, and repeated requests may be denied.

Key Takeaways

  • Bank of America's standard Checking Account has a $12 monthly fee and Savings Account has an $8 monthly fee unless you meet a waiver condition.
  • The easiest waiver for most people is setting up direct deposit of a paycheck or regular income into the account.
  • Keeping a minimum balance ($1,500 for checking) also waives the fee, but the money is then unavailable for spending.
  • If a fee posts and you have not had one reversed before, calling customer service may result in a one-time courtesy reversal.
  • Bank of America offers fee-free accounts for students and military members, which have different requirements.

Which Bank of America accounts have monthly fees

Bank of America's Checking Account and Savings Account both carry monthly maintenance fees. The Checking Account fee is $12; the Savings Account fee is $8. These are the two most widely used accounts at the bank.

Other accounts have different fee structures. The Money Market Account charges $25 per month unless you maintain a $2,500 minimum balance or meet other conditions. Certificates of Deposit (CDs) do not have monthly fees—you pay interest instead. The Student Checking Account and Military Checking Account have no monthly fee at all, regardless of balance or activity.

If you hold multiple accounts, each one is charged separately. A $12 fee on checking and an $8 fee on savings means $20 per month total, not one combined charge.

How to waive the monthly fee on your account

Bank of America offers four main ways to avoid the monthly fee on Checking and Savings accounts. You only need to meet one of them.

Direct deposit is the most common waiver. If you set up a recurring direct deposit—such as a paycheck, Social Security payment, or pension—the monthly fee is waived. The deposit must be from an employer, government agency, or similar source; transfers from another bank account do not count. You set this up once, and it remains active until you cancel it.

Minimum balance is the second option. For Checking, you must maintain $1,500 in the account at all times. For Savings, the threshold is $300. The balance is checked daily, so if you drop below the minimum even once during the month, the fee posts. This method works but ties up money you might otherwise spend.

Linked credit card waives the fee if you have an active Bank of America credit card. The card does not need to carry a balance or be used regularly—it simply needs to be open and in good standing. This is useful if you already have a Bank of America card.

Paperless statements alone do not waive the fee on standard accounts, despite what some older information suggests. However, combining paperless enrollment with another waiver method may be required by some account types.

What happens if you do not meet a waiver condition

If you do not meet any waiver requirement, the monthly fee posts automatically. You will see it on your statement labeled as "Monthly Maintenance Fee" or "Service Charge." The fee is deducted from your available balance, which can push you into overdraft if your balance is low.

Once the fee posts, you have a window to request a reversal. Call Bank of America customer service and explain that you were not aware of the fee or did not meet the waiver conditions. A representative may reverse it as a one-time courtesy, especially if this is your first request and you have been a customer for a while. However, the bank is under no obligation to do so, and repeated requests are often denied.

If the fee causes an overdraft, you may also face overdraft fees on top of the monthly charge. Overdraft fees at Bank of America are $35 per transaction (as of the most recent update, though this can change). Preventing the monthly fee is far cheaper than dealing with overdraft charges.

Comparing Bank of America fees to other banks

Bank of America's $12 checking fee is higher than many competitors. Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Traditional banks like Wells Fargo and Chase also charge monthly fees ($10 to $15 for checking) but offer similar waiver options.

The trade-off is convenience and branch access. Bank of America has thousands of branches and ATMs nationwide, which some people value enough to pay the fee. Online banks have lower fees but no physical locations. Credit unions typically have no monthly fees but require membership and may have fewer ATMs.

If you already meet a waiver condition—such as having direct deposit—the fee is irrelevant. If you do not and do not plan to, switching to a no-fee bank could save you $144 per year on checking alone.

Student and military accounts with no monthly fee

Bank of America offers two accounts that never charge a monthly fee: the Student Checking Account and the Military Checking Account.

The Student Checking Account is free as long as you are enrolled in school and under 24 years old. Once you turn 24 or graduate, it converts to a standard Checking Account and the $12 monthly fee applies unless you meet a waiver condition. You must provide proof of enrollment (such as a student ID) when you open the account.

The Military Checking Account is free for active-duty service members, veterans, and their families. may be able to access is verified through a third-party service, and the account remains fee-free as long as you maintain military status. This account also includes other benefits such as higher interest rates on savings and waived fees on certain services.

How to change your account type or switch banks

If you want to avoid the monthly fee but do not meet a waiver condition, you have two options: change your account type or move to a different bank.

Within Bank of America, you can downgrade to a Student or Military account if you are may be able to access. You can also ask a representative whether a different account type (such as a Money Market Account with a higher minimum balance) might suit your situation better, though this is rarely a cost-saving move.

Switching to another bank takes a few steps. Open a new account at your chosen bank, set up direct deposit to the new account, and then close your Bank of America account once the transition is complete. You will need to update any automatic payments or transfers that were linked to your Bank of America account. Most banks have staff who can help walk you through this process.

Frequently Asked Questions

Can I get the monthly fee reversed if I just opened my account?

Yes, you may have better luck requesting a reversal if the account is new and this is your first fee. Call customer service and explain that you were not aware of the fee structure. New customers sometimes receive a courtesy reversal, though it is not may provide. After the first reversal, future requests are less likely to be approved.

Does the direct deposit have to be from my employer?

Direct deposit must come from an employer, government agency (such as Social Security), or similar recurring income source. Transfers from another bank account, even if they are automatic, do not count as direct deposit and will not waive the fee.

What if my balance drops below the minimum for one day?

Bank of America checks the minimum balance daily. If you fall below the threshold even once during the month, the fee posts. You cannot avoid it by bringing the balance back up later in the month. This is why direct deposit is often easier than maintaining a minimum balance.

Do I have to pay the monthly fee if I barely use my account?

Yes. Bank of America charges the monthly fee regardless of how often you use the account or how many transactions you make. The only way to avoid it is to meet one of the waiver conditions or close the account.

Can I switch to a no-fee account without closing my current account?

Yes, you can open a new account at Bank of America (such as a Student account if you are may be able to access) without closing your existing account. However, you will then have two separate accounts and may be charged fees on both unless each meets its own waiver conditions. Most people close the old account once they have fully transitioned to the new one.