Bank of America charges a monthly fee on most checking accounts, but you can avoid it

Bank of America's standard checking account, called the Checking Account, carries a $12 monthly maintenance fee. However, you can waive this fee by meeting one of three conditions: keeping a minimum daily balance of $1,500, setting up a direct deposit of at least $250 per month, or maintaining an average daily balance of $1,500 across linked accounts. If none of those work for you, Bank of America also offers the eBanking Checking Account, which has no monthly fee but requires you to receive statements online only and use online banking as your primary way to manage the account.

Savings accounts at Bank of America also charge monthly fees. The Savings Account costs $5 per month unless you keep a $300 minimum daily balance. The Money Market Account costs $12 per month and requires either a $2,500 minimum daily balance or a $2,500 average daily balance across linked accounts to waive the fee.

Key Takeaways

  • Bank of America's standard checking account has a $12 monthly fee that you can waive by direct deposit, minimum balance, or linked account balance.
  • The eBanking Checking Account has no monthly fee but requires online statements and online-only banking.
  • Savings accounts charge $5 per month (waivable at $300 minimum balance) and Money Market Accounts charge $12 per month (waivable at $2,500 minimum balance).
  • Fees apply only if you do not meet the waiver condition, so the actual cost depends on how you use your account.

How to avoid the $12 checking account fee

The easiest path for most people is direct deposit. If your employer or a government agency (such as Social Security) deposits money directly into your Bank of America checking account, the $12 fee disappears automatically. You do not need to maintain any balance. The deposit must be at least $250 per month, and it counts whether the money comes from a paycheck, a pension, unemployment benefits, or a tax refund.

If direct deposit is not an option, you can waive the fee by keeping $1,500 in the account at all times. Bank of America looks at your balance each day and calculates an average; as long as that average stays at or above $1,500, you pay no fee. This works even if you dip below $1,500 on a single day, as long as the month-long average is $1,500 or higher.

The third option is linking accounts. If you have multiple Bank of America accounts (checking, savings, money market, or investment accounts), the bank can average your balance across all of them. So if you keep $1,000 in checking and $500 in savings, that $1,500 combined balance waives the fee on the checking account.

When you might pay fees on savings and money market accounts

Bank of America's savings account charges $5 per month unless you maintain a $300 minimum daily balance. This is a lower threshold than checking, so many people who waive the checking fee also waive the savings fee automatically. If you keep less than $300 in savings, the $5 fee applies each month.

Money Market Accounts are designed for larger balances and charge $12 per month. You can waive this fee by keeping either a $2,500 minimum daily balance or a $2,500 average daily balance across linked accounts. If your balance falls below $2,500, you pay the $12 fee that month.

Other Bank of America fees beyond the monthly charge

Monthly maintenance fees are only one type of charge. Bank of America also charges for overdrafts ($35 per transaction), out-of-network ATM withdrawals ($2.50 per transaction), wire transfers ($15 domestic, $45 international), and stop payments ($30). Some of these fees can be waived if you have a premium account like Bank of America Preferred Rewards, which offers fee waivers and higher interest rates for customers who maintain larger balances or have investment accounts with the bank.

If you use Bank of America's ATM network, you avoid the out-of-network fee. The bank has thousands of ATMs nationwide, and you can also get cash back at most grocery stores and retailers without a fee.

The eBanking Checking Account as a no-fee alternative

Bank of America's eBanking Checking Account has no monthly fee at all, regardless of your balance or direct deposit. The trade-off is that you must receive statements online only and conduct most of your banking online. You can still visit a branch to deposit checks or withdraw cash, but the account is designed for people who are comfortable managing money primarily through the Bank of America website or mobile app.

This account makes sense if you do not meet any of the three waiver conditions for the standard checking account and want to avoid the $12 monthly charge. There is no minimum balance requirement, so you can keep as little as $1 in the account.

How Bank of America's fees compare to other banks

Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance. However, they may not have the branch network or ATM access that Bank of America provides. If you value in-person banking and ATM convenience, Bank of America's $12 fee is competitive with other large national banks, though it is higher than what you would pay at a credit union or online bank.

Some regional banks charge $10 to $15 per month for checking, while others charge nothing. The decision often comes down to whether the branch locations, ATM network, and customer service are worth the monthly cost to you.

Frequently Asked Questions

Can I get the monthly fee refunded if I just opened the account?

Bank of America does not automatically refund monthly fees, but you can contact your branch or call customer service to ask about a one-time courtesy reversal if you recently opened the account and did not realize the fee would apply. There is no may provide, but the bank sometimes reverses one or two months of fees for new customers.

Does the direct deposit have to come from my employer?

No. Direct deposits from government agencies (Social Security, unemployment, tax refunds), pensions, and other regular deposits count toward the $250 monthly minimum. The deposit must be automatic and recurring, not a one-time transfer.

What happens if my balance drops below the minimum for one day?

For the $1,500 checking account waiver, Bank of America uses your average daily balance across the entire month, not your lowest balance. So one day below $1,500 does not trigger the fee as long as your average stays at or above $1,500. For the savings account ($300 minimum), the same rule applies.

Do I have to pay the monthly fee if I only use my account occasionally?

Yes, unless you meet one of the waiver conditions. The fee applies whether you use the account actively or not. If you do not want to maintain a balance or set up direct deposit, the eBanking Checking Account is your option to avoid the fee.

Can I link accounts at different banks to waive the fee?

No. Bank of America only counts balances in accounts held at Bank of America itself. Accounts at other banks do not count toward the $1,500 linked-account balance requirement.