What Bank of America charges for checking accounts
Bank of America charges a $12 monthly maintenance fee on most of its checking accounts, though you can waive it by meeting one of several conditions. The fee applies to accounts like Advantage SafePass, Advantage Plus, and Advantage Relationship Banking. Some accounts, like the eChecking account, have no monthly fee at all.
The monthly fee is not automatic if you take one of these steps: keep a minimum daily balance (usually $1,500 to $2,500 depending on the account type), set up direct deposit, maintain a linked savings account with a certain balance, or be under 18 or over 65 years old. Bank of America also waives the fee if you are a student with a verified .edu email address.
Beyond the monthly maintenance fee, Bank of America charges for specific actions: overdraft fees ($35 per transaction if you go negative), out-of-network ATM fees ($2.50 per withdrawal), wire transfer fees ($15 domestic, $45 international), and stop payment fees ($30). Bounced check fees run $35 each.
Key Takeaways
- The standard monthly maintenance fee is $12, but you can waive it by keeping a $1,500 to $2,500 daily balance, setting up direct deposit, or meeting other account-specific conditions.
- eChecking accounts have no monthly fee and no minimum balance requirement, making them the lowest-cost option if you do not need premium features.
- Overdraft fees, out-of-network ATM fees, and wire transfer fees apply on top of the monthly charge and can add up quickly if you use those services.
- Students, minors, and seniors may have the monthly fee waived automatically depending on their account type and age.
How to avoid the $12 monthly fee
The easiest way to waive the fee is to set up direct deposit. Any regular paycheck, government benefit, or recurring transfer counts. You do not need a large amount—even $1 per pay period satisfies the requirement on most accounts. This is the most common path because it requires no ongoing balance maintenance.
If direct deposit is not an option, maintain a minimum daily balance. For Advantage Plus checking, that threshold is $1,500. For Advantage SafePass, it is $2,500. The balance is calculated daily, so dipping below the minimum even once during a statement cycle will trigger the fee. If you carry that balance anyway for other reasons, this method costs you nothing extra.
A third option is to link a savings account with a minimum balance. On some accounts, keeping $500 in a linked savings account waives the checking fee. This works if you are already saving and do not mind keeping money in both accounts.
Students can waive the fee by verifying their status through Bank of America's student program. You will need a valid .edu email address. The waiver typically lasts until you graduate or turn 25, depending on the account type.
Comparing eChecking to other Bank of America checking accounts
eChecking is Bank of America's no-fee checking account. It has no monthly maintenance fee, no minimum balance requirement, and no direct deposit requirement. You can open it online and use it immediately. The trade-off is that it does not earn interest and does not include some of the perks of paid accounts, like higher ATM reimbursement limits or priority customer service.
Advantage Plus checking costs $12 per month (waivable with $1,500 daily balance or direct deposit) and includes features like overdraft protection and a higher ATM reimbursement limit ($3 per transaction instead of $2.50). Advantage SafePass is similar but requires a $2,500 minimum balance to waive the fee.
If you rarely use out-of-network ATMs and do not need overdraft protection, eChecking is the lowest-cost choice. If you use Bank of America ATMs regularly and want overdraft coverage, paying the $12 fee or meeting the balance requirement for Advantage Plus may be worth it.
| Account Type | Monthly Fee | Fee Waiver Options | ATM Reimbursement |
|---|---|---|---|
| eChecking | $0 | None (no fee to waive) | None |
| Advantage Plus | $12 | $1,500 daily balance or direct deposit | $3 per transaction |
| Advantage SafePass | $12 | $2,500 daily balance or direct deposit | $3 per transaction |
| Advantage Relationship Banking | $12 | $2,500 daily balance or direct deposit | $3 per transaction |
Overdraft and out-of-network ATM fees
If your account goes negative, Bank of America charges $35 per overdraft transaction. This fee applies each time a transaction posts after your balance drops below zero. If you overdraft by $50 and three transactions post while you are negative, you will owe three separate $35 fees on top of the $50 shortfall.
You can link a savings account to your checking account for overdraft protection. If a transaction would overdraft your checking account, the bank transfers money from savings instead. This avoids the $35 fee, though some transfers may incur a small fee depending on your account agreement. Overdraft protection is included on most Advantage accounts but not on eChecking.
Using an ATM outside the Bank of America network costs $2.50 per withdrawal on eChecking and standard accounts. Advantage accounts offer $3 reimbursement per out-of-network ATM transaction, which means the bank refunds the fee charged by the other ATM operator, though you still pay Bank of America's own $2.50 fee. Bank of America has over 16,000 ATMs nationwide, so using their network avoids the fee entirely.
Wire transfer, check, and miscellaneous fees
Sending money by wire transfer costs $15 for domestic transfers and $45 for international transfers. These fees are charged by Bank of America, not by the receiving bank. Some other banks offer free wire transfers, so if you send wires regularly, this cost adds up.
Ordering a stop payment on a check costs $30. If a check you wrote is lost or you need to cancel it, the bank charges this fee to process the request. A bounced check (one that is returned for insufficient funds) costs $35. If you write a check and do not have enough money in the account, both the $35 bounce fee and the $12 monthly maintenance fee may apply in the same month.
Cashier's checks, money orders, and account research requests may also carry fees ranging from $5 to $15 depending on the service. Bank of America's full fee schedule is available on their website and in the account agreement you receive when you open the account.
How monthly fees are charged and when they post
The $12 monthly maintenance fee posts on the same day each month, usually around the 10th or the date you opened the account. Bank of America calculates whether you have met a waiver condition (direct deposit, minimum balance, linked savings account) during the statement period. If you have not met any condition, the fee is charged automatically.
The fee will post even if your account balance is low. If you have $5 in the account and the $12 fee posts, your account goes negative and you will also owe a $35 overdraft fee. This can happen quickly if you are not tracking your balance carefully.
If you believe a fee was charged in error—for example, you set up direct deposit but the bank did not recognize it—contact Bank of America customer service with proof of the deposit. They can review the statement and may refund the fee as a one-time courtesy, though they are not required to do so.
Frequently Asked Questions
Can I get the monthly fee refunded if I just opened the account?
Bank of America does not automatically refund the monthly fee for new accounts. However, if you set up direct deposit within the first month or two, the fee may be waived going forward. If you believe a fee was charged in error, contact customer service with documentation and ask for a one-time courtesy refund.
Does Bank of America charge a fee to close a checking account?
No, closing a checking account is free. However, if you close the account within 180 days of opening it, Bank of America may report it to ChexSystems, which can affect your ability to open accounts at other banks. There is no fee for the closure itself.
What happens if I do not meet the minimum balance requirement one month?
If your daily balance falls below the required threshold even once during the statement period, the $12 monthly fee will post. You do not get a second chance within the same month. The fee applies the next time your statement closes.
Is the $2.50 out-of-network ATM fee charged by Bank of America or the other bank?
Bank of America charges $2.50. The ATM operator may also charge their own fee, which would be separate. On Advantage accounts, Bank of America refunds up to $3 per transaction, which covers most out-of-network ATM fees, but you still pay Bank of America's $2.50 charge.
Can I waive the monthly fee by keeping money in a linked savings account instead of a checking balance?
Yes, on most accounts. You typically need to keep $500 or more in a linked savings account. The exact requirement varies by account type, so check your account agreement or call customer service to confirm the threshold for your specific account.