You can downgrade a Bank of America checking account by calling customer service or visiting a branch, but the process depends on which account you have and what you want to move to
Bank of America offers several checking accounts at different price points. If you have a premium account like Preferred Rewards or a higher-tier option and want to move to a basic account, you can make that change in minutes by phone or in person. The bank does not charge a fee to downgrade. What matters is understanding which account you currently have, what the differences are, and whether downgrading will actually save you money — because some accounts waive their monthly fee if you meet certain conditions.
The most common reason to downgrade is the monthly maintenance fee. Bank of America's basic checking account (called Checking) has no monthly fee if you maintain a minimum balance or set up direct deposit. If you cannot meet those conditions, you pay $12 per month. A downgrade makes sense only if you are currently paying a fee on a higher-tier account and the basic account would cost you less.
Key Takeaways
- Bank of America's basic Checking account has no monthly fee if you keep a $500 minimum balance or receive direct deposit, but costs $12 per month otherwise.
- You can downgrade by calling 1-800-432-1000, visiting a branch, or using the mobile app — the change takes effect when ready or within one business day.
- Before downgrading, confirm whether your current account's monthly fee is being waived by a condition you meet (like direct deposit or Preferred Rewards status), because losing that condition could cost you more than the downgrade saves.
- Downgrading does not affect your existing debit card, online banking access, or linked accounts, though some premium benefits like higher interest rates or fee waivers may disappear.
- If you downgrade and later want to upgrade again, you can do so at any time with no penalty.
What Bank of America checking accounts cost and what they include
Bank of America offers three main checking accounts: Checking (the basic option), Advantage BankingPreferred Rewards. The Checking account costs $12 per month unless you maintain a $500 minimum balance or have direct deposit set up. Advantage Banking costs $15 per month and includes higher ATM reimbursement limits and other perks. Preferred Rewards is free if you have a Preferred Rewards membership (which requires a certain balance or investment relationship with the bank).
If you are paying a monthly fee on Advantage Banking or another premium account and do not use the extra features, downgrading to basic Checking makes sense — but only if you can meet one of the fee-waiver conditions. If you cannot maintain the $500 balance or do not have direct deposit, you will still pay $12 per month on the basic account, so the downgrade saves you $3 per month at most.
How to downgrade by phone
Call Bank of America customer service at 1-800-432-1000. Have your account number or the phone number associated with your account ready. Tell the representative you want to downgrade to the basic Checking account. They will confirm your identity, explain what you are losing (if anything), and process the change. The downgrade takes effect when ready, though it may take one business day to show in your online banking.
The call usually takes five to ten minutes. The representative may ask why you are downgrading or offer to waive your current fee instead — if you want to stay with your current account, you can say so. If you want to downgrade, be clear about that. There is no penalty or fee for downgrading.
How to downgrade in a Bank of America branch
Visit any Bank of America branch with your ID and debit card. Tell a banker you want to downgrade to the basic Checking account. They will pull up your account, confirm the change with you, and process it on the spot. The downgrade is effective when ready. This route works well if you have questions about the differences between accounts or want to discuss whether downgrading is the right move for your situation.
You do not need an appointment, though you may wait depending on how busy the branch is. If you want to avoid a wait, call ahead to ask when the branch is least busy, or use the mobile app to schedule a time to meet with a banker.
How to downgrade using the mobile app
Open the Bank of America mobile app and log in. Go to the account settings or account details section (the exact path varies by app version). Look for an option to change your account type or manage your account. Select the basic Checking account from the list of available accounts. Confirm the change. The app will show you a summary of what is changing and ask you to confirm again before processing.
This method is the fastest if you are comfortable navigating the app. The change takes effect when ready in most cases, though it may take up to one business day to appear in your account. If you cannot find the option in the app, call customer service — not all app versions include this feature.
What happens to your debit card, online access, and linked accounts
Your existing debit card continues to work after you downgrade. You do not get a new card, and there is no interruption to your access. Your online banking login and password stay the same. Any accounts you have linked to your checking account (savings accounts, credit cards, investment accounts) remain linked.
What you may lose depends on which account you are downgrading from. If you had a higher interest rate on your checking balance, that rate may drop to the standard rate for basic Checking. If your previous account included fee waivers for overdrafts or out-of-network ATM charges, those waivers disappear — you will pay the standard fees going forward. If you had Preferred Rewards status tied to that account, check whether you still may have access to for Preferred Rewards through another account or relationship with the bank.
When downgrading does not actually save you money
Before you downgrade, check whether your current account's monthly fee is already being waived. If you have direct deposit set up, your fee is waived on most Bank of America checking accounts — downgrading will not save you anything. If you maintain a $500 minimum balance, the same applies. In these cases, downgrading is pointless because you are not paying a fee now.
Also check whether you use any of the premium features. If you regularly use out-of-network ATMs and your current account reimburses those fees, downgrading will cost you money in ATM charges. If you have a high balance and earn interest on it, a downgrade to an account with a lower interest rate will reduce your earnings. Add up what you actually pay in fees and what you actually earn or save in benefits before deciding to downgrade.
Frequently Asked Questions
Will downgrading affect my credit score?
No. Downgrading a checking account is an internal change to your account type and does not appear on your credit report. Your credit score is not affected.
Can I downgrade and then upgrade again later?
Yes. You can upgrade back to your previous account type or to any other Bank of America checking account at any time. There is no penalty or waiting period. If you upgrade, you may be subject to the monthly fee for that account unless you meet the fee-waiver conditions.
What if I downgrade but still want some of the premium features?
Some features cannot be separated from the account type. If you need out-of-network ATM reimbursement or a higher interest rate, you may need to keep a premium account. Call customer service to discuss which account offers the features you actually use and costs the least.
How long does a downgrade take to show up in my account?
The downgrade is effective when ready when you process it by phone, in branch, or through the app. It may take up to one business day to appear in your online banking and statements, but your account is already operating under the new terms right away.
Do I need to close my old account to downgrade?
No. Downgrading changes your account type but does not close the account. Your account number stays the same, and all your history and linked accounts remain intact.