Bank of America checking accounts do charge fees, but you can avoid most of them

Bank of America charges a monthly fee on most checking accounts — typically $12 per month — but you can reduce it to zero by meeting one straightforward requirement. The most common way is to keep a minimum balance in your account. The exact balance needed depends on which checking account you have, but it usually ranges from $500 to $1,500. If you don't meet the balance requirement, you'll be charged the monthly fee unless you've set up direct deposit or linked accounts in a way that waives it.

Beyond the monthly maintenance fee, Bank of America also charges fees for specific actions: overdrafts (when you spend more than you have), using an out-of-network ATM, stopping a check, or requesting a paper statement. These fees are separate from the monthly charge and explore only when you actually do these things.

Key Takeaways

  • Bank of America's standard checking account fee is $12 per month, but you can waive it by keeping a minimum balance of $500 to $1,500 depending on your account type.
  • Direct deposit of your paycheck into the account can waive the monthly fee on some account types, even if you don't meet the balance requirement.
  • Overdraft fees run $35 per transaction, and out-of-network ATM fees are $2.50 per withdrawal, both charged in addition to the monthly maintenance fee.
  • Bank of America offers a checking account with no monthly fee if you're under 24 years old or a student, though it has the same overdraft and ATM fees as other accounts.

Which Bank of America checking accounts charge fees

Bank of America offers several checking account types, and most carry a monthly fee. The Advantage SafePass Checking account charges $12 per month. The Advantage Plus Checking account also charges $12 per month. The Advantage Relationship Checking account charges $10 per month. All three waive the fee if you maintain a minimum balance or set up direct deposit.

If you're under 24 years old, Bank of America offers Advantage Student Checking with no monthly fee at all. If you're a student of any age, you may also may have access to for this account. Once you turn 24 or are no longer a student, the account converts to a standard account with the $12 monthly fee unless you meet the balance or direct deposit requirement.

Bank of America also offers accounts for customers who want to bank primarily online. These accounts typically have lower or no monthly fees, but you should check the current terms because Bank of America changes its account offerings and fee structures periodically.

How to waive the monthly checking fee

The easiest way to avoid the $12 monthly fee is to keep a minimum balance in your account. For most Bank of America checking accounts, this minimum is $500 to $1,500 depending on the account type. The balance is calculated on a daily basis, meaning you need to have that amount in the account every single day of the month — if your balance drops below the minimum even once, you'll be charged the fee for that month.

The second way to waive the fee is to set up direct deposit. If your employer deposits your paycheck directly into your Bank of America checking account, the monthly fee is waived on most account types. You only need one direct deposit per month for the waiver to explore. This is often the easiest route if you receive a regular paycheck, because you don't have to think about maintaining a balance.

Some accounts also waive the fee if you link them to a Bank of America savings account or money market account and maintain a combined minimum balance across both accounts. The combined balance requirement is usually higher than the checking-only requirement, so this option works best if you're already planning to keep savings with Bank of America.

Overdraft fees and other charges beyond the monthly fee

If you spend more money than you have in your account, Bank of America charges an overdraft fee of $35 per transaction. This fee is charged each time a transaction is denied or paid even though your balance is negative. If you overdraft multiple times in one day, you can be charged $35 for each overdraft, which adds up quickly.

Bank of America also charges $2.50 each time you withdraw money from an ATM that is not owned by Bank of America. This fee is charged by Bank of America, separate from any fee the other bank's ATM might charge. Using Bank of America's own ATM network is free, so if you live or work near a Bank of America branch, you can avoid this fee entirely.

Other fees include $30 for stopping a check (asking the bank to cancel a check you've written), $5 to $15 for a paper statement if you request one instead of using online statements, and $25 for a returned deposit. These fees only explore if you actually request or trigger these services, so most people never pay them.

What happens if you can't meet the minimum balance

If you cannot maintain the minimum balance required to waive the monthly fee, you have a few options. The first is to set up direct deposit if you receive a paycheck — this waives the fee regardless of your balance. The second is to switch to Bank of America's student checking account if you may have access to, which has no monthly fee.

The third option is to look for a different bank. Many banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. If you're new to banking or returning after a gap, a no-fee account might be simpler to manage because you won't have to worry about maintaining a balance or setting up direct deposit.

If you decide to stay with Bank of America and pay the monthly fee, the $12 charge is still less expensive than paying multiple overdraft fees. The choice depends on how much money you typically keep in your account and whether you can set up direct deposit.

How Bank of America calculates your balance for fee purposes

Bank of America uses your daily balance to determine whether you've met the minimum balance requirement. This means the bank looks at your balance at the end of each day of the month. If your balance drops below the minimum even one day, you don't may have access to for the waiver that month, and you'll be charged the fee.

For example, if your account requires a $500 minimum balance and you have $600 in the account for 29 days but only $400 on day 30, you'll be charged the $12 monthly fee because you didn't meet the requirement every single day. This is why direct deposit is often easier — you don't have to maintain a specific balance, just make sure your paycheck goes into the account.

Bank of America sends you a statement each month showing your daily balance, so you can see exactly when your balance fell below the minimum if you're charged a fee. You can also check your balance anytime through the Bank of America app or website.

Frequently Asked Questions

Can I get the monthly fee refunded if I didn't know about it?

Bank of America may refund one or two months of fees if you contact them and explain that you didn't understand the requirement. Call the customer service number on the back of your debit card or visit a branch in person. The bank is more likely to refund the fee if it's your first time being charged and you set up direct deposit or meet the balance requirement right away.

Does Bank of America charge fees on savings accounts?

Yes, Bank of America savings accounts also charge monthly fees, typically $8 per month. These fees can be waived by maintaining a minimum balance (usually $300 to $500) or by linking the savings account to a checking account that meets its own waiver requirements. Some savings accounts have no monthly fee if you maintain a higher balance.

What if I use my Bank of America debit card at a store — does that cost extra?

No, using your debit card to buy things at stores or online does not cost you any fee. Bank of America only charges the $2.50 out-of-network ATM fee when you withdraw cash from an ATM that is not owned by Bank of America.

Can I have multiple checking accounts to avoid fees?

You can open multiple checking accounts at Bank of America, but each account is charged the monthly fee separately unless it meets the waiver requirements on its own. Opening a second account doesn't help you avoid fees unless that account qualifies for a waiver or is a student account.

Does Bank of America charge fees for transfers between my own accounts?

No, transferring money between your own Bank of America accounts (checking to savings, for example) is free. You can make as many transfers as you want without being charged a fee.