Bank of America charges a monthly maintenance fee on most checking and savings accounts, but you can avoid it by meeting one of several balance or deposit requirements
Bank of America's monthly maintenance fee is a charge the bank deducts from your account each month simply for holding that account open. The fee varies by account type—typically $12 for checking accounts and $4 to $25 for savings accounts—but you do not have to pay it if you meet the bank's waiver conditions.
The most common way to avoid the fee is to keep a minimum balance. For many checking accounts, maintaining $1,500 in your account at the end of each business day waives the monthly charge. For savings accounts, the threshold is usually $300. If your balance drops below that number even once during the month, the fee posts to your account.
You can also waive the fee by setting up direct deposit of your paycheck or other regular income, or by maintaining a linked Bank of America credit card in good standing. Some accounts waive the fee if you enroll in paperless statements or maintain a relationship with a Bank of America financial advisor.
Key Takeaways
- Bank of America's monthly maintenance fee ranges from $4 to $25 depending on account type, but is waived if you meet one of several conditions.
- The most straightforward waiver is keeping a minimum balance—$1,500 for most checking accounts and $300 for savings accounts—at the end of each business day.
- Direct deposit of your paycheck or a linked credit card in good standing can also waive the fee without requiring a high balance.
- If the fee posts to your account, you can contact Bank of America to request a reversal, especially if it is your first occurrence or if you meet a waiver condition now.
Which Bank of America accounts have monthly maintenance fees
Not every Bank of America account charges a monthly fee. The Advantage SafePass Checking account has no monthly maintenance fee at all. The Interest Checking account also carries no fee, though it requires a higher minimum balance ($10,000) to earn interest.
Most other checking accounts—including Advantage Plus Checking and the basic Checking account—charge $12 per month unless you meet a waiver condition. Savings accounts vary more widely: the Regular Savings account charges $4 per month, while the Premium Savings account charges $25 per month.
Money Market accounts typically charge $25 per month. If you are unsure which account you hold, log into your online banking portal or call Bank of America at 1-800-432-1000 to confirm the account type and its fee structure.
How to waive the monthly maintenance fee
Bank of America offers several paths to avoid the fee, and you only need to meet one of them. The most common waiver is maintaining a minimum daily balance. For checking accounts, this is usually $1,500 at the end of each business day. For savings accounts, it is typically $300. The bank checks your balance at the close of business each day, so if you drop below the threshold even once, the fee will post.
A second waiver is direct deposit. If you set up direct deposit of your paycheck, Social Security, pension, or other regular income to your Bank of America account, the monthly fee is waived. You do not need to maintain any minimum balance. This waiver takes effect once the first direct deposit posts, which usually happens within one to two pay periods after you set it up.
A third option is linking a Bank of America credit card in good standing to your checking account. The card must be active and current on payments. Some accounts also waive the fee if you maintain a linked savings account with a minimum balance, or if you enroll in paperless statements and maintain a linked credit card.
Premium accounts sometimes offer additional waivers tied to investment balances or advisor relationships. Log into your account or contact Bank of America to see which waivers apply to your specific account type.
What happens if the fee posts to your account
If the monthly maintenance fee appears on your statement, it means you did not meet any of the waiver conditions that month. The fee is deducted automatically, usually on the first business day of the month or on the anniversary of your account opening, depending on your account type.
You can contact Bank of America to request a reversal of the fee, especially if it is the first time it has posted or if you have since met a waiver condition. Bank of America does not have a formal policy on fee reversals, but customer service representatives have discretion to remove the charge. Call 1-800-432-1000 or visit a local branch with your account statement.
If you are charged repeatedly and cannot meet the waiver conditions, consider switching to the Advantage SafePass Checking account, which has no monthly fee. You can change account types online or at a branch at no cost.
How the fee affects your account balance over time
A $12 monthly checking fee costs $144 per year. A $25 monthly savings fee costs $300 per year. These charges compound if you hold multiple accounts. If you maintain a $1,500 minimum balance to avoid a $12 fee, you are effectively paying the bank for the privilege of holding your own money—the interest you earn on that balance is typically far less than the fee you would pay.
For this reason, many people find it cheaper to either meet a waiver condition (such as direct deposit) or to switch to a no-fee account. If you receive a regular paycheck, setting up direct deposit is usually the fastest path to eliminating the fee without tying up cash in a minimum balance.
Comparing Bank of America's fees to other banks
Many online banks and credit unions charge no monthly maintenance fees at all. Traditional banks like Wells Fargo and Chase also charge monthly fees on most checking accounts but offer similar waivers—direct deposit, minimum balance, or linked credit cards.
The key difference is that online banks often have lower or no minimum balance requirements and no monthly fee even without direct deposit. If you do not receive regular direct deposit and cannot maintain a $1,500 balance, an online bank may be cheaper. However, if you use Bank of America's branch network or ATM access frequently, the convenience may outweigh the fee cost.
Before switching banks, calculate your actual cost: if you pay a $12 monthly fee because you cannot meet the waiver conditions, that is $144 per year. Compare that to any fees charged by alternative banks and the value you place on Bank of America's branch and ATM access.
Frequently Asked Questions
Can I waive the fee by using my debit card a certain number of times per month?
No. Bank of America does not waive monthly maintenance fees based on debit card usage or transaction count. The waivers are: minimum balance, direct deposit, linked credit card in good standing, paperless statements with a linked credit card, or account-specific conditions like linked savings accounts or advisor relationships.
What if I have direct deposit set up but still got charged the fee?
Direct deposit waivers take effect once the first deposit posts, which can take one to two pay periods. If you recently set up direct deposit and were charged before the first deposit arrived, the fee should not post again once the deposit clears. If you were charged after direct deposit was active, contact Bank of America to report the error and request a reversal.
Does the minimum balance have to stay in checking, or can I move it to savings?
The minimum balance must stay in the specific account being charged the fee. If you need the waiver on your checking account, the $1,500 must remain in checking. You cannot count savings account balances toward a checking account waiver, though some accounts offer separate waivers for linked savings accounts.
If I close my account, do I get refunded the monthly fees I already paid?
No. Monthly maintenance fees are not refunded once they post. However, if you close your account within a short time of being charged and can show you did not intend to keep the account open, you may contact Bank of America to request a one-time reversal as a courtesy.
Does the fee apply to joint accounts?
Yes. A joint account is charged the same monthly maintenance fee as an individual account. Both account holders can contribute to meeting the waiver conditions—for example, both paychecks can count toward direct deposit, or both balances can count toward the minimum balance requirement if the account is set up that way.