Bank of America charges a monthly maintenance fee on most checking and savings accounts, typically $12 for checking and $4 to $12 for savings, though you can avoid it by meeting specific requirements

The monthly maintenance fee is a charge Bank of America deducts from your account each month for keeping the account open. The amount depends on the account type. For most checking accounts, it is $12 per month. For savings accounts, it ranges from $4 to $12 depending on which savings product you hold. The fee posts automatically on a set day each month, usually the same date your account opened.

You do not have to pay this fee. Bank of America waives it if you meet one of several conditions: maintain a minimum balance (usually $500 to $1,500 depending on account type), set up direct deposit, keep a linked savings account with a minimum balance, or maintain a relationship with their investment or wealth management services. The exact waiver threshold varies by account and changes periodically, so the current requirement for your specific account appears in your account agreement or online banking portal.

Key Takeaways

  • Bank of America's standard checking account maintenance fee is $12 per month, and savings account fees range from $4 to $12 depending on the product.
  • You can waive the fee by maintaining a minimum balance (usually $500 to $1,500), setting up direct deposit, or linking accounts with required balances.
  • The fee posts automatically each month on the same date your account opened, and you can see it listed as a deduction in your transaction history.
  • If you do not meet waiver requirements, the fee reduces your account balance by the monthly amount, which compounds over time.

How the fee appears in your account

The maintenance fee shows up as a single line item in your transaction history, labeled as "Monthly Maintenance Fee" or "Service Charge." It posts on the same calendar day each month. For example, if your account opened on the 15th, the fee posts on the 15th of every month going forward. You can see it in your online banking dashboard under Recent Transactions or in your monthly statement.

The fee is deducted directly from your available balance. If your account balance is low when the fee posts, it can push you into overdraft, which then triggers additional overdraft fees. This is why maintaining the minimum balance to waive the fee protects you from a cascade of charges.

Account types and their specific fees

Bank of America offers several checking and savings products, each with its own maintenance fee structure. The Checking Account (their standard product) charges $12 per month. The eBanking Checking Account, designed for customers who primarily bank online, also charges $12 per month. The SafePass Checking Account, marketed toward students and young adults, charges $0 per month with no minimum balance requirement.

For savings, the Regular Savings Account charges $4 per month. The Money Market Savings Account charges $12 per month. The Premium Savings Account charges $25 per month but is intended for customers with larger balances and higher relationship status with the bank. Fees and account names change periodically, so confirm the current fee for your specific product in your account agreement or by logging into your online account.

Minimum balance requirements to waive the fee

The most common way to avoid the monthly maintenance fee is to maintain a minimum daily balance. For most checking accounts, this is $500. For savings accounts, it typically ranges from $300 to $500 depending on the product. The balance must be present in the account on the day the fee would normally post. If your balance drops below the minimum on that date, the fee posts regardless of whether you recover the balance later in the month.

Some accounts allow you to waive the fee by maintaining the minimum balance across linked accounts. For example, you might waive your checking fee by keeping $500 in a linked savings account instead of in the checking account itself. This option is useful if you want to keep most of your money in savings while avoiding the checking fee.

Direct deposit and other waiver methods

Setting up direct deposit is another way to waive the monthly maintenance fee on most Bank of America checking accounts. Direct deposit means your employer, government agency, or other payer deposits money directly into your account electronically rather than you depositing a check. You do not need a minimum balance if direct deposit is active. The deposit must occur at least once per month for the waiver to apply.

Some accounts also waive the fee if you maintain a linked savings account with a minimum balance, or if you have a Bank of America credit card or investment account in good standing. Wealth management customers and those with higher relationship tiers may have fees waived automatically. The specific waiver options for your account are listed in your account agreement or by calling Bank of America at the number on the back of your debit card.

What happens if you do not meet waiver requirements

If you do not maintain the minimum balance, set up direct deposit, or meet any other waiver condition, the $12 (or $4 to $12 for savings) posts to your account each month. Over a year, this adds up to $144 for a standard checking account. If your account balance is low when the fee posts, it can trigger an overdraft fee on top of the maintenance fee, creating a double charge in a single month.

The fee is not negotiable or reversible after it posts. Bank of America does not refund maintenance fees even if you contact customer service. Your only option is to meet one of the waiver requirements going forward, or to switch to an account type with no maintenance fee (such as the SafePass Checking Account for may be able to access customers) or to a different bank.

How to confirm your account's fee and waiver status

Log into your Bank of America online banking account and navigate to Account Details or Account Settings. Your account agreement, available as a PDF download, lists the exact maintenance fee and all waiver methods for your specific account. You can also call Bank of America at 1-800-432-1000 to confirm the fee and ask which waiver option is easiest for your situation.

If you are not currently meeting a waiver requirement, ask the representative which option requires the least effort. For many people, setting up direct deposit (if they receive regular paychecks or benefits) is the simplest path. For others, maintaining a $500 minimum balance is more practical. The representative can also tell you whether you are may be able to access for the SafePass account or another lower-fee product.

Frequently Asked Questions

Can Bank of America refund a maintenance fee I already paid?

No. Bank of America does not refund maintenance fees after they post. Your only option is to prevent future fees by meeting a waiver requirement or switching to a different account or bank. If the fee caused an overdraft, you may be able to dispute the overdraft fee separately, but the maintenance fee itself is final.

Does the SafePass Checking Account have any hidden fees?

SafePass has no monthly maintenance fee and no minimum balance requirement. It does charge overdraft fees if you spend more than your balance, just like any other checking account. Confirm the current overdraft fee structure in the account agreement, as fees can change.

If I set up direct deposit, when does the fee waiver start?

The waiver typically takes effect the month after your first direct deposit posts. If you set up direct deposit on the 10th and your first deposit arrives on the 15th, the fee waiver usually applies to the following month's maintenance fee. Confirm the exact timing with Bank of America when you set up direct deposit.

What if my direct deposit stops—does the fee come back?

Yes. If direct deposit does not occur for a full month, the maintenance fee resumes the following month. You must have at least one direct deposit per month to keep the waiver active. If your employment or benefit situation changes, contact Bank of America to switch to a different waiver method, such as maintaining a minimum balance.

Can I move money between my checking and savings to meet the minimum balance requirement?

Yes, as long as the balance is present on the day the fee posts. You can transfer money from savings to checking (or vice versa) to meet the minimum. However, some savings accounts limit the number of transfers you can make per month, so check your savings account agreement before relying on frequent transfers.