Bank of America charges monthly fees on most checking accounts, but you can waive them

Bank of America charges a $12 monthly maintenance fee on its standard checking account (called Checking) unless you meet one of the waiver conditions. The bank also offers accounts with no monthly fee, but they come with restrictions. Which account you end up in depends on your balance, direct deposits, and how you use the account.

The fee structure changed in 2021 when Bank of America eliminated its lowest-tier account and consolidated its checking options. Today, most people fall into either the Checking account (which has the $12 fee) or the Advantage SafePass account (which has no monthly fee but limits you to three withdrawals per month). A third option, Preferred Rewards checking, waives the fee if you maintain a relationship with the bank's investment or wealth management side.

Key Takeaways

  • Bank of America's standard Checking account charges $12 per month unless you waive the fee by maintaining a $1,500 minimum balance or setting up direct deposit.
  • The Advantage SafePass account has no monthly fee but restricts you to three withdrawals per month across all channels.
  • Preferred Rewards checking waives the monthly fee if you have a may have access to Bank of America investment or wealth management account.
  • The $12 fee applies even if you never overdraft or cause problems — it is a maintenance charge, not a penalty.

How to waive the $12 monthly fee on Checking

Bank of America offers three ways to avoid the monthly fee on its Checking account. The first is to maintain a minimum daily balance of $1,500 in the account at all times. The second is to set up direct deposit of your paycheck or government benefits. The third is to enroll in Preferred Rewards, which requires you to have a may have access to investment or wealth management account with the bank.

Direct deposit is the easiest route for most people because it requires no ongoing balance maintenance. Your employer or benefits administrator deposits your pay directly into the account, and the fee waiver stays active as long as deposits continue. If you switch jobs and the new employer does not offer direct deposit, the fee returns unless you meet one of the other conditions.

The $1,500 minimum is a daily balance requirement, not an average. If your balance dips below $1,500 on any single day, you do not waive the fee for that month. This matters if you pay bills on a specific date or make large purchases — you have to time them so your balance never drops below the threshold.

Advantage SafePass: no fee, but limited withdrawals

Bank of America's Advantage SafePass account has no monthly maintenance fee, making it free if you can live within its constraints. The catch is that you are limited to three withdrawals per month across all channels — ATM, debit card, teller, and online transfers all count toward the same limit.

This account is designed for people who receive regular deposits (like Social Security or a pension) and do not need frequent access to their money. If you use your debit card multiple times a week or make regular bill payments, you will hit the three-withdrawal limit quickly and face a $35 fee for each excess withdrawal. That fee can add up fast, making the account more expensive than the $12 monthly Checking account.

The withdrawal limit resets on the first day of each calendar month. Deposits do not count against the limit — only money going out does.

Other fees that apply to Bank of America checking accounts

Beyond the monthly maintenance fee, Bank of America charges for specific actions or problems. An overdraft fee is $35 per transaction if you spend more than your balance. The bank allows overdrafts but charges for each one. You can opt out of overdraft coverage, which means transactions will be declined instead of charged a fee, but this is not the default.

A non-sufficient funds (NSF) fee is also $35 and applies when a check or automatic payment bounces because your balance is too low. This is different from an overdraft fee but costs the same amount.

Out-of-network ATM fees are $2.50 per withdrawal if you use an ATM that is not part of the Bank of America network. Bank of America has a large ATM network, so this is avoidable if you plan ahead, but it applies if you withdraw cash at another bank's ATM or an independent ATM.

Wire transfer fees, stop-payment fees, and expedited delivery fees also apply to checking accounts, though these are less common charges. Check your account agreement or call the bank to confirm current fees for services you plan to use.

Preferred Rewards checking and fee waivers

If you have a Bank of America Preferred Rewards membership, the monthly fee on Checking is waived automatically. Preferred Rewards is a tiered program based on your total relationship with the bank — meaning your combined balance across checking, savings, investment accounts, and loans.

The entry level, called Preferred Rewards Silver, requires $20,000 in combined assets. Gold requires $50,000, and Platinum requires $100,000. Each tier comes with benefits beyond fee waivers, including higher interest rates on savings and reduced fees on other products.

If you already have investments with Bank of America or a mortgage through them, you may already may have access to for Preferred Rewards without realizing it. Log into your online account or call to check your status.

What happens if you do not meet the waiver conditions

If you do not maintain the $1,500 balance, do not have direct deposit set up, and do not have Preferred Rewards, the $12 fee posts to your account on the same day each month. Bank of America does not send a warning before charging it — the fee simply appears in your transaction history.

The fee is deducted from your available balance, which can push you into overdraft if your balance is close to zero. If that happens, you will also owe the $35 overdraft fee on top of the $12 maintenance fee. This is why checking your balance regularly and understanding your account type matters.

If you have been charged the fee and believe you met the waiver conditions, you can contact Bank of America to request a reversal. The bank sometimes reverses one or two fees as a courtesy, especially if you have been a customer for a long time, but this is not may provide.

Comparing Bank of America checking to other banks

Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Banks like Ally, Charles Schwab, and Discover do not charge monthly maintenance fees at all. Credit unions often have similar no-fee options if you are a member.

The trade-off is usually convenience. Bank of America has thousands of physical branches and ATMs, which matters if you deposit cash frequently or prefer in-person banking. Online banks have no branches but offer higher interest rates on savings and lower fees overall. Credit unions have fewer locations but often have better customer service and lower fees than large banks.

If you are paying the $12 monthly fee and do not use Bank of America's branches or ATMs regularly, switching to an online bank or credit union could save you $144 per year with no other changes to your banking habits.

Frequently Asked Questions

Can I switch from Checking to Advantage SafePass to avoid the fee?

Yes, you can switch accounts online or at a branch. However, only switch if you genuinely make three or fewer withdrawals per month. If you exceed the limit, the $35 per excess withdrawal fee will cost more than the $12 monthly fee on Checking. Calculate your typical monthly withdrawals before switching.

Does direct deposit have to be from my employer, or can it be from anywhere?

Direct deposit must be a recurring, automatic deposit from an employer, government agency, or similar source. One-time transfers from another account do not count. Bank of America verifies that direct deposit is set up before waiving the fee, so make sure it is actually active in your payroll system.

What if my balance drops below $1,500 for just one day?

You do not waive the fee that month. The requirement is a daily minimum, not an average. If you pay a bill on the 15th and your balance dips to $1,400, you will be charged the $12 fee even if your balance recovers to $2,000 the next day.

Can I get the monthly fee refunded if I was not told about it?

Bank of America discloses the fee in the account agreement you sign when you open the account, but the bank sometimes reverses one or two fees as a courtesy if you call and ask. There is no may provide, and repeated requests are less likely to be approved. Your best option is to set up direct deposit or switch accounts to avoid future fees.

Does the $12 fee apply if I never use the account?

Yes. The fee is a monthly maintenance charge, not a penalty for activity. Even if you open a Checking account and never make a transaction, the $12 fee will post every month unless you meet one of the waiver conditions or close the account.