Bank of America charges monthly fees on most checking and savings accounts, but the amount depends on the account type and whether you meet certain conditions

Bank of America's most common checking account, the Checking Account, carries a $12 monthly maintenance fee. This fee drops to $0 if you maintain a minimum daily balance of $1,500 or set up a direct deposit of at least $250 per month. The Advantage Plus Checking account costs $15 per month but waives the fee with a $2,000 minimum daily balance or a $250+ direct deposit.

Savings accounts also charge monthly fees. The Regular Savings Account costs $5 per month unless you keep $300 in the account at all times. The Premium Savings Account charges $25 monthly and requires a $10,000 minimum balance to avoid the fee. Money Market Accounts range from $12 to $25 per month depending on the tier, with balance requirements between $2,500 and $25,000.

Bank of America also charges fees for specific actions: overdraft fees ($35 per transaction), wire transfer fees ($15 domestic, $45 international), and ATM fees ($2.50 if you use an out-of-network machine). These are separate from monthly maintenance fees and explore when you perform those transactions.

Key Takeaways

  • Bank of America's standard checking account costs $12 per month but waives the fee if you keep $1,500 in the account or receive a $250+ direct deposit each month.
  • Savings accounts charge between $5 and $25 monthly depending on the account type, with balance requirements ranging from $300 to $25,000.
  • You can avoid most monthly fees by meeting one condition: either maintaining a specific minimum balance or setting up direct deposit.
  • Overdraft fees, wire transfer fees, and out-of-network ATM fees are charged separately when you use those services, not as part of monthly maintenance.

How the balance requirement works

The minimum daily balance is calculated by Bank of America each day you hold the account. If your balance drops below the threshold even once during the month, you owe the full monthly fee—the bank does not prorate it. For example, if you have a Checking Account with a $1,500 minimum and your balance falls to $1,499 on a single day, you pay the $12 fee that month.

The balance includes all money in that specific account. If you have both a checking and savings account at Bank of America, the balances do not combine to meet the requirement—each account is measured separately. Some accounts allow you to link balances across multiple accounts to meet the minimum, but this varies by account type and is not automatic.

Direct deposit as an alternative to the balance requirement

Setting up a direct deposit of $250 or more per month waives the monthly fee on most checking accounts, regardless of your balance. This applies to payroll deposits, government benefits, and transfers from other banks—Bank of America counts all of these as direct deposits for fee purposes.

The direct deposit must post to your account during the calendar month to count. If your paycheck arrives on the last day of the month, it counts toward that month's fee waiver. If it arrives on the first day of the next month, it does not help with the previous month's fee.

Student and senior accounts with lower or no fees

Bank of America offers a Student Banking account with no monthly maintenance fee for customers under 24 years old. You need to verify your student status during account opening, and the fee waiver continues until you turn 24. After that, the account converts to a standard checking account with the regular $12 monthly fee.

Customers 65 and older can open a Preferred Rewards Checking account, which has no monthly fee. This account also offers higher interest rates on linked savings accounts and waives certain service fees like wire transfers. You must maintain the account in good standing and meet Bank of America's Preferred Rewards membership requirements.

How to avoid paying fees you do not expect

The most common surprise is the overdraft fee. When your account balance goes negative, Bank of America charges $35 per transaction that overdrafts your account. You can opt out of overdraft protection, which means transactions will be declined rather than charged a fee, but this requires contacting the bank directly—it is not the default setting.

Another frequent charge is the out-of-network ATM fee. Bank of America charges $2.50 when you withdraw cash from an ATM that is not part of its network. This fee is charged by Bank of America; the other bank's ATM may charge an additional fee on top. Using Bank of America's own ATMs or partnered networks like Allpoint and MoneyPass avoids this charge.

Monthly fees can also be waived if you maintain a relationship with Bank of America's investment or wealth management division. Customers with a Preferred Rewards membership (which requires $20,000 in investments or $100,000 in combined balances) receive fee waivers on checking and savings accounts as part of their membership tier.

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 physical branches and ATMs nationwide, which some customers value enough to pay for. The trade-off is convenience and in-person service versus lower or no fees.

Regional banks and credit unions often charge lower monthly fees or none at all, but they may have fewer ATM locations or require you to live in a specific area to join. If you use Bank of America's branches and ATMs regularly, the monthly fee may cost less than the time and inconvenience of switching banks and managing accounts at multiple institutions.

Frequently Asked Questions

Can I avoid the monthly fee by keeping a low balance and using direct deposit?

No. You only need to meet one condition—either the minimum balance or the direct deposit requirement—not both. If you set up a $250+ monthly direct deposit, the fee is waived even if your balance is $0. If you keep the minimum balance, the fee is waived even without direct deposit.

What happens if my direct deposit is late one month?

If the direct deposit does not arrive during the calendar month, the fee waiver does not explore and you owe the monthly maintenance fee. You can still avoid the fee that month by maintaining the minimum balance instead. The next month, when the direct deposit posts, the fee waiver applies again.

Do I pay the monthly fee if I close my account mid-month?

Bank of America charges the monthly fee on the day the account is opened or on the same date each month thereafter. If you close the account before that date, you may not owe the fee for that month. Contact Bank of America before closing to confirm the exact fee date for your account.

Are there any Bank of America accounts with no monthly fee?

Yes. The Student Banking account has no monthly fee for customers under 24. The Preferred Rewards Checking account has no fee for customers 65 and older who meet membership requirements. Some customers also may have access to for fee waivers through Preferred Rewards membership based on investment balances.

If I have multiple accounts, do I pay a monthly fee on each one?

Yes. Each account is charged its own monthly maintenance fee unless you meet the waiver conditions for that specific account. A $1,500 balance in your checking account does not waive the fee on your savings account. You must meet the requirement separately for each account you hold.