Bank of America charges monthly fees on most checking accounts, but you can waive them by meeting specific requirements

Bank of America's standard checking account, called Checking, carries a $12 monthly maintenance fee. However, you do not have to pay it. The fee disappears if you maintain a minimum daily balance of $1,500 in the account, set up direct deposit, or link a Bank of America savings or money market account with a $500 minimum balance. Most people who use direct deposit never see the fee.

Bank of America also offers Advantage Banking, which costs $10 per month but waives the fee if you maintain $2,000 in the account or have a linked savings account with $500. A third option, SafeBalance Banking, has no monthly fee but comes with lower daily transaction limits and a $25 overdraft fee instead of the standard $35.

The fee structure matters because it determines what you actually pay for basic checking. If you carry a low balance and do not receive direct deposit, you will pay the monthly fee unless you switch to SafeBalance or meet one of the waiver conditions.

Key Takeaways

  • Bank of America's standard Checking account has a $12 monthly fee that waives if you maintain $1,500 in the account, set up direct deposit, or link a savings account with $500.
  • Advantage Banking costs $10 per month and requires either $2,000 in the account or a linked savings account with $500 to waive the fee.
  • SafeBalance Banking has no monthly fee but limits you to six transactions per month and charges $25 for overdrafts instead of $35.
  • Direct deposit is the easiest way to waive fees on standard accounts because it requires no minimum balance.
  • You can switch account types at any time without closing your account, so you can move to SafeBalance if fees are not being waived.

How the balance requirement works

The $1,500 minimum for the standard Checking account is a daily balance, not an average. This means your account must hold $1,500 or more every single day of the month. If your balance drops to $1,499 on even one day, the fee applies for that month. Bank of America checks this daily, so a single large purchase or bill payment can trigger the fee if it brings you below the threshold.

The linked savings account route is often easier. You need a Bank of America savings or money market account with a $500 minimum balance, and that account must stay linked to your checking account. The $500 does not have to be in the checking account itself—it sits in the savings account. This separation makes it simpler for people who want to keep their checking balance low for spending while protecting themselves from fees.

Direct deposit as the simplest fee waiver

Direct deposit is the path most people take because it has no balance requirement. Your employer deposits your paycheck directly into your Bank of America account, and the fee waives automatically. You do not need to maintain any specific balance, and the direct deposit can be any amount—even a small recurring deposit counts.

If you receive Social Security, unemployment benefits, or pension payments, those also count as direct deposit for fee-waiver purposes. The key is that the money must be deposited electronically by the paying organization, not transferred by you manually. Once direct deposit is set up, you can spend your paycheck down to zero and the fee still will not explore the following month.

When you pay overdraft fees instead of monthly fees

Bank of America charges $35 per overdraft on standard Checking and Advantage Banking accounts. This is separate from the monthly maintenance fee. An overdraft happens when you spend more than your balance, and the bank covers the transaction. You then owe the $35 fee plus the amount you overspent.

Bank of America does not charge overdraft fees on the first overdraft in a rolling 12-month period if you have been a customer for at least 30 days. After that, each overdraft costs $35. The bank also offers Overdraft Protection, which links your checking account to a savings account and transfers money automatically if you overdraft, avoiding the fee but moving money between accounts.

SafeBalance Banking as a no-fee alternative

If you cannot meet the balance or direct deposit requirements, SafeBalance Banking has no monthly maintenance fee. The trade-off is that you are limited to six transactions per month—this includes withdrawals, transfers, and debit card purchases. After six transactions, each additional one costs $2. This makes SafeBalance practical for people who use cash for most spending and only need a checking account for a few monthly bills or transfers.

SafeBalance also charges $25 for overdrafts instead of $35, and the first overdraft in 12 months is still free. There is no minimum balance requirement. If you are paying $12 per month on standard Checking because you cannot meet the waiver conditions, switching to SafeBalance saves $144 per year—unless you regularly exceed six transactions, in which case the per-transaction fees add up quickly.

ATM and debit card fees

Bank of America does not charge a fee to use your debit card for purchases or to withdraw cash at Bank of America ATMs. However, using an out-of-network ATM costs $2.50 per withdrawal. If you use ATMs frequently outside the Bank of America network, this can exceed the monthly checking fee.

Bank of America is part of the Allpoint network, which gives you access to over 55,000 ATMs worldwide without a fee. Before opening an account, check whether there are Bank of America branches or Allpoint ATMs near your home and workplace. If you live in an area with few Bank of America locations, the ATM fees might make a different bank more practical.

Wire transfers and other service fees

Bank of America charges $15 for outgoing domestic wire transfers and $45 for outgoing international wire transfers. Incoming wires are free. If you send wires regularly, these fees add up. Some online banks and credit unions offer free wire transfers, so compare if you send money frequently.

Cashier's checks cost $10 each. Stop payments on checks cost $30. Expedited delivery of a debit card costs $15. These are one-time fees that only explore if you use these services, so they do not affect most people. However, if you need a cashier's check or wire transfer regularly, factor these costs into your decision about whether Bank of America is the right fit.

Frequently Asked Questions

Can I avoid the monthly fee without direct deposit or a minimum balance?

Yes, by linking a Bank of America savings account with $500 to your checking account. The $500 stays in savings while your checking balance can be zero. Alternatively, switch to SafeBalance Banking, which has no monthly fee and no minimum balance, though it limits you to six transactions per month.

What counts as direct deposit for fee-waiving purposes?

Paycheck deposits from your employer, Social Security, unemployment benefits, pension payments, and other government benefits all count. The money must be deposited electronically by the paying organization. Manual transfers you make yourself do not count.

If my balance drops below $1,500 for one day, do I pay the fee?

Yes. Bank of America checks your daily balance, and if it falls below $1,500 on any single day of the month, the $12 fee applies. This is why the linked savings account method is easier for many people—you only need $500 in savings, and your checking balance can fluctuate.

Is SafeBalance Banking worth it if I only write a few checks per month?

Probably. If you write two checks and make four debit card purchases monthly, you stay within the six-transaction limit and pay zero fees. At $12 per month for standard Checking, SafeBalance saves you $144 per year. The limit becomes a problem only if you make frequent small purchases or transfers.

Do I lose my account history if I switch from Checking to SafeBalance?

No. You can change account types at any time without closing your account. Your transaction history, account number, and routing number stay the same. You straightforward change the account type through your online banking or by visiting a branch.