The main ways Bank of America charges you on checking accounts

Bank of America charges a monthly maintenance fee on most checking accounts unless you meet one of their conditions. The monthly maintenance fee is currently $12 on their standard checking account, though this varies by account type. You can avoid it by keeping a minimum daily balance (usually $1,500), setting up direct deposit, or maintaining a linked savings account with a certain balance.

Beyond the monthly fee, Bank of America also charges for specific actions: overdrafts, out-of-network ATM use, wire transfers, and stop payments. Each of these is a separate charge that hits your account when you trigger it. Understanding which fees apply to your account type and which ones you can prevent is the fastest way to stop losing money.

Key Takeaways

  • Bank of America's $12 monthly maintenance fee on checking accounts can be waived by maintaining a $1,500 daily balance, setting up direct deposit, or linking a savings account with $500 or more.
  • Overdraft fees ($35 per transaction) are charged when you spend more than your balance; you can prevent them by turning off overdraft protection or keeping a buffer in your account.
  • Out-of-network ATM withdrawals cost $2.50 per transaction; using Bank of America ATMs or partnering network ATMs (Allpoint, MoneyPass) avoids this fee entirely.
  • Wire transfer fees, stop payment fees, and foreign transaction fees are separate charges that apply only when you use those specific services.
  • The easiest prevention method depends on your situation: direct deposit for salaried workers, minimum balance for those with savings, or switching account types if you rarely use the account.

How to waive the monthly maintenance fee

Bank of America offers three main paths to eliminate the $12 monthly charge. The first is maintaining a minimum daily balance of $1,500 in your checking account. This means your balance cannot drop below that amount on any day of the month; if it does, you pay the fee. This works if you keep a cushion in checking anyway, but it ties up money that could earn interest elsewhere.

The second path is setting up direct deposit of your paycheck or regular income. Any direct deposit counts—salary, Social Security, pension, or benefits. Once direct deposit is active, the monthly fee is waived regardless of your balance. This is the easiest method for salaried workers because you are already receiving your pay this way.

The third path is maintaining a linked Bank of America savings account with $500 or more. The savings account must stay at or above $500; if it drops below that, the checking fee applies. This works if you are already saving with Bank of America, but it requires you to keep money in their savings account, which typically earns very little interest.

Overdraft fees and how to prevent them

Bank of America charges $35 per overdraft transaction when you spend more money than you have in your account. If you overdraw multiple times in one day, you can be charged $35 for each transaction, up to a daily limit. This is one of the largest fees you can incur, and it happens instantly when your balance goes negative.

You have two ways to prevent overdraft fees. The first is to turn off overdraft protection entirely. When overdraft protection is off, Bank of America will decline transactions that would overdraw your account—your debit card will be rejected at the register, or an online payment will fail. This prevents the fee but can be embarrassing or inconvenient. You can turn this off in your online banking settings or by calling Bank of America.

The second way is to keep a buffer balance in your account—money you do not plan to spend. If you keep $200 or $500 extra, you have a cushion that prevents accidental overdrafts. This requires discipline but gives you protection without declining transactions. Pair this with account alerts: Bank of America lets you set notifications when your balance drops below a certain amount, which gives you time to transfer money in before you overdraw.

ATM fees and how to use free ATMs

Bank of America charges $2.50 when you withdraw cash from an ATM that is not owned by Bank of America or its partner networks. This fee is charged by Bank of America, not by the other bank, and it appears on your statement as an out-of-network ATM fee. If you withdraw cash frequently from non-Bank of America ATMs, these fees add up quickly.

The simplest solution is to use Bank of America ATMs, which are free. Bank of America has over 16,000 ATMs nationwide, so there is usually one nearby. If you cannot reach a Bank of America ATM, use the Allpoint or MoneyPass networks, which are partner networks where Bank of America customers withdraw free. You can find these ATMs through the Allpoint or MoneyPass websites or apps.

If you travel frequently or live in an area with few Bank of America ATMs, consider whether the $2.50 per withdrawal adds up to more than the cost of switching banks. Some online banks and credit unions offer free out-of-network ATM reimbursement, which means they refund the $2.50 fee after you pay it. This is worth comparing if ATM access is a regular problem for you.

Wire transfer, stop payment, and other transaction fees

Bank of America charges $15 for outgoing domestic wire transfers and $45 for outgoing international wire transfers. These fees apply only when you send a wire; receiving a wire is free. If you send wires regularly, these costs add up. Before you wire money, ask whether the recipient can receive an ACH transfer instead—ACH transfers are free or very cheap and take one to three business days instead of same-day.

Stop payments (asking the bank to cancel a check you wrote) cost $30 per request. This fee applies even if the check has not been cashed yet. If you need to cancel a check, call Bank of America immediately; the sooner you request it, the more likely they can stop it before it clears. To avoid this fee, do not write checks unless you are certain about the amount and recipient.

Foreign transaction fees are 3% of the transaction amount when you use your debit card or withdraw cash outside the United States. This is a percentage fee, not a flat amount, so large transactions abroad cost significantly more. If you travel internationally, ask Bank of America whether they offer a travel notice or a card with lower foreign fees, or consider using a credit card with no foreign transaction fees for overseas purchases.

Account types that have lower or different fees

Bank of America offers several checking account types, and fees vary by account. The Advantage Banking account has a $12 monthly fee with the same waiver options as the standard account. The Premium Rewards account has a $20 monthly fee but includes benefits like higher interest rates and fee waivers on certain services. The College Checking account has no monthly fee if you are under 24 and a student, but the fee becomes $12 once you turn 24 or graduate.

If you rarely use your checking account or keep a very low balance, switching to a different account type might not help—you would still pay a monthly fee. In that case, consider whether a different bank altogether makes sense. Online banks like Ally, Charles Schwab, or Discover have no monthly fees, no minimum balance requirements, and reimburse out-of-network ATM fees. The trade-off is that they have no physical branches, so you cannot deposit cash in person.

Frequently Asked Questions

Can I get the monthly fee waived if I have very little money in my account?

Yes, if you set up direct deposit. Direct deposit waives the fee regardless of your balance, so even if your paycheck is small or infrequent, as long as it is deposited directly into your Bank of America checking account, the $12 monthly fee is waived. If you do not receive direct deposit income, you would need to maintain the $1,500 balance or link a savings account with $500.

What happens if I go over my overdraft limit in one day?

Bank of America caps overdraft fees at $35 per day, even if you overdraw multiple times. So if you make five transactions that overdraw your account on the same day, you pay $35 total, not $175. However, each transaction still posts as an overdraft, which can affect your banking history and credit if the account goes to collections.

Do I have to pay the $2.50 ATM fee if I use a Bank of America ATM at a different branch?

No. All Bank of America ATMs are free for Bank of America customers, regardless of which branch or location. You can use any Bank of America ATM nationwide without a fee. The $2.50 fee applies only to ATMs owned by other banks or credit unions.

Can I dispute an overdraft fee if it was my mistake?

Bank of America may reverse one overdraft fee per year if you call and request it, though this is not may provide. If you have a good account history and have not requested a reversal recently, it is worth calling customer service and asking. They are more likely to help if the overdraft was caused by a system error rather than your own spending.

Is there a way to avoid the foreign transaction fee when I travel?

Bank of America's debit card charges 3% on foreign transactions and there is no way to avoid this with their standard cards. If you travel frequently, use a credit card with no foreign transaction fees instead, or withdraw cash from ATMs abroad (which also charge 3% but may be cheaper than multiple small purchases). Some credit unions and online banks offer debit cards with no foreign fees.