What Bank of America charges for checking accounts

Bank of America charges a monthly maintenance fee on most checking accounts, but you can avoid it by meeting one of several conditions. The fee is currently $12 per month on their standard checking account, though this can change. You won't pay it if you keep a minimum balance, set up direct deposit, or maintain a linked savings account with a certain balance.

The exact requirement depends on which checking account you open. Bank of America offers several versions — the basic account, the Advantage account, and accounts designed for students or seniors — and each has different ways to waive the fee.

Beyond the monthly fee, Bank of America also charges for specific actions: overdrafts, using an out-of-network ATM, stopping a check, or requesting a paper statement. These are separate from the monthly maintenance fee and explore regardless of which account type you have.

Key Takeaways

  • Bank of America's standard checking account has a $12 monthly maintenance fee that you can waive by meeting one condition, such as keeping $1,500 in the account or setting up direct deposit.
  • Different account types have different fee structures and different ways to avoid the monthly charge, so the account you choose affects what you actually pay.
  • Overdraft fees, ATM fees, and other service charges are separate from the monthly maintenance fee and explore to all account types.
  • You can see the exact fee schedule and waiver requirements for each account type on Bank of America's website or by asking at a branch.

How to waive the monthly maintenance fee

Bank of America offers several paths to avoid paying the monthly fee. The most common are: keeping a minimum balance in the checking account itself, setting up direct deposit of your paycheck, or maintaining a linked savings account with a minimum balance. Some accounts also waive the fee if you're under 25 or over 65.

The minimum balance requirement varies. On the basic checking account, you typically need $1,500 in the account at all times. On the Advantage account, the requirement is higher. Direct deposit also works as a waiver on most accounts — you don't need a large deposit, just one recurring deposit per month from an employer or government benefit.

If you don't meet any of these conditions, the fee will post to your account on the same day each month. You can check your account online or call Bank of America to see which waiver method applies to your specific account.

Overdraft and ATM fees

If you spend more than you have in your account, Bank of America charges an overdraft fee each time a transaction goes through when your balance is negative. This fee is separate from the monthly maintenance fee — you pay it in addition to whatever monthly charge applies to your account.

Using an ATM that doesn't belong to Bank of America also costs money. Out-of-network ATM fees are charged by both Bank of America and the ATM operator, so you pay twice. Bank of America's portion is typically $2 to $3 per transaction. Using one of Bank of America's own ATMs or visiting a branch to withdraw cash avoids this fee entirely.

Bank of America does offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraft, the bank transfers money from the linked account instead of charging a fee. This costs nothing if you use it, but you do need to set it up in advance.

Other fees you might encounter

Bank of America charges for several other services beyond the monthly maintenance and overdraft fees. Requesting a cashier's check costs money. Stopping payment on a check also has a fee. If you want paper statements mailed to you instead of viewing them online, that costs extra on some accounts.

International wire transfers, foreign ATM use, and returned deposit items all carry fees as well. Most of these are avoidable — you can use online statements, avoid international transfers, and use Bank of America ATMs — but it's worth knowing they exist if you need these services.

The exact amounts change periodically, so check your account agreement or call Bank of America directly to confirm current fees before you need a service.

Comparing Bank of America to other banks

Not all banks charge monthly maintenance fees. Some online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. If you're deciding whether to open a Bank of America account, it's worth comparing what you'd actually pay there against what you'd pay elsewhere.

Bank of America's advantage is their large network of branches and ATMs — if you use their ATMs regularly or visit branches often, the convenience might be worth the fee. If you mostly bank online and rarely need a physical location, a bank with no monthly fee might save you money.

The decision depends on how you plan to use the account. If you can easily meet one of the fee waiver conditions — direct deposit is the easiest for most people — Bank of America costs nothing. If you can't meet any waiver condition, you'll pay $144 per year just to keep the account open.

What happens if you can't maintain the minimum balance

If you fall below the minimum balance required to waive the fee, Bank of America will charge the monthly maintenance fee that month. This doesn't close your account or trigger any penalty beyond the fee itself. Your account stays open and you can continue using it normally.

If the fee causes your balance to go negative, that's when overdraft fees kick in. So it's possible to pay both the monthly maintenance fee and overdraft fees in the same month if your balance is very low. This is why direct deposit is often the easiest waiver — once it's set up, you don't have to think about maintaining a balance.

If you're struggling to maintain a balance, talk to Bank of America about switching to an account type with a lower minimum or exploring their overdraft protection options.

Frequently Asked Questions

Does Bank of America charge to open a checking account?

No, opening a checking account is free. You only pay the monthly maintenance fee once the account is open and active. There's no upfront cost to start.

Can I avoid all Bank of America fees?

You can avoid the monthly maintenance fee by meeting one waiver condition, but you can't avoid all fees. Overdraft fees, out-of-network ATM fees, and service fees like cashier's checks still explore if you use those services. Using Bank of America ATMs and keeping your account in good standing avoids most charges.

What's the easiest way to waive the monthly fee?

Direct deposit is usually easiest because once it's set up, you don't have to do anything else. You just need one deposit per month from your employer or a government benefit. If you don't have direct deposit, keeping $1,500 in the account is the next simplest option.

Do student or senior accounts have different fees?

Yes. Bank of America offers accounts for students under 25 and customers over 65 with lower or no monthly maintenance fees. If you fall into either category, ask about these account types — they may cost less than the standard account.

What should I do if I'm charged a fee by mistake?

Call Bank of America or visit a branch and explain the situation. Banks sometimes reverse fees as a courtesy, especially if it's your first time or if you can show you met the waiver condition. It's worth asking.