The main fees Bank of America charges on savings accounts
Bank of America charges two fees on savings accounts: a monthly maintenance fee and an overdraft fee. The monthly maintenance fee is usually $4, though it varies slightly by account type. The overdraft fee is $35 per transaction when you spend more than your balance, though this only applies if you have overdraft protection turned on.
You do not have to pay either fee. Both can be waived by meeting straightforward requirements — usually keeping a minimum balance or setting up direct deposit. The specific requirement depends on which savings account you hold.
Bank of America offers three main savings accounts: the Regular Savings account, the Advantage Savings account, and the Premium Savings account. Each has different fee structures and different ways to avoid them. Knowing which account you have and what it requires is the fastest way to stop paying fees.
Key Takeaways
- Bank of America's $4 monthly maintenance fee is waived if you keep a $300 minimum balance or set up direct deposit of any amount.
- The $35 overdraft fee only applies if you have overdraft protection enabled; turning it off prevents overdrafts from being paid but also prevents the fee.
- Advantage Savings and Premium Savings accounts have higher minimum balance requirements but may offer better interest rates if you meet them.
- You can check your account type and current fees by logging into your Bank of America account online or calling 1-800-432-1000.
How to waive the monthly maintenance fee
The monthly maintenance fee on a Regular Savings account is $4. You avoid it by meeting one of two conditions: keep a minimum daily balance of $300 or set up direct deposit of any amount to the account.
Direct deposit is the easiest route if your employer or a government program (like Social Security or unemployment) sends money to your account automatically. You do not need a large deposit — even $25 per month counts. To set up direct deposit, you give your employer or the paying agency your Bank of America account number and routing number. You can find both by logging into your account online, calling 1-800-432-1000, or asking at a branch.
If you do not receive direct deposits, keeping $300 in the account at all times is straightforward but requires discipline. The balance is checked daily, so even one day below $300 can trigger the fee. If your balance fluctuates, set a phone reminder to check it before you spend down to near-zero.
Advantage Savings and Premium Savings accounts have higher minimum balance requirements — $2,500 and $10,000 respectively — but waive the fee if you meet them. These accounts also offer higher interest rates, so they may make sense if you have savings you plan to keep in the account long-term.
Understanding overdraft fees and how to prevent them
An overdraft happens when you spend more money than you have in your account. Bank of America charges $35 per overdraft transaction if you have overdraft protection turned on. This protection allows transactions to go through even when your balance is negative; without it, the transaction is straightforward declined and no fee is charged.
Many people do not realize they have overdraft protection enabled. It is turned on by default for most Bank of America accounts, which means you are paying $35 each time you overspend — even by a small amount. The fee applies to each transaction, so spending $5 over your balance on three separate purchases costs you $105 in fees.
You have two options: turn off overdraft protection entirely, or keep it on and monitor your balance carefully. Turning it off is the simpler choice if you want to avoid fees altogether. When overdraft protection is off, your debit card will be declined if you do not have enough money, which forces you to stay within your means. To turn it off, log into your Bank of America account online, go to Account Settings, and look for Overdraft Protection. You can also call 1-800-432-1000 to have a representative disable it.
Setting up direct deposit to waive fees
Direct deposit is a payment method where money is sent electronically straight into your bank account. Your employer, a government agency, or another payer initiates it — you do not have to do anything once it is set up. For Bank of America savings accounts, any direct deposit, no matter the amount, waives the monthly maintenance fee.
To set up direct deposit, you need your Bank of America account number and routing number. Your routing number for Bank of America is 026009593 (this is the same for all Bank of America accounts). Your account number is on your debit card or in your online account. You provide these to your employer's payroll department or to the government agency sending the payment.
Once direct deposit is set up, it usually takes one or two pay cycles to begin. After the first deposit hits your account, the monthly maintenance fee is waived going forward — even if future deposits are smaller or less frequent. You do not need to do anything else.
Minimum balance requirements by account type
Bank of America offers three savings accounts with different fee structures. Understanding which one you have helps you know exactly what to do to avoid fees.
| Account Type | Monthly Fee | Fee Waived By | Interest Rate |
|---|---|---|---|
| Regular Savings | $4 | $300 minimum balance OR direct deposit | Lowest |
| Advantage Savings | $4 | $2,500 minimum balance OR direct deposit | Higher |
| Premium Savings | $4 | $10,000 minimum balance OR direct deposit | Highest |
The Regular Savings account is the easiest to maintain if you have a small balance or receive direct deposit. The Advantage and Premium accounts charge the same monthly fee but require much higher balances — however, they pay more interest on the money you keep in them. If you have $2,500 or more that you plan to leave untouched, moving to Advantage Savings might earn you more in interest than you would pay in fees.
You can switch accounts at any time by visiting a Bank of America branch, calling 1-800-432-1000, or using the mobile app. There is no fee to switch, and your account number stays the same.
Checking your current account type and fees
You can find out which savings account you have and what fees you are currently paying by logging into your Bank of America account online or through the mobile app. Look for Account Details or Account Information. Your account type is listed there, along with any fees that have been charged in the past month.
If you have been charged a monthly maintenance fee, you can see it in your transaction history. It usually appears as "Monthly Maintenance Fee" or "Service Charge." If you have been charged overdraft fees, they appear as individual $35 charges each time you overspent.
You can also call 1-800-432-1000 and speak to a representative who can tell you your account type, explain what fees explore, and help you set up direct deposit or switch accounts if needed. Bank of America customer service is available 24 hours a day.
What to do if you have been charged fees in the past
If you have been charged monthly maintenance fees or overdraft fees in the past, you may be able to have some of them refunded. Bank of America does not automatically refund fees, but they will often reverse one or two recent fees if you call and ask, especially if you have been a customer for a while or if the fees were charged by mistake.
Call 1-800-432-1000 and explain that you were charged fees you did not understand. Be specific: tell them which months you were charged the monthly maintenance fee, or which transactions triggered overdraft fees. Ask if they can reverse the charges. They cannot reverse all of them, but they may reverse some, particularly if it has been less than 60 days since the charge.
Once fees are reversed (if they are), take action to prevent them going forward: set up direct deposit, keep your minimum balance, or turn off overdraft protection. This ensures you do not pay the same fees again.
Frequently Asked Questions
Can I have overdraft fees refunded if I call Bank of America?
Bank of America may reverse one or two overdraft fees if you call and ask, especially if the charges are recent or if you have been a long-time customer. They do not refund all fees automatically, but it is worth calling 1-800-432-1000 to ask. Be specific about which transactions triggered the fees.
What is the difference between overdraft protection and overdraft fees?
Overdraft protection is a service that allows your transactions to go through even when your balance is negative. If you have it on and you overspend, you pay a $35 fee. If you turn it off, transactions are straightforward declined and you pay no fee — but you also cannot spend money you do not have.
Do I need to keep $300 in my account every single day to avoid the fee?
Yes, the minimum balance is checked daily. If your balance drops below $300 even once during the month, the $4 fee is charged. If you receive direct deposit, you do not need to maintain any balance — the fee is waived automatically.
How long does it take for direct deposit to start working?
Direct deposit usually begins within one or two pay cycles after you set it up with your employer or the paying agency. Once the first deposit hits your account, the monthly maintenance fee is waived going forward, even if future deposits are smaller.
Can I switch from Regular Savings to Advantage Savings to get a better interest rate?
Yes, you can switch accounts at any time with no fee. Visit a branch, call 1-800-432-1000, or use the mobile app. Your account number stays the same, and you keep all your money — you are just changing the account type.