Bank of America does charge monthly fees on most accounts, but the amount depends on which account you open and whether you meet certain conditions

Bank of America's most common checking account, the Checking Account, costs $12 per month. However, you can avoid this fee if you keep a minimum balance of $1,500 in the account, or if you set up direct deposit of at least $250 per month. Their Advantage Plus Checking account also costs $12 monthly but waives the fee with a $2,000 minimum balance or the same direct deposit requirement.

Savings accounts have fees too. The Savings Account charges $5 per month unless you maintain a $300 minimum balance. Bank of America also offers accounts with no monthly fees — the eChecking Account has no monthly charge and no minimum balance requirement, though it comes with limited features like no debit card and no checks.

The fee structure matters because it determines how much you actually pay to have your money there. If you cannot meet a minimum balance and do not receive direct deposits, the monthly fees add up to $144 per year on a checking account alone.

Key Takeaways

  • Bank of America's standard Checking Account costs $12 per month unless you maintain a $1,500 minimum balance or set up direct deposit of $250 or more.
  • The Savings Account charges $5 per month, waived if you keep $300 in the account.
  • The eChecking Account has no monthly fee and no minimum balance, but offers fewer features than standard checking.
  • Monthly fees are charged even if you do not use the account, so choosing the right account type based on your situation saves money over time.

How the minimum balance requirement works

When Bank of America lists a minimum balance, they mean the lowest amount you must keep in the account to avoid the monthly fee. For the standard Checking Account, that minimum is $1,500. This is the balance at the end of each business day — if you drop below $1,500 even once during the month, the fee applies.

The minimum balance is separate from the money you need to live on. If you have $1,500 sitting in the account specifically to avoid fees, that money is not available to spend without triggering the fee. Many people find this requirement difficult if they live paycheck to paycheck or do not have savings to set aside.

Bank of America also offers accounts for students and seniors with different fee structures. The Student Checking Account has no monthly fee for the first four years after you open it, as long as you are under 24 years old. After that, it converts to a standard account with the regular $12 fee.

Direct deposit as an alternative to minimum balance

If you cannot keep $1,500 in your checking account, direct deposit is the other way to waive the monthly fee. Direct deposit means your employer or a government program (like Social Security) deposits money straight into your Bank of America account instead of giving you a check.

The requirement is usually $250 or more per month. This does not have to be your entire paycheck — it can be a portion of it, or even a regular transfer from another account. The key is that the deposit must be automatic and recurring, not a one-time transfer you set up yourself.

Direct deposit takes two to three business days to show up in your account after your employer sends it. If you are paid weekly or biweekly, you will likely meet the $250 threshold without thinking about it. If you are paid monthly or have irregular income, you may need to check whether your deposits will be large enough.

Fees on savings accounts and money market accounts

Bank of America's Savings Account charges $5 per month, which is lower than the checking fee but still adds up. You avoid it by keeping $300 in the account. Unlike checking, the savings account does not offer a direct deposit waiver — the only way to avoid the fee is the minimum balance.

The Money Market Account is a hybrid product that works like both checking and savings. It charges $12 per month and requires a $2,500 minimum balance to waive the fee. It allows you to write checks and make transfers, but limits how many withdrawals you can make per month.

Bank of America also offers CDs (Certificates of Deposit), which have no monthly fees. With a CD, you agree to leave money in the account for a set period — usually three months to five years — in exchange for a higher interest rate. You cannot withdraw the money early without paying a penalty, so CDs work best for money you know you will not need soon.

What happens if you cannot meet the requirements

If you do not have $1,500 to keep in checking and cannot set up direct deposit, the $12 monthly fee will be charged. The fee comes out of your account automatically each month, usually on the first business day. Over a year, that is $144 in fees alone.

Some people open the eChecking Account specifically to avoid this situation. The eChecking Account has no monthly fee and no minimum balance, making it free to maintain. The tradeoff is that it does not come with a debit card or checks — you can only access your money through online transfers, ATM withdrawals, or in-person at a branch.

If you are already paying monthly fees and want to stop, you can switch to eChecking or move your account to a different bank. Bank of America will not refund past fees, but switching prevents future charges. Many online banks and credit unions offer checking accounts with no monthly fees and no minimum balance requirements.

Overdraft fees and other charges beyond the monthly fee

The monthly maintenance fee is only one cost of having a Bank of America account. If you spend more money than you have in your account, Bank of America charges an overdraft fee of $35 per transaction. This is separate from the monthly fee and can happen multiple times in a single day.

Bank of America also charges fees for things like using an out-of-network ATM ($2.50), stopping a check ($30), or requesting a paper statement ($2 per month). Wire transfers cost $15 for domestic transfers and $45 for international ones. These fees are not automatic like the monthly charge — they only happen if you use those services.

You can set up overdraft protection, which links your checking account to a savings account or credit line. If you overdraw, the bank transfers money from the linked account instead of charging a fee. This prevents overdraft charges but may trigger a transfer fee depending on your account type.

Comparing Bank of America fees to other banks

Bank of America's $12 monthly checking fee is higher than many competitors. Many online banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fee and no minimum balance. Credit unions often have similar no-fee options, especially if you are a member.

The tradeoff is usually in features and convenience. Bank of America has thousands of branches and ATMs across the country, which matters if you prefer to handle banking in person. Online banks have fewer physical locations but often offer better interest rates and lower fees overall.

If you already have a Bank of America account and want to avoid the monthly fee, the eChecking Account is your lowest-cost option within the bank. If you are willing to switch, comparing the total cost — monthly fees plus overdraft fees plus ATM fees — across a few banks will show you where you save the most money.

Frequently Asked Questions

Can Bank of America waive the monthly fee if I ask?

Bank of America does not waive monthly fees as a courtesy. The fee is waived only if you meet the stated conditions: minimum balance, direct deposit, or having a may have access to account type like eChecking or Student Checking. Calling to ask will not change this policy.

Does the $1,500 minimum balance have to be in checking, or can I count savings too?

The minimum balance requirement applies to each account separately. Your checking account must have $1,500 in it to waive the checking fee. Money in your savings account does not count toward the checking minimum, and vice versa.

What if I get direct deposit one month but not the next?

The direct deposit waiver typically requires a may have access to deposit each month. If you miss a month, the monthly fee will be charged that month. Some accounts may have a grace period, so contact Bank of America directly to confirm the exact policy on your account.

Is there a Bank of America account with no fees at all?

Yes — the eChecking Account has no monthly fee and no minimum balance. It does not come with a debit card or checks, and you cannot earn interest on the balance. It is designed for people who want a free account and do not need those features.

Do I have to pay the monthly fee if I never use my account?

Yes. Bank of America charges the monthly fee whether you use the account or not. The fee is charged as long as the account is open and you do not meet the waiver conditions. If you are not using an account, closing it stops the charges.