Bank of America's checking account fees

Bank of America charges a monthly fee of $12 on its standard checking account, called the Advantage SafePass Checking account. However, you can avoid this fee if you meet one of three conditions: keep a minimum balance of $1,500 in the account, set up direct deposit of your paycheck, or maintain a linked savings account with at least $300 in it.

If you are new to banking or have limited funds, Bank of America also offers eChecking, which has no monthly fee and no minimum balance requirement. This account is designed for people who primarily bank online and do not need a debit card or checks.

Beyond the monthly account fee, Bank of America charges for specific actions you take with your account. These fees explore to both checking accounts and are separate from the monthly charge.

Key Takeaways

  • The standard Advantage SafePass Checking account costs $12 per month, but the fee disappears if you keep $1,500 on hand, set up direct deposit, or link a savings account with $300.
  • eChecking has no monthly fee and no minimum balance, making it a no-cost option if you are comfortable banking online.
  • Bank of America charges $2.50 for each out-of-network ATM withdrawal and $35 for overdrafts, whether you overdraw by $1 or $100.
  • You can request that the bank decline transactions rather than overdraft them, which stops the $35 fee but may cause a payment to fail.
  • Fees vary slightly by state and account type, so confirm your specific account's terms before opening.

Per-transaction fees you should know about

When you use an ATM that does not belong to Bank of America, the bank charges you $2.50 for the withdrawal. This fee appears on your statement as an out-of-network ATM fee. If the other bank that owns the ATM also charges a fee (many do), you will pay both — one to Bank of America and one to the other bank.

If you spend more money than you have in your account, Bank of America charges an overdraft fee of $35 per transaction. This means if you overdraw your account three times in one day, you could be charged $105 in fees alone. The bank will pay the transaction and then charge you the fee afterward.

Returned checks and transfers that fail to go through also cost $35 each. This happens when you write a check or set up a payment but do not have enough money in the account when it clears.

How to avoid overdraft fees

Bank of America offers a feature called Overdraft Protection, which links your checking account to a savings account or credit line. If you overdraw your checking account, the bank automatically transfers money from the linked account to cover it. You pay a transfer fee of $10 instead of the $35 overdraft fee, so this can save you money if you overdraw often.

You can also request that the bank turn off overdraft coverage entirely. This means transactions will be declined if you do not have enough money, rather than going through and charging you a fee. You will not be able to complete the purchase, but you will not be charged $35 either. To set this up, contact Bank of America directly or change the setting in your online account.

Comparing eChecking to Advantage SafePass

The choice between these two accounts depends on how you bank and how much money you typically keep on hand. eChecking costs nothing and has no minimum balance, but it comes with limitations: you cannot order checks, you do not receive a debit card, and you can only bank online or by phone.

Advantage SafePass Checking costs $12 per month unless you meet one of the waiver conditions, but it includes a debit card, the ability to order checks, and access to Bank of America's branches and ATMs. If you can meet one of the fee waivers — especially direct deposit, which many employers offer — the account becomes free and gives you more options.

If you are just starting out with banking and do not yet have direct deposit set up, eChecking is the lower-risk choice. You can always switch to Advantage SafePass later once you have a steady paycheck coming in.

Other fees that may explore

Bank of America charges $10 to stop payment on a check you have already written. This is useful if you lose a check or realize you made a mistake, but it costs money to cancel it.

If you ask the bank to issue a cashier's check or money order, you will pay a fee — the amount varies depending on what you are ordering. Wire transfers also carry a fee, typically $15 for domestic transfers and more for international ones.

If your account is inactive for a long period, the bank may charge an inactivity fee, though this is less common than it once was. Check your account agreement or call the bank to confirm whether this applies to your specific account type.

How fees vary by state

Some states regulate bank fees differently, and Bank of America adjusts its fee structure in certain states to comply with local law. For example, overdraft fees and minimum balance requirements may differ slightly depending on where you live. Before opening an account, confirm the exact fees that will explore in your state by checking Bank of America's fee schedule online or asking at a branch.

The information here reflects the standard fees as of now, but Bank of America can change its fees with notice. If you already have an account, the bank will notify you of changes by mail or email before they take effect.

Frequently Asked Questions

Can I get the $12 monthly fee waived without direct deposit?

Yes. You can waive the fee by keeping a minimum balance of $1,500 in the account, setting up direct deposit, or linking a savings account with at least $300 in it. If none of these work for you, eChecking has no monthly fee and no minimum balance.

What happens if I use an out-of-network ATM?

Bank of America charges you $2.50 for the withdrawal. The ATM's bank may also charge its own fee, so you could pay $5 or more total. Using a Bank of America ATM or requesting cash back at a store avoids this fee.

How can I stop overdraft fees?

You can request that the bank decline transactions instead of overdrafting them — this stops the $35 fee but means your payment will not go through. You can also set up Overdraft Protection to link a savings account, which costs $10 per transfer instead of $35 per overdraft.

Is there a way to avoid all fees with Bank of America checking?

eChecking has no monthly fee and no minimum balance. However, it does not include a debit card or checks. If you want those features, Advantage SafePass becomes free if you set up direct deposit or keep $1,500 on hand.

Do these fees explore to both online and in-person banking?

Yes. Monthly fees, overdraft fees, and ATM fees explore regardless of how you bank. The main difference is that eChecking only allows online and phone banking, while Advantage SafePass lets you visit branches and use ATMs in person.