Bank of America's current checking account fees

Bank of America does charge monthly fees on most of its checking accounts, but the specific amount depends on which account you have. The Advantage SafePass Checking account costs $12 per month, the Advantage Plus Checking account costs $15 per month, and the Advantage Relationship Checking account costs $20 per month. These are the standard fees as of now, though Bank of America has changed its fee structure multiple times over the past decade.

Whether you actually pay these fees depends on meeting one of several conditions. You can waive the monthly fee by keeping a minimum balance (which varies by account type, usually $500 to $1,500), setting up direct deposit, maintaining a linked savings account with a certain balance, or being a student or military member. Many customers never see these fees because they meet one of these waiver requirements without realizing it.

Key Takeaways

  • Bank of America's checking account monthly fees range from $12 to $20 depending on the account type, and these fees have been in place for several years.
  • You can avoid paying the monthly fee by keeping a minimum balance, setting up direct deposit, or meeting other account requirements that vary by account type.
  • Bank of America has raised fees in the past — most notably in 2011 and 2013 — but has not made major fee increases to its standard checking accounts in recent years.
  • If you are paying the full monthly fee without meeting any waiver requirement, switching to a different account type or bank may save you money.

When Bank of America last raised checking fees

Bank of America's most significant checking account fee increase happened in 2013, when it raised the monthly fee on its basic checking account from $12 to $15. Before that, in 2011, the bank had introduced a $5 monthly fee on its basic checking account for the first time, which sparked customer backlash and led to the fee being removed after a few weeks. The 2013 increase stuck, and the bank has not raised the base fees on its standard checking accounts since then.

The bank has made other changes to its fee structure over the years — adding new account tiers, adjusting minimum balance requirements, and changing which services trigger additional charges. But the core monthly fees on its main checking accounts have remained stable for over a decade. If you opened an account years ago and have not reviewed your account type recently, you may be on an older account with different fee terms.

How to find out what you are paying

The easiest way to see your current monthly fee is to log into your Bank of America account online or through the mobile app and look at your recent statements. The monthly fee will appear as a line item, usually labeled "Monthly Service Charge" or "Monthly Maintenance Fee." If you do not see a fee on your last few statements, you are likely meeting one of the waiver requirements and not being charged.

You can also call Bank of America at 1-800-432-1000 or visit a local branch to ask which account type you have and what the monthly fee is. The representative can also tell you exactly what you need to do to waive the fee — whether that is maintaining a balance, setting up direct deposit, or switching to a different account type. This conversation takes just a few minutes and can save you money if you discover you are paying a fee you did not know about.

Account types and their different fee structures

Bank of America offers several checking accounts aimed at different customer needs, and each has its own monthly fee and waiver requirements. The Advantage SafePass Checking is the most basic option at $12 per month and is waived with a $500 minimum balance or direct deposit. The Advantage Plus Checking costs $15 per month and requires a $1,500 minimum balance or direct deposit to waive the fee. The Advantage Relationship Checking is $20 per month and is designed for customers who want additional perks; it is waived with a $2,500 minimum balance or by maintaining a linked savings account with $2,500.

Bank of America also offers accounts with no monthly fee for specific groups: students under 24 with a valid student ID, active military members, and people aged 65 and older. If you fall into one of these categories, you may have a checking account with no monthly fee at all. Reviewing your account type and comparing it to these options can reveal whether you are on the right account for your situation.

What changed beyond the monthly fee

While the base monthly fees have been stable, Bank of America has adjusted other charges and requirements over the years. The bank has changed how much you need to keep in your account to waive fees, added new ways to waive fees (like direct deposit), and adjusted charges for specific services like overdrafts and wire transfers. These smaller changes can add up if you use certain services frequently.

The bank has also introduced new account products and retired older ones, so if you have had an account for many years, you may be on a product that is no longer offered to new customers. This can work in your favor — older accounts sometimes have lower fees or more generous waiver requirements — or against you if the account has been grandfathered in with outdated terms. Checking your account details against the current offerings can tell you whether you are getting a good deal.

Comparing Bank of America to other banks

Many banks charge no monthly fee on their checking accounts, while others charge fees similar to or higher than Bank of America's. Online banks like Ally, Charles Schwab, and Discover typically offer checking accounts with no monthly fee and no minimum balance requirement. Traditional banks like Wells Fargo and Chase also offer no-fee checking options, though they may require direct deposit or a minimum balance to avoid fees on their premium accounts.

If you are paying Bank of America's monthly fee and cannot meet the waiver requirements, comparing your total costs — including overdraft fees, ATM fees, and other charges — across a few banks can show whether switching would save you money. Bank of America has a large ATM network, which can be valuable if you use ATMs frequently, but this benefit may not outweigh the monthly fee if you have other options.

How to waive your monthly fee

The most common way to waive Bank of America's checking account monthly fee is to set up direct deposit from your employer or another source. This counts toward the waiver requirement for all three main checking account types and requires no minimum balance. If direct deposit is not an option for you, maintaining a minimum balance in the account is the next most straightforward route — the amount varies from $500 to $2,500 depending on your account type.

Other waiver options include maintaining a linked savings account with a certain balance, having a Bank of America credit card, or meeting other relationship requirements. You can also ask Bank of America whether you may have access to for a fee waiver based on your age, student status, or military service. If none of these options work for you, switching to a no-fee account at Bank of America or another bank is worth considering.

Frequently Asked Questions

Did Bank of America raise checking fees in 2024?

Bank of America has not announced a fee increase on its standard checking accounts for 2024. The current monthly fees ($12 to $20 depending on account type) have been in place for several years. However, the bank does periodically adjust other charges and requirements, so it is worth reviewing your account details if you have not checked them recently.

Can I switch to a different Bank of America checking account to pay less?

Yes. If you are currently on the Advantage Relationship Checking ($20 per month), you might switch to Advantage Plus ($15) or Advantage SafePass ($12) if you can meet the lower waiver requirements. You can make this change by calling Bank of America or visiting a branch — there is no fee to switch account types.

What happens if I do not meet the minimum balance requirement?

If you do not meet the minimum balance and do not have direct deposit or another waiver in place, Bank of America will charge you the full monthly fee. The fee is deducted from your account automatically each month. You can avoid future fees by setting up direct deposit or switching to an account type with a lower minimum balance requirement.

Are there Bank of America checking accounts with no monthly fee?

Bank of America offers no-fee checking to students under 24, active military members, and customers aged 65 and older. If you do not fall into these categories, all of Bank of America's standard checking accounts have a monthly fee, though you can waive it by meeting specific requirements like direct deposit or a minimum balance.