Bank of America checking accounts have no monthly fee if you meet one simple requirement

Bank of America's most common checking account, the Advantage SafePass Checking, costs nothing per month as long as you set up direct deposit or keep a minimum balance of $1,500. If you do neither, the monthly fee is $12. There is no account opening fee, and you can close the account anytime without penalty.

Bank of America also offers a second checking option called Interest Checking, which earns a small amount of interest on your balance. This account has a $2,500 minimum balance requirement to avoid a $12 monthly fee. The interest rate is very low—typically under 0.01% annually—so most people choose Advantage SafePass instead.

Both accounts come with the same basic features: a debit card, online banking, mobile app access, and the ability to write checks. Neither account charges you to use Bank of America's ATMs. If you use another bank's ATM, you pay $2.50 per withdrawal, though some checking packages waive this fee.

Key Takeaways

  • Advantage SafePass Checking has no monthly fee if you receive direct deposit or maintain $1,500 in the account.
  • If you do not meet either requirement, Bank of America charges $12 per month.
  • Interest Checking requires a $2,500 minimum balance to avoid the same $12 monthly fee, but pays interest on your balance at a very low rate.
  • Using ATMs outside the Bank of America network costs $2.50 per transaction unless you have a premium account.
  • There is no fee to open or close either account.

How to avoid the monthly fee

The easiest way to avoid paying $12 per month is to set up direct deposit. This means your employer or a government program (like Social Security) deposits your paycheck or benefit payment directly into your Bank of America account. You need at least one direct deposit per month. The amount does not matter—even a $1 deposit counts.

If direct deposit is not an option for you, keep $1,500 or more in the account at all times. Bank of America checks your balance on the last day of each month. If the balance is $1,500 or higher on that day, you avoid the fee for the next month. The money does not have to stay there forever—you can withdraw it the next day—but it must be there on the checking date.

Some people use both methods. If you have direct deposit but your balance sometimes drops below $1,500, the direct deposit alone protects you from the fee. You do not need to maintain the minimum balance if direct deposit is active.

What happens if you do not meet the requirement

If you have no direct deposit and your balance falls below $1,500 on the last day of the month, Bank of America charges $12 on the first day of the next month. This fee comes out of your account automatically. If your balance is too low to cover it, your account may go negative, and you could face overdraft fees on top of the monthly charge.

You can dispute a monthly fee if you believe it was charged in error, but you must contact Bank of America within a reasonable time. Call the customer service number on the back of your debit card or visit a branch in person. Bank of America sometimes reverses one or two fees as a courtesy, especially if you have been a customer for a long time, but there is no may provide.

Other costs to know about

Bank of America charges $35 for each overdraft—when you spend more money than you have in the account. You can have multiple overdrafts in a single day, and each one costs $35. The bank also charges $35 if you write a check that bounces.

If you need a cashier's check or money order, Bank of America charges $10 for a cashier's check and $5 for a money order. Wire transfers cost $15 for domestic transfers and $45 for international ones. These are not monthly costs—you only pay when you use the service.

If you close your account and then reopen it within 90 days, Bank of America may charge a $25 reopening fee. This discourages people from closing and reopening accounts to avoid fees.

Premium checking options with higher minimums

Bank of America offers two premium checking accounts for customers who want to waive more fees and earn higher interest rates. Preferred Rewards Checking requires a $10,000 minimum balance and waives ATM fees worldwide, overdraft fees, and wire transfer fees. Premium Rewards Checking requires a $25,000 minimum balance and includes all the same fee waivers plus higher interest on your balance.

These accounts make sense only if you have that much money sitting in the account anyway. If you have to borrow money or move savings to meet the minimum, the interest you earn will not make up for the cost. Most people are better off with Advantage SafePass and direct deposit.

How Bank of America's fees compare to other banks

Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Ally Bank, Charles Schwab, and Discover Bank all have no-fee checking with no strings attached. However, these banks have fewer physical branches, so if you need to deposit cash or speak to someone in person, Bank of America may be more convenient.

Traditional banks like Chase, Wells Fargo, and US Bank also charge monthly fees ($12 to $15) unless you meet similar requirements like direct deposit or a minimum balance. The fees are roughly the same across the industry, so your choice usually comes down to branch location and customer service rather than cost.

Frequently Asked Questions

Can I have multiple Bank of America checking accounts?

Yes, you can open more than one checking account. However, the monthly fee applies to each account separately. If you have two accounts and neither has direct deposit or a $1,500 balance, you pay $12 per month for each one. Some people open a second account for a specific purpose, like saving for a goal, but most find it simpler to stick with one.

Does a savings account count toward the $1,500 minimum?

No. Bank of America counts only money in the checking account itself. Money in a savings account, money market account, or investment account does not count. You must keep $1,500 in the checking account specifically to avoid the fee.

What if I get direct deposit but it stops?

If you stop receiving direct deposits, you lose the fee waiver. Starting the next month, you must either maintain the $1,500 balance or pay the $12 monthly fee. Bank of America does not give you a grace period—the requirement is active every month.

Can I negotiate the monthly fee?

Bank of America does not negotiate fees, but customer service representatives can sometimes reverse one or two fees as a one-time courtesy. This is more likely if you have been a customer for many years or if you have other accounts with the bank. There is no harm in asking, but do not count on it.

Do I need a minimum deposit to open an account?

No. Bank of America does not require an opening deposit. You can open an account with $0 and deposit money later. However, if you do not meet the direct deposit or $1,500 balance requirement, the $12 monthly fee starts immediately.