Bank of America charges fees on most checking accounts, but you can avoid them
Bank of America does charge monthly fees on most of its checking accounts. The amount depends on which account you have — their basic checking account costs $12 per month, while their premium accounts cost more. However, you can waive the fee each month by meeting one of several requirements, such as keeping a minimum balance, setting up direct deposit, or maintaining a linked savings account.
The key is understanding which account you have and what the waiver requirements are. If you do not meet any waiver requirement, the fee will post to your account each month. Bank of America does not refund fees automatically, but you can call and ask them to reverse one or two fees if you have been a customer for a while — though they are not required to do so.
Key Takeaways
- Bank of America's basic checking account has a $12 monthly fee that you can waive by keeping $500 in the account, setting up direct deposit, or linking a savings account.
- Premium checking accounts (Preferred Rewards) have higher monthly fees but also higher waiver thresholds, usually tied to how much money you keep in Bank of America overall.
- You can see which account you have and what your current waiver status is by logging into your online account or calling 1-800-432-1000.
- If you are not meeting a waiver requirement, the monthly fee will charge on the same day each month unless you change your account balance or settings.
- Bank of America offers a student checking account with no monthly fee for customers under 24, which is worth opening if you are may be able to access.
What each Bank of America checking account costs
Bank of America's most common account is called Essentials Checking, and it costs $12 per month. This is the account most people open when they sign up online or at a branch. The fee posts automatically unless you meet one of the waiver conditions.
If you have a Preferred Rewards membership (which you earn by keeping money invested or in savings with Bank of America), you may have a different account called Preferred Checking. This account has a higher monthly fee — the exact amount depends on your Preferred Rewards tier — but it also comes with benefits like higher interest rates on savings and waived overdraft fees.
Bank of America also offers Student Checking, which has no monthly fee if you are under 24 years old and a full-time student. Once you turn 24 or stop being a full-time student, the account converts to Essentials Checking and the $12 fee begins.
How to waive the monthly fee
Bank of America gives you several ways to avoid the $12 monthly fee on Essentials Checking. You only need to meet one of these conditions each month:
- Keep a minimum balance of $500 in the checking account itself.
- Set up direct deposit of your paycheck or other regular income.
- Link a Bank of America savings account to your checking account.
- Maintain a combined balance of $5,000 across all your Bank of America accounts (checking, savings, money market, or CDs).
The balance requirement is checked on the last day of each month. If you have $500 in the account on that day, the fee will not charge. If your balance drops below $500 on that day, the fee will post the next business day. Direct deposit and linked savings accounts waive the fee automatically once you set them up — you do not have to do anything else each month.
For Preferred Checking accounts, the waiver requirements are higher and tied to your Preferred Rewards tier. You can see your specific requirements by logging into your account online or calling the number on the back of your card.
What happens if you do not meet a waiver requirement
If you do not meet any waiver condition by the last day of the month, the $12 fee will post to your account the next business day. This happens automatically — Bank of America does not send a warning. The fee reduces your account balance, which can push you below zero if your balance is already low.
If the fee causes your account to go negative, you may also be charged an overdraft fee on top of the monthly fee. This can happen quickly if you are living paycheck to paycheck. For example, if you have $50 in your account and the $12 fee posts, you now have $38. If you then swipe your debit card for $40, you will overdraft and face an additional fee.
Bank of America does not automatically refund monthly fees, but you can call 1-800-432-1000 and ask a representative to reverse one or two fees if you have been a customer for a while and this is unusual for your account. They may do it as a courtesy, but they are not required to. Do not count on this as a regular solution.
How to check your current fee status
You can see whether your monthly fee is being waived by logging into your Bank of America account online or through the mobile app. Look for your account summary — it will show your current balance and whether any fees are pending.
You can also call 1-800-432-1000 and speak to a representative, who can tell you which waiver requirement you are currently meeting (or if you are not meeting any). They can also help you set up direct deposit or link a savings account if you want to use one of those methods instead.
If you are not sure which account you have, the representative can tell you that as well. Your account type appears on your monthly statement and in your online account settings.
Alternatives if the fee does not work for your situation
If you cannot meet any of Bank of America's waiver requirements, you have other options. Some online banks and credit unions offer checking accounts with no monthly fee and no minimum balance. These accounts work the same way as Bank of America's account — you get a debit card, online banking, and the ability to deposit checks — but you do not pay a monthly cost.
If you want to stay with Bank of America because you use their branches or have other accounts with them, you can also ask about moving to a different account type. Some Bank of America accounts have different fee structures, though availability varies by location and customer situation.
Another option is to focus on meeting one of the waiver requirements. If you receive a paycheck, setting up direct deposit is usually the easiest path — it takes about 10 minutes and waives the fee permanently. If you do not have direct deposit, keeping $500 in the account is the next simplest option, though it requires you to maintain that balance.
Overdraft fees and other charges beyond the monthly fee
The $12 monthly fee is separate from overdraft fees. If your account goes negative — meaning you spend more money than you have — Bank of America charges an overdraft fee of $35 per transaction. You can have multiple overdraft fees in a single day if you make multiple purchases while your account is negative.
Bank of America also charges fees for other services, such as wire transfers, cashier's checks, and stopping a check payment. These are separate from the monthly account fee and only charge when you use those services. You can see a full list of fees by asking for a fee schedule at a branch or by searching "Bank of America fee schedule" online.
One important note: Bank of America offers Overdraft Protection, which links your checking account to a savings account or line of credit. If you overdraft, the bank transfers money from the linked account instead of charging an overdraft fee. This can save you money if you occasionally go negative, though it does not prevent the monthly checking fee.
Frequently Asked Questions
Can I get the monthly fee waived if I just opened my account?
Yes. The waiver requirements explore from the day you open the account. If you set up direct deposit or keep $500 in the account, the fee will not charge in your first month. If you do not meet a waiver requirement in your first month, the $12 fee will post like any other month.
What if I meet a waiver requirement partway through the month?
The balance is checked on the last day of the month. If you meet a requirement by that date, the fee will not charge. For example, if you receive your paycheck on the 25th and set up direct deposit, the fee will be waived even if you did not have direct deposit for the whole month.
Does Bank of America charge fees on savings accounts too?
Bank of America's basic savings account has no monthly fee. However, some of their higher-yield savings accounts may have minimum balance requirements or other conditions. You can ask about the specific account you have by calling 1-800-432-1000 or checking your account online.
If I close my account, do I owe the monthly fee?
No. When you close your account, Bank of America stops charging the monthly fee. However, if a fee has already posted before you close the account, you still owe it. Make sure your account balance is positive before you close it, or the bank may send you a bill for the negative balance.
Can I switch to a different Bank of America checking account to avoid the fee?
Bank of America's Student Checking account has no monthly fee if you are under 24 and a full-time student. Other than that, most Bank of America checking accounts have monthly fees with waiver requirements. You can call 1-800-432-1000 to ask what accounts are available for your situation.