What Bank of America requires to keep your checking account open
Bank of America does not require a minimum balance to open most of its checking accounts. However, some accounts charge a monthly fee unless you meet certain conditions — and one of those conditions may be maintaining a minimum balance. The specific requirement depends on which checking account you choose and whether you take steps to waive the fee.
The most common Bank of America checking account is the Advantage SafePass Checking, which has no minimum balance requirement and no monthly maintenance fee. If you choose a different account type, the rules change. Before you open an account, you need to know which account you are getting and what fee applies to it.
Key Takeaways
- Advantage SafePass Checking has no minimum balance requirement and no monthly fee, making it the simplest option for most people.
- Other checking accounts may charge $12 to $15 per month unless you maintain a minimum balance, usually $1,500 to $2,500.
- You can waive the monthly fee on most accounts by setting up direct deposit, keeping a linked savings account with a minimum balance, or maintaining a higher checking balance.
- If your balance drops below the minimum, you will be charged the monthly fee that month — the account does not close, but you lose the fee waiver.
Minimum balance requirements by account type
Bank of America offers several checking accounts, and the minimum balance rule differs for each. Advantage SafePass Checking is the account with no minimum balance and no monthly fee — this is the default option if you do not specify otherwise. If you open a different account, you may face a monthly maintenance fee.
Advantage Plus Checking and Advantage Banking (the premium tier) do charge monthly fees. Advantage Plus Checking typically charges $12 per month unless you meet one of several conditions. Advantage Banking charges $25 per month. The minimum balance that waives the fee on Advantage Plus is usually $1,500 in your checking account, though Bank of America also allows you to waive it by setting up direct deposit or by maintaining a linked savings account with $2,500.
The exact minimum balance can vary slightly by region and by when your account was opened, so the best way to confirm the current requirement for your specific account is to log into your Bank of America account online or call 1-800-432-1000.
How to avoid the monthly fee if you have an account that charges one
If you have an account that carries a monthly maintenance fee, Bank of America gives you multiple ways to waive it. You do not have to choose just one — meeting any single condition will remove the fee for that month.
The most common waiver is direct deposit. If you have your paycheck, Social Security payment, or other regular income deposited directly into your Bank of America checking account, the monthly fee is waived. This is the easiest path for people who receive regular paychecks. The deposit must post to your account at least once per month.
The second waiver is maintaining a minimum balance in your checking account. For Advantage Plus Checking, this is typically $1,500. If your balance stays at or above that amount on the last day of the statement period, the fee is waived. If your balance drops below $1,500 even once during the month, you will be charged the fee.
The third waiver is maintaining a linked savings account with a minimum balance. For Advantage Plus Checking, you can waive the fee by keeping $2,500 in a linked Bank of America savings account. This is useful if you prefer to keep your spending money separate from your savings.
What happens if your balance falls below the minimum
If you have an account with a minimum balance requirement and your balance drops below it, the account does not close. Instead, you are charged the monthly maintenance fee for that month. Your account remains open and functional — you can still withdraw money, write checks, and use your debit card.
The fee is charged once per month, usually on the same day each month depending on when your account was opened. If you dip below the minimum on day 15 of the month but climb back above it by day 25, you will still be charged the fee that month. The fee applies based on your balance on the last day of the statement period, not on every day of the month.
If you are charged a fee by mistake or believe the fee was applied in error, you can contact Bank of America to request a reversal. Bank of America sometimes reverses one or two fees per year if you have a good account history, though this is not may provide.
Minimum balance for savings accounts linked to checking
If you use a linked savings account to waive your checking account fee, that savings account has its own minimum balance requirement. Bank of America's regular savings account has no minimum balance to open, but some savings products do carry minimums.
The Money Market Account, for example, typically requires a $2,500 minimum balance to avoid a monthly fee. If you are using a savings account solely to waive your checking fee, confirm with Bank of America that the specific savings product you choose meets the requirement and does not have its own fee that would offset the savings.
How to check your current account type and minimum balance requirement
The fastest way to find out your specific minimum balance requirement is to log into your Bank of America account online or through the mobile app. Go to your account details or account settings, and look for the section labeled "Account Features" or "Fee Information." This will show your current account type and any fees that apply.
You can also call Bank of America at 1-800-432-1000 and speak with a representative. Have your account number ready. They can tell you your current account type, the monthly fee (if any), and the exact minimum balance or other conditions that waive the fee.
If you want to switch to a different account type — for example, from Advantage Plus to Advantage SafePass to eliminate the fee entirely — you can do this online or by calling. There is no fee to change account types, and the change usually takes effect immediately.
Frequently Asked Questions
Do I need a minimum balance to open a Bank of America checking account?
No. Bank of America does not require a minimum deposit to open a checking account. You can open an account with $0 and deposit money later. However, some account types charge a monthly fee unless you meet certain conditions, which may include maintaining a minimum balance.
What if I cannot maintain the minimum balance?
Switch to Advantage SafePass Checking, which has no minimum balance requirement and no monthly fee. You can change your account type for free by logging into your account online, using the mobile app, or calling 1-800-432-1000. The change takes effect immediately.
Does the minimum balance have to stay in checking, or can I move it to savings?
It depends on your account type. If you have Advantage Plus Checking, the $1,500 minimum must stay in your checking account to waive the fee. However, you can waive the fee instead by maintaining $2,500 in a linked savings account, which lets you keep your money separate.
What if my direct deposit stops — will I be charged the fee?
Yes. If direct deposit is your fee waiver and your deposits stop, you will be charged the monthly maintenance fee starting the next month. If you lose your job or your income changes, switch to a different waiver method — either maintain the minimum balance in checking or in a linked savings account.
Can Bank of America reverse a fee if I went below the minimum by accident?
Bank of America may reverse one or two fees per year if you have a good account history and request it, but this is not may provide. Call 1-800-432-1000 and explain the situation. If you frequently dip below the minimum, it is easier to switch to an account with no minimum or to set up direct deposit.