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 Basic Checking and Advantage Checking accounts — the two main options for most customers. The specific waiver depends on which account you hold and what you do with it.

The most common way to avoid the fee is to keep a minimum daily balance in your account. For Basic Checking, you need $500 in your account every day of the month. For Advantage Checking, the threshold is $1,500. If your balance drops below that amount on even one day, you owe the full $12 fee for that month.

You can also waive the fee by setting up a direct deposit of your paycheck or other regular income. Bank of America does not publish a minimum deposit amount — any direct deposit counts. This is the easiest route if you receive a paycheck or regular government payment like Social Security.

Key Takeaways

  • Bank of America's Basic Checking account costs $12 per month unless you maintain a $500 daily balance or set up direct deposit.
  • Advantage Checking also costs $12 per month but requires a $1,500 daily balance or direct deposit to waive the fee.
  • You can combine methods — for example, a $250 balance plus a direct deposit will waive the fee even though neither alone is enough.
  • Students under 24 with a valid student ID can open a Bank of America Student Checking account with no monthly fee and no balance requirement.
  • If you fall below the balance requirement, you can still avoid the fee that month by setting up direct deposit before the statement closes.

How the balance requirement actually works

The $500 or $1,500 minimum is a daily balance, not an average. This means your account must stay at or above that amount every single day of the month. If you have $600 on the first of the month and $400 on the fifteenth, you owe the $12 fee — even if your average for the month is well above the threshold.

Bank of America calculates this automatically. You can check your current balance through their website, mobile app, or by calling 1-800-432-1000. The bank sends you a statement each month showing whether you met the requirement or were charged the fee.

If you are close to the threshold, moving money between accounts counts toward your balance. A transfer from savings to checking on the last day of the month will raise your daily balance for that day. However, if you know you will not meet the requirement, setting up direct deposit is faster and more reliable than trying to time transfers.

Other fees Bank of America charges on checking accounts

Beyond the monthly maintenance fee, Bank of America charges for specific actions. An overdraft fee is $35 if you spend more than your balance, though the bank gives you until the end of the business day to deposit money and avoid the charge. A non-Bank of America ATM fee is $2.50 per withdrawal if you use an out-of-network machine.

Stopping payment on a check costs $30. Requesting a paper statement instead of electronic costs $2 per month. If you close your account within 90 days of opening it, Bank of America charges a $25 early closure fee — though this applies only if you opened it online or through the mail, not in a branch.

Wire transfers, cashier's checks, and certified checks each have their own fees ranging from $15 to $30. These are not automatic charges — you only pay them if you request these services.

Ways to avoid or reduce the monthly fee

The simplest method is direct deposit. If your employer, the Social Security Administration, or another organization sends you money electronically, that counts. You do not need a large amount — even a $1 monthly transfer will waive the fee. Once you set it up, it happens automatically and you never have to think about it again.

If you do not receive direct deposits, keeping the minimum balance is straightforward but requires discipline. Set up a separate savings account at Bank of America or another bank, and keep your checking account balance at or above $500 (or $1,500 for Advantage). Transfer money to savings only after you have confirmed your checking balance will stay above the minimum.

You can also combine methods. If you maintain a $250 balance and set up a $100 monthly direct deposit, you meet both conditions and waive the fee. This hybrid approach works well if you cannot reliably keep $500 in checking but receive some regular income.

If you are under 24 and a student, Bank of America Student Checking has no monthly fee and no balance requirement. You will need a valid student ID. This account is free as long as you remain a student; after you graduate or turn 24, it converts to a regular checking account and the fee applies.

What happens if you are charged the fee by mistake

If you believe you met the balance requirement or set up direct deposit but were still charged the $12 fee, contact Bank of America directly. Call 1-800-432-1000 or visit a local branch with your statement. The bank can review your account history and reverse the charge if there was an error.

Bank of America sometimes reverses one or two fees as a courtesy if you have been a customer for a long time or if the error was on their side. There is no may provide, but it is worth asking. Keep records of your direct deposit setup — a screenshot or email confirmation — to show the bank if you need to dispute a charge.

If you are charged repeatedly despite meeting the requirements, ask to speak with a manager. A pattern of errors suggests a system problem that the bank should fix.

Comparing Bank of America checking to other banks

Many online banks and credit unions offer checking accounts with no monthly fee and no balance requirement. Ally Bank, Charles Schwab, and Discover Bank all have free checking with no strings attached. If you do not need a physical branch, these accounts often pay interest on your balance — something Bank of America does not do on checking.

Traditional banks like Chase, Wells Fargo, and US Bank also charge monthly fees ($12 to $15) with similar waiver options: direct deposit or a minimum balance. If you already bank with Bank of America and use their ATMs and branches regularly, the $12 fee may be worth it for convenience. If you rarely visit a branch, a free online account saves you money.

Credit unions often have lower fees and higher balance thresholds. If you are a member of a credit union through your employer or community, check their checking account terms — many offer free checking with no balance requirement.

Frequently Asked Questions

Can I waive the fee by using Bank of America's mobile app or online banking?

No. Using the app or website does not waive the fee. The only ways to waive it are maintaining the daily balance requirement or setting up direct deposit. However, you can use the app to monitor your balance and make sure you stay above the minimum.

What if I get direct deposit but my balance still drops below $500?

The direct deposit waives the fee regardless of your balance. Once direct deposit is set up, you will not be charged the $12 monthly maintenance fee even if your balance goes to zero the next day. The fee waiver is automatic.

Does the $500 minimum include money in my savings account?

No. The minimum balance requirement applies only to your checking account. Money in savings, money market accounts, or other Bank of America accounts does not count toward the checking account threshold.

How long does it take to set up direct deposit to waive the fee?

Direct deposit usually takes one to two pay periods to start, depending on your employer's payroll schedule. However, Bank of America may waive the fee for the current month if you set it up before your statement closes, even if the deposit has not arrived yet. Contact the bank to confirm.

What if I close my Bank of America checking account — do I owe the monthly fee?

You owe the fee only for the months you held the account. If you close your account on the fifteenth of the month, you typically owe a prorated portion of the fee, not the full $12. The exact amount depends on how many days you held the account. Bank of America will show this on your final statement.