Bank of America charges a monthly fee on most checking accounts, but you can waive it

Bank of America's standard checking account, called the Checking Account, costs $12 per month. However, the fee is waived if you meet one of these conditions: maintain a minimum daily balance of $1,500, set up a direct deposit of at least $250 per month, or link the account to a Bank of America savings or money market account with a $500 minimum balance.

If you do not meet any of those conditions, the $12 monthly fee will post to your account. Bank of America also offers a SafePass Checking Account with no monthly maintenance fee, though it has fewer features and limited check writing.

Beyond the monthly fee, Bank of America charges for specific actions: overdraft fees ($35 per transaction if you go negative), out-of-network ATM fees ($2.50 per withdrawal), and wire transfer fees ($15 domestic, $45 international). Some of these fees can be reversed if you contact the bank quickly after they post.

Key Takeaways

  • Bank of America's Checking Account has a $12 monthly fee that disappears if you keep $1,500 in the account, set up direct deposit of $250 or more per month, or link a savings account with $500 minimum.
  • SafePass Checking has no monthly fee but offers fewer features and is designed for customers who write fewer checks.
  • Overdraft fees, ATM fees, and wire transfer fees apply separately and are not waived by the conditions that eliminate the monthly charge.
  • You can call Bank of America to request a reversal of overdraft or other fees if you have a good account history, though reversal is not may provide.

How the $1,500 minimum balance works

The minimum daily balance is calculated each day, not as an average. If your balance drops below $1,500 even once during the month, the $12 fee will post at the end of the statement cycle. This means a large purchase or bill payment that temporarily dips your balance below the threshold will trigger the fee, even if you recover the balance the next day.

Bank of America counts only money in the checking account itself toward this minimum—not savings accounts, money market accounts, or investments. If you have multiple checking accounts, each one is tracked separately, and the minimum applies to each account individually.

Direct deposit as an alternative to the balance requirement

If you receive a paycheck, pension, or government benefit via direct deposit, setting up a deposit of at least $250 per month waives the monthly fee regardless of your balance. The deposit must be recurring and must post to the account; a one-time transfer does not count.

Many employers and benefit programs allow you to split direct deposits across multiple accounts. If you currently receive a full paycheck to another bank, you can ask your employer to send $250 or more to Bank of America and keep the rest elsewhere. Social Security, disability payments, and tax refunds also count as direct deposits if they are set up to post automatically.

Linking a savings account to waive the checking fee

Bank of America's Savings Account or Money Market Account can be linked to your checking account to waive the $12 monthly fee. The savings or money market account must maintain a minimum daily balance of $500. Like the checking account minimum, this is a daily requirement—the balance cannot drop below $500 at any point during the month.

This option works well if you already have savings you want to keep separate from your checking money. The linked account does not need to be active or used frequently; it simply needs to exist and maintain the $500 minimum. You can move money between the linked accounts without fees.

SafePass Checking: the no-fee alternative

Bank of America offers SafePass Checking with no monthly maintenance fee and no minimum balance requirement. This account is designed for customers who do not need all the features of the standard Checking Account. SafePass allows online and mobile banking, bill pay, and debit card access, but it limits check writing to 10 checks per month and does not include overdraft protection.

If you write more than 10 checks per month, SafePass is not practical. However, if you primarily use your debit card and pay bills online, SafePass eliminates the need to meet any balance or direct deposit requirement. You can open SafePass at any Bank of America branch or online.

Overdraft fees and other charges beyond the monthly fee

Even if you waive the $12 monthly fee, other charges can apply. An overdraft fee of $35 posts each time your account goes negative, and Bank of America allows multiple overdrafts per day. If you overdraw by $5 and then make another purchase before the first overdraft posts, you can incur two $35 fees in a single day.

Out-of-network ATM withdrawals cost $2.50 per transaction. Bank of America has thousands of ATMs nationwide, so this fee is easy to avoid by using the bank's own machines. Wire transfers cost $15 for domestic wires and $45 for international wires. Cashier's checks and stop-payment requests also carry fees, typically $10 to $15 each.

How to request a fee reversal

If you incur an overdraft fee or other charge, you can call Bank of America at the number on your debit card and ask for a reversal. The bank does not have a formal policy guaranteeing reversal, but representatives have discretion to reverse fees for customers with good account history or if the fee resulted from a system error. Reversals are more likely if you have maintained the account for several years without problems.

Request the reversal as soon as you notice the fee—ideally within a few days of it posting. Explain the situation briefly (for example, "I was not expecting the charge to post today" or "I did not realize my balance was that low"). Do not demand a reversal; ask politely and be prepared for the answer to be no. If one representative declines, you can call back and ask another representative, though this approach is less likely to succeed.

Frequently Asked Questions

Can I waive the $12 fee by doing multiple things, like having $750 in the account and a $250 direct deposit?

No. You need to meet one of the three conditions fully: either $1,500 in the account, or $250+ in direct deposits per month, or a linked savings account with $500. Partial progress toward multiple conditions does not waive the fee. You only need one condition to be met.

What happens if my direct deposit is $249 instead of $250?

The fee will post. Bank of America enforces the $250 minimum strictly. If your paycheck is variable, ask your employer to ensure the deposit to Bank of America is always at least $250, or choose a different fee-waiver method.

Do I have to keep the $1,500 in checking, or can I move it to savings once the month ends?

The minimum must be maintained every single day of the statement cycle. If you move the money out before the cycle closes, the fee will post. You can move it after the statement closes and the fee decision has been made.

If I have SafePass Checking and write 11 checks in a month, what happens?

Bank of America charges $2 for each check over the 10-check limit. If you write 11 checks, you pay $2 for the 11th check. If you regularly write more than 10 checks per month, SafePass is not the right account for you.

Can I open a Bank of America checking account online without going to a branch?

Yes. You can open a Checking Account or SafePass Checking online at bankofamerica.com. You will need a valid ID, Social Security number, and an initial deposit (usually $25 minimum). The account opens immediately, and your debit card arrives within 7 to 10 business days.