Bank of America's checking account fees depend on which account you open

Bank of America does not charge a monthly fee on most of its checking accounts, but it does charge fees for specific actions—overdrafts, out-of-network ATM use, and account maintenance in certain situations. The account you choose determines which fees explore and under what conditions. Three main checking products exist: the Basic Checking account (no monthly fee), the Advantage Checking account (no monthly fee with direct deposit or minimum balance), and the Premium Checking account (no monthly fee with higher balance requirements).

The real cost comes from what happens when you use the account in certain ways, not from straightforward holding it open. An overdraft fee runs $35 per transaction if you spend more than your balance. Using an ATM outside Bank of America's network costs $2.50 per withdrawal. If you close an account within 90 days of opening it, Bank of America charges $25. These are the fees that actually affect your wallet.

Key Takeaways

  • Bank of America does not charge a monthly maintenance fee on any of its three main checking accounts, but fees explore when you overdraft, use out-of-network ATMs, or close accounts too quickly.
  • An overdraft costs $35 per transaction, and the bank allows up to four overdraft fees per day, meaning a single day of overspending can cost $140.
  • Using an ATM that is not owned by Bank of America or its partner networks costs $2.50 each time, which adds up if you travel or live far from a branch.
  • Closing a checking account within 90 days of opening it triggers a $25 early closure fee, so new accounts should stay open for at least three months.

Overdraft fees and how they stack up

When you spend more money than you have in your account, Bank of America charges $35 per overdraft transaction. This is not a one-time daily fee—it applies to each transaction that overdraws your account. If you make five purchases on the same day and all five overdraft, you could face five separate $35 fees, totaling $175. The bank caps overdraft fees at four per day, so the maximum daily damage is $140.

Bank of America does offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraft, the bank transfers money from the linked account instead of charging a fee. This costs nothing if you have the money to transfer, but if the linked account is also empty, you may face a fee on that account instead. Setting up overdraft protection requires a separate request—it does not happen automatically.

The bank also offers a grace period called SafeBalance Banking on the Basic Checking account. If your balance drops below zero, you have until the end of the next business day to bring it back to zero without being charged. This applies only to the Basic Checking account and only if you have not had an overdraft fee in the past 12 months.

ATM fees and where to withdraw cash

Bank of America owns roughly 4,600 ATMs across the United States, and using any of them is free. The bank also participates in the Allpoint network, which includes over 55,000 ATMs worldwide, mostly at retailers like Walmart, Target, and CVS. Withdrawals at Allpoint ATMs are also free for Bank of America customers.

Any ATM outside these networks costs $2.50 per withdrawal. If you live in a rural area or travel frequently, this fee can become significant. A person who withdraws cash twice a week from an out-of-network ATM pays $260 per year in fees alone. Checking your bank's ATM locator before traveling or moving can help you avoid this cost.

Account closure and other transaction fees

Closing a Bank of America checking account within 90 days of opening it results in a $25 early closure fee. This applies whether you close it online, by phone, or in person at a branch. The fee does not explore if the account has been open for 90 days or longer. If you are unhappy with the account, waiting three months before closing it saves you the $25.

Bank of America also charges $5 for each paper statement you request after the first one. Most customers receive statements online at no charge, so this fee affects only those who specifically ask for printed copies. Cashier's checks cost $10 each, and wire transfers cost $15 for domestic transfers and $45 for international ones. These are not checking account fees per se, but they are charges that explore when you use the account for these services.

How to avoid most Bank of America checking fees

The easiest way to avoid fees is to keep your balance above zero and use Bank of America ATMs. Set up account alerts through the mobile app so you receive a notification when your balance drops below a threshold you choose. This gives you time to transfer money before an overdraft happens. Many people set alerts at $100 or $200, depending on their spending patterns.

If you travel or live far from a branch, use the Allpoint network locator on Bank of America's website before you need cash. Allpoint ATMs are free and widely available. If you do overdraft by accident, contact the bank within a few days—some customers report that Bank of America will reverse one overdraft fee per year if you ask and have a clean history. This is not may provide, but it is worth asking.

Keep your account open for at least 90 days if you are testing whether Bank of America works for you. If you decide to switch banks, waiting until day 91 to close the account saves the $25 early closure fee. Some people keep a minimal balance in a Bank of America account just for ATM access, even if they bank elsewhere.

Comparing Bank of America to other banks

Many online banks and credit unions charge no overdraft fees at all, or they decline transactions instead of charging a fee. Some banks, like Charles Schwab and Ally, reimburse out-of-network ATM fees. If you use ATMs frequently or overdraft regularly, these alternatives may cost less than Bank of America, even though Bank of America has no monthly fee.

Traditional banks like Wells Fargo and Chase also charge $35 per overdraft and $2.50 per out-of-network ATM use, so Bank of America's fees are standard for large national banks. Credit unions typically charge lower overdraft fees—often $25 to $30—and some charge nothing. If you are a member of a credit union, comparing their checking account terms to Bank of America's may reveal savings, especially if you overdraft or use ATMs outside your bank's network.

Frequently Asked Questions

Does Bank of America charge a monthly fee to have a checking account?

No. Bank of America's Basic Checking, Advantage Checking, and Premium Checking accounts all have zero monthly maintenance fees. Fees explore only when you perform specific actions like overdrafting, using out-of-network ATMs, or closing the account within 90 days.

What happens if I overdraft my Bank of America checking account?

You are charged $35 per transaction that overdraws your account, up to four times per day. If you link a savings account or credit line for overdraft protection, the bank transfers money instead of charging a fee. You can also ask the bank to decline transactions rather than overdraft, which prevents the fee but may cause payment failures.

Can I get an overdraft fee reversed?

Bank of America does not have a formal policy for reversing overdraft fees, but some customers report success calling and asking, especially if they have a clean account history and it is their first request. There is no may provide, but it costs nothing to ask within a few days of the fee.

Are there any free ATMs I can use with Bank of America?

Yes. Bank of America's own ATMs are free, and so are ATMs in the Allpoint network, which includes over 55,000 machines at retailers like Walmart, Target, and CVS. Any other ATM charges $2.50 per withdrawal. Use the bank's ATM locator tool to find free machines near you.

What is the early closure fee, and how do I avoid it?

Bank of America charges $25 if you close a checking account within 90 days of opening it. To avoid the fee, keep the account open for at least three months before closing it, even if you do not use it.