What Bank of America charges for checking accounts

Bank of America charges a $12 monthly maintenance fee on most of its checking accounts, though you can waive it by meeting one of several conditions. The fee applies to the Advantage SafePass checking account and the Advantage Plus checking account, which are the two main consumer checking products.

You do not pay the fee if you maintain a minimum daily balance of $1,500 in the account, set up a direct deposit of at least $250 per month, or link a Bank of America savings account with a minimum balance of $500. Some customers also avoid the fee through other means: if you are 62 or older, the Advantage SafePass account has no monthly fee at all. If you are under 25, the Advantage SafePass account is also free.

Bank of America also offers the Advantage Banking checking account, which has no monthly maintenance fee but comes with fewer features and lower ATM access than the paid accounts.

Key Takeaways

  • Bank of America's standard checking accounts charge $12 per month, but the fee disappears if you keep $1,500 in the account, set up direct deposit of $250 or more monthly, or link a savings account with $500 in it.
  • Customers age 62 and older pay no monthly fee on the Advantage SafePass account, and customers under 25 also get it free.
  • The Advantage Banking account has no monthly fee but offers fewer ATM locations and features than the paid checking products.
  • Overdraft fees, wire transfer fees, and stop-payment fees are separate charges that can add up quickly if you use those services.

Other fees beyond the monthly charge

The $12 monthly fee is only the beginning. Bank of America also charges for specific transactions and services. An overdraft fee costs $35 per occurrence if you spend more than your balance, though the bank allows one free overdraft per year for new customers. If you overdraft multiple times in a single day, you may face multiple $35 charges.

Transferring money by wire costs $15 for a domestic wire and $45 for an international wire. Asking the bank to stop payment on a check costs $30. Replacing a lost or stolen debit card costs $10. If you close your account within 90 days of opening it, Bank of America charges a $25 early closure fee.

ATM fees apply only if you use an out-of-network ATM—machines that do not belong to Bank of America or its partner networks. The out-of-network ATM operator may charge you, and Bank of America may charge you a separate fee of $2.50 per transaction. Using Bank of America ATMs or machines in the Allpoint network is free.

How to avoid or reduce the monthly fee

The easiest way to eliminate the $12 monthly charge is to set up direct deposit. If your employer or a government benefit program deposits at least $250 into your Bank of America checking account each month, the fee waives automatically. You do not need to do anything after the first deposit arrives—the waiver continues as long as direct deposits keep coming.

If direct deposit is not an option, keeping $1,500 in your checking account at all times works, though this ties up money you might otherwise invest or spend. The $500 savings account link is another path: open a Bank of America savings account, keep $500 in it, and link it to your checking account. The monthly fee on the checking account then disappears.

Switching to the Advantage Banking account removes the monthly fee entirely, but you lose some conveniences. This account has fewer ATM locations, no overdraft protection, and lower daily transaction limits. It is worth considering only if you rarely write checks and do not need overdraft coverage.

What happens if you do not meet the fee waiver conditions

If you do not direct deposit, do not keep the minimum balance, and do not link a savings account, Bank of America deducts $12 from your account on the same day each month. The charge appears as a line item on your statement labeled "Monthly Maintenance Fee" or similar language.

If your account balance falls below zero after the fee is deducted, you may then face an overdraft fee on top of the monthly charge. This can happen quickly if you are already running a low balance. For example, if you have $8 in your account and the $12 fee posts, you are now $4 overdrawn and owe an additional $35 overdraft fee—a total of $47 in charges from a single month.

Comparing Bank of America to other banks

Many national banks and credit unions charge no monthly checking account fee at all. Online banks like Ally, Charles Schwab, and Discover have checking accounts with zero monthly maintenance fees and no minimum balance requirements. Credit unions often waive fees for members, though membership rules vary by institution.

Banks that do charge monthly fees typically offer them at lower amounts than Bank of America or make them easier to waive. For example, some banks waive the fee with just a $500 minimum balance rather than $1,500. Others waive it with a single direct deposit of any amount, not a minimum of $250.

If you use Bank of America primarily for its branch network and ATM access, the $12 monthly fee may be worth the convenience. If you rarely visit a branch and do not need the bank's specific services, a no-fee account elsewhere could save you $144 per year.

How to review your Bank of America statement for fees

Log into your Bank of America account online or through the mobile app and open your most recent statement. Scroll through the transactions and look for any line item labeled "Monthly Maintenance Fee," "Service Charge," or "Overdraft Fee." Each charge will show the date it posted and the amount.

If you see a monthly maintenance fee you did not expect, check whether you meet one of the waiver conditions. If you have direct deposit set up, the fee should not appear—contact Bank of America to ask why it posted. If you do not have direct deposit but thought you had a $1,500 balance, check your lowest balance during that month; the bank calculates the minimum daily balance, not the ending balance, so a dip below $1,500 on any single day can trigger the fee.

You can also set up alerts in the Bank of America app to notify you before your balance falls below a certain amount. This helps you avoid both the monthly fee and overdraft charges.

Frequently Asked Questions

Can Bank of America waive the monthly fee if I ask?

Bank of America does not typically waive the fee as a one-time courtesy, but you can ask if you have been a customer for a long time or if the fee was charged in error. The bank is more likely to help if you can show you met one of the waiver conditions but the fee posted by mistake. Call the customer service number on the back of your debit card to request a review.

Does the direct deposit have to come from my employer?

No. Bank of America counts direct deposits from employers, government benefits (Social Security, unemployment, tax refunds), and some other sources. Transfers you initiate yourself from another bank do not count as direct deposit. Ask your benefits provider or employer to confirm they can set up direct deposit to Bank of America.

What if I close my account and reopen it later?

If you close your account and open a new one within a certain period, Bank of America may charge the $25 early closure fee on the account you closed. Opening a new account does not reset this clock. The fee applies based on how long the closed account was open, not when you open the next one.

Are there any Bank of America checking accounts with no monthly fee?

Yes. The Advantage Banking account has no monthly maintenance fee, and the Advantage SafePass account is free if you are under 25 or age 62 and older. The Advantage Banking account has fewer features, so compare what you need before switching.

If I link a savings account, does the savings account have a fee too?

Bank of America savings accounts also have monthly fees, typically $5, which you can waive by maintaining a $300 minimum balance or linking a checking account with direct deposit. Linking accounts does not automatically waive both fees—you need to meet the conditions for each account separately.