Bank of America offers free checking, but the account comes with conditions

Bank of America's eChecking account is free to open and carry no monthly maintenance fee. However, "free" at Bank of America means you avoid the fee itself—not that the account has no strings. The bank waives the $12 monthly maintenance fee if you meet one of several conditions: maintain a $500 minimum daily balance, set up direct deposit of at least $250 per month, or keep $250,000 or more in linked Bank of America accounts. If you do none of these, you pay the fee.

Bank of America also offers Advantage SafeBalance Banking, which is genuinely free with no balance requirement and no direct deposit requirement. This account has no debit card, no overdraft protection, and limited features—you can deposit checks by mail or at an ATM, withdraw cash, and pay bills online. It exists for people who want a basic account without conditions.

Key Takeaways

  • eChecking is free only if you maintain a $500 minimum daily balance, set up direct deposit of $250 per month, or hold $250,000 in linked accounts; otherwise you pay $12 per month.
  • SafeBalance Banking is free with no conditions, but offers no debit card and limited features.
  • Both accounts include online bill pay, mobile banking, and access to Bank of America's ATM network at no extra cost.
  • Overdraft fees and out-of-network ATM fees apply to both accounts and are not waived by the free checking offer.

What eChecking includes and what it costs extra

eChecking gives you a debit card, checks, online bill pay, mobile deposit, and access to over 16,000 Bank of America ATMs nationwide. You can link accounts, set up alerts, and use Zelle for peer transfers. None of these features cost extra if you have the account open.

What is not free: overdraft fees ($35 per transaction if you overdraw), out-of-network ATM fees ($2.50 per withdrawal at ATMs that are not Bank of America), and wire transfer fees (domestic wires are $15, international wires are $45). These charges apply whether or not you meet the conditions for waiving the monthly fee.

How to avoid the $12 monthly fee on eChecking

The easiest path for most people is direct deposit. If your employer or a government agency (Social Security, unemployment, tax refund) deposits at least $250 per month into your eChecking account, the fee disappears. You do not need to keep any balance. The deposit must post to your Bank of America account; transfers from another bank do not count.

If direct deposit is not an option, maintain a $500 minimum daily balance. This means your account balance cannot drop below $500 on any day of the month. Bank of America calculates this as the lowest balance your account reaches each day, so a single withdrawal that dips you below $500 triggers the fee for that month.

The third option—holding $250,000 in linked Bank of America accounts—applies mainly to people with substantial savings or investment accounts at the bank. This includes checking, savings, money market, and investment accounts under your name or jointly owned.

SafeBalance Banking: the truly free option with trade-offs

SafeBalance Banking has no monthly fee, no minimum balance, and no direct deposit requirement. You get online banking, bill pay, and the ability to receive direct deposits. The account does not overdraw—if you do not have the money, the transaction declines.

The trade-off is significant: no debit card, no checkbook, and no overdraft protection. You withdraw cash at Bank of America ATMs or by asking a teller. You cannot use the card for purchases or online shopping. If you need a debit card or checks, this account is not for you.

SafeBalance is designed for people who want a basic deposit account without conditions and do not need card access. It is common among people rebuilding credit or managing finances on a tight budget.

Comparing Bank of America checking to other banks

Many online banks and credit unions offer checking with no monthly fee and no minimum balance—no conditions at all. Ally Bank, Charles Schwab, and Discover Bank all offer free checking with a debit card and no strings. Credit unions often have free checking for members, though membership rules vary by institution.

Bank of America's advantage is the branch network and ATM access—over 4,600 branches and 16,000 ATMs. If you live or work near a Bank of America location and value in-person banking, the $500 balance or direct deposit condition may be worth it. If you rarely visit a branch and want no conditions, an online bank or credit union may cost less in the long run.

Fees that apply even with free checking

Overdraft fees are the biggest cost to watch. If your account goes negative, Bank of America charges $35 per transaction that overdrafts. You can turn off overdraft protection to prevent this—transactions will simply decline instead. Many people do this to avoid surprise fees.

Out-of-network ATM fees add up if you travel or live far from a Bank of America ATM. Each withdrawal at another bank's ATM costs $2.50. Using your debit card to get cash back at a grocery store or other retailer is free and avoids this fee.

Wire transfers, cashier's checks, and stop payments all have fees. These are not common for most people, but they exist if you need them.

How to open eChecking or SafeBalance

You can open either account online at bankofamerica.com, by phone at 1-800-432-1000, or in person at a Bank of America branch. You will need a government ID, Social Security number, and an initial deposit (usually $25 minimum, though this can vary). The account opens immediately online or by phone; in-person accounts may take a few minutes.

If you open eChecking, confirm which fee-waiver condition you will meet before you leave. If you are counting on direct deposit, set it up with your employer right away—the first deposit may take one to two pay periods to post. If you are relying on the $500 balance, make sure your opening deposit is enough and plan to keep it there.

Frequently Asked Questions

What happens if my direct deposit stops?

If direct deposits stop for a month, the $12 fee applies that month. If they resume the next month, the fee waiver resumes. You are not locked in—the condition is checked each month.

Does the $500 minimum balance have to stay in checking, or can I move it to savings?

It must stay in the eChecking account itself. Transfers to savings or other accounts count as a withdrawal and can drop your balance below $500, triggering the fee.

Can I have both eChecking and SafeBalance at the same time?

Yes. Some people keep SafeBalance as a backup or for a specific purpose and use eChecking as their main account. Each account is separate and has its own balance and fees.

If I close my eChecking account, do I owe the monthly fee?

No. Once you close the account, no further fees apply. If you close mid-month, you may owe a prorated fee depending on when you close, but Bank of America will tell you the amount before you confirm the closure.

Are there any other Bank of America checking accounts?

Bank of America offers Advantage Banking (similar to eChecking but with a $1,500 minimum balance or direct deposit to waive the $10 fee) and Preferred Rewards checking for customers in their rewards program. eChecking and SafeBalance are the most common options.