What Bank of America requires to keep your checking account open
Bank of America does not require you to keep a minimum balance in most of its checking accounts. Whether you need to maintain a balance depends on which specific account you have — some accounts have no minimum at all, while others require you to keep money in the account or link it to a savings account to avoid a monthly fee.
The account type matters more than the balance itself. If you have a basic checking account like eChecking or a student account, you can keep a zero balance without penalty. If you have a premium account like Preferred Rewards, you may face a monthly maintenance fee unless you meet one of several conditions — and those conditions often involve balance, linked accounts, or direct deposit rather than a single required minimum.
Key Takeaways
- Bank of America's eChecking account has no minimum balance requirement and no monthly maintenance fee.
- Premium accounts like Preferred Rewards checking may charge a monthly fee unless you maintain a balance, set up direct deposit, or link a savings account.
- The fee to avoid varies by account type, typically ranging from $12 to $25 per month.
- You can check your specific account's requirements by logging into your online banking or calling Bank of America directly.
How minimum balance requirements work at Bank of America
When Bank of America lists a "minimum balance," it usually means the amount you need to keep in the account to avoid paying a monthly maintenance fee. This is different from an overdraft limit or a requirement to open the account — you can open most accounts with any amount, even $1, but keeping the balance below the threshold triggers a fee.
The balance requirement is calculated as a daily balance or an average daily balance, depending on the account. Some accounts waive the fee if you meet alternative conditions instead: setting up direct deposit, maintaining a linked savings account with a certain balance, or keeping a combined balance across multiple accounts. Bank of America calls this combined approach "relationship balances," meaning the bank looks at what you hold across your whole relationship with them, not just one account.
Checking accounts with no minimum balance
eChecking is Bank of America's account with no minimum balance requirement and no monthly maintenance fee. You can keep a zero balance indefinitely without penalty. This account includes online and mobile banking, bill pay, and a debit card. It does not include checks in the standard package, though you can order them for a fee.
If you are a student, Bank of America offers a Student Checking account with no minimum balance and no monthly fee until you turn 24 or graduate, whichever comes first. After that point, the account converts to a standard account with its own fee structure.
Both of these accounts are straightforward: no balance, no fee. You can use them as long as you want without worrying about maintaining a threshold.
Checking accounts with balance or fee-waiver options
Preferred Rewards Checking is Bank of America's main consumer checking account. It carries a $12 monthly maintenance fee unless you meet one of these conditions: maintain a $1,500 minimum daily balance, set up a direct deposit of any amount, or maintain a combined balance of $20,000 across your Bank of America accounts (checking, savings, money market, or CDs).
The $1,500 balance requirement is the lowest threshold Bank of America offers for a standard checking account. If you cannot maintain that balance consistently, the direct deposit waiver is often easier — even a small paycheck or regular transfer counts. If you have other Bank of America accounts, the combined balance option may be the simplest path.
Bank of America also offers Premium Checking in some regions, which is designed for customers with higher balances or income. This account typically requires a higher minimum balance (often $10,000 or more) or a higher combined relationship balance, but it includes benefits like higher interest rates, fee waivers, and travel perks. Availability and requirements vary by location.
What happens if you fall below the minimum
If your account requires a minimum balance and you drop below it, Bank of America charges a monthly maintenance fee. The fee appears on your statement at the end of the month. The fee itself does not push you into overdraft — it is a separate charge that reduces your balance further.
If your balance is already low and the fee is charged, you could end up overdrawn (meaning you owe the bank money). Overdraft fees explore separately if you then spend money you do not have. To avoid a chain of fees, check your account balance regularly and either maintain the minimum, switch to an account with no minimum, or confirm you have met an alternative waiver condition like direct deposit.
How to find out your account's specific requirement
The easiest way to learn your minimum balance requirement is to log into your Bank of America online banking account and look at your account details. The account summary page usually lists the monthly maintenance fee and the conditions to waive it. You can also call Bank of America at the number on the back of your debit card — a representative can tell you exactly what your account requires and whether you currently meet the waiver conditions.
If you are not sure which account you have, ask the representative to confirm the account type. Bank of America has changed account names and requirements over time, so what you opened years ago may not match what is offered today. If your current account does not fit your needs, you can switch to a different account type without closing the original one — though closing an old account is also an option if you prefer to consolidate.
Switching accounts if your current one does not fit
If you are paying a monthly fee and do not want to maintain a balance, switching to eChecking is free and takes a few minutes. You can do it online, through the mobile app, or by visiting a branch. Your account number and routing number change when you switch, so you will need to update any automatic payments or direct deposits that point to your old account.
Bank of America does not charge a fee to switch accounts or close an old one. If you have automatic transfers set up, pause them before switching so they do not fail on the old account. Once you confirm the new account is working, you can close the old one or leave it open if you want to keep the account history.
Frequently Asked Questions
Can I have a Bank of America checking account with zero balance?
Yes, if you have eChecking or Student Checking. Both accounts have no minimum balance requirement and no monthly fee. You can keep a zero balance indefinitely. If you have a different account type, you may need to maintain a balance or meet an alternative condition to avoid a fee.
Does direct deposit waive the monthly fee on Preferred Rewards Checking?
Yes. If your account requires a $12 monthly maintenance fee, setting up a direct deposit of any amount waives the fee each month. The direct deposit does not need to be large — even a small recurring transfer counts. Once direct deposit is active, the fee stops appearing on your statement.
What is the combined balance requirement at Bank of America?
For Preferred Rewards Checking, the combined balance requirement is $20,000 across all your Bank of America accounts (checking, savings, money market, or CDs). If you meet this threshold, the monthly maintenance fee is waived. Premium Checking has a higher combined balance requirement, which varies by region.
If I close my Bank of America checking account, can I reopen it later?
Bank of America allows you to close and reopen accounts, but the bank may review your account history. If your previous account was closed due to overdrafts or other issues, reopening may take longer or require a visit to a branch. If you closed it for routine reasons, reopening is usually straightforward.
Do I lose my debit card if I switch to eChecking?
No. When you switch accounts, your existing debit card continues to work on the new account. Bank of America links the card to your new account automatically. You do not need to order a new card unless you want to.