The main ways Bank of America charges checking account fees

Bank of America charges a $12 monthly maintenance fee on most checking accounts unless you meet one of their waiver conditions. The fee posts on the first business day of each month. You can avoid it by keeping a minimum balance, setting up direct deposit, or using their debit card a certain number of times per month — the exact requirement depends on which checking account you hold.

Beyond the monthly fee, Bank of America also charges for specific actions: overdraft fees (currently $35 per overdraft), out-of-network ATM fees ($2.50 per withdrawal), and fees for stopping payment on a check ($30). The monthly maintenance fee is the one most people can control, so that is where to focus first.

Bank of America offers three main checking accounts: Advantage Banking, Advantage Plus Banking, and Preferred Rewards Banking. Each has different fee structures and different ways to waive the monthly charge. Your account type determines which path costs you the least.

Key Takeaways

  • Bank of America's standard checking accounts charge $12 per month unless you meet a waiver condition, which varies by account type.
  • The easiest waiver for most people is setting up direct deposit of your paycheck or other regular income into the account.
  • Keeping a minimum balance (usually $1,500 to $2,500 depending on account type) also waives the monthly fee.
  • Using your debit card for a set number of transactions per month can waive the fee, though this requires discipline and tracking.
  • If you already have a Bank of America savings account or credit card, combining accounts under Preferred Rewards may lower or eliminate fees.

Waiving the fee through direct deposit

The simplest way to avoid the monthly fee is to set up direct deposit of your paycheck or other regular income. Bank of America will waive the $12 fee if you receive at least one direct deposit per month into the account. This works for paychecks, Social Security, pension payments, and unemployment benefits — anything that comes through the ACH network counts.

To set up direct deposit, you need your Bank of America account number and routing number (which you can find on a check or in the mobile app). Give these to your employer's payroll department or to the agency sending the payment. The first deposit usually takes one to two pay cycles to process. Once it hits your account, the fee waiver takes effect immediately for that month and continues as long as direct deposits keep coming.

If you do not have regular employment or income, this route will not work for you. Move to one of the other waiver methods instead.

Keeping a minimum balance to waive the fee

You can also waive the monthly fee by maintaining a minimum daily balance in your checking account. The amount varies by account type: Advantage Banking requires $1,500, Advantage Plus requires $2,500, and Preferred Rewards requires $10,000. Bank of America checks your balance at the end of each day; if it stays at or above the minimum for the entire month, the fee does not post.

This method works if you have savings you can keep in the account, but it ties up money that could earn interest elsewhere. A high-yield savings account at another bank typically pays 4% to 5% annually, while a Bank of America checking account earns nothing. If you keep $1,500 in the account to waive a $12 fee, you are giving up roughly $60 to $75 per year in interest you could have earned.

The balance requirement resets each month, so even one day below the minimum means the fee posts that month. If your balance fluctuates, this method is risky.

Using your debit card to waive the fee

Bank of America will waive the monthly fee if you use your debit card for a minimum number of transactions per month. The requirement is 10 debit card purchases for Advantage Banking and Advantage Plus Banking. Each purchase counts as one transaction, whether it is $1 or $100.

This method requires you to track your spending and make sure you hit the threshold every month. Many people already use their debit card regularly, so they may hit 10 purchases without trying. But if you primarily use credit cards or cash, you will need to deliberately switch to your debit card for small purchases — coffee, groceries, gas — to reach the number.

One risk: if you forget a month or fall short, the $12 fee posts. Unlike direct deposit (which you set once and forget) or a minimum balance (which you can verify before the month ends), debit card transactions require active attention every single month.

Preferred Rewards membership and combined accounts

If you have a Bank of America credit card or savings account, you may be enrolled in Preferred Rewards, which is Bank of America's tiered loyalty program. Preferred Rewards membership can reduce or eliminate checking account fees depending on your tier. The tiers are based on how much money you have in Bank of America accounts (checking, savings, money market, CDs) or how much you spend on their credit cards.

At the Silver tier ($20,000 to $49,999 in combined balances or credit card spending), you get a $5 monthly fee credit on checking. At Gold ($50,000 to $99,999), the credit rises to $10. At Platinum ($100,000 or more), the fee is fully waived. If you already have savings or investments with Bank of America, combining them under one Preferred Rewards membership may push you into a tier that covers your checking fee.

You do not have to do anything to join Preferred Rewards if you meet the balance threshold — Bank of America enrolls you automatically. Check your account settings or call customer service to see which tier you are in.

What happens if you miss a waiver condition

If you do not meet any waiver condition in a given month, the $12 fee posts on the first business day of the next month. You can see it in your account history and on your statement. If the fee was a mistake — for example, you thought your direct deposit had posted but it was delayed — you can call Bank of America and ask them to reverse one fee. They will usually do this once per year, though they are not required to.

If you miss the waiver multiple months in a row, the fees add up quickly. Six months of missed waivers costs $72. A year costs $144. If you know you cannot meet any of the waiver conditions, consider switching to a bank with no monthly maintenance fee instead of paying repeatedly.

Bank of America also offers a SafePass checking account through some branches, which has no monthly fee but comes with restrictions on the number of withdrawals you can make per month. Ask a teller whether this account is available at your branch if you want to avoid fees entirely.

Overdraft fees and how to prevent them

Beyond the monthly maintenance fee, overdraft fees are the second-largest source of checking account charges. Bank of America charges $35 per overdraft transaction. If you overdraw your account multiple times in one day, you can be charged $35 for each transaction, even if they all happened within minutes of each other.

To prevent overdrafts, turn on overdraft protection in your account settings. This links your checking account to a savings account or credit line; if you spend more than your balance, the bank transfers money from the linked account instead of charging a fee. There is no fee for the transfer itself, though your linked account may have its own fees if the balance drops too low.

Alternatively, you can opt out of overdraft coverage entirely. If you do, transactions that would overdraw your account simply decline at the point of sale — no fee, but also no purchase. This prevents surprise charges but means your card may be declined when you expect it to work.

Frequently Asked Questions

Can I waive the fee with more than one method at the same time?

Yes. If you have direct deposit set up and also maintain the minimum balance, you are covered either way. Bank of America only charges one monthly fee per account, so meeting multiple waiver conditions does not give you extra credit — but it does give you backup protection if one method fails.

Does the direct deposit have to be my paycheck, or can it be any transfer?

It must be a true direct deposit through the ACH network — typically a paycheck, Social Security, pension, or government benefit. Transferring money from another account you own does not count. Bank of America can tell the difference because direct deposits come from an employer or government agency, not from your own bank.

What if I close my Bank of America account — do I owe the monthly fees that already posted?

No. Fees that have already posted are part of your account balance when you close it. If your account has a negative balance because of fees, you owe that amount. But fees that have not yet posted do not carry over or become a debt after closure.

Is there a Bank of America checking account with no monthly fee at all?

Bank of America's standard checking accounts all have a $12 monthly fee unless you meet a waiver condition. The SafePass account has no monthly fee, but it limits the number of withdrawals per month. Some online banks (not Bank of America) offer checking accounts with no monthly fee and no minimum balance, though they may not have physical branches.

How long does it take for a direct deposit waiver to start working?

Once your first direct deposit posts to the account, the fee waiver takes effect immediately for that month. If you set up direct deposit on the 15th of the month and it posts on the 20th, the fee for that month will not post. The waiver continues each month as long as at least one direct deposit arrives.