What Bank of America charges for checking accounts

Bank of America charges a $12 monthly maintenance fee on most of its checking accounts, but you can waive it by meeting one of several conditions. The fee applies to the Checking Account and Interest Checking Account. If you maintain a minimum balance, set up direct deposit, or keep a linked savings account with a certain balance, the fee disappears.

The specific waiver options depend on which checking account you hold. Bank of America publishes the current requirements on its website and in the account disclosure documents, which you can request in branch or online. The fee structure has remained stable, though the waiver thresholds change occasionally.

Key Takeaways

  • Bank of America's standard checking account carries a $12 monthly fee unless you meet one waiver condition.
  • You can avoid the fee by maintaining a $1,500 minimum daily balance, setting up a direct deposit, or keeping a linked savings account with $2,500 or more.
  • Some checking products, like the Advantage SafeBalance account, have no monthly maintenance fee but come with different features and limits.
  • The waiver conditions are tied to your account type, so confirm which account you hold before assuming a fee applies.

How to waive the $12 monthly fee

Bank of America offers three main paths to avoid the monthly charge on a standard checking account. The first is to keep a minimum daily balance of $1,500 in the checking account itself. This means the balance must stay at or above that amount every day of the month; a single day below triggers the fee.

The second option is to set up direct deposit. This means arranging for your employer, government agency, or other income source to deposit funds directly into your Bank of America account. A single direct deposit per month is usually enough to waive the fee for that month.

The third is to maintain a linked savings account with a minimum balance of $2,500 or more. The savings account must be in your name and linked to the checking account. Some customers find this easier than maintaining a high checking balance because they can keep most money in savings and transfer it as needed.

Accounts with no monthly fee

Bank of America offers the Advantage SafeBalance account, which has no monthly maintenance fee. This account is designed for customers who want to avoid overdraft fees and monthly charges. However, it comes with a $25 overdraft limit and does not earn interest on the balance.

The SafeBalance account also has a lower daily balance requirement and fewer features than the standard checking account. If you rarely overdraw and want to avoid all monthly fees, this account may fit your needs. You can open one in branch or online.

Overdraft and other fees you should know about

The $12 monthly maintenance fee is separate from overdraft fees. If your account goes negative, Bank of America charges an overdraft fee of $35 per transaction that overdraws the account. Multiple overdrafts in one day can result in multiple fees, though the bank limits the total overdraft fees charged per day.

Other fees apply to specific actions: transferring money out of state, stopping a check, replacing a debit card, or requesting a paper statement. Most of these are $5 to $15 each. The monthly maintenance fee is the one most customers encounter, so focus on waiving that first.

What happens if you do not waive the fee

If you do not meet any of the waiver conditions, the $12 fee posts to your account on the same day each month. Bank of America deducts it automatically from your checking balance. Over a year, this amounts to $144 if you never waive it.

The fee will continue to post every month until you meet one of the waiver conditions or close the account. There is no grace period or one-time waiver; the bank applies the fee consistently. If your balance is low, the fee can push you into overdraft and trigger additional charges.

How to change your account type or waiver method

If you want to switch to the SafeBalance account or change how you waive your current fee, you can do so online, by phone, or in branch. Online changes usually take effect immediately. Phone and branch changes may take one to two business days to process.

If you are currently paying the $12 fee and want to start using direct deposit to waive it, set up the direct deposit first and confirm it has posted before the monthly fee date. If you want to raise your checking balance to meet the minimum, move the money in before the fee posts. Contact Bank of America customer service if you are unsure when your fee date is.

Comparing Bank of America to other banks

Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Traditional banks like Wells Fargo and Chase also charge monthly fees on standard checking accounts, though their waiver conditions differ. If you are paying the $12 fee every month and cannot meet any waiver condition, comparing other banks may save you money.

Before switching, consider whether you use other Bank of America products like savings accounts, credit cards, or loans. Some customers keep their account because of branch access, customer service, or rewards tied to multiple products. The monthly fee is one factor, not the only one.

Frequently Asked Questions

Can I waive the fee with a savings account alone?

Yes, if the savings account is linked to your checking account and holds a minimum balance of $2,500 or more. The savings account must be in your name. You do not need to meet any other condition if the linked savings account balance stays above the threshold.

What if my direct deposit stops?

If you stop receiving direct deposits, you lose that waiver method. The $12 fee will post the next month unless you meet one of the other conditions: maintaining the $1,500 checking balance or keeping the $2,500 linked savings balance. Contact Bank of America if you want to switch to a different waiver method.

Does the minimum balance have to be there every single day?

Yes. Bank of America calculates the minimum daily balance requirement by checking your balance every day of the month. If your balance drops below $1,500 even once, the fee posts. This is why many customers use the direct deposit or linked savings waiver instead.

Can I get the monthly fee refunded if I did not know about it?

Bank of America may refund one or two months of fees if you contact customer service and explain that you were unaware of the waiver options. Refunds are not may provide and depend on your account history. Call the number on your debit card or visit a branch to ask.

Is the SafeBalance account a good alternative?

It depends on your needs. The SafeBalance account has no monthly fee and no overdraft fees, which appeals to customers who want predictable costs. However, it has a $25 overdraft limit and no interest, so it works best for people who keep low balances and rarely overdraw.