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

Bank of America's main checking account, called Checking, has a monthly maintenance fee of $12. However, you can get this fee waived in several ways: keep a minimum daily balance of $1,500, set up direct deposit of your paycheck, maintain a linked savings account with $300, or be under 24 years old. If none of those work for you, Bank of America also offers SafeBalance Banking, which has no monthly fee but comes with different features and limits.

Beyond the monthly fee, Bank of America charges for specific actions: overdraft fees when you spend more than you have, fees for using ATMs outside their network, and fees for certain services like cashier's checks or wire transfers. The good news is that most of these are avoidable if you know the rules.

Key Takeaways

  • Bank of America's standard Checking account charges $12 per month, but the fee disappears if you keep $1,500 in the account, set up direct deposit, link a savings account with $300, or are under 24.
  • Overdraft fees cost $35 per transaction and can stack up quickly if you're not careful, but you can turn off overdraft protection to prevent them.
  • Using ATMs outside the Bank of America network costs $2.50 per withdrawal, so using their ATMs or getting cash back at stores saves money.
  • SafeBalance Banking has no monthly fee and no overdraft fees, making it worth considering if you can't meet the requirements for the standard account.

The monthly maintenance fee and how to waive it

The $12 monthly fee on Bank of America Checking is the most common charge you'll see. It hits your account every month unless you meet at least one of the waiver conditions. The easiest for most people is direct deposit — if your employer or a government program like Social Security deposits money into your account, the fee goes away automatically.

If direct deposit isn't an option, the $1,500 minimum balance requirement is the next most common path. This means your account balance can't drop below $1,500 on any day of the month. If it does, you pay the fee that month. The linked savings account option requires you to maintain $300 in a Bank of America savings account at the same time, which works well if you're already saving.

If you're under 24, Bank of America waives the fee automatically. Once you turn 24, you'll need to switch to one of the other waiver methods or move to a different account type.

Overdraft fees and how to control them

An overdraft happens when you spend more money than you have in your account. Bank of America charges $35 for each overdraft transaction. If you make multiple purchases that overdraw your account on the same day, you can be charged multiple times — sometimes three or more overdraft fees in a single day.

You can prevent overdraft fees by turning off overdraft protection. When this is off, Bank of America will straightforward decline transactions that would overdraw your account instead of charging you a fee. You control this setting yourself through the Bank of America app or website. Many people find this the safest option because it forces you to spend only what you have.

If you want overdraft protection on (so purchases go through even if you don't have the money), Bank of America will link it to a savings account or line of credit first before charging the $35 fee. This gives you a buffer, but you'll pay interest on the borrowed amount.

ATM fees and out-of-network charges

Bank of America has thousands of ATMs across the country, and using one of theirs costs nothing. Using an ATM from another bank costs $2.50 per withdrawal. This fee comes from Bank of America, not the other bank.

The cheapest way to get cash is to ask for it back when you buy something at a grocery store or other retailer — this is free. If you need an ATM, find a Bank of America location first. You can search for nearby ATMs through their app or website.

If you travel frequently or live far from Bank of America branches, the out-of-network fees can add up. In that case, you might want to compare Bank of America to banks with larger ATM networks or banks that reimburse out-of-network fees.

Other fees you might encounter

Bank of America charges for services beyond the monthly fee and overdrafts. A cashier's check (a check the bank writes on your behalf) costs $10. A wire transfer (sending money electronically to another bank) costs $15 for domestic transfers and $45 for international ones. Stopping payment on a check costs $30.

These fees only explore if you actually use these services, so most people never pay them. However, if you regularly need cashier's checks or wire transfers, the costs can add up. Some other banks offer these services for free or at lower prices.

SafeBalance Banking as an alternative

If you can't meet the waiver requirements for the standard Checking account, Bank of America offers SafeBalance Banking with no monthly fee. This account also has no overdraft fees — transactions straightforward decline if you don't have the money. You also get a debit card and online banking.

The tradeoff is that SafeBalance has lower limits. You can only make six transfers or withdrawals per month from linked savings accounts or external accounts, though ATM withdrawals and debit card purchases don't count toward this limit. You also can't use overdraft protection.

SafeBalance is designed for people who want to avoid fees entirely and don't need frequent transfers. If you're new to banking or have had trouble with overdrafts in the past, this account removes that risk.

How to check your account for current fees

Bank of America's fee structure can change, and your specific fees depend on your account type and settings. The most reliable way to see what you're being charged is to log into your account online or through the mobile app and look at your recent statements. Each fee will be listed by name and amount.

You can also call Bank of America at the number on the back of your debit card and ask a representative to review your account. They can tell you which fees you're paying, which ones you could avoid, and whether switching to SafeBalance Banking would save you money. This conversation takes about ten minutes and costs nothing.

Frequently Asked Questions

Can I get the monthly fee back if I was charged it by mistake?

Yes, you can request a refund if you met a waiver requirement but were still charged. Call the number on your debit card or visit a branch with proof that you had direct deposit or the required balance. Bank of America often refunds one or two months if you can show you may have access to.

What happens if I go negative and don't have overdraft protection on?

Your transaction will be declined at the point of sale. You won't be charged a fee, and the purchase won't go through. You'll need to add money to your account before you can spend again.

Do I have to pay the $12 monthly fee if I'm a student?

Not if you're under 24 — the fee is waived automatically. Once you turn 24, you'll need to switch to one of the other waiver methods. Some banks offer student accounts with no fees, so you can also compare options before your 24th birthday.

Is there a way to avoid the $2.50 ATM fee when I travel?

Use Bank of America ATMs or get cash back at stores instead. If you travel internationally, some credit unions and online banks reimburse out-of-network ATM fees, which might be worth considering if you travel often.

What's the difference between overdraft protection and overdraft fees?

Overdraft protection is a service you turn on or off that lets transactions go through even when you don't have money. Overdraft fees are the $35 charges you pay when a transaction overdrafts your account. You can have protection on and still avoid fees by linking it to a savings account instead of paying the fee.