Bank of America charges a monthly maintenance fee on most checking and savings accounts, ranging from $12 to $25 depending on the account type

Bank of America's monthly maintenance fee is a charge the bank deducts from your account each month straightforward for holding that account open. The fee appears on your statement as a line item, usually on the first or last day of the month. For a checking account, the most common fee is $12 per month. For savings accounts, it is typically $5 per month, though some specialty accounts charge more.

The fee is not automatic avoidance. Bank of America waives the monthly maintenance fee on most accounts if you meet one of several conditions: maintaining a minimum balance, setting up direct deposit, or using their debit card a certain number of times per month. The exact requirement depends on which account you hold.

If you do not meet a waiver condition and do not pay attention, the fee compounds. A $12 monthly fee on a checking account costs $144 per year. Over five years, that is $720 in fees alone, money that never leaves your control unless you actively choose to let it.

Key Takeaways

  • Bank of America's standard checking account maintenance fee is $12 per month; savings accounts are typically $5 per month.
  • The fee is waived if you maintain a minimum balance (usually $500 to $1,500 depending on account type), set up direct deposit, or meet debit card transaction requirements.
  • The waiver conditions vary by account: a checking account may require direct deposit, while a savings account may require a higher minimum balance.
  • If you do not meet any waiver condition, the fee is charged automatically each month and appears as a separate line on your statement.

Which Bank of America accounts have monthly maintenance fees

Not every Bank of America account charges a monthly fee. The Interest Checking account and the basic Checking Account both carry a $12 monthly maintenance fee. The Advantage SafeBalance Banking account, designed for people with limited banking history, charges $4.95 per month.

Savings accounts at Bank of America carry a $5 monthly maintenance fee on the standard Regular Savings Account. Money Market Accounts charge $12 per month. Certificates of Deposit (CDs) do not charge a monthly maintenance fee at all — you pay interest instead, and the account closes when the CD matures.

Bank of America also offers accounts with no monthly maintenance fee: the Advantage Plus Banking account (designed for customers 62 and older or with disabilities) has no monthly fee. Some student accounts also waive the fee entirely during the school year.

How to avoid paying the monthly maintenance fee

Bank of America publishes the waiver conditions for each account type on their website and in your account agreement. For the standard Checking Account, you can waive the $12 fee by meeting any one of these conditions: maintain a minimum daily balance of $500, set up direct deposit of any amount, or make 10 or more debit card transactions per month.

For the Interest Checking account, the requirements are slightly higher: a $1,500 minimum daily balance, direct deposit, or 25 debit card transactions per month. The Regular Savings Account waives its $5 fee with a $300 minimum daily balance or by linking it to a may have access to checking account.

Direct deposit is the easiest path for most people because it requires no ongoing action after setup. Once your employer or benefit provider deposits money directly into your account, the waiver stays in place every month. If you do not receive direct deposit, the debit card transaction route works if you use your card regularly — most people who use their card for groceries, gas, or coffee hit 10 transactions per month without trying.

What happens if you do not meet a waiver condition

If you do not meet any of the waiver conditions, Bank of America deducts the monthly maintenance fee from your account balance on a set day each month. The fee appears on your statement as "Monthly Maintenance Fee" or similar language. There is no warning before the charge — it straightforward happens.

The fee is deducted even if your account balance is low. If you have $50 in your checking account and the $12 fee is charged, your balance drops to $38. If that brings your balance below zero, you may incur an overdraft fee on top of the maintenance fee, which compounds the cost of keeping the account open.

You can dispute a fee if you believe it was charged in error — for example, if you met the direct deposit requirement but the bank did not recognize it. Contact Bank of America through their website, app, or by phone to request a review. The bank may reverse one or two fees if you have a reasonable explanation, but this is not may provide.

Comparing Bank of America's fees to other banks

Bank of America's $12 monthly checking fee is higher than many regional and online banks charge. Many online banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly maintenance fee and no minimum balance requirement. Some regional banks charge $5 to $8 per month for checking, or waive the fee more easily than Bank of America does.

The trade-off is usually in-person service. Bank of America has thousands of branches and ATMs nationwide, which is valuable if you deposit cash regularly or need to speak to someone in person. Online banks have no branches but typically offer 24/7 phone and chat support. If you rarely visit a branch, switching to an online bank could save you $144 per year in maintenance fees alone.

Some people keep a Bank of America account for the branch access and open a second account at an online bank for savings, since online savings accounts often pay higher interest rates than Bank of America's savings products. This approach lets you use Bank of America's network while avoiding the monthly fee on your primary savings account.

How monthly maintenance fees affect your account balance over time

A $12 monthly fee on a checking account removes $144 per year from your balance, assuming you do nothing else with the account. If you keep a $1,000 balance and pay the fee every month for five years, you lose $720 to fees — that is 7.2 percent of your original balance, gone.

The impact is worse if you carry a low balance. Someone with $300 in their account paying a $12 monthly fee loses 4 percent of their balance every month. Over a year, the fee consumes $144 of a $300 account, or 48 percent of the total balance. This is why the fee structure is designed to push people toward either maintaining higher balances or meeting a waiver condition.

If you are unsure whether you are paying the fee, check your last three months of statements. Look for a line item labeled "Monthly Maintenance Fee," "Service Charge," or similar language. If you see it, you are paying the fee and should either meet a waiver condition or consider moving to an account or bank that does not charge one.

Frequently Asked Questions

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

Bank of America may reverse one or two fees if you contact them and explain your situation, especially if you have been a customer for a long time or if the fee was charged in error. However, this is not may provide, and the bank will not waive the fee permanently just because you ask. Your best option is to meet one of the published waiver conditions instead.

Does the monthly maintenance fee explore to joint accounts?

Yes, the monthly maintenance fee applies to joint accounts the same way it applies to individual accounts. Only one fee is charged per account, not per person on the account. Both account holders can help meet the waiver conditions — for example, if one person sets up direct deposit, the fee is waived for both.

What if I close my account before the monthly fee is charged?

If you close your account before the monthly maintenance fee is deducted, you will not be charged that month's fee. However, if the fee has already been deducted, closing the account does not reverse it. Check your statement to see when the fee is normally charged, and close your account before that date if you want to avoid it.

Does Bank of America charge a monthly fee on accounts for minors?

Bank of America offers student checking accounts with no monthly maintenance fee for customers under 18. Once you turn 18 or graduate from high school, the account may convert to a standard checking account with a monthly fee unless you meet a waiver condition. Check with Bank of America about your specific account to confirm when the fee begins.

Can I waive the fee by keeping money in a savings account instead of checking?

No. The monthly maintenance fee applies to each account separately. A savings account has its own fee (typically $5 per month) and its own waiver conditions. Keeping money in savings does not waive the checking account fee, and vice versa. You must meet the waiver conditions for each account you hold.