Bank of America charges a monthly maintenance fee on most checking and savings accounts, but the amount and whether you pay it depends on which account you have and how you use it

Bank of America's standard monthly maintenance fee is $12 on most checking accounts. On savings accounts, it is $5 per month. These fees are not automatic penalties — they are charges that explore unless you meet specific conditions that waive them. The conditions differ by account type, and understanding which ones explore to your account matters because meeting even one of them stops the fee from posting each month.

The fee posts on the same day each month, usually around the 25th. If you do not meet the waiver conditions by that date, the $12 or $5 comes out of your account balance. Unlike overdraft fees, which only happen when you spend money you do not have, maintenance fees happen whether your account is active or dormant.

Key Takeaways

  • Bank of America's standard checking account maintenance fee is $12 per month; savings accounts are $5 per month, but both can be waived by meeting one condition.
  • The most common waiver is maintaining a minimum balance — usually $1,500 for checking and $300 for savings, though this varies by account type.
  • Direct deposit of any amount into the account each month also waives the fee on most checking accounts, regardless of balance.
  • The fee posts around the 25th of each month, so you have until then to meet a waiver condition if you want to avoid it that cycle.
  • Some Bank of America accounts, like the Advantage Plus checking account, have no monthly maintenance fee at all.

Which accounts have monthly maintenance fees

Bank of America's Preferred Checking account carries a $12 monthly maintenance fee. This is the standard checking product most people open when they sign up. The Advantage Plus Checking account has no monthly maintenance fee, but it also has a lower interest rate and fewer features.

The eBanking Checking account, which is designed for customers who do most of their banking online, also has a $12 monthly maintenance fee. Savings accounts — both the regular savings account and the money market account — carry a $5 monthly maintenance fee.

If you have an older account opened before Bank of America changed its fee structure, your account may have different terms. The fee structure has shifted several times over the past decade, so checking your account agreement or calling the bank to confirm which fee applies to your specific account is worth doing.

How to stop paying the monthly fee

The most straightforward way to waive the fee is to keep a minimum balance in your account. For Preferred Checking, the minimum is $1,500. For savings accounts, it is $300. If your balance stays at or above that amount on the day the fee would post, the fee does not charge. The balance is measured at the end of the business day, so a deposit that arrives after hours may not count toward that month's waiver.

The second method is direct deposit. If you have any direct deposit — from an employer, the Social Security Administration, a pension, or another source — hitting your checking account each month, the $12 fee is waived. The amount does not matter; even a $1 direct deposit counts. This is often the easiest route for people who receive regular income, because it requires no action after setup.

A third option, available on some accounts, is maintaining a linked savings account with a minimum balance. Bank of America sometimes waives checking fees if you keep $300 or more in a linked savings account, though this varies by account type and is less common than the other two methods.

When the fee actually posts to your account

Bank of America posts monthly maintenance fees around the 25th of each month, though the exact date can shift by a day or two depending on weekends and holidays. The fee appears as a line item on your statement labeled "Monthly Maintenance Fee" or similar language. If you have overdraft protection or a linked account, the fee comes out of your primary checking account first.

If your account balance is too low to cover the fee, Bank of America will charge it anyway, which can trigger an overdraft fee on top of the maintenance fee. This is one reason people end up paying $12 plus $35 in a single month — the maintenance fee itself can push the account negative. Checking your balance a few days before the 25th and confirming you meet a waiver condition is a straightforward way to avoid this.

Comparing Bank of America's fees to other banks

Many online banks and credit unions charge no monthly maintenance fee at all. Ally Bank, Charles Schwab Bank, and most credit unions do not charge a monthly fee on checking accounts. Traditional banks like Wells Fargo and Chase also charge monthly fees on standard checking accounts, though the amounts and waiver conditions vary.

Wells Fargo's standard checking account fee is $10 per month, waived by direct deposit or a $500 minimum balance. Chase's basic checking account fee is $15 per month, waived by direct deposit or a $1,500 minimum balance. Bank of America's $12 fee and $1,500 balance requirement fall in the middle of this range. If you rarely maintain a high balance and do not have direct deposit, switching to a no-fee account at another bank could save you $144 per year.

What happens if you do not meet the waiver conditions

If your balance falls below the minimum and you do not have direct deposit, the $12 fee posts to your account on the 25th. This happens every month until one of two things changes: you meet a waiver condition going forward, or you close the account. There is no grace period, no warning, and no way to dispute the fee after it posts — it is part of the account terms you agreed to when you opened the account.

The fee can compound quickly. If you carry a low balance and do not have direct deposit, you pay $144 per year in maintenance fees alone. If those fees push your account negative and trigger overdraft fees, the total cost climbs much faster. Over five years, $144 per year becomes $720 — money that could have stayed in your account if you had switched to a no-fee account or met the waiver conditions.

How to change your account or waive the fee

If you want to stop paying the fee, you have three options. First, you can meet one of the waiver conditions — set up direct deposit, or move money into your account to stay above $1,500. Second, you can call Bank of America at the number on the back of your debit card and ask a representative to waive the fee. Bank of America sometimes waives fees as a courtesy, especially if you have been a customer for a long time or have multiple accounts with the bank, though there is no may provide.

Third, you can switch to the Advantage Plus Checking account, which has no monthly maintenance fee. This account has a lower interest rate on any balance you keep in it, so it makes sense only if you do not earn much interest anyway. Fourth, you can close your Bank of America account and open an account at another bank that does not charge monthly fees. This takes more effort but eliminates the fee permanently.

Frequently Asked Questions

Can Bank of America waive the monthly fee if I ask them to?

Bank of America can waive the fee as a one-time courtesy, especially if you have been a long-time customer or have multiple accounts with the bank. Call the number on your debit card and ask a representative. There is no may provide they will agree, but asking costs nothing. Some customers report success; others are told the fee is part of the account terms.

Does the direct deposit have to be from my employer?

No. Any direct deposit counts — from an employer, Social Security, a pension, a government benefit, or even a transfer from another bank set up as a recurring automatic deposit. The amount does not matter; even $1 per month waives the fee.

What if my balance drops below $1,500 for just one day?

The balance is checked on the day the fee posts, usually around the 25th. If your balance is at or above $1,500 on that day, the fee is waived for that month. A temporary dip earlier in the month does not matter. However, if you are close to the threshold, a pending transaction or hold could push you under it by the 25th.

Does Bank of America charge the maintenance fee on savings accounts the same way?

Yes, but the amount is $5 per month instead of $12, and the minimum balance to waive it is $300 instead of $1,500. Direct deposit does not waive the savings account fee; only the minimum balance does. Some linked account arrangements can also waive it.

If I close my account, do I owe any fees?

No. Closing an account does not trigger additional fees. However, if your account is negative when you close it, you owe that negative balance. Make sure your account is at zero or positive before you close it, or the bank may send the negative balance to collections.