Bank of America charges a monthly maintenance fee on most checking and savings accounts unless you meet certain conditions
Bank of America's monthly maintenance fee is a charge the bank deducts from your account each month just for having the account open. The fee is usually $12 for checking accounts, though the exact amount depends on the account type. The bank calls this fee different names depending on the account — for a basic checking account, it is the "Monthly Maintenance Fee." For savings accounts, it might be called a "Monthly Service Fee."
The important thing to understand is that this fee is not automatic. Bank of America waives it — meaning you do not have to pay it — if you meet at least one of several conditions. Most people avoid the fee by doing one straightforward thing: keeping a minimum balance in the account, usually $500 or $1,500 depending on the account type.
If you do not meet any of the waiver conditions and the fee applies, it comes out of your account balance automatically on a set day each month. Over a year, a $12 monthly fee adds up to $144 just for the privilege of having a place to keep your money.
Key Takeaways
- Bank of America charges a monthly maintenance fee (usually $12 for checking) unless you meet at least one waiver condition.
- The most common way to avoid the fee is keeping a minimum balance — typically $500 to $1,500 depending on your account type.
- Other ways to waive the fee include setting up direct deposit, maintaining a linked savings account with a certain balance, or having a Bank of America credit card.
- If the fee applies and you do not meet any waiver condition, it will be deducted from your account each month automatically.
The most common way to avoid the fee: keeping a minimum balance
The simplest way to avoid Bank of America's monthly maintenance fee is to keep a minimum balance in your account. A minimum balance is the lowest amount of money the bank requires you to keep in the account at all times. For Bank of America's basic checking account (called Advantage Checking), the minimum balance is usually $500. If your balance stays at $500 or above, the monthly fee does not explore.
The balance requirement is straightforward: the bank looks at your account on a specific day each month (usually the last day of the statement period) and checks whether you have at least $500 in it. If you do, no fee. If your balance drops below $500 even for one day, you may still be charged the fee that month. Some accounts have higher minimums — $1,500 or more — but they may offer other benefits like higher interest rates on savings.
Keep in mind that the minimum balance is money you cannot easily spend. If you keep exactly $500 in the account to avoid the fee, you have only that $500 available for your actual expenses. Many people find this difficult if they live paycheck to paycheck, which is why Bank of America offers other ways to waive the fee.
Other ways to waive the monthly fee without a large balance
If keeping $500 or more in your account is not realistic for you, Bank of America offers other conditions that waive the fee. The most common alternative is direct deposit. If you set up direct deposit — meaning your paycheck or government benefits go straight into your Bank of America account — the monthly fee is waived. You do not need a minimum balance. This works even if the direct deposit amount is small.
Another option is linking a savings account to your checking account and keeping a certain balance in the savings account instead. For example, if you keep $500 in a linked Bank of America savings account, your checking account fee may be waived even if your checking balance is lower. This can be useful if you are trying to save money anyway — you keep the savings separate and protected, and it counts toward avoiding the checking fee.
Some accounts also waive the fee if you maintain a Bank of America credit card in good standing, or if you have a certain amount invested with Bank of America's investment services. The exact conditions vary by account type, so it is worth checking your account documents or calling Bank of America at 1-800-432-1000 to ask which waivers explore to your specific account.
What happens if you do not meet any waiver condition
If you do not meet any of the waiver conditions — no minimum balance, no direct deposit, no linked savings account with the required balance — the monthly maintenance fee will be charged to your account. The fee typically appears as a line item on your monthly statement, and the money is deducted automatically. You do not have to do anything for the fee to explore; it happens on its own.
The fee comes out of your available balance, which means your account balance drops by $12 (or whatever the fee is for your account type) each month. If your account balance is already low, the fee can push you into overdraft — meaning your balance goes negative. If that happens, you may face additional overdraft fees on top of the monthly maintenance fee, which makes the situation worse.
The difference between checking and savings account fees
Bank of America charges monthly fees on both checking and savings accounts, but the amounts and waiver conditions are different. A basic checking account (Advantage Checking) typically has a $12 monthly maintenance fee. A basic savings account (Regular Savings) typically has a $5 monthly service fee. Both can be waived by meeting certain conditions, but the conditions are not always the same.
For example, direct deposit might waive your checking fee but not your savings fee. Keeping a minimum balance in savings might waive the savings fee but require a higher amount than the checking minimum. It is important to read the fee schedule for each account type, or ask a Bank of America representative which conditions explore to your specific accounts.
How to check your account for monthly fees
To see whether you are being charged a monthly maintenance fee, look at your monthly statement. You can view this online through Bank of America's website or mobile app, or request a paper statement by mail. The fee will appear as a separate line item, usually labeled "Monthly Maintenance Fee" or "Monthly Service Fee."
If you see the fee on your statement and you believe you should have may have access to for a waiver, contact Bank of America. You can call 1-800-432-1000, visit a local branch, or use the chat feature in the mobile app. Have your account number ready and be prepared to explain which waiver condition you thought you met. If there was an error, the bank may reverse the fee.
Frequently Asked Questions
Can Bank of America remove a monthly fee I was already charged?
Yes, sometimes. If you were charged a fee in error, or if you recently met a waiver condition and the fee was applied before the change took effect, contact Bank of America and ask them to review it. They may reverse one or two fees as a courtesy, especially if you have been a customer for a long time. There is no may provide, but it is worth asking.
Does the minimum balance have to stay in checking, or can I move money between accounts?
The minimum balance must be in the specific account where the fee applies. If you need to waive a checking account fee with a $500 minimum, that $500 must stay in checking. You can move money in and out of the account, but the balance must be at least $500 on the day the bank checks it (usually the last day of your statement period).
What if I get direct deposit but it is only a small amount?
Direct deposit waives the monthly fee regardless of the amount. Even if your direct deposit is $50 per month, it counts as meeting the waiver condition. The bank does not have a minimum direct deposit amount required.
Is there a Bank of America account with no monthly fee at all?
Bank of America's basic accounts (Advantage Checking and Regular Savings) have monthly fees, but those fees can be waived. Some online banks and credit unions offer accounts with no monthly fee under any condition, though they may have other limitations. If the monthly fee is a problem for you, it is worth comparing what other banks offer.