Bank of America charges for checking accounts, but the fee depends on which account you open

Bank of America's most common checking account, the Checking Account, has a $12 monthly maintenance fee. However, you can avoid this fee if you meet one of several conditions: keep a minimum daily balance of $1,500, set up direct deposit of at least $250 per month, or maintain a linked savings account with a $300 minimum balance. If none of those explore to you, you pay the $12 fee each month.

Bank of America also offers the Interest Checking account, which charges $25 per month but pays interest on your balance. This account requires a $2,500 minimum daily balance to waive the fee. For most people, the standard Checking Account is the relevant option.

The fee structure matters because it determines what you actually pay to have an account open. A $12 monthly fee adds up to $144 per year if you do not meet any waiver condition. Understanding which waiver applies to your situation tells you whether the account will cost you anything.

Key Takeaways

  • Bank of America's standard Checking Account costs $12 per month unless you meet one of three fee-waiver conditions.
  • The easiest waiver for most people is setting up direct deposit of at least $250 per month, which eliminates the fee entirely.
  • A linked savings account with a $300 minimum balance also waives the fee, even if you rarely use the savings account.
  • If you cannot meet any waiver condition, the account will cost you $144 per year in maintenance fees.

The three ways to avoid the $12 monthly fee

Bank of America offers three separate paths to waive the monthly maintenance fee on a standard Checking Account. You only need to meet one of them.

Direct deposit is the most common waiver. If you set up a recurring direct deposit of at least $250 per month—typically from an employer or government benefit—the $12 fee disappears. This is the path most working people take, because they already receive paychecks this way. You set up direct deposit once during account opening or later through your online banking portal, and the fee waiver applies automatically each month you meet the threshold.

Minimum daily balance is the second option. If your Checking Account balance never falls below $1,500 on any day of the month, the fee is waived. This applies to the account itself, not a linked savings account. For people with steady income and low spending, this can work, but it ties up $1,500 that you cannot spend without risking the fee.

Linked savings account is the third path. If you open a Bank of America savings account and keep a minimum daily balance of $300 in it, your checking account fee is waived. The savings account earns minimal interest (rates vary), but the $300 can sit there untouched. This option works well if you want to build a small emergency fund anyway.

What happens if you do not meet any waiver condition

If you open a Bank of America Checking Account and do not set up direct deposit, do not maintain $1,500 in the checking account, and do not link a savings account with $300 in it, you will be charged $12 every month. Bank of America deducts this fee automatically from your account balance.

The fee appears on your monthly statement as "Monthly Maintenance Fee" or similar language. It is not a surprise charge—Bank of America discloses the fee upfront in the account agreement and on their website. However, many people open accounts without reading the fee structure and discover the charge later.

Over a year, this amounts to $144 in fees. Over five years, it is $720. If you are carrying a low balance and not receiving direct deposits, this fee makes Bank of America's checking account more expensive than many online banks, which often charge no monthly fee at all.

Other charges that can explore to your checking account

The $12 monthly maintenance fee is separate from other charges Bank of America may assess. These include overdraft fees (currently $35 per overdraft), out-of-network ATM fees ($2.50 per withdrawal), and wire transfer fees ($15 for outgoing domestic wires). None of these are automatic—they only occur if you take the action that triggers them.

Overdraft protection is worth understanding. If you overdraw your account, Bank of America charges $35 per overdraft transaction. However, you can opt out of overdraft protection entirely, which means transactions will be declined rather than charged a fee. This is a choice you make when you open the account or later through your online banking settings.

The monthly maintenance fee is the only charge that applies straightforward to having the account open, regardless of how you use it. All other fees are triggered by specific actions.

How to confirm which fee waiver applies to your account

If you already have a Bank of America Checking Account, you can verify whether you are paying the $12 fee or meeting a waiver condition by checking your monthly statement. Log into your online banking account, view your most recent statement, and look for "Monthly Maintenance Fee" as a line item. If it appears, you are being charged. If it does not appear, one of your waiver conditions is active.

To understand which waiver is protecting you, review your account settings. Check whether direct deposit is set up by looking at your deposit history. Check your account balance to see if it stays above $1,500. Check whether you have a linked savings account with $300 in it. One of these three should explain why the fee is not appearing.

If you are being charged the $12 fee and want to stop, contact Bank of America through their website, mobile app, or by calling 1-800-432-1000. You can set up direct deposit, increase your balance, or open a linked savings account—whichever is easiest for your situation. The fee waiver takes effect the following month once you meet the condition.

Comparing Bank of America checking to other options

Bank of America's $12 monthly fee is standard for large national banks. Wells Fargo, Chase, and Citibank all charge similar monthly fees with similar waiver conditions. However, many online banks—including Ally, Charles Schwab, and Discover—offer checking accounts with no monthly fee, no minimum balance, and no direct deposit requirement.

The trade-off is that online banks typically have no physical branches. If you value in-person banking, ATM access, or the ability to deposit cash at a branch, Bank of America's fee may be worth paying. If you primarily bank online and rarely need a physical location, a no-fee online bank could save you $144 per year.

For people who already meet one of Bank of America's waiver conditions—especially those receiving direct deposit—the account costs nothing and the fee is irrelevant. The decision matters most for people who do not receive direct deposits and do not maintain high balances.

Frequently Asked Questions

Can I get the monthly fee waived if I have a credit card with Bank of America?

No. Bank of America does not waive checking account fees based on credit card ownership or activity. The three waiver conditions are direct deposit, minimum balance in the checking account, or a linked savings account. Having a Bank of America credit card does not trigger any of these.

What if my direct deposit amount drops below $250 one month?

If your direct deposit falls below $250 in a single month, you will be charged the $12 fee for that month. The waiver requires at least $250 per month consistently. If you receive a smaller deposit or miss a deposit, the fee applies. Once your deposits return to $250 or more, the waiver resumes the following month.

Do student checking accounts have the same $12 fee?

Bank of America offers a Student Checking Account with no monthly maintenance fee, but only for customers under 24 years old. Once you turn 24, the account converts to a standard Checking Account and the $12 fee applies unless you meet a waiver condition. You should receive notice before this conversion happens.

If I close my linked savings account, will I be charged the checking fee when ready?

Yes. If you close a savings account that was waiving your checking fee, Bank of America will charge the $12 fee the following month unless you meet one of the other two waiver conditions. If you plan to close a linked savings account, set up direct deposit first or may support your checking balance stays above $1,500.

Does the $1,500 minimum balance have to be in checking, or can it be split between accounts?

The $1,500 minimum must be in the Checking Account itself. A linked savings account with $300 is a separate waiver condition. You cannot combine balances across accounts to meet the $1,500 threshold.