What Bank of America Checking Accounts Cost to Keep Open

Bank of America checking accounts do not require you to maintain a minimum balance to avoid a monthly fee, but the account type and how you use it determine whether you pay anything at all. The most common account—the Checking Account—has no minimum balance requirement and no monthly maintenance fee if you meet one of three conditions: you keep a $500 minimum daily balance, you set up a direct deposit of any amount, or you maintain a linked Bank of America savings or money market account with a $500 minimum balance.

If you do not meet any of those conditions, Bank of America charges $12 per month. This is not a hidden fee—it appears on your statement as a "monthly maintenance fee." The fee stops the moment you satisfy one of the three conditions, even partway through a month.

Bank of America also offers the Interest Checking Account, which does require a $10,000 minimum daily balance to avoid a $25 monthly fee. This account earns interest on your balance, which is why the minimum is higher. Most people use the standard Checking Account instead.

Key Takeaways

  • Bank of America's standard Checking Account has no minimum balance requirement if you set up direct deposit or keep $500 in a linked savings account.
  • If you do not meet any waiver condition, you pay $12 per month, which stops when ready once you do.
  • The Interest Checking Account requires a $10,000 minimum daily balance or charges $25 monthly.
  • Direct deposit of any amount—even $1 per pay period—counts as a waiver, so you do not need a large paycheck.

How the $500 Daily Balance Waiver Works

The $500 minimum applies to your daily balance, not your average balance over the month. This means you must have at least $500 in the account every single day to avoid the fee. If your balance drops to $499 on any day, you do not lose the waiver for that month—the waiver applies to the entire month based on whether you met the condition at any point, but Bank of America's documentation on this point is unclear enough that you should contact them directly if your balance hovers near $500.

The $500 counts only money in the checking account itself, not savings accounts, money market accounts, or other institutions. However, if you have a linked Bank of America savings or money market account with $500 in it, that linked account alone waives the fee—you do not need the $500 in checking.

Direct Deposit as a Fee Waiver

Setting up direct deposit is the easiest way to avoid the monthly fee because the amount does not matter. A single direct deposit of $1 per pay period satisfies the requirement. Your employer does not need to send your entire paycheck—you can split your direct deposit between Bank of America and another bank, and the portion going to Bank of America counts.

Direct deposit must be recurring and set up through your employer's payroll system. A one-time transfer from another account does not count. Once you set it up, the waiver applies to every month going forward, even if you miss a paycheck in a given month.

What Happens If You Do Not Meet a Waiver Condition

Bank of America charges $12 per month if you do not maintain the $500 balance, set up direct deposit, or link a may have access to savings account. The fee posts automatically on a set day each month—usually the last business day. You can see it listed on your statement as "Monthly Maintenance Fee."

The fee does not close your account or trigger overdraft charges. It straightforward reduces your balance by $12. If your account balance is already low, the fee can push you into negative territory, which then triggers overdraft fees on top of it. For this reason, people who cannot meet any waiver condition should consider a different bank or a different account type.

Student and Senior Accounts

Bank of America offers a Student Checking Account with no monthly fee and no minimum balance for customers under 24 years old. The account converts to a standard Checking Account on your 24th birthday, at which point the monthly fee applies unless you meet a waiver condition.

Bank of America does not offer a dedicated senior account with reduced fees. Seniors must meet the same waiver conditions as other customers—$500 balance, direct deposit, or a linked savings account—to avoid the $12 monthly fee.

Comparing Bank of America to Other Banks

Many banks have eliminated minimum balance requirements entirely. Charles Schwab Bank, Ally Bank, and several credit unions offer checking accounts with no monthly fee and no minimum balance, period. If you cannot meet Bank of America's waiver conditions, these alternatives may cost you nothing.

Bank of America's advantage is its branch network—over 4,000 locations nationwide—and its integration with other Bank of America products. If you already use Bank of America for savings or a credit card, linking accounts to waive the fee is straightforward. If you are starting fresh and do not have direct deposit set up, a bank with no minimum balance requirement may be simpler.

How to Waive the Fee If You Already Have an Account

If you are currently paying the $12 monthly fee, you can stop by setting up direct deposit, moving $500 into a linked savings account, or maintaining $500 in checking. You do not need to call Bank of America or fill out a form—the waiver applies automatically once the condition is met.

If you want to confirm your account status or ask about the exact timing of when a waiver takes effect, you can contact Bank of America through their website, mobile app, or by calling the number on the back of your debit card. They can also tell you whether your current balance meets the requirement and when the next monthly fee will post.

Frequently Asked Questions

Can I avoid the fee by keeping money in a savings account at a different bank?

No. The $500 balance or linked account must be at Bank of America. A savings account at another bank does not count toward the waiver. However, you can open a Bank of America savings account with $500 and link it to your checking account to waive the fee.

What if my direct deposit stops—do I lose the waiver?

Yes. The direct deposit waiver applies only in months when you receive a direct deposit. If your employer stops sending direct deposit or you change jobs, the waiver ends, and the $12 fee resumes the following month unless you meet another condition.

Does the $500 minimum include pending deposits?

Bank of America counts only posted funds toward the $500 minimum, not pending deposits. A check you deposited that has not yet cleared does not count. Once the deposit posts, it counts toward the balance.

Can I get the monthly fee refunded if I did not know about the waiver conditions?

Bank of America may refund one or two months of fees if you contact them and explain that you were unaware of the waiver options. They have discretion to do this, but it is not may provide. Calling the number on your debit card and asking to speak with a representative is your best option.

Is the Interest Checking Account worth it if I have $10,000?

The interest rate on Bank of America's Interest Checking Account is very low—typically well below 0.01% annually. You would earn less than $1 per year on a $10,000 balance. A high-yield savings account at an online bank pays 4% to 5%, earning $400 to $500 per year on the same amount. The Interest Checking Account is rarely the better choice.