Most Bank of America accounts have a monthly fee, but you can avoid it

Bank of America charges a monthly maintenance fee on most checking and savings accounts — typically $12 for checking accounts and $4 to $25 for savings accounts, depending on the account type. However, you can waive this fee by meeting one of several conditions, such as keeping a minimum balance, setting up direct deposit, or maintaining a linked savings account.

The fee exists because Bank of America is a for-profit business, and monthly fees are how they offset the cost of maintaining your account. The key is understanding which account you have and what your options are to avoid paying it.

Key Takeaways

  • Bank of America's standard checking account (Advantage Checking) charges $12 per month unless you meet a waiver condition.
  • You can waive the fee by maintaining a $1,500 minimum daily balance, setting up direct deposit of at least $250 per month, or linking a Bank of America savings account with $300 minimum balance.
  • Savings accounts range from $4 to $25 monthly, with higher fees on accounts that offer higher interest rates.
  • If you are under 25 or a student, Bank of America offers accounts with no monthly fee.
  • The fee is charged on the last day of each month if you have not met a waiver condition.

Checking account fees and how to avoid them

Bank of America's main checking account is called Advantage Checking, and it carries a $12 monthly maintenance fee. This fee is waived if you meet any one of these conditions: maintain a $1,500 minimum daily balance, set up direct deposit of at least $250 per month, or link a Bank of America savings account with a $300 minimum balance.

If you do not meet any of these conditions, the $12 charge appears on your statement on the last business day of the month. Many people do not notice it because it is a single line item among other transactions. If you are carrying a balance below $1,500 and do not have direct deposit set up, checking your account type and fee status is worth doing now.

Bank of America also offers Advantage Plus Checking, which has the same $12 fee and the same waiver options, but includes additional features like overdraft protection and higher ATM limits. The fee structure is identical.

Savings account fees vary by account type

Bank of America offers several savings accounts, each with a different monthly fee. The Regular Savings account charges $4 per month, waived if you maintain a $300 minimum balance. The Money Market Savings account charges $25 per month, waived with a $2,500 minimum balance. The Premium Savings account charges $25 per month, waived with a $10,000 minimum balance.

The higher-fee accounts typically offer higher interest rates, so the fee structure reflects the additional benefit you receive. If you are keeping a small amount in savings, the Regular Savings account with its $4 fee and $300 waiver threshold is usually the most practical choice.

Like checking accounts, savings fees are charged on the last business day of the month if you have not met the minimum balance requirement.

Student and youth accounts with no monthly fee

If you are under 25 years old, Bank of America offers Advantage Banking for Students, which has no monthly maintenance fee. This account includes the same features as Advantage Checking — debit card, online banking, mobile app — without the $12 charge. The account automatically converts to a standard Advantage Checking account when you turn 25.

This is one of the few ways to have a Bank of America checking account with zero monthly cost. If you are a student or under 25, opening this account type makes sense unless you have a specific reason to use a different product.

When the fee is charged and how to check your account

Bank of America charges monthly fees on the last business day of each month. If you have met a waiver condition — such as maintaining the minimum balance — the fee will not appear on that date. If you have not met a condition, the fee posts to your account like any other debit.

To see which account you have and what your current fee status is, log into your Bank of America online account or mobile app, go to your account details, and look for "Monthly Maintenance Fee" or "Account Fees." You can also call Bank of America customer service at the number on the back of your debit card and ask them to confirm your account type and fee status.

If you have been charged a fee and believe you met a waiver condition, you can contact Bank of America and ask them to review it. They sometimes reverse a single fee if you can show you met the requirement but the system did not register it properly.

Comparing Bank of America fees to other banks

Bank of America's $12 monthly checking fee is higher than many other large banks. For comparison, some banks offer checking accounts with no monthly fee regardless of balance or direct deposit. However, Bank of America's fee is waivable, which means you are not locked into paying it if you meet one of the conditions.

If you are considering switching banks specifically to avoid the fee, compare the total cost of banking with each institution — including ATM access, interest rates, customer service, and branch availability in your area. The lowest-fee bank is not always the best choice if it means paying more in overdraft fees or traveling farther to access your money.

What happens if you cannot meet a waiver condition

If you cannot maintain the minimum balance, set up direct deposit, or link a savings account, you will pay the monthly fee. In that situation, you have two options: accept the cost as part of your banking, or explore whether a different account type or bank might work better for your situation.

Some people find that the fee is worth paying for the convenience of Bank of America's branch network and ATM access. Others find that a smaller bank or online bank with no monthly fee serves their needs better. There is no single right answer — it depends on what matters most to you.

Frequently Asked Questions

Can Bank of America waive my monthly fee if I ask them to?

Bank of America may reverse a single fee if you contact them and explain your situation, especially if you have been a customer for a long time or if the fee was charged in error. However, they cannot permanently waive the fee unless you meet one of the official waiver conditions. Asking is worth trying, but do not count on it as a permanent solution.

Does the direct deposit have to come from my employer?

No. Direct deposit can come from an employer, government benefit (such as Social Security), or another source. Bank of America counts any recurring electronic deposit of at least $250 per month as direct deposit for fee-waiver purposes.

If I link a savings account to waive my checking fee, do I have to keep money in the savings account?

Yes. The savings account must maintain a $300 minimum balance at all times for the checking fee waiver to stay active. If the balance drops below $300, the checking fee will be charged on the next statement date.

What if I close my Bank of America account — do I owe the monthly fee?

No. When you close an account, Bank of America stops charging the monthly fee. However, if you close the account before the fee posts, you will not be charged. If the fee has already posted, it will appear on your final statement.

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

Yes — the student account (under 25) has no monthly fee. Some older account types may also have no fee, but Bank of America no longer offers them to new customers. If you have an older account with no fee, keeping it open is usually the best option.