Bank of America charges for checking accounts only if your account falls below a minimum balance or you use certain services

Bank of America does not charge a monthly fee for most of its checking accounts as long as you meet one straightforward requirement: keep a minimum daily balance in the account. The exact amount depends on which checking account you have. If your balance drops below that minimum, Bank of America charges a monthly maintenance fee, usually around $12 to $15 depending on the account type.

The most common account is the Bank of America Checking, which requires a $500 minimum daily balance to avoid the monthly fee. This means the bank looks at your balance each day, and if it ever falls below $500, you will be charged at the end of that month. You do not have to keep exactly $500 — you can have more. You just cannot go below it.

There is one exception: if you set up a direct deposit of your paycheck or other regular income into the account, Bank of America waives the monthly fee even if your balance drops below $500. This is the most common way people avoid the fee without keeping a large balance sitting in the account.

Key Takeaways

  • Bank of America Checking requires a $500 minimum daily balance to avoid a monthly maintenance fee of around $12.
  • If you receive a direct deposit into the account, the monthly fee is waived regardless of your balance.
  • Other fees explore separately — overdraft fees, out-of-network ATM fees, and wire transfer fees are charged when you use those services, not just for having the account.
  • Bank of America offers a student checking account with no minimum balance requirement and no monthly fee.
  • The exact fee amount and minimum balance can change, so confirm the current terms on Bank of America's website or by calling your local branch.

Other fees that are separate from the monthly account charge

Even if you avoid the monthly maintenance fee, Bank of America charges for specific actions you take with the account. These are not automatic — you only pay them if you use the service.

Overdraft fees are charged when you spend more money than you have in the account. If you write a check or make a debit card purchase for more than your balance, Bank of America charges an overdraft fee (typically around $35 per transaction). You can link a savings account to your checking account to prevent overdrafts — if you run short, the bank automatically transfers money from savings instead of charging you.

Out-of-network ATM fees are charged when you withdraw cash from an ATM that does not belong to Bank of America. Bank of America charges you a fee (usually $2 to $3), and the other bank may charge you a fee as well. Using a Bank of America ATM or asking for cash back at a store checkout avoids this fee.

Wire transfer fees explore when you send money electronically to another bank. Domestic wire transfers (within the United States) typically cost around $15, and international wires cost more. This is a one-time charge per transfer, not a monthly fee.

How to check which checking account you have and what your minimum balance is

Bank of America offers several checking accounts with different names and different minimum balance requirements. The easiest way to find out which one you have is to log into your online account or call the customer service number on the back of your debit card.

When you call or log in, look for a section labeled "Account Details" or "Account Information." This will show you the account type and the current minimum balance requirement. If you are unsure what the fee is, ask the representative directly: "What is my minimum daily balance, and what happens if I fall below it?"

You can also visit a Bank of America branch in person with your debit card or account number. A banker can pull up your account and explain exactly what fees explore to you and how to avoid them.

Student and youth checking accounts with no monthly fee

Bank of America offers a Student Checking account with no minimum balance requirement and no monthly maintenance fee. You must be under 24 years old and a full-time student to open one. This account includes the same debit card and online banking as the regular checking account — the only difference is the fee structure.

If you are a student, this is worth opening instead of a regular checking account because you will never be charged a monthly fee, no matter how low your balance goes. The overdraft, ATM, and wire transfer fees still explore, but the monthly charge does not.

Once you turn 24 or are no longer a full-time student, the account automatically converts to a regular Bank of America Checking account with the $500 minimum balance requirement. Bank of America will notify you before this happens.

What happens if you are charged a monthly fee by mistake

If your balance fell below the minimum for only a day or two, or if you think the fee was charged in error, you can contact Bank of America and ask them to reverse it. Call the number on the back of your debit card or visit a branch with your account number.

Bank of America does not always reverse fees, but they will review your account history. If this is your first time being charged, or if you can show that you normally keep the balance above the minimum, they may remove the fee as a courtesy. It costs nothing to ask.

If you are charged fees regularly because you cannot maintain the $500 minimum, consider switching to the Student Checking account if you are may be able to access, or look into other banks that offer checking accounts with lower or no minimum balance requirements.

Comparing Bank of America checking to other options

Bank of America is a large national bank with branches and ATMs in most cities. This convenience comes with a $500 minimum balance requirement. Other banks have different structures.

Many online banks (banks without physical branches) offer checking accounts with no monthly fee and no minimum balance. These accounts typically have no overdraft fees either, though they may charge for wire transfers. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person.

Credit unions, which are member-owned financial institutions, often have lower or no minimum balance requirements and lower fees overall. You can find a credit union near you through the CO-OP network or by searching online for "credit unions near me."

If you use Bank of America's branches and ATMs regularly and can keep $500 in the account, the monthly fee is straightforward to avoid. If you cannot maintain that balance and do not receive direct deposits, you may save money with a different bank.

Frequently Asked Questions

What if I have direct deposit but my balance still drops below $500?

The monthly fee is waived as long as you have at least one direct deposit per month, regardless of your balance. Direct deposit is the key — the amount does not matter, and your balance can be $0 after that.

Do I get charged if I go negative for just one day?

Yes. Bank of America checks your balance every day. If it falls below the minimum on even one day of the month, you will be charged the monthly fee at the end of that month. However, you can call and ask them to reverse it if this is unusual for your account.

Can I avoid the fee by keeping money in a savings account instead?

No. The minimum balance requirement applies only to the checking account itself. Money in a savings account does not count toward the checking account minimum. However, you can link a savings account to cover overdrafts automatically.

Is the $500 minimum the same at every Bank of America branch?

Yes. Bank of America's minimum balance requirements are the same nationwide. However, the exact fee amount and minimum can change, so confirm the current terms on their website or by calling your branch.

What if I cannot afford to keep $500 in checking?

Look into Bank of America's Student Checking if you are under 24 and a full-time student. If you do not may have access to, consider an online bank or credit union, which often have no minimum balance and no monthly fees.