What Bank of America requires to keep your checking account open

Bank of America does not require a minimum balance to open most checking accounts, but some accounts charge a monthly fee unless you meet a balance threshold or set up direct deposit. The eChecking account has no minimum balance requirement and no monthly maintenance fee. The Advantage Plus checking account charges $12 per month unless you maintain a $1,500 minimum daily balance, set up direct deposit, or meet other conditions. The Preferred Rewards checking account has no stated minimum balance but is designed for customers enrolled in Bank of America's rewards program.

The specific requirement depends on which account type you have or choose to open. If you want to avoid any balance requirement entirely, eChecking is the straightforward choice. If you already have an Advantage Plus account, you have multiple ways to waive the fee without keeping $1,500 on hand.

Key Takeaways

  • Bank of America's eChecking account has no minimum balance requirement and no monthly fee, making it the simplest option if you want to avoid balance thresholds.
  • The Advantage Plus checking account charges $12 monthly unless you keep $1,500 in your account, receive direct deposit, or meet one of several other conditions.
  • You can waive the Advantage Plus fee by setting up direct deposit, maintaining a linked savings account with $500, or using your debit card 10 times per month.
  • Preferred Rewards checking is available to customers in Bank of America's rewards program and has different fee structures based on your membership tier.

How the Advantage Plus monthly fee works

The Advantage Plus account is Bank of America's standard checking option for most customers. It carries a $12 monthly maintenance fee, but the bank gives you several ways to avoid paying it. The most straightforward is keeping $1,500 in your checking account at all times—this is the minimum daily balance requirement. If your balance drops below $1,500 even once during a statement cycle, you will owe the fee for that month.

You do not have to keep the $1,500 in checking alone. If you have a linked Bank of America savings account with at least $500, that counts toward the total. So you could keep $1,000 in checking and $500 in savings and avoid the fee. The bank also waives the fee if you set up direct deposit of any amount, or if you use your debit card 10 times in a calendar month for purchases (not ATM withdrawals).

Fee waivers you can use instead of a balance

Bank of America offers multiple paths to waive the Advantage Plus fee, so you can choose the one that fits your situation. Direct deposit is the most common: if your employer or another source deposits money into your account electronically, the fee disappears. The deposit amount does not matter—even a small transfer counts.

Debit card usage is another option: make 10 purchases with your debit card in a calendar month, and the fee is waived. This includes everyday purchases like groceries or gas. Linked savings account works if you keep $500 in a Bank of America savings account connected to your checking account. You can also combine these—for example, if you use your debit card 6 times and keep $250 in savings, you would still owe the fee, but if you add direct deposit, it disappears.

eChecking: the account with no minimum balance

If you want to avoid any balance requirement or fee-waiver conditions, eChecking is designed for that purpose. It has no minimum balance, no monthly maintenance fee, and no direct deposit requirement. The tradeoff is that eChecking does not include some features of Advantage Plus, such as overdraft protection or the ability to link a savings account for fee purposes.

eChecking is a good fit if you prefer to keep your balance low, do not receive direct deposit, or do not want to track debit card usage. You can still use your debit card, write checks, and access online banking. The account is free to maintain regardless of how much money you have in it.

Preferred Rewards checking and tiered requirements

Bank of America's Preferred Rewards program is a tiered membership system based on how much money you have across all your Bank of America accounts. Customers in the program can open a Preferred Rewards checking account, which has different fee structures depending on their membership level.

Gold tier members (typically $20,000 to $49,999 in combined assets) and higher tiers may have reduced or waived fees on checking accounts. Platinum and Premium tiers have additional benefits. If you are already a Preferred Rewards member, your bank statement or online account dashboard will show which tier you are in and what fees explore to your specific account. If you are not sure whether you may have access to, you can contact Bank of America directly or log into your online account to check your status.

What happens if you do not meet the requirement

If you have an Advantage Plus account and do not meet any of the fee-waiver conditions for a full month, Bank of America will charge you $12 at the end of that statement cycle. The fee comes out of your checking account automatically. If your balance is too low to cover the fee, your account may go negative, and you could face overdraft fees on top of the monthly maintenance fee.

You can avoid this by switching to eChecking at any time, with no penalty. Call Bank of America or visit a branch to request the change. If you have already been charged the fee and believe it was an error, you can contact customer service to ask about a one-time reversal, though the bank is not required to grant it.

How to check your current account type and balance requirement

Log into your Bank of America online account or mobile app and go to your account details. Your account type will be listed there, along with any applicable fees. Your current balance is displayed on the main account screen. If you are unsure whether you meet a fee-waiver condition—for example, if you are not sure whether your direct deposit has been set up correctly—you can check your account settings or call Bank of America's customer service line.

You can also visit a Bank of America branch in person and ask a representative to review your account. They can tell you exactly what your current requirement is, whether you are meeting it, and what options you have to change your account type or waive fees.

Frequently Asked Questions

Can I switch from Advantage Plus to eChecking to avoid the minimum balance?

Yes. You can change your account type at any time by calling Bank of America, visiting a branch, or requesting the change online. There is no fee or penalty for switching. eChecking has no minimum balance and no monthly fee, so you will not owe anything once the change takes effect.

Does the $1,500 minimum have to be in checking, or can it be in savings?

It can be split between accounts. You need $1,500 in combined daily balance across your checking and linked savings accounts. So $1,000 in checking and $500 in savings meets the requirement. The savings account must be linked to your checking account for the balance to count.

What counts as a debit card purchase for the fee waiver?

Any purchase made with your debit card at a merchant counts—groceries, gas, restaurants, online shopping. ATM withdrawals do not count. You need 10 transactions in a calendar month (January 1 through the last day of the month) to waive the fee for that month.

If I set up direct deposit, do I have to keep it active every month?

Yes. Direct deposit must be active during the statement cycle to waive the fee for that month. If your employer stops depositing money or you change jobs, the fee will resume the following month unless you meet another waiver condition.

Will Bank of America refund a monthly fee if I did not know about the requirement?

Bank of America may reverse a single fee as a courtesy, but it is not may provide. Contact customer service and explain your situation. If you have been a customer in good standing, they are more likely to help. To avoid future fees, switch to eChecking or set up one of the fee-waiver conditions now.