Bank of America charges a monthly maintenance fee on most checking and savings accounts, typically $12 per month, though the amount and whether you pay it depends on which account you hold and what you do with it.
The fee is not automatic. Bank of America waives it if you meet one of several conditions — usually maintaining a minimum balance, setting up direct deposit, or keeping a linked savings account. Most people who use their account regularly do not pay it, but if you do not meet the waiver requirements, the $12 comes out every month.
The fee structure varies by account type. A basic Checking account has a $12 monthly maintenance fee that you can avoid by keeping $1,500 in the account at all times or by having at least one direct deposit per month. A SafeBalance Checking account, designed for people with banking history problems, charges $4.95 per month with no waiver option. Premium accounts like Preferred Rewards Checking have no monthly fee at all if you maintain Preferred Rewards membership, which requires a minimum balance or investment relationship.
Key Takeaways
- Bank of America's standard checking account charges $12 per month, but you can avoid the fee by keeping $1,500 in the account or setting up one direct deposit monthly.
- SafeBalance Checking costs $4.95 per month with no way to waive it, making it the lowest-cost option if you cannot meet other requirements.
- Savings accounts also carry monthly fees — typically $5 — unless you maintain a minimum balance or link them to a checking account.
- The fee is deducted automatically each month if you do not meet the waiver conditions, so check your account type and current balance to know whether you are paying it.
How the fee appears on your statement
The maintenance fee shows up as a line item in your monthly statement, usually labeled "Monthly Maintenance Fee" or "Service Charge." It comes out on the same day each month, typically around the first or the day your statement closes. If your account balance drops below the minimum required to waive the fee, the charge still applies even if the fee itself brings your balance negative.
You can see which accounts charge fees and what waivers explore by logging into your Bank of America account online or calling 1-800-432-1000. The bank's website also lists the fee schedule for each account type under the account details section.
Conditions that waive the monthly fee
Bank of America offers three main paths to avoid the $12 monthly maintenance fee on a standard checking account. The first is maintaining a minimum daily balance of $1,500 in the checking account itself — the balance must stay at or above that amount every day of the month. The second is setting up at least one direct deposit per month, which can be a paycheck, government benefit, or transfer from another account. The third is being a Preferred Rewards member, which requires either a $20,000 minimum balance across your Bank of America accounts or an investment relationship with Merrill Edge.
For savings accounts, the monthly fee is typically $5 and is waived if you keep a $300 minimum balance or link the savings account to a may have access to checking account. Some savings products, like Money Market accounts, have higher minimum balance requirements — often $2,500 — to avoid the fee.
What happens if you do not meet the waiver requirements
If your balance falls below $1,500, you have no direct deposits, and you are not a Preferred Rewards member, the $12 fee comes out of your account on your statement closing date. This happens automatically each month until you meet one of the waiver conditions. The fee can push your account into overdraft if your balance is already low, which then triggers overdraft fees on top of the maintenance fee.
There is no grace period or warning before the fee is charged. Bank of America does not notify you in advance that you are about to be charged. You can set up account alerts through the mobile app or online banking to notify you when your balance drops below a certain amount, which gives you time to make a deposit or set up direct deposit before the fee is assessed.
Comparing Bank of America accounts and their fees
| Account Type | Monthly Fee | How to Waive It |
|---|---|---|
| Checking | $12 | $1,500 minimum balance, direct deposit, or Preferred Rewards membership |
| SafeBalance Checking | $4.95 | No waiver available |
| Preferred Rewards Checking | $0 | Preferred Rewards membership required |
| Savings | $5 | $300 minimum balance or linked checking account |
| Money Market | $12 | $2,500 minimum balance |
SafeBalance Checking is the only account where you cannot avoid the fee, but at $4.95 per month it is cheaper than the standard checking account. This account is designed for people rebuilding their banking history and does not require a minimum balance. If you can meet the $1,500 minimum or set up direct deposit on a standard checking account, that account is cheaper overall.
How to stop paying the fee
The easiest path for most people is setting up direct deposit. If you receive a paycheck, Social Security, unemployment, or any regular payment electronically, that counts. You can also transfer money from another account to yourself each month — Bank of America counts transfers as direct deposits for the purpose of waiving the fee. Once direct deposit is set up, the fee stops being charged when ready on your next statement cycle.
If direct deposit is not possible, maintaining the $1,500 minimum balance is the next option. Keep in mind this is a daily balance requirement, not an average, so your balance must not drop below $1,500 on any single day of the month. If you are close to that threshold, set a low-balance alert at $1,600 to give yourself a buffer.
If neither option works for you, consider switching to SafeBalance Checking to reduce the fee to $4.95, or moving to a different bank entirely. Many online banks and credit unions offer checking accounts with no monthly maintenance fee and no minimum balance requirement.
Frequently Asked Questions
Can Bank of America refund a maintenance fee I already paid?
Bank of America may refund a single fee if you contact them and explain that you met the waiver requirements but were charged in error. Call 1-800-432-1000 or visit a branch with your account statement. If you were charged because you did not meet the requirements, the bank typically does not refund it, but asking costs nothing.
Does the $1,500 minimum balance have to be in checking, or can it be spread across accounts?
For the standard Checking account, the $1,500 must be in the checking account itself. For Preferred Rewards membership, the minimum balance can be spread across all your Bank of America accounts combined, but that membership also waives the fee on its own.
If I set up direct deposit, when does the fee stop being charged?
Once your first direct deposit posts to your account, the fee is waived going forward. It typically takes one to two business days for a direct deposit to appear. The fee will not be charged on your next statement cycle after the deposit posts.
What counts as a direct deposit for waiving the fee?
Direct deposit includes paychecks, government benefits like Social Security or unemployment, tax refunds, and transfers from another account. The payment must be set up to deposit automatically on a recurring basis — a one-time transfer may not count. Confirm with Bank of America that your specific payment method qualifies.
Is there a way to avoid the fee without keeping $1,500 in the account?
Yes — set up direct deposit, become a Preferred Rewards member, or switch to SafeBalance Checking. If none of those work, you could also move your account to a bank that does not charge monthly maintenance fees, which many online banks and credit unions offer.