What Bank of America requires to keep your checking account open
Bank of America does not charge a monthly fee on most checking accounts if you maintain a minimum daily balance of $500 in your account. If your balance drops below $500, you will be charged a $12 monthly maintenance fee. Some accounts have different minimums — the Advantage Plus checking account requires $1,500 to avoid the fee, while the Interest Checking account requires $2,500. The fee applies once per month if the minimum is not met on any day during that month.
The minimum balance requirement is based on your daily balance, not an average balance. This means if you dip below $500 even once during a billing cycle, the fee will post to your account. The fee typically appears near the end of your statement period.
You can avoid the monthly fee in other ways besides maintaining the minimum balance. Bank of America waives the fee if you set up a direct deposit of at least $250 per pay period, or if you maintain a linked savings account with a $500 minimum balance. Some customers also may have access to for fee waivers based on age (students under 24, customers 65 and older) or account type.
Key Takeaways
- The standard Bank of America checking account requires a $500 minimum daily balance to avoid a $12 monthly fee.
- The minimum is based on your lowest balance on any single day during the month, not an average.
- You can waive the fee by setting up direct deposit of $250 or more per pay period instead of maintaining the cash minimum.
- Premium accounts like Advantage Plus and Interest Checking have higher minimums ($1,500 and $2,500 respectively).
- Students under 24 and customers 65 and older may may have access to for automatic fee waivers regardless of balance.
How the daily balance minimum works in practice
Bank of America monitors your account balance every day. If your balance falls below $500 at any point during your statement period — even if it's only for a few hours — you trigger the $12 fee. This is different from an average balance requirement, which would add up all your daily balances and divide by the number of days.
For example: if you start the month with $600, spend $150 on groceries, and then deposit your paycheck, you stay above $500 the whole time and pay no fee. But if you start with $600, spend $200, and then wait three days for a paycheck to clear, you've dipped below $400 for those three days. The fee will post even though you end the month with $1,200.
The statement period typically runs from the 1st to the last day of the calendar month. Bank of America sends your statement a few days after the period ends, and the fee (if applicable) appears on that statement.
Ways to avoid the monthly fee without keeping $500
If maintaining $500 in your checking account is difficult, Bank of America offers several alternatives. The most common is direct deposit: if you set up a recurring direct deposit of at least $250 per pay period (usually twice a month), the $12 fee is waived automatically. You do not need to maintain any minimum balance if direct deposit is active.
A second option is to link a savings account. If you keep a Bank of America savings account with a $500 minimum balance, your checking account fee is waived. This works if you prefer to keep your emergency fund in savings rather than checking.
A third option depends on your age or account status. Bank of America waives fees for customers under 24 (Student Checking) and customers 65 and older (Advantage Plus for Seniors). If you fall into either category, you may not face a fee even with a low balance — check your account documents or call Bank of America to confirm your account type.
Premium checking accounts with higher minimums
Bank of America offers checking accounts beyond the standard option, each with its own minimum balance requirement and fee structure. The Advantage Plus checking account requires a $1,500 minimum daily balance to avoid a $12 monthly fee. This account is marketed toward customers who want additional features like overdraft protection and higher ATM limits.
The Interest Checking account requires a $2,500 minimum daily balance and charges a $12 monthly fee if the minimum is not met. This account pays interest on your balance, though the rate is typically very low. The interest earned rarely offsets the monthly fee if you fall below the minimum.
Both premium accounts also waive their fees if you set up direct deposit of $250 or more per pay period, just like the standard checking account. If you are considering a premium account, compare the interest rate and features against the higher minimum balance requirement to decide if it makes sense for your situation.
What happens if you fall below the minimum
When your balance drops below the required minimum on any day during your statement period, Bank of America posts a $12 maintenance fee to your account. This fee is deducted automatically and appears on your statement. The fee itself can push your balance even lower, which may trigger overdraft fees if you are close to zero.
The fee posts once per month, not every day you are below the minimum. So if your balance is $400 for the entire month, you pay $12 once, not $12 every day. However, if you are charged an overdraft fee (for spending more than your balance), that is a separate charge and can stack on top of the maintenance fee.
There is no grace period or warning before the fee posts. Bank of America does not notify you in advance that you are below the minimum. You will see the fee when you check your account or receive your statement.
How to monitor your balance and avoid surprises
Bank of America offers several tools to track your balance in real time. The mobile app shows your current balance whenever you open it, and you can set up balance alerts that notify you by text or email when your balance falls below a threshold you choose. Setting an alert at $550 or $600 gives you a buffer to react before hitting the $500 minimum.
You can also check your balance online through the Bank of America website, by calling their customer service line, or by visiting an ATM. The balance shown is usually current within a few hours, though pending transactions (like a check you wrote that has not cleared yet) may not be reflected immediately.
If you are paid by direct deposit, you can predict when your balance will rise and plan your spending accordingly. If you receive irregular income, keeping a small cushion above $500 reduces the risk of accidentally dipping below the minimum.
Frequently Asked Questions
Does Bank of America count pending transactions toward the minimum balance?
No. Bank of America calculates your minimum balance based on posted transactions only. Pending transactions (like a debit card purchase that has not cleared yet) do not count toward the minimum. This means your available balance may be lower than your posted balance, and you could fall below $500 even if your posted balance is higher.
Can I get the monthly fee refunded if I go below the minimum by accident?
Bank of America may refund the fee if you contact them and explain the situation, especially if it is your first time incurring the charge or if you have been a customer for a long time. There is no may provide, but it is worth asking. Call the number on the back of your card or visit a branch in person.
What is the difference between the daily balance minimum and an average balance requirement?
A daily balance minimum means you must stay above the threshold every single day. An average balance requirement adds up all your daily balances for the month and divides by the number of days — you could dip below the minimum some days and still avoid the fee if your average is high enough. Bank of America uses a daily balance minimum, which is stricter.
If I set up direct deposit, do I still need to keep $500 in my account?
No. Direct deposit of $250 or more per pay period waives the monthly fee entirely, regardless of your balance. You could have $50 in your account and pay no fee as long as direct deposit is active. However, you still need to avoid overdrafts if your balance is very low.
Do savings accounts have a minimum balance requirement at Bank of America?
Bank of America savings accounts do have minimum balance requirements, typically $500 to avoid a monthly fee. However, the requirements and fees vary by account type. Check your specific savings account documents or contact Bank of America for the exact minimum on your account.