What Bank of America requires to keep your checking account open
Bank of America does not charge a monthly fee on most of its checking accounts if you meet one of several balance or activity requirements. The specific requirement depends on which checking account you have — the bank offers different products with different rules. Some accounts require you to keep a minimum balance in the account at all times. Others let you avoid the fee by setting up direct deposit, making a certain number of debit card transactions each month, or maintaining a linked savings account with a minimum balance instead.
The most common Bank of America checking account is the Advantage SafePass Checking, which has no monthly fee regardless of your balance or activity. This account is designed for people who want straightforward checking without conditions. If you have a different Bank of America checking product — such as Advantage Plus Checking or a student account — the requirements will be different, and you should check your account agreement or call the bank to confirm what applies to you.
Key Takeaways
- Bank of America's Advantage SafePass Checking has no monthly fee and no minimum balance requirement.
- Other Bank of America checking accounts may require you to maintain a minimum balance, set up direct deposit, or link a savings account to avoid a monthly fee.
- The monthly fee (when one applies) is typically around $12, but you can avoid it by meeting one of the account's stated conditions.
- You can find your specific account's requirements in your account agreement or by calling Bank of America customer service at 1-800-432-1000.
Minimum balance requirements by account type
Bank of America's Advantage SafePass Checking requires no minimum balance and charges no monthly fee. This is the account most new customers receive when they open checking with the bank.
If you have Advantage Plus Checking, the account requires you to maintain a minimum balance of $1,500 in your checking account, or $2,500 if you combine the balance across your checking and linked savings accounts. If your balance falls below these amounts, Bank of America charges a monthly maintenance fee. You can also avoid the fee by setting up direct deposit of at least $250 per month, or by making 10 or more debit card transactions in a month.
Bank of America also offers accounts for students and young adults with their own rules. A Student Checking account typically has no monthly fee and no minimum balance, but this account converts to a standard checking product once you reach a certain age (usually 24), at which point the new account's requirements take effect.
How to find out which account you have
The easiest way to learn your account's specific requirements is to log into your Bank of America online account or mobile app and look at your account details. The account name appears at the top of your account summary. You can also call Bank of America at 1-800-432-1000 and ask a representative which checking account you hold and what the minimum balance requirement is.
Your account agreement — the document you received when you opened the account — also lists the monthly fee and the conditions to avoid it. If you no longer have the paper copy, you can usually read it from your online banking portal under "Documents" or "Account Agreements."
What happens if your balance drops below the minimum
If your account requires a minimum balance and your balance falls below it, Bank of America charges a monthly maintenance fee. The fee is typically around $12, though the exact amount depends on your account type. The fee is deducted from your account automatically each month you remain below the minimum.
The fee does not close your account or prevent you from using it. You can continue to deposit money, write checks, and use your debit card. However, the fee will continue to be charged each month until your balance rises above the minimum or you meet one of the other conditions (such as setting up direct deposit) that waive the fee.
Ways to avoid a monthly fee without keeping a large balance
If your account has a monthly fee but you do not want to keep a large balance, Bank of America offers several alternatives. Direct deposit is the most common route — if you have your paycheck, government benefits, or other regular income deposited directly into your checking account, the monthly fee is waived. The deposit amount required varies by account type but is often $250 or more per month.
Debit card transactions can also waive the fee. Some accounts waive the monthly charge if you use your debit card 10 or more times in a month. Each transaction counts — whether you buy a coffee, pay for gas, or withdraw cash from an ATM.
A linked savings account with a minimum balance is another option. If you maintain a savings account at Bank of America with the required minimum balance (often $300 to $500), the bank may waive the checking account fee even if your checking balance is low. The two accounts' balances are combined to meet the requirement.
Moving to a different account if the fee is too high
If you have a checking account with a monthly fee and cannot meet the balance or activity requirements, you can switch to Bank of America's Advantage SafePass Checking, which has no fee and no minimum balance. You do not need to close your current account and open a new one — you can ask Bank of America to convert your existing account to Advantage SafePass. Call 1-800-432-1000 or visit a branch to request the change.
You can also move your checking to a different bank if Bank of America's products do not fit your needs. Many credit unions and online banks offer checking accounts with no monthly fee and no minimum balance requirement. If you decide to leave, you will need to update your direct deposit information with your employer and any organizations that send you regular payments, and notify any businesses that automatically deduct payments from your account.
Frequently Asked Questions
Does Bank of America charge a monthly fee on all checking accounts?
No. Bank of America's Advantage SafePass Checking has no monthly fee and no minimum balance requirement. Other accounts may have a monthly fee, but you can avoid it by meeting one of the stated conditions, such as maintaining a minimum balance or setting up direct deposit.
What is the minimum balance for Bank of America Advantage Plus Checking?
Advantage Plus Checking requires a minimum balance of $1,500 in checking alone, or $2,500 when you combine your checking and linked savings balances. You can also avoid the monthly fee by setting up direct deposit of at least $250 per month or making 10 or more debit card transactions per month.
Can I avoid the monthly fee by using my debit card?
It depends on your account type. Some Bank of America checking accounts waive the monthly fee if you use your debit card 10 or more times per month. Check your account agreement or call 1-800-432-1000 to confirm whether this option applies to your account.
What happens if I do not meet the minimum balance requirement?
Bank of America charges a monthly maintenance fee (typically around $12) if your balance falls below the required amount. The fee is deducted automatically each month until your balance rises above the minimum or you meet an alternative condition that waives the fee.