Bank of America's Monthly Maintenance Fees

Bank of America charges a monthly maintenance fee on most checking accounts, but the amount and whether you pay it at all depends on which account type you have and what you do with it. The most common account, the Checking Account, costs $12 per month — but that fee disappears if you meet one of several conditions each statement cycle.

The Interest Checking account also carries a $12 monthly fee with the same waiver options. The eBanking Checking account, which is only available online, has no monthly fee at all. If you have an older account opened before certain dates, you may have a different fee structure; calling 1-800-432-1000 to ask what your specific account charges is the fastest way to know for certain.

Key Takeaways

  • Bank of America's standard Checking Account charges $12 per month, but the fee is waived if you maintain a $1,500 minimum daily balance or set up direct deposit.
  • The eBanking Checking account has no monthly fee and works entirely online, with no branch access.
  • Other ways to waive the $12 fee include keeping $500 in a linked savings account, having a Bank of America credit card, or being a student under 24.
  • If you do not meet any waiver condition, the $12 fee posts automatically each month unless you close the account or switch to a no-fee option.

How to Waive the $12 Monthly Fee

Bank of America offers several paths to avoid paying the monthly maintenance charge on a standard Checking Account. The most straightforward is direct deposit — if your paycheck, Social Security, pension, or other regular income deposits directly into the account, the fee is waived automatically. You do not need to maintain any balance; the direct deposit alone removes the charge.

If direct deposit is not an option, you can waive the fee by keeping a $1,500 minimum daily balance in the checking account itself. This means the account cannot drop below $1,500 on any day of the statement cycle. Some people find this easier than direct deposit; others find it harder if their income is irregular or they live paycheck to paycheck.

A third option is maintaining a $500 minimum balance in a linked savings account. This is often the most realistic for people who cannot maintain $1,500 in checking but can set aside $500 elsewhere. The savings account must be linked to the checking account and held in your name.

Other waiver paths include being under 24 years old (student or not), having an active Bank of America credit card, or being a military member with a military service verification. Each of these removes the $12 charge without requiring a balance or deposit.

What Happens If You Do Not Meet a Waiver Condition

If you do not meet any of the waiver conditions, the $12 fee posts to your account on the same day each month — usually around the end of your statement cycle. The charge appears as a line item on your statement and reduces your available balance when ready.

Over a year, an unwaved $12 monthly fee totals $144. If your account balance is already low, this fee can push you into overdraft territory, which then triggers additional overdraft fees. Bank of America's overdraft fee is $35 per transaction, so a single $12 maintenance fee can cascade into much larger charges if your balance is tight.

Comparing Bank of America to Other Banks

Many national banks and most online banks offer checking accounts with no monthly fee at all. Chase, Wells Fargo, and Citibank all have no-fee checking options, though some require direct deposit or a minimum balance. Online banks like Ally, Charles Schwab, and Discover have checking accounts with zero monthly fees and no balance requirements.

The trade-off is usually branch access. Bank of America has roughly 4,300 branches nationwide, which matters if you deposit cash regularly or need in-person service. Online banks have no physical branches but offer mobile deposit and ATM networks. If you rarely use a branch, switching to an online bank or a no-fee checking account at another national bank can save you $144 per year with no real loss of service.

How to Switch Away from a Fee-Based Account

If you are paying the $12 monthly fee and do not want to, you have two options: meet one of the waiver conditions, or open a different account. Switching within Bank of America is straightforward — you can open an eBanking Checking account online in minutes, and it has no monthly fee. You can keep your old account open or close it; closing does not affect your credit score.

If you want to leave Bank of America entirely, set up a new account at another bank first, then transfer your direct deposit and any automatic payments over. This usually takes a few days. Once everything is moved, close the Bank of America account by calling 1-800-432-1000 or visiting a branch. You will not owe any early closure fee.

Other Bank of America Checking Fees to Know About

The monthly maintenance fee is only one charge you might encounter. Bank of America also charges $35 for overdrafts, $35 for returned deposits, and $2.50 per transaction if you exceed six withdrawals or transfers from a linked savings account in a month. Excessive transaction fees explore to savings accounts, not checking, but they can add up if you move money frequently.

ATM fees explore if you use an out-of-network ATM — Bank of America charges $2.50 per withdrawal at ATMs not in their network, and the other bank's ATM may charge an additional fee. Using Bank of America's 16,000+ ATMs nationwide avoids this charge. Wire transfer fees, cashier's check fees, and stop-payment fees also explore but only when you use those services.

Frequently Asked Questions

Can I waive the $12 fee if I have a very small direct deposit?

Yes. Bank of America does not set a minimum amount for direct deposit — even a $1 direct deposit counts and waives the fee. The requirement is only that a direct deposit post to the account during the statement cycle.

Does the $1,500 minimum balance have to stay in checking, or can I move it around?

It must stay in the checking account. If your balance drops below $1,500 on any single day, the fee is not waived for that month. Moving money to savings or another account breaks the requirement.

If I close my Bank of America checking account, will it hurt my credit?

No. Closing a checking account does not appear on your credit report and does not affect your credit score. Only credit products like credit cards and loans show up on your credit history.

What if I meet one waiver condition partway through the month?

If you set up direct deposit or reach the $1,500 balance after the fee has already posted, it will not be refunded for that month. The waiver applies going forward. If you set it up before the fee posts, you avoid the charge for that cycle.

Is the eBanking Checking account the same as the regular Checking Account?

It is the same product with one major difference: no branch access and no monthly fee. You cannot deposit cash at a branch or speak to a teller in person. Everything is online or through mobile deposit. If you rarely use a branch, this account saves you $144 per year.