Bank of America checking accounts charge multiple fees, but most can be waived

Bank of America's standard checking accounts come with several potential fees: a monthly maintenance fee (usually $12), overdraft fees ($35 per transaction), and out-of-network ATM fees ($2.50 per withdrawal). However, the monthly fee disappears if you maintain a minimum balance, set up direct deposit, or keep a linked savings account above a certain threshold. Overdraft fees can be avoided by opting out of overdraft coverage or by monitoring your balance carefully.

The specific fees and waiver requirements depend on which checking account you hold. Bank of America offers multiple checking products, each with different fee structures and ways to avoid charges. Understanding which account you have and what triggers each fee is the fastest way to reduce what you pay.

Key Takeaways

  • Bank of America's most common checking account charges a $12 monthly maintenance fee, but this fee is waived if you maintain a $500 minimum balance, set up direct deposit, or link a savings account with $500 in it.
  • Overdraft fees of $35 apply when you spend more than your balance, but you can opt out of overdraft coverage entirely to prevent these charges.
  • Out-of-network ATM withdrawals cost $2.50 each, but using Bank of America's ATM network or requesting cash back at stores avoids this fee.
  • Bank of America offers a checking account with no monthly maintenance fee for customers under 25, and a premium account with fee waivers for those who maintain higher balances.

The monthly maintenance fee and how to eliminate it

Bank of America's standard checking account (called Checking) carries a $12 monthly maintenance fee. This fee posts on the same day each month and appears as a line item on your statement. You do not have to pay it if any one of these conditions is met: you maintain an average daily balance of $500 or more, you receive at least one direct deposit per month, or you link a savings account with a $500 minimum balance.

If you do not meet any of these conditions, the fee will charge automatically. Bank of America does not waive it retroactively, so the charge will appear on your statement even if you deposit money the day after it posts. The best approach is to set up direct deposit from your employer or a regular income source before the fee date, which prevents the charge from occurring in the first place.

Bank of America also offers a Checking account for students under 25, which has no monthly maintenance fee and no minimum balance requirement. This account converts to the standard Checking product once you turn 25, at which point the $12 fee applies unless you meet one of the waiver conditions.

Overdraft fees and opting out of overdraft coverage

When you spend more money than you have in your account, Bank of America charges $35 per transaction that overdraws your account. Multiple overdrafts in a single day can result in multiple $35 charges. These fees are separate from the monthly maintenance fee and can accumulate quickly if you do not monitor your balance.

You can prevent overdraft fees by opting out of overdraft coverage. When you opt out, Bank of America will decline transactions that would overdraw your account rather than charging you a fee. This means your debit card or check will be rejected, but you will not owe the $35 charge. To opt out, contact Bank of America by phone, through their mobile app, or in person at a branch.

If you have already been charged overdraft fees, you can request a reversal. Bank of America may waive one or two overdraft fees per year if you ask, though this is not may provide. Call the customer service number on the back of your card and explain the situation; the representative can review your account history and may remove recent charges.

ATM fees and network access

Bank of America charges $2.50 for each withdrawal at an ATM that is not part of their network. This fee is charged by Bank of America, not by the other bank's ATM. If you use an out-of-network ATM four times per month, that is $10 in fees alone, on top of your monthly maintenance fee.

To avoid this charge, use Bank of America's ATM network, which includes over 16,000 ATMs nationwide. You can also request cash back at any store that accepts debit cards—grocery stores, pharmacies, and retailers—without paying a fee. Some checking accounts come with reimbursement for out-of-network ATM fees, but the standard Checking account does not.

Premium checking accounts with higher balance requirements

Bank of America offers a Premium Checking account designed for customers who maintain higher balances. This account waives the monthly maintenance fee if you keep a combined balance of $10,000 or more across your Bank of America accounts, or if you have a linked investment or wealth management account. It also includes benefits like higher interest rates on linked savings accounts and reimbursement for out-of-network ATM fees.

The Premium Checking account is worth considering only if you already maintain a large balance or have other Bank of America products. If you do not meet the balance requirement, you will pay the same $12 monthly fee as the standard Checking account, plus you may be charged additional fees for services that are included in other accounts.

Foreign transaction fees and international use

If you use your Bank of America debit card outside the United States, you will be charged a 3% foreign transaction fee on purchases and ATM withdrawals. This fee is added to the amount you spend and appears on your statement. There is no way to waive this fee with a standard checking account.

If you travel internationally frequently, consider whether Bank of America's checking account is the right fit. Some online banks and credit unions do not charge foreign transaction fees, which can save you money if you spend abroad regularly. For occasional travel, the 3% fee is usually unavoidable with Bank of America.

Wire transfer fees and other service charges

Bank of America charges $15 for outgoing domestic wire transfers and $45 for outgoing international wire transfers. Incoming wire transfers are free. If you send wire transfers regularly, these fees can add up. Some online banks offer free wire transfers, so compare costs if you use this service frequently.

Other potential charges include fees for stopping payment on a check ($30), requesting a cashier's check ($10), and closing your account within 90 days of opening it ($25). These are not routine charges, but they can occur if you need these services. Review the full fee schedule on Bank of America's website or ask a representative in person to understand all possible charges.

Frequently Asked Questions

Can I get the monthly fee waived if I only have a small balance?

Yes. You do not need to maintain the $500 minimum balance continuously—Bank of America looks at your average daily balance over the month. If you deposit money partway through the month, it counts toward the average. You can also waive the fee by setting up direct deposit from your employer or by linking a savings account with $500 in it.

What happens if I overdraft my account multiple times in one day?

Bank of America charges $35 per transaction that overdraws your account. If you make five purchases that overdraw your account on the same day, you could be charged $175 in overdraft fees. Opting out of overdraft coverage prevents these charges by declining transactions instead of allowing them to go through.

Do I have to pay the $2.50 ATM fee every time I use an out-of-network ATM?

Yes, unless you have a Premium Checking account or another product that includes out-of-network ATM fee reimbursement. The fee is charged by Bank of America each time you withdraw money from an ATM outside their network. Using Bank of America ATMs or requesting cash back at stores avoids this fee.

Is there a checking account with no fees at all?

Bank of America's student checking account for customers under 25 has no monthly maintenance fee and no minimum balance requirement. Once you turn 25, it converts to the standard Checking account with the $12 monthly fee. If you are over 25, you can avoid the monthly fee by meeting one of the waiver conditions: direct deposit, $500 minimum balance, or a linked savings account with $500.

Can Bank of America reverse overdraft fees I was already charged?

Bank of America may waive one or two overdraft fees per year if you request a reversal. Call the customer service number on the back of your card and ask a representative to review your account. There is no may provide they will remove the charges, but many customers have fees waived by asking, especially if it is their first or second overdraft.