What Bank of America charges for monthly maintenance
Bank of America charges a monthly maintenance fee on most checking and savings accounts, but the amount and whether you pay it depends on which account type you have and whether you meet certain conditions. The most common fee is $12 per month on their standard checking account, though some accounts charge $0 and others charge more.
The fee is waived if you maintain a minimum balance, set up direct deposit, or meet other requirements that vary by account. If you do not meet the waiver conditions, the $12 charge appears on your statement each month and reduces your account balance.
Bank of America does not charge a maintenance fee on all of their accounts — some checking products and most savings accounts have no monthly fee at all, which is why knowing which account you hold matters.
Key Takeaways
- Bank of America's standard checking account charges $12 per month, but the fee is waived if you keep a $500 minimum daily balance or set up a may have access to direct deposit.
- Some Bank of America accounts, including certain savings products and the SafePass checking account, have no monthly maintenance fee.
- If you are charged a fee you did not expect, you can call Bank of America to request a one-time reversal, especially if you have been a customer for a while.
- The fee appears on your statement each month and is deducted from your available balance unless you meet a waiver condition.
Which Bank of America accounts have monthly fees
Bank of America's Advantage Checking account carries a $12 monthly maintenance fee. This is their standard checking product for most customers. The fee applies unless you meet one of the waiver conditions: maintaining a $500 minimum daily balance, setting up a direct deposit of at least $250 per month, or maintaining a linked savings account with a $500 minimum balance.
Their Advantage Plus Checking account charges $12 per month as well, with the same waiver options. This account is marketed toward customers who want overdraft protection and slightly higher limits.
Bank of America's SafePass Checking account has no monthly maintenance fee. This account is designed for customers who want basic checking without monthly charges, though it comes with lower daily transaction limits and no overdraft protection.
Most Bank of America savings accounts do not charge a monthly maintenance fee, though some money market accounts may have minimum balance requirements that trigger fees if not met.
How to waive the monthly fee
The easiest way to avoid the $12 fee is to set up direct deposit. Bank of America waives the fee if you have at least one direct deposit of $250 or more per month deposited into the account. This includes paycheck deposits, Social Security, pension payments, and some government benefits. The deposit must actually post to your account — scheduling it does not count.
If direct deposit is not an option, you can maintain a $500 minimum daily balance in your checking account. This means the balance must stay at or above $500 every single day of the month. If it drops below $500 even once, the fee applies that month. Many people find this difficult because it ties up money that could be used elsewhere.
A third option is to link a savings account to your checking account and keep a $500 minimum balance in the savings account. This is sometimes easier than keeping the checking balance high, since you can move money to savings and still meet the requirement.
If you are a Bank of America Preferred Rewards member (which requires a linked investment or wealth management account), you may also may have access to for fee waivers depending on your tier level.
What happens if you are charged the fee
The $12 fee appears as a line item on your monthly statement, usually labeled "Monthly Maintenance Fee" or "Service Charge." It is deducted from your available balance, which means your usable funds drop by $12 even if your account balance looks higher.
If you are charged a fee and believe it was a mistake — for example, you thought you had direct deposit set up or you maintained the minimum balance — contact Bank of America by phone or through their mobile app. Customer service can review your account and may reverse a single fee as a courtesy, especially if you have been a customer for several years or if the fee was charged in error.
If you are charged the fee repeatedly and want to stop paying it, your options are to meet one of the waiver conditions going forward, switch to the SafePass account, or move your account to a different bank that does not charge monthly maintenance fees.
Comparing Bank of America to other banks
Many online banks and credit unions offer checking accounts with no monthly maintenance fee and no minimum balance requirement. Banks like Ally, Charles Schwab, and Discover do not charge monthly fees on their checking accounts. Some local credit unions also waive monthly fees for members.
Traditional banks like Wells Fargo and Chase also charge monthly maintenance fees on their standard checking accounts, typically $10 to $15 per month, with similar waiver options (direct deposit, minimum balance, or linked accounts).
The choice between Bank of America and another bank depends on whether you value their branch network and customer service enough to pay the fee, or whether you can meet one of their waiver conditions. If you rarely use branches and do not have direct deposit, a no-fee online bank may cost you less over time.
How to switch accounts or banks if you want to avoid the fee
If you want to keep your Bank of America account but avoid the monthly fee, switching to the SafePass Checking account is straightforward. You can request the switch through your Bank of America app, online banking, or by visiting a branch. Your account number and routing number will change, so you will need to update any automatic payments or direct deposits that are linked to your old account.
If you want to move to a different bank entirely, start by opening a new account at the bank you choose. Once the new account is open and you have confirmed the routing number, update your direct deposit with your employer or benefits provider. Set a date to move any remaining money from your Bank of America account, then close the old account. Bank of America does not charge a fee to close an account.
Before you close, make sure all checks have cleared and all automatic payments have been redirected to your new account. This usually takes one to two weeks.
Frequently Asked Questions
Can Bank of America reverse a monthly maintenance fee I was already charged?
Yes, you can call Bank of America and request a reversal. They often reverse one fee as a courtesy, especially if you have been a customer for a while or if you believe the fee was charged in error. There is no may provide they will reverse it, but asking costs nothing. If they refuse, you can ask again the next month if the fee is charged again.
Does direct deposit have to be from my job, or can it be from other sources?
Direct deposit can come from your employer, Social Security, a pension, unemployment benefits, or other government payments. It does not have to be a paycheck. The requirement is that at least $250 posts to your account each month through direct deposit. Transfers you make yourself from another account do not count.
What is the SafePass checking account, and why would I use it?
SafePass is Bank of America's no-fee checking account. It has no monthly maintenance fee and no minimum balance requirement. The trade-off is lower daily transaction limits (usually 6 to 10 transactions per day) and no overdraft protection. It is useful if you want basic checking without paying a fee and do not need frequent transactions.
If I close my Bank of America account, will it hurt my credit score?
Closing a checking or savings account does not directly affect your credit score because bank accounts are not reported to credit bureaus. However, if you have an overdraft or unpaid balance when you close, that could be reported and affect your credit. Make sure your account balance is zero or positive before closing.
How often does Bank of America charge the monthly maintenance fee?
The fee is charged once per month, typically on the same day each month (often the first or last day of the billing cycle). If you do not meet a waiver condition during that month, the fee will be charged. If you meet a waiver condition partway through the month, the fee for that month may still apply — the waiver usually takes effect the following month.