Bank of America charges a monthly maintenance fee on most checking and savings accounts, ranging from $4.95 to $12 depending on the account type

Bank of America's monthly maintenance fee is a charge the bank deducts from your account each month just for holding that account open. The amount varies: checking accounts typically cost $4.95 to $12 per month, while savings accounts run $4 to $25 per month. The exact fee depends on which specific account you have — a basic checking account costs less than a premium one.

The bank does not charge this fee to everyone. You can avoid it by meeting one of several conditions: keeping a minimum balance (usually $500 to $1,500 depending on the account), setting up direct deposit, maintaining a linked savings account with a certain balance, or being under 18 or over 65. If you meet any one of these requirements, the fee is waived that month.

The fee hits your account automatically on a set day each month — usually the same date your account opened. If you do not meet the waiver requirements, the money comes out whether you notice it or not.

Key Takeaways

  • Bank of America's monthly maintenance fees range from $4.95 to $25 per month depending on whether you have a checking or savings account and which specific product you chose.
  • You can waive the fee by maintaining a minimum balance, setting up direct deposit, keeping a linked savings account with a minimum balance, or may have access to for an age-based waiver if you are under 18 or over 65.
  • The fee is charged automatically each month on the same date, so if you do not meet a waiver requirement, you will lose that amount whether you track it or not.
  • Different account types have different fee amounts and different waiver thresholds, so the cost depends on which Bank of America account you opened.

Which Bank of America accounts charge monthly fees

Bank of America's most common account, the Advantage Checking account, carries a $12 monthly maintenance fee. The Advantage Plus Checking account costs $12 per month. The Advantage Savings account charges $4 per month. If you have a Money Market Savings account, the fee is $25 per month.

The bank also offers accounts with no monthly fee — the eChecking account has no maintenance charge at all. However, eChecking comes with limitations: you cannot use a debit card, you cannot make ATM withdrawals, and you can only access your money through online transfers or checks. For most people, this makes it impractical as a primary account.

Student accounts and accounts for people over 65 have different fee structures. If you are under 18, Bank of America waives the monthly fee on Advantage Checking. If you are 65 or older, you may may have access to for a waiver on certain accounts, though you should confirm the current terms with the bank.

How to avoid paying the monthly maintenance fee

The simplest way to waive the fee is to keep a minimum balance in your account. For Advantage Checking, you need to maintain an average daily balance of $1,500 or more. For Advantage Plus Checking, the threshold is also $1,500. For Advantage Savings, you need $500. If your balance stays above that number for the entire month, no fee is charged.

You can also waive the fee by setting up direct deposit. If you have your paycheck, government benefits, or other regular income deposited directly into your Bank of America account, the monthly maintenance fee is waived. This applies to most checking accounts. The deposit must actually hit your account during the month — setting it up but not receiving a deposit does not count.

A third option is to link a savings account with a minimum balance. If you maintain a Bank of America savings account with at least $500 in it, some checking accounts waive their monthly fee. This works best if you are already saving money at the bank anyway.

Age-based waivers apply automatically if you may have access to. If you are under 18, the fee is waived on Advantage Checking without any other requirement. If you are 65 or older, ask your branch about which accounts may have access to for a senior waiver.

What happens if you do not meet the waiver requirements

If you do not maintain the minimum balance, do not have direct deposit set up, and do not have a linked savings account with the required balance, the monthly maintenance fee is charged to your account. The bank deducts it automatically — you do not have to do anything for it to happen. The charge appears as a line item in your transaction history.

The fee comes out of your available balance, which means it can push you below zero if your account is already low. If the fee causes your balance to go negative, you may then be charged an overdraft fee on top of the maintenance fee. This can create a cycle where one month's fee triggers overdraft charges, which makes it harder to recover the next month.

If you notice the fee was charged and you believe you met the waiver requirements, you can contact Bank of America and ask for a reversal. The bank sometimes reverses one or two months of fees if you can show you met the conditions. However, this is not may provide, and you have to call or visit a branch to request it.

Comparing Bank of America fees to other banks

Many online banks and credit unions charge no monthly maintenance fee at all. Banks like Ally, Charles Schwab, and Discover have checking accounts with zero monthly cost and no minimum balance requirement. Credit unions often have lower fees or no fees, though you have to be a member to open an account.

Traditional banks like Chase, Wells Fargo, and Citibank also charge monthly maintenance fees on their standard checking accounts — typically $10 to $15 per month. They offer similar waiver options: direct deposit, minimum balance, or linked accounts. The difference is usually in how high the minimum balance threshold is and whether the bank waives fees for age or account type.

If you are paying Bank of America's monthly fee every month and not meeting any waiver requirement, switching to an online bank or credit union could save you $50 to $150 per year. The trade-off is that you lose access to Bank of America's physical branches and ATM network, which matters if you deposit cash frequently or need in-person service.

How to set up direct deposit to waive the fee

To set up direct deposit with Bank of America, you need your account number and routing number, which you can find on the bottom left of any check or in the online banking portal. Give this information to your employer's payroll department or to the government agency sending your benefits.

The deposit usually takes one to two pay cycles to start. Once it does, the monthly maintenance fee is waived automatically — you do not need to call the bank or take any additional action. The waiver applies as long as direct deposit continues to hit your account each month.

If your direct deposit stops — because you change jobs or your benefits end — the fee resumes the following month unless you meet one of the other waiver requirements. This is why direct deposit is most reliable for people with steady employment or regular government income.

What to do if you want to avoid the fee entirely

If you want a Bank of America account with no monthly maintenance fee, your only option is the eChecking account. It has no fee, no minimum balance, and no direct deposit requirement. However, it comes with significant restrictions: no debit card, no ATM access, and no check writing. You can only move money through online transfers or by mailing checks.

For most people, eChecking is not practical as a primary account. It works only if you rarely need to access cash and do not mind waiting for transfers to clear. If you want a full-featured checking account with no fee, you will need to look outside Bank of America.

If you are already a Bank of America customer and want to keep your account, the easiest path is usually direct deposit. If you have a regular paycheck or benefits deposit, set it up and the fee disappears. If you do not have direct deposit, keeping $1,500 in your checking account is the next most reliable option.

Frequently Asked Questions

Can Bank of America reverse a monthly maintenance fee if I ask?

Bank of America may reverse one or two months of fees if you contact them and explain that you met the waiver requirements or if you have been a long-time customer. However, reversals are not may provide. Call your branch or visit in person to request one — online chat is less likely to result in a reversal.

Does the minimum balance have to stay in checking, or can I move it to savings?

The minimum balance must stay in the specific account being charged the fee. If you need to waive a checking account fee, the $1,500 must remain in checking. You cannot move it to savings and still get the waiver. However, you can have a separate savings account with $500 to waive certain checking fees.

What counts as direct deposit for waiving the fee?

Direct deposit means any automatic recurring deposit from an employer, government agency, or similar source. Paychecks, Social Security, unemployment benefits, and pension payments all count. Transfers you make yourself from another account do not count as direct deposit.

If I close my Bank of America account, will I be charged a closing fee?

Bank of America does not charge a fee to close a checking or savings account. However, if you close the account within 90 days of opening it, the bank may report it to ChexSystems, which can affect your ability to open accounts at other banks. There is no financial penalty from Bank of America itself.

Do savings accounts have the same waiver options as checking accounts?

Bank of America savings accounts waive their monthly fee if you maintain a $500 minimum balance. They do not waive the fee for direct deposit the way checking accounts do. Some savings accounts also waive the fee if you have a linked checking account with a minimum balance, but this varies by product.