What Bank of America's minimum balance requirement means
A minimum balance is the lowest amount of money you must keep in your Bank of America account to avoid a monthly fee. The requirement varies by account type — some accounts have no minimum at all, while others require you to hold $500, $1,500, or more. If your balance drops below the requirement, Bank of America charges a monthly maintenance fee, usually $12 to $25 depending on the account.
The minimum balance is calculated on a daily basis or as an average over the month, depending on your account. Some accounts waive the fee if you meet other conditions instead — like setting up direct deposit, maintaining a linked savings account, or keeping a certain balance in investments.
Key Takeaways
- Bank of America's minimum balance requirements range from $0 to $2,500 depending on account type, with most checking accounts requiring $500 or $1,500.
- If you fall below the minimum, you pay a monthly maintenance fee of $12 to $25; the fee does not appear immediately but posts at the end of your billing cycle.
- Many accounts let you waive the minimum balance fee by setting up direct deposit, maintaining a linked savings account with a minimum balance, or keeping money in investments.
- The minimum balance is tracked daily, so even one day below the threshold can trigger the fee if your account does not offer a grace period.
Minimum balance by Bank of America account type
Bank of America offers several checking and savings accounts, each with different minimums. The Advantage SafeBalance Banking account has no minimum balance requirement and no monthly maintenance fee — this is the account to choose if you want to avoid minimums entirely. The Advantage Plus Checking account requires a $500 minimum balance or waives the fee if you set up direct deposit of at least $250 per month. The Preferred Rewards Checking account requires $1,500 or waives the fee through direct deposit.
Savings accounts also carry minimums. The Regular Savings account requires $300 to avoid a $5 monthly fee. The Money Market Savings account requires $2,500 to avoid a $25 monthly fee. Some accounts waive the fee if you maintain a linked checking account with the required minimum balance instead of keeping the full amount in savings.
Bank of America also offers accounts tied to its Preferred Rewards investment program. If you hold investments or have a certain account balance across all your Bank of America products, you may waive minimums on checking and savings accounts entirely. The thresholds depend on your Preferred Rewards tier — Gold, Platinum, or Diamond.
How the minimum balance is calculated and when the fee posts
Bank of America calculates your minimum balance on a daily basis. This means the bank looks at your balance every single day and checks whether it meets the requirement. If your balance drops below the minimum on even one day during your billing cycle, you become subject to the monthly maintenance fee. Some accounts do not offer a grace period, so timing matters — a transfer out on the wrong day can trigger the fee.
The monthly maintenance fee does not post immediately when you fall below the minimum. Instead, it appears at the end of your billing cycle, usually around the same date each month. Once the fee posts, it reduces your balance further, which can push you even lower if you are already struggling to stay above the minimum. If you notice the fee has posted in error, you can contact Bank of America to request a reversal, though the bank does not reverse fees automatically.
Ways to waive the minimum balance requirement
The easiest way to waive a minimum balance fee is to set up direct deposit. For most Bank of America checking accounts, a direct deposit of at least $250 per month waives the monthly maintenance fee regardless of your balance. Direct deposit includes payroll deposits, government benefits, and transfers from other banks — it does not have to be employment income. You set this up through your employer's payroll system or benefits portal.
Another option is to maintain a linked savings account with the required minimum balance. If you have a Preferred Rewards Checking account that requires $1,500, you can hold that $1,500 in a linked savings account instead of keeping it all in checking. This works well if you want to earn interest on the money while still avoiding the checking account fee.
If you are a Preferred Rewards member, your investment and deposit balances across all Bank of America accounts count toward waiving minimums. For example, if you hold $25,000 in investments, you may waive minimums on all your checking and savings accounts. The thresholds are $20,000 for Gold, $50,000 for Platinum, and $100,000 for Diamond status.
What happens if you do not meet the minimum
When your balance falls below the minimum and you do not have a waiver in place, Bank of America charges a monthly maintenance fee. For most checking accounts, this fee is $12 to $15. For savings accounts, it ranges from $5 to $25 depending on the account type. The fee posts automatically at the end of your billing cycle and reduces your available balance immediately.
If you are charged a fee and believe it was a mistake — for example, you thought you had direct deposit set up or you were not aware of the requirement — contact Bank of America within a reasonable time. The bank may reverse one or two fees as a courtesy, especially if you are a long-standing customer. However, reversals are not may provide, and the bank does not reverse fees automatically. After a reversal, make sure your waiver is actually in place so the fee does not happen again.
Comparing Bank of America to other banks
Bank of America's minimum balance requirements are higher than many online banks and credit unions. Online banks like Ally, Charles Schwab, and Discover often have no minimum balance requirement and no monthly maintenance fees at all. Credit unions typically offer checking accounts with low or no minimums, though you must be a member to open an account.
Traditional banks like Wells Fargo and Chase also charge monthly fees and require minimums, though the amounts vary. Wells Fargo's checking accounts require $500 to $1,500 minimums or waive fees through direct deposit, similar to Bank of America. If you want to avoid minimums entirely, an online bank or credit union may be a better fit. If you value Bank of America's branch network and customer service, the direct deposit waiver makes it possible to avoid fees without keeping a large balance.
Frequently Asked Questions
Can I avoid the minimum balance fee without direct deposit?
Yes. You can maintain the required minimum balance in your account, link a savings account with the minimum balance, or join Preferred Rewards and hold investments or deposits that meet the tier threshold. Direct deposit is the easiest option, but not the only one.
Does the minimum balance have to stay in checking, or can I move it to savings?
It depends on your account. Some Bank of America checking accounts let you hold the minimum in a linked savings account instead. Check your account terms or call Bank of America to confirm whether your specific account allows this.
What if my balance drops below the minimum for just one day?
Bank of America calculates the minimum daily, so one day below the threshold can trigger the fee if you do not have a waiver in place. However, if you have direct deposit or another waiver active, the fee is waived regardless of daily fluctuations.
How long does it take for the fee to post after I fall below the minimum?
The fee posts at the end of your billing cycle, not immediately. Your billing cycle date depends on when you opened the account. You can find your cycle date in your account settings or by calling Bank of America.
Can Bank of America reverse a minimum balance fee?
Bank of America may reverse a fee if you contact them and explain the situation, especially if it is your first time being charged. Reversals are not automatic and are at the bank's discretion. There is no harm in asking, but do not count on it happening.