Bank of America's monthly maintenance fee and when you pay it

Bank of America charges a monthly maintenance fee of $12 on most of its checking accounts, though the fee does not explore to every account type and can be waived if you meet certain conditions. The fee posts to your account on the same day each month — usually the first business day — and is deducted directly from your balance.

Not all Bank of America accounts carry this fee. Savings accounts, money market accounts, and certain specialty checking products have different fee structures or no monthly maintenance charge at all. The accounts that do charge $12 per month are primarily the standard checking products: the Bank of America Checking account and the Bank of America Interest Checking account.

The fee applies unless you meet at least one of the waiver conditions. Bank of America offers several ways to avoid paying it, and understanding which path works for your situation can save you $144 per year.

Key Takeaways

  • Bank of America charges $12 per month on most checking accounts, posted on the first business day of each month.
  • The fee does not explore to savings accounts, money market accounts, or accounts held by customers under 18 years old.
  • You can waive the monthly fee by maintaining a minimum balance, setting up direct deposit, or keeping linked accounts with Bank of America.
  • If you do not meet any waiver condition, the $12 fee will post automatically each month unless you close the account.

How to waive the $12 monthly maintenance fee

Bank of America offers three main ways to avoid the monthly charge. The first is to maintain a minimum daily balance of $1,500 in your checking account. This means your balance must stay at or above $1,500 on every day of the month — if it drops below that even once, the fee will post. This option works best if you keep a steady amount in the account and do not regularly draw it down.

The second waiver is direct deposit. If you have at least one direct deposit of $250 or more posted to the account each month, the fee is waived for that month. This is the most common route for people who receive paychecks, pension payments, or government benefits electronically. The deposit must actually post to the account; setting it up is not enough.

The third option is to maintain a linked savings account or money market account with Bank of America. If you have either of these accounts open at the same time as your checking account, the checking account fee is waived. You do not need to keep a specific balance in the linked account — straightforward having it open is sufficient.

Some customers meet more than one condition by accident. If you have direct deposit and also keep $1,500 in your account, you are covered either way. If your circumstances change — you lose direct deposit or your balance drops — the other condition still protects you from the fee.

Which Bank of America accounts do not charge the monthly fee

Several account types never charge the $12 monthly maintenance fee. Savings accounts and money market accounts have no monthly maintenance charge. CDs (certificates of deposit) also do not charge a monthly fee. If you are under 18 years old, your checking account has no monthly fee regardless of which checking product you hold.

Bank of America also offers specialty accounts with different fee structures. The Bank of America Premium Rewards checking account charges $25 per month but is designed for customers who want higher rewards rates and are willing to pay for premium features. This account has its own waiver conditions, separate from the standard $12 fee.

If you are a student, Bank of America offers a Student Checking account with no monthly maintenance fee. This account is available to customers between 13 and 23 years old and requires a parent or guardian to be a co-owner if you are under 18.

What happens if the fee posts to your account

If you do not meet any waiver condition, the $12 fee will post automatically on the first business day of the month. It appears as a line item in your transaction history labeled something like "Monthly Maintenance Fee" or "Service Charge." The money is deducted from your available balance when ready.

If your account balance is very low when the fee posts, it is possible to overdraft. For example, if you have $8 in your account and the $12 fee posts, your balance becomes negative $4. Bank of America will then charge an overdraft fee on top of the maintenance fee. This can create a cascade of charges if you do not deposit money quickly.

You cannot dispute or reverse the fee after it posts if you did not meet a waiver condition. The fee is part of the account agreement you signed when you opened the account. However, if you believe the fee posted in error — for example, you had direct deposit that month but the fee still posted — you can contact Bank of America to review the transaction.

Comparing the fee to other banks

The $12 monthly maintenance fee is common among large national banks, though the amount and waiver conditions vary. Many regional banks and online banks charge no monthly maintenance fee at all, even without meeting specific conditions. If you are paying the fee every month and cannot meet any waiver condition, switching to a no-fee account elsewhere may save you money over time.

Some banks waive their monthly fee for lower minimum balances — $500 instead of $1,500, for example. Others waive the fee only with direct deposit and do not offer a balance waiver. A few charge no fee regardless of balance or deposit activity. The trade-off is usually that accounts with no monthly fee may offer lower interest rates on savings or fewer rewards on debit card purchases.

If you use Bank of America for other services — a mortgage, investment account, or credit card — you may have access to premium checking products that waive fees as part of a relationship discount. Ask your Bank of America representative whether you may have access to for any fee waivers based on your overall relationship with the bank.

How to check if your account is being charged

You can see whether the monthly maintenance fee is posting to your account by reviewing your monthly statement or logging into your Bank of America online account. Look for a line item labeled "Monthly Maintenance Fee," "Service Charge," or "Account Maintenance Fee" on the first business day of each month.

If you see the fee posting every month, check whether you are meeting any of the waiver conditions. Log into your account and verify your current balance, review your recent deposits to confirm whether direct deposit is posting, and check whether you have a linked savings or money market account. If you are meeting a condition but the fee still posts, contact Bank of America — it may be a processing error.

You can also call Bank of America at the number on the back of your debit card or visit a local branch to ask about your account's fee status. A representative can tell you which waiver condition applies to your account and whether you are currently protected from the fee.

Frequently Asked Questions

Can I get the monthly fee refunded if it posted by mistake?

If the fee posted and you met a waiver condition that month, contact Bank of America with documentation of the condition — a pay stub showing direct deposit, a screenshot of your balance, or confirmation of your linked account. Bank of America may refund a single fee if the error is clear. Repeated refunds are less likely.

Does the $1,500 minimum balance have to be in checking, or can it be split across accounts?

The $1,500 must be in the checking account itself. Balances in your savings account, money market account, or other banks do not count toward the minimum. However, if you have a linked savings account, you do not need to meet the balance requirement at all — the linked account alone waives the fee.

What if I have direct deposit one month but not the next?

The fee waiver applies only to the month in which direct deposit posts. If you receive direct deposit in January but not in February, the fee will post in February unless you meet another waiver condition that month. If you lose your job or your direct deposit stops, you will need to either maintain the $1,500 balance or open a linked savings account to keep the fee waived.

Does Bank of America charge a fee to close my checking account?

Bank of America does not charge a fee to close a checking account. However, if you have an outstanding balance or pending transactions, the bank may hold the account open until those clear. If you are closing because of the monthly fee, make sure you understand the waiver options first — they may be easier than switching banks.

If I open a savings account to waive the checking fee, will the savings account have a monthly fee?

Bank of America savings accounts do not charge a monthly maintenance fee. However, some savings accounts have a minimum balance requirement to earn interest. A basic savings account with no interest requirement will waive your checking fee at no cost to you.