What Bank of America charges for falling below minimum balance

Bank of America does not charge a single "minimum balance fee" across all accounts. Instead, the bank waives monthly maintenance fees when you keep a certain balance, or meet other conditions like setting up direct deposit. If you fall below that threshold and don't meet the alternative requirement, you pay a monthly fee — usually $12 for checking accounts, though the exact amount depends on the account type.

The key is that you are not penalised for the shortfall itself. You are charged a maintenance fee because you did not meet the conditions that would waive it. The balance threshold and the fee both vary by account type, so the answer depends on which Bank of America account you hold.

Key Takeaways

  • Bank of America waives monthly maintenance fees on most checking accounts if you maintain a $1,500 minimum daily balance, or set up a may have access to direct deposit.
  • Savings accounts typically require a $300 minimum balance to waive the monthly fee, though some accounts have no minimum.
  • Money Market accounts usually require $2,500 to $10,000 depending on the tier, with higher minimums earning higher interest rates.
  • If you fall below the minimum and have no direct deposit, you will be charged the monthly maintenance fee on your next statement cycle.
  • The specific minimum and fee amount depend on your account type and when you opened it, so checking your account details or calling the bank confirms your exact requirement.

Checking account minimums and how to avoid the fee

The most common Bank of America checking account is the Checking account (sometimes called the Basic Checking account). This account waives the $12 monthly maintenance fee if you maintain a $1,500 minimum daily balance, or if you set up a may have access to direct deposit of at least $250 per month.

If you do neither — you drop below $1,500 and have no direct deposit — the $12 fee posts to your account on the last day of the statement cycle. That fee is not reversible after it posts, though you can call the bank to discuss your situation if it is the first time it has happened.

Bank of America also offers a SafeBalance Banking account, which has no minimum balance requirement and no overdraft fees. This account does charge a $4.95 monthly maintenance fee with no way to waive it, but it is designed for people who cannot maintain a higher balance consistently.

Savings account minimums

Bank of America savings accounts typically require a $300 minimum daily balance to waive the $5 monthly maintenance fee. If your balance drops below $300 at any point during the statement cycle, you will be charged the fee.

Some savings products, such as the Bank of America Advantage Savings account, have no minimum balance requirement at all. These accounts still charge a monthly maintenance fee (usually $5), but the fee does not depend on your balance — you pay it regardless. The trade-off is that these accounts often earn lower interest rates than accounts with minimums.

Money Market account minimums

Bank of America Money Market accounts have tiered minimum balance requirements. The entry-level tier typically requires $2,500 to waive the monthly fee, while higher tiers require $10,000 or more. Each tier earns a different interest rate, so the higher your balance, the higher your rate.

If you fall below the minimum for your tier, you are charged a monthly maintenance fee and your account may be downgraded to a lower tier with a lower interest rate. Money Market accounts are less common than checking or savings, so confirm your specific tier and minimum with the bank if you hold one.

How Bank of America calculates your daily balance

Bank of America uses the daily balance method to determine whether you meet the minimum. This means the bank looks at your balance at the end of each day during the statement cycle. If your balance falls below the minimum on even one day, you do not meet the requirement for that cycle.

Deposits and withdrawals post at different times depending on how you move money. A direct deposit or paycheck typically posts early morning on the deposit date. A debit card purchase or ATM withdrawal posts the same day or the next day, depending on the merchant and the time of day. Checks take longer — usually two to three business days. This timing matters because a large withdrawal on day 15 of your cycle can drop you below the minimum even if you recover the balance on day 20.

What happens if you miss the minimum

If you fall below the minimum balance and do not have a may have access to direct deposit, the monthly maintenance fee posts to your account automatically. The fee reduces your balance further, which can trigger overdraft fees if you are close to zero. Unlike some banks, Bank of America does not send a warning before charging the fee.

You cannot reverse a posted fee through the app or online banking. You can call the bank and ask a representative to review your account, and they may reverse one fee if it is your first time or if you have a long history with the bank. There is no may provide, and the decision depends on the representative and your account history.

Alternatives if you cannot maintain the minimum

If you regularly fall below the minimum balance, the SafeBalance Banking account is the most straightforward option. You pay a flat $4.95 monthly fee with no minimum, and you get no overdraft fees — the bank straightforward declines transactions that would overdraft you.

Setting up direct deposit is another route if your employer or benefit provider offers it. A may have access to direct deposit of at least $250 per month waives the fee on most checking accounts, regardless of your balance. If you receive Social Security, unemployment, or other government benefits, you can usually set up direct deposit through your state or federal agency.

If you have a Bank of America credit card or investment account, you may be able to link those to your checking account to meet balance requirements. Some account packages bundle products together and waive fees across multiple accounts if you maintain a combined balance. Call the bank to ask whether your situation qualifies.

Frequently Asked Questions

Does Bank of America charge a fee if I go below the minimum for one day?

Yes. Bank of America uses the daily balance method, so if your balance drops below the minimum on any single day during your statement cycle, you do not meet the requirement for that cycle. The monthly fee will post at the end of the cycle. However, recovering the balance later in the cycle does not reverse the fee.

Can I waive the fee with a direct deposit from my side job or gig work?

It depends on how the money is deposited. A direct deposit from an employer or a gig platform (like DoorDash or Instacart) counts if it meets the $250 minimum. A transfer from another account you own, or a payment from a friend, does not count as a direct deposit. Ask your employer or platform whether they offer direct deposit; if they do, the fee will waive automatically once the first may have access to deposit posts.

What if I have multiple Bank of America accounts — do the balances combine for the minimum?

No. Each account is evaluated separately. A $1,500 balance in your savings account does not count toward the $1,500 minimum for your checking account. Some premium account packages allow you to link accounts and combine balances, but this is not automatic — you have to enroll in the package and meet other requirements.

Will the bank reverse a fee if I call and ask?

Bank of America may reverse one fee if it is your first time, or if you have a long account history and good standing. There is no policy that guarantees a reversal. Your best chance is to call within a few days of the fee posting and explain your situation to a representative. Repeated requests are less likely to be approved.

Is there a Bank of America account with no minimum and no fee?

No. Every Bank of America checking and savings account either requires a minimum balance to waive a fee, or charges a flat fee with no minimum. The SafeBalance Banking account is the closest — it has no minimum balance requirement and no overdraft fees, but it does charge a $4.95 monthly maintenance fee.