Bank of America's Monthly Maintenance Fees

Bank of America charges a monthly maintenance fee on most checking and savings accounts, but the fee amount and whether you pay it depends on which account type you have and whether you meet certain conditions. The most common account, the Bank of America Checking, carries a $12 monthly fee unless you meet one of several waiver requirements. Other account types have different fee structures and different ways to avoid paying.

The fee is not automatic — it is waived if you maintain a minimum balance, set up direct deposit, or use a debit card a certain number of times per month. Understanding which waiver applies to your account type is the fastest way to avoid the charge.

Key Takeaways

  • Bank of America's standard checking account has a $12 monthly maintenance fee that is waived if you maintain a $1,500 minimum daily balance or set up a direct deposit of any amount.
  • The Advantage SafeBalance Checking account has a $4.95 monthly fee waived by maintaining a $500 minimum balance or using your debit card 10 times per month.
  • Savings accounts also carry monthly fees ($4 or $8 depending on the account) that are waived by maintaining minimum balances or setting up direct deposit.
  • You can confirm which fee applies to your specific account by logging into your online banking portal or calling Bank of America customer service at 1-800-432-1000.

Checking Account Fees and Waivers

Bank of America Checking has a $12 monthly maintenance fee. This fee is waived if you keep a minimum daily balance of $1,500 in the account, or if you set up at least one direct deposit of any amount per month. Some customers also waive the fee by maintaining a combined balance of $25,000 across multiple Bank of America accounts, though this applies mainly to customers with multiple products.

The Advantage SafeBalance Checking account, designed for customers who prefer lower balance requirements, charges $4.95 per month. This fee is waived if you maintain a $500 minimum daily balance or use your debit card for 10 or more transactions in a calendar month. This account is often recommended for people who cannot maintain the $1,500 balance required for the standard checking account.

If you do not meet any waiver condition, the monthly fee posts to your account automatically. You can see the charge listed as "Monthly Maintenance Fee" or "Service Charge" on your statement.

Savings Account Fees

Bank of America savings accounts also carry monthly maintenance fees. The Regular Savings account has a $4 monthly fee, and the Premium Savings account has an $8 monthly fee. Both are waived if you maintain a minimum daily balance — $300 for Regular Savings and $10,000 for Premium Savings — or if you set up a direct deposit.

Premium Savings also offers a higher interest rate than Regular Savings, so the higher fee reflects the additional features. If you are not using the account actively or cannot maintain the balance, the monthly charge can outweigh any interest earned.

How to Check Your Account for Monthly Fees

The fastest way to see whether you are being charged a monthly fee is to log into your Bank of America online banking account and review your most recent statement. Look for a line item labeled "Monthly Maintenance Fee," "Service Charge," or "Account Fee." The statement shows the exact amount and the date it was charged.

If you are unsure which account type you have or whether you meet the waiver requirements, call Bank of America customer service at 1-800-432-1000. A representative can tell you the fee structure for your specific account and confirm whether any waiver is currently active. You can also visit a local branch with your account number or debit card.

Ways to Waive or Reduce Monthly Fees

The most straightforward way to avoid a monthly fee is to set up direct deposit. Bank of America waives the monthly maintenance fee on most checking and savings accounts if you receive at least one direct deposit per month, regardless of the amount. This works for paychecks, government benefits, or transfers from another account.

If direct deposit is not an option, maintaining the required minimum balance is the second path. For Bank of America Checking, that balance is $1,500. For Advantage SafeBalance Checking, it is $500. For savings accounts, it ranges from $300 to $10,000 depending on the account type. The balance is measured as your daily balance, so you need to keep that amount in the account every day of the month to waive the fee.

For Advantage SafeBalance Checking specifically, using your debit card 10 or more times per month also waives the fee, even if you do not meet the balance requirement. This option works for customers who spend regularly but do not maintain high balances.

Comparing Bank of America Fees to Other Banks

Bank of America's $12 monthly checking fee is higher than many online banks and some regional banks, which often charge $0 or waive fees more easily. However, Bank of America offers branch access nationwide and 24/7 customer service, which some customers value enough to pay the fee or meet the waiver conditions.

If you are paying the monthly fee and cannot meet any waiver requirement, switching to a bank with no monthly maintenance fee may save you $144 per year. Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Weigh the convenience of Bank of America's branch network against the cost of the fee in your situation.

What Happens If You Do Not Pay the Monthly Fee

Bank of America automatically deducts the monthly maintenance fee from your account balance on a set date each month, usually near the end of the billing cycle. You do not have to pay it separately — it is taken directly from your funds. If your account balance is too low to cover the fee, the deduction may cause an overdraft, which triggers additional overdraft fees.

If you are charged a monthly fee in error or believe you met a waiver requirement, contact Bank of America to dispute the charge. Representatives can review your account history and reverse the fee if you can show you maintained the required balance or set up direct deposit during that month.

Frequently Asked Questions

Can I get the monthly fee waived if I open a new account?

Bank of America does not offer a fee waiver period for new accounts. The monthly maintenance fee applies starting with your first full billing cycle. However, you can meet a waiver requirement immediately — for example, by setting up direct deposit before your first fee date — to avoid paying the charge.

Does Bank of America charge fees on money market accounts?

Bank of America money market accounts carry a $25 monthly maintenance fee. This fee is waived if you maintain a $25,000 minimum daily balance or set up a direct deposit. If you cannot meet either requirement, a money market account at Bank of America will cost you $300 per year in fees alone.

What if I have multiple accounts with Bank of America?

Some fee waivers apply to combined balances across multiple accounts. For example, maintaining a $25,000 combined balance across checking, savings, and other products can waive monthly fees on those accounts. Ask a Bank of America representative whether your accounts may have access to for a combined-balance waiver.

Is there a way to avoid all Bank of America fees?

You can avoid the monthly maintenance fee by meeting one of the waiver requirements — direct deposit, minimum balance, or debit card usage depending on your account type. However, Bank of America charges other fees for overdrafts, wire transfers, and other services. No account is completely fee-free, but the monthly maintenance fee is the one you can most easily control.