Bank of America charges monthly fees on most accounts, but the amount and whether you pay it depends on the account type and how you use it
Bank of America's most common account, the Checking Account, carries a $12 monthly maintenance fee. However, you can waive this fee in several ways: keep a minimum daily balance of $1,500, set up direct deposit of any amount, maintain an average daily balance of $1,500 across the month, or link the account to a Bank of America savings or money market account with a $500 minimum balance. If none of these explore to you, you pay the $12.
The Savings Account has a $5 monthly fee that you can waive by keeping $300 in the account at all times. Money Market Accounts charge $25 per month unless you maintain a $2,500 minimum balance. If you are under 18 or a student under 24, Bank of America offers accounts with no monthly fee at all.
Beyond the base monthly fee, Bank of America charges for specific actions: overdraft fees ($35 per transaction), out-of-network ATM fees ($2.50), wire transfer fees ($15 domestic, $45 international), and stop payment requests ($30). These are separate from the monthly maintenance fee and add up quickly if you use them regularly.
Key Takeaways
- Bank of America's Checking Account costs $12 per month unless you meet one of four fee-waiver conditions, the easiest being a $1,500 minimum daily balance or active direct deposit.
- Savings Accounts cost $5 monthly and require only a $300 minimum balance to avoid the fee, making them cheaper to maintain than checking.
- Money Market Accounts charge $25 monthly and require a $2,500 minimum balance to waive the fee.
- Students under 24 and customers under 18 have access to no-fee accounts, but you must verify your status when opening.
- Overdraft fees ($35), out-of-network ATM fees ($2.50), and wire transfer fees ($15–$45) are charged separately and are not waived by meeting balance requirements.
How to avoid the monthly checking fee
The $12 monthly fee on Bank of America Checking is the most common charge you will encounter. The bank offers four separate paths to waive it, and you only need to meet one:
- Direct deposit: Set up any direct deposit to the account—paycheck, government benefits, pension, or transfer from another bank. The amount does not matter. Once it posts, the fee is waived for that month.
- Minimum daily balance: Keep at least $1,500 in the account every single day of the month. If the balance drops to $1,499 on any day, the fee applies that month.
- Average daily balance: Maintain an average daily balance of $1,500 across the entire month. This is easier than the daily minimum because one low day does not disqualify you if other days are higher.
- Linked savings or money market account: Link a Bank of America Savings Account (with $500 minimum) or Money Market Account (with $500 minimum) to your checking. The fee waiver applies automatically.
Direct deposit is the easiest route for most people because it requires no balance and happens once. If you receive a paycheck, pension, or regular government payment, set it up once and the fee disappears. If you do not have direct deposit, the $1,500 average daily balance is the next most realistic option for people with stable income.
Savings and Money Market Account fees
Bank of America's Savings Account charges $5 per month, but the waiver threshold is low: keep $300 in the account at all times. This is the cheapest account to maintain if you want a separate savings vehicle. The fee applies only if your balance falls below $300 on any day during the month.
Money Market Accounts are more expensive at $25 per month and require a $2,500 minimum balance to waive the fee. These accounts typically offer higher interest rates than savings accounts, but the higher minimum and fee make them useful only if you have substantial savings and want the rate advantage. For most people, the regular Savings Account is the better choice.
If you are under 18, Bank of America offers the Student Checking Account with no monthly fee. If you are a student between 18 and 24, you can open a Checking Account with no fee as long as you maintain a valid student status. You will need to verify your enrollment when you open the account and may need to re-verify periodically.
Overdraft and out-of-network fees that add up fast
The monthly maintenance fee is only part of what Bank of America charges. Overdraft fees are where costs escalate quickly. When your account balance goes negative, Bank of America charges $35 per overdraft transaction. If you overdraft multiple times in one day, you can be charged $35 for each transaction, even if they all happened within hours of each other.
Bank of America does offer Overdraft Protection, which links your checking account to a savings account or credit line. If you overdraft, the bank transfers money from the linked account instead of charging a fee. However, if the linked account is also a Bank of America account, the transfer itself may trigger a fee depending on the account type.
Out-of-network ATM withdrawals cost $2.50 per transaction. Bank of America has a large ATM network, but if you travel or live far from a branch, these fees accumulate. Using a Bank of America ATM is free; using any other bank's ATM costs money.
Wire transfers cost $15 for domestic transfers and $45 for international transfers. Stop payment requests on checks cost $30 each. These are one-time charges, not monthly, but they are worth knowing about if you use these services regularly.
What happens if you do not meet the fee-waiver requirements
If you do not meet any of the four checking account fee-waiver conditions, Bank of America will charge you $12 at the end of each month. The fee appears as a line item on your statement labeled "Monthly Maintenance Fee" or similar. It is deducted from your balance automatically.
If your account balance is very low when the fee is charged, the fee itself can push you into overdraft, triggering the $35 overdraft fee on top of the $12 monthly fee. This is a real risk for people living paycheck to paycheck. If this happens to you, contact Bank of America and ask if they will reverse one of the fees as a courtesy. Banks sometimes do this for customers with otherwise good standing, though they are not required to.
The simplest way to avoid this spiral is to set up direct deposit if you have any regular income source, or to keep the $1,500 average balance if you can. If neither is realistic for your situation, consider whether a different bank's account structure might fit your finances better.
Comparing Bank of America fees to other banks
Bank of America's $12 monthly checking fee is higher than many online banks, which often charge no monthly fee at all. However, Bank of America offers something online banks do not: physical branches and ATMs in most U.S. cities. If you value in-person service and frequent ATM access, the fee may be worth it. If you rarely visit a branch and do not need when ready cash access, an online bank with no monthly fee could save you $144 per year.
Traditional banks like Wells Fargo, Chase, and Citibank also charge monthly fees on checking accounts ($10–$15 range) with similar waiver options. Credit unions often charge lower or no monthly fees, but membership is restricted to certain groups. The trade-off is usually between convenience (branches and ATMs) and cost.
If you keep the $1,500 minimum balance to waive Bank of America's fee, that money is not earning interest in a checking account. Some online banks pay interest on checking balances, which could offset the monthly fee over time. Calculate what matters most to you: branch access, ATM convenience, interest earnings, or lowest cost.
How to check your current fees and change your account type
Log into your Bank of America online account or mobile app and go to the account details section. Your statement will show all fees charged in the current month and previous months. The monthly maintenance fee appears as a separate line item. If you see fees you do not recognize, contact Bank of America to ask what they are for.
If you are paying the $12 monthly fee and want to switch to a no-fee account, you have options. If you are a student under 24, you can convert to the Student Checking Account by visiting a branch with your student ID. If you are under 18, you can open a Youth Checking Account. If neither applies, you can open a second account that has no fee (such as a savings account) and use that as your primary account, though this creates complexity.
The easiest solution for most people is to set up direct deposit if you have not already. This takes five minutes and eliminates the fee permanently. If you do not have direct deposit income, ask your employer, your bank, or your benefits administrator how to set it up. Many employers offer it as a standard option.
Frequently Asked Questions
Can I get the monthly fee waived if I just opened my account?
No, the fee applies when ready. However, if you set up direct deposit within the first month, it will waive the fee for that month and going forward. Some customers report that Bank of America waived the first month's fee as a courtesy when opening a new account, but this is not may provide.
What if my balance drops below $1,500 for just one day?
If you are using the daily minimum balance waiver, yes, the fee applies that month. If you are using the average daily balance waiver, one low day does not disqualify you as long as your average across the month is $1,500 or higher. The average daily balance option is more forgiving.
Do I have to pay overdraft fees if I have overdraft protection?
Not if the transfer succeeds. Overdraft Protection moves money from a linked account to cover the overdraft, so no fee is charged. However, if the linked account does not have enough money, the transfer fails and you are charged the $35 overdraft fee anyway.
Is there a way to avoid the $2.50 out-of-network ATM fee?
Yes: use only Bank of America ATMs. Bank of America has over 16,000 ATMs nationwide, so this is realistic in most areas. If you travel frequently or live in a rural area, the fee is harder to avoid. Some checking accounts at other banks reimburse out-of-network ATM fees, which could save you money if you use ATMs often.
Can I negotiate the monthly fee if I have been a customer for a long time?
You can ask, but Bank of America does not typically negotiate fees. However, if you have a good relationship with your branch manager or if you maintain a high balance across multiple accounts, they may waive a fee as a one-time courtesy. It never hurts to ask, especially if you have been charged a fee in error.