Bank of America's Monthly Maintenance Fees

Bank of America charges a monthly maintenance fee on most checking accounts, but the amount and whether you pay it depends on which account you have and how you use it. The most common account, the Checking Account, costs $12 per month — but you can waive that fee by maintaining a minimum daily balance of $1,500 or setting up direct deposit of at least $250 per paycheck.

Bank of America also offers the SafePass Checking account, which has no monthly fee at all. This account is designed for people who want basic checking without the balance requirement, though it comes with fewer features than the standard Checking Account — no overdraft protection and no check writing.

If you have a Bank of America student account, the monthly fee is waived entirely as long as you remain a student. Once you graduate or turn 24, the account converts to a standard Checking Account and the $12 monthly fee applies unless you meet one of the waiver conditions.

Key Takeaways

  • Bank of America's standard Checking Account charges $12 per month, but the fee is waived if you keep $1,500 in your account or set up direct deposit of $250 or more per pay period.
  • SafePass Checking has no monthly fee and no minimum balance requirement, but it does not include overdraft protection or check-writing ability.
  • Student accounts have no monthly fee while you are enrolled, but convert to a standard account with fees once you graduate or reach age 24.
  • The fee applies to your account every month unless you actively meet one of the waiver conditions — it does not disappear on its own.

How to Waive the $12 Monthly Fee

The easiest way to avoid the fee is to set up direct deposit. Bank of America will waive the $12 charge if you receive at least $250 in direct deposits per month — this includes paychecks, government benefits, or transfers from another account set up as recurring. You do not need to keep any balance in the account; the direct deposit alone covers the fee.

If direct deposit is not an option for you, maintain a minimum daily balance of $1,500. This means your account balance must stay at or above $1,500 every single day of the month. If your balance dips below $1,500 even once, the fee will be charged that month. This method works if you have the cash available, but it ties up money you might otherwise spend or invest.

Some Bank of America customers also waive the fee by linking their checking account to a Bank of America savings account and maintaining $1,500 in the combined balance. Check your specific account terms or call Bank of America at 1-800-432-1000 to confirm whether this option applies to you.

Other Fees Beyond the Monthly Charge

The $12 monthly maintenance fee is separate from other charges Bank of America may assess. Overdraft fees run $35 per transaction if you spend more than your balance and do not have overdraft protection enabled. Returned deposit fees, ATM fees outside the Bank of America network, and wire transfer fees are all charged separately and do not count toward waiving the monthly fee.

If you use another bank's ATM, Bank of America charges $2.50 per withdrawal. However, Bank of America reimburses out-of-network ATM fees if you maintain a Preferred Rewards membership or have certain higher-tier accounts, so the structure varies depending on your account type and relationship with the bank.

When the Fee Hits Your Account

Bank of America charges the monthly maintenance fee on the last business day of each month. If you do not meet a waiver condition by that date, the $12 is deducted from your checking account balance automatically. The fee appears as a line item on your monthly statement labeled "Monthly Maintenance Fee" or "Service Charge."

If your account balance is too low to cover the fee, Bank of America will still charge it, which can trigger an overdraft fee on top of the monthly charge. This means you could end up paying $47 total ($12 maintenance plus $35 overdraft) if your balance drops below zero after the fee is applied.

Comparing Bank of America to Other Banks

Many online banks and credit unions offer checking accounts with no monthly fees and no minimum balance requirements. Institutions like Ally Bank, Charles Schwab, and most credit unions do not charge monthly maintenance fees at all. If you are paying the $12 monthly fee and not using Bank of America's other services, switching to a no-fee account could save you $144 per year.

Traditional banks like Wells Fargo and Chase also charge monthly fees on standard checking accounts, though the amounts and waiver conditions vary. If you value in-person banking and a large branch network, Bank of America's fee may be worth it to you. If you primarily bank online or use ATMs, a no-fee online bank is usually the better choice financially.

What Happens If You Stop Meeting the Waiver Condition

If you have been waiving the fee through direct deposit and your employer stops sending paychecks — because you left the job, went on leave, or switched to a different payment method — the fee will start charging the next month. Bank of America does not notify you in advance that your waiver condition has lapsed; the fee simply appears on your statement.

The same applies if you maintain the $1,500 balance and your account dips below that threshold. Even a temporary dip counts as missing the condition for that month. If you know your balance will drop, switch to SafePass Checking or set up direct deposit before the balance falls, so you do not get charged unexpectedly.

Frequently Asked Questions

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 them and explain you were unaware of the charge. Call 1-800-432-1000 or visit a branch to ask. They are more likely to refund if you have been a customer for a long time or if this is your first time requesting a reversal. There is no may provide, but it is worth asking.

Does the $1,500 minimum balance have to be in checking, or can it be in savings?

For the standard Checking Account, Bank of America requires the $1,500 to be in the checking account itself. Some account types allow you to combine checking and savings balances to meet the minimum, but this varies. Contact Bank of America directly to confirm the rule for your specific account.

What counts as direct deposit for the fee waiver?

Direct deposit means an automatic recurring transfer from an employer, government agency, or another financial institution into your Bank of America checking account. One-time transfers or transfers you initiate yourself do not count. Paychecks, Social Security, pension payments, and unemployment benefits all count as long as they are set up as recurring deposits.

If I have multiple Bank of America checking accounts, do I pay the fee on each one?

Yes, each checking account is charged the $12 monthly fee separately unless each account individually meets a waiver condition. If you have two checking accounts and only one receives direct deposit, only that account's fee is waived. The other account will be charged $12 per month.

Is SafePass Checking a permanent account, or will it change later?

SafePass Checking is a permanent account type with no monthly fee. It will not convert to a standard account or start charging fees unless you close it and reopen a different account type. However, SafePass has limited features — no overdraft protection, no check writing, and no debit card rewards — so it is best for people who want a simple, low-cost account.