Bank of America charges a monthly fee on most checking accounts, but you can avoid it

Bank of America charges a $12 monthly maintenance fee on its standard checking account, called the Bank of America Checking. However, the fee is waived if you meet one of these conditions: keep a minimum balance of $1,500 in the account, set up direct deposit, or maintain a linked savings account with at least $500. Many people avoid the fee without realizing it — if your paycheck goes directly into your account, you pay nothing.

The bank also offers a second checking product, Bank of America Advantage Banking, which charges $20 per month but is designed for people who need more features or higher balance thresholds. Most people should start with the standard Checking account and only move to Advantage Banking if you specifically need what it offers.

Key Takeaways

  • The standard Bank of America Checking account has a $12 monthly fee that disappears if you receive direct deposits, keep $1,500 in the account, or link a savings account with $500.
  • You do not need to do all three things — meeting just one waives the entire fee.
  • Direct deposit is the easiest way to avoid the fee because most employers offer it at no cost to you.
  • The monthly fee applies only if none of the waiver conditions are met, so check your account to see whether yours is currently being charged.

The three ways to waive the $12 monthly fee

The first waiver option is direct deposit. If your employer or a government agency (such as Social Security) deposits your paycheck or benefit payment directly into your Bank of America account, the $12 fee is automatically waived. You do not need to keep any balance or do anything else — the direct deposit alone removes the fee. This is why many people with Bank of America accounts never see the charge: their paycheck arrives automatically each month.

The second option is maintaining a minimum daily balance of $1,500 in the checking account itself. This means the account must hold at least $1,500 every day of the month. If it drops below $1,500 on even one day, the fee applies that month. This is the hardest waiver to maintain if you live paycheck to paycheck, because it requires keeping money sitting in the account rather than spending it.

The third option is linking a Bank of America savings account with a $500 minimum balance. The savings account must be in your name and must hold at least $500 at all times. This is useful if you are already saving money at Bank of America, but it requires opening a second account and keeping $500 separate from your checking money.

What happens if you do not meet any waiver condition

If you do not receive direct deposits, do not keep $1,500 in checking, and do not have a linked savings account with $500, Bank of America charges you $12 every month. This fee comes out of your account automatically on a set date each month, usually around the first or second week. Over a year, this adds up to $144.

You can see whether your account is being charged by logging into your Bank of America account online or through the mobile app and looking at your recent transactions. Search for "maintenance fee" or look for a charge labeled "Monthly Maintenance Fee." If you see it, you are currently paying the fee and should consider whether one of the waiver options makes sense for your situation.

Bank of America Advantage Banking and when you might need it

Bank of America also offers Advantage Banking, a checking account with a $20 monthly fee. This account is designed for people who need features the standard account does not have, such as higher cash withdrawal limits, priority customer service, or the ability to waive fees with a lower balance requirement ($2,500 instead of $1,500). Most people do not need this account — it is worth considering only if you regularly withdraw large amounts of cash or need features specific to your situation.

Advantage Banking also has the same three waiver options as the standard account: direct deposit, a $2,500 minimum balance in checking, or a linked savings account with $500. If you can meet any of those conditions, the $20 fee goes away just like the $12 fee on the standard account.

How to set up direct deposit if you do not have it

Direct deposit is the simplest way to avoid the monthly fee. To set it up, you need your Bank of America account number and routing number, which you can find on a check or by logging into your account online. You then give this information to your employer's payroll department or to the government agency that sends you benefits.

Your employer or agency will set up the direct deposit on their end — you do not need to do anything else. The first deposit usually arrives within one to two pay periods. Once it hits your account, the $12 monthly fee stops being charged, even if the deposit is small. You do not need to keep the money in the account or meet any other condition.

What to do if you are currently being charged the fee

If you are paying the $12 monthly fee and want to stop, your first step is to figure out which waiver option works best for you. Direct deposit is easiest if your employer offers it. If not, check whether you can keep $1,500 in your checking account without hardship. If neither of those works, opening a linked savings account with $500 is the third option.

Once you have chosen your path, set it up as soon as you can. If you set up direct deposit this month, the fee for next month will be waived. If you are moving money into checking to hit the $1,500 balance, make sure it stays there for the entire month. If you are opening a savings account, fund it with $500 and link it to your checking account through the Bank of America website or app.

Frequently Asked Questions

Can I get the monthly fee refunded if I was charged it by mistake?

Bank of America will sometimes refund one or two months of fees if you call and explain that you met a waiver condition but were charged anyway. Call the number on the back of your debit card and ask to speak with someone about the maintenance fee. They cannot refund fees from years ago, but they may help with recent charges if you have a good reason.

Does the direct deposit have to be a paycheck, or can it be any transfer?

The direct deposit must come from an employer or government agency — transfers you make yourself or money sent by friends do not count. Bank of America specifically looks for deposits from payroll systems and benefit programs. If you are self-employed, direct deposit from your business account to your personal account usually does not may have access to.

What if I have a Bank of America student or teen account?

Student and teen accounts have different fee structures and waiver rules. Bank of America student accounts typically have no monthly fee for the first time period, then may charge a fee after that. Teen accounts are usually free as long as a parent or guardian is linked to the account. Check your account type in the Bank of America app to see which rules explore to you.

If I keep exactly $1,500, does that count as meeting the balance requirement?

Yes, $1,500 exactly meets the minimum balance requirement. The rule is that your balance must be at least $1,500, so $1,500 or higher works. However, remember that the balance must stay at or above $1,500 every single day of the month — if it drops to $1,499 on any day, the fee applies that month.

Can I waive the fee by using my debit card a certain number of times?

No. Bank of America does not waive the checking account fee based on debit card use, number of transactions, or account activity. The only ways to waive it are direct deposit, the $1,500 balance, or the linked savings account with $500. Using your debit card frequently does not reduce or remove the fee.