Bank of America charges monthly fees on most checking accounts, but you can waive them

Bank of America charges a $12 monthly maintenance fee on its standard checking account (called the Checking account). However, the fee is waived if you meet one of these conditions each month: maintain a $500 minimum daily balance, set up direct deposit of any amount, or keep $250 in a linked savings account. If you do not meet any of these, you pay the $12.

Bank of America also offers the Advantage SafePass Checking account, which has a $4.95 monthly fee with the same waiver options. This account is marketed toward customers who want lower fees and fewer features. Both accounts charge the same amount to waive the fee through direct deposit or linked savings.

If you are under 25 years old, Bank of America's Student Checking account has no monthly fee for the first four years after you open it. After that, it converts to a standard Checking account and the $12 fee applies unless you meet a waiver condition.

Key Takeaways

  • Bank of America's standard Checking account costs $12 per month unless you maintain a $500 minimum daily balance, set up direct deposit, or keep $250 in a linked savings account.
  • The Advantage SafePass Checking account costs $4.95 per month with the same three waiver options available.
  • Student Checking has no monthly fee for four years, then converts to standard Checking with the $12 fee unless you meet a waiver condition.
  • Direct deposit of any amount — even a small transfer from another account — counts toward waiving the fee on all three account types.

How to waive the $12 monthly fee

The easiest way to waive the fee is to set up direct deposit. This means arranging for money to be deposited automatically into your Bank of America account from an employer, government agency, or another source. The amount does not matter — even a $1 direct deposit counts. If you receive a paycheck, Social Security, unemployment benefits, or tax refunds by direct deposit, the fee is waived automatically each month.

If you do not have direct deposit, you can waive the fee by maintaining a $500 minimum daily balance. This means the account balance must stay at or above $500 every single day of the month. If it drops below $500 on even one day, the fee applies. For many people, this is harder to maintain than setting up direct deposit.

The third option is to keep $250 in a linked savings account. You must have a Bank of America savings account connected to your checking account, and that savings account must hold at least $250 at all times. Like the balance requirement, this means money is tied up and unavailable for spending.

What happens if you do not meet a waiver condition

If you do not meet any of the three waiver conditions in a given month, Bank of America charges the monthly fee to your account automatically. The fee is deducted on the same day each month, usually around the first or second business day. You will see it listed as "Monthly Maintenance Fee" or "Service Charge" in your transaction history.

The fee is charged whether your account is active or not. If you have a checking account open but do not use it, you still owe the $12 (or $4.95 for Advantage SafePass) unless you close the account or meet a waiver condition. Closing the account stops future fees but may affect your credit if the account is reported to credit bureaus.

Overdraft fees and other charges beyond the monthly fee

The monthly maintenance fee is separate from overdraft fees. If you spend more money than you have in your account, Bank of America charges an overdraft fee of $35 per transaction (as of the most recent update, though this amount can change). You can be charged multiple overdraft fees in a single day if you make several transactions that overdraw the account.

Bank of America also charges fees for other services: $2.50 to $3 for out-of-network ATM withdrawals, $15 for a returned check, and $25 for a stop payment request. These are in addition to the monthly maintenance fee, not instead of it. If you use multiple paid services in one month, the costs add up quickly.

How to check your current account type and fee status

Log into your Bank of America online account or mobile app and look at your account details. The account name appears at the top of your account summary — it will say "Checking," "Advantage SafePass Checking," or "Student Checking." Below that, you can see your current balance and any active fee waivers.

If you are unsure whether you have met a waiver condition for the current month, call Bank of America customer service at 1-800-432-1000 or visit a branch in person. They can tell you whether direct deposit is set up, whether your balance has stayed above $500, or whether your linked savings account has the required $250. This is useful to check before the fee is charged, so you have time to add money or set up direct deposit if needed.

Alternatives if Bank of America fees do not work for your situation

If you cannot maintain a $500 balance, do not have direct deposit, and do not want to keep $250 in savings, other banks offer checking accounts with no monthly fee. Online banks like Ally, Charles Schwab, and Discover have no monthly maintenance fees and no minimum balance requirements. Credit unions often have lower fees than large banks, though you must be a member to open an account.

If you want to stay with Bank of America but reduce fees, the Advantage SafePass Checking account costs $4.95 instead of $12, which saves $84 per year if you cannot waive the fee. Some people keep both a Bank of America account (for branch access or other reasons) and a no-fee account elsewhere, using each for different purposes.

Frequently Asked Questions

Does Bank of America charge a fee just for having a checking account?

Yes, Bank of America charges $12 per month for its standard Checking account unless you meet one of three waiver conditions: direct deposit, $500 minimum daily balance, or $250 in a linked savings account. The Advantage SafePass Checking account costs $4.95 per month with the same waiver options.

Can I waive the fee with a small direct deposit?

Yes. The amount of the direct deposit does not matter. Even a $1 transfer counts as long as it is set up as a recurring automatic deposit from an employer, government agency, or another financial institution. One-time transfers do not count.

What if my balance drops below $500 for one day?

If your balance falls below $500 on even one day during the month, you lose the balance waiver for that month and the $12 fee is charged. You must maintain $500 every single day to waive the fee this way. The other two waivers (direct deposit or linked savings) do not have this daily requirement.

Does Bank of America charge fees for other things besides the monthly maintenance fee?

Yes. Bank of America charges $35 per overdraft transaction, $2.50 to $3 for out-of-network ATM withdrawals, $15 for a returned check, and $25 for a stop payment request. These fees are separate from the monthly maintenance fee and can be charged in addition to it.

What happens if I close my Bank of America checking account?

Closing the account stops future monthly fees immediately. However, if you have pending transactions or automatic payments set up, they may still process after you close the account, which can cause overdraft fees. Contact Bank of America before closing to cancel any recurring payments and confirm the account closure date.