Bank of America charges a monthly maintenance fee unless you meet one of their account requirements

Bank of America's monthly maintenance fee (called the "Monthly Maintenance Fee" on their statements) is $12 per month on most checking accounts. You do not pay it if you meet at least one of the conditions Bank of America sets for that account type. The specific conditions depend on which account you have, but they almost always involve either keeping a minimum balance or setting up direct deposit.

The fee appears on your statement every month you do not meet a waiver condition. It is not automatic — it only charges if your account does not may have access to for a waiver that month. Understanding which waiver applies to your account is the fastest way to stop paying it.

Key Takeaways

  • Bank of America's $12 monthly maintenance fee waives if you keep a minimum balance (usually $500 to $1,500 depending on account type) or set up direct deposit of your paycheck.
  • The easiest waiver for most people is direct deposit, because it requires no ongoing balance and works even if you have very little money in the account.
  • If you cannot meet the balance requirement or set up direct deposit, you can request a one-time fee reversal by calling Bank of America, though they will not reverse it repeatedly.
  • Switching to a different bank account type or a different bank entirely is an option if none of Bank of America's waivers work for your situation.

The minimum balance waiver and how to use it

Most Bank of America checking accounts waive the monthly fee if you keep a minimum daily balance in the account. For the most common account (the Bank of America Checking), this balance is $500. For premium accounts like the Preferred Rewards Checking, the minimum is higher — often $1,500 or more depending on your Preferred Rewards tier.

The balance is measured on a daily basis, meaning you need to have at least that amount in the account every single day of the month. If your balance dips below $500 even once, you do not may have access to for the waiver that month and the fee will charge. This makes the balance waiver difficult for people who live paycheck to paycheck or who need to keep their money liquid.

To check what minimum balance applies to your specific account, log into your Bank of America account online or call 1-800-432-1000. Your account details page will show the exact waiver conditions for that account type.

Setting up direct deposit to waive the fee

The direct deposit waiver is the easiest path for most people. If you set up direct deposit of your paycheck (or any regular income like Social Security or a pension) to your Bank of America account, the monthly fee waives automatically. You do not need to keep any minimum balance.

Direct deposit means your employer or the government agency paying you sends your money electronically to your bank account instead of giving you a paper check. You set this up once with your employer's payroll department or with the government agency — you give them your Bank of America account number and routing number, and they handle the rest.

The direct deposit does not have to be large. Even a small regular deposit counts. Once it is set up, the fee waives every month as long as the deposits keep coming. If your direct deposits stop for a month, the fee may charge that month, but it will waive again once deposits resume.

Requesting a one-time fee reversal

If you have been charged the monthly maintenance fee and you do not meet any of the waiver conditions, you can call Bank of America and ask them to reverse it. Call 1-800-432-1000 and explain that you were charged the fee. Be honest about why you do not meet the waiver conditions — they are more likely to reverse it if you have a genuine reason (you just opened the account, you are between jobs, you are new to banking).

Bank of America will sometimes reverse the fee as a one-time courtesy, especially if you have been a customer for a while or if this is the first time you are asking. They will not reverse it repeatedly — if you ask more than once or twice, they will tell you that you need to meet one of the waiver conditions instead. This is a one-time option, not a permanent solution.

Do not expect them to reverse it automatically. You have to call and ask. Have your account number ready when you call.

Switching to a different Bank of America account

Bank of America offers several checking account types, and some have lower or no monthly fees. The Bank of America Checking (the standard account) has a $12 fee. The Bank of America Advantage SafeBalance Checking has a $4.95 monthly fee instead, and it waives if you keep a $500 minimum balance or set up direct deposit — the same waivers, but a lower fee if you cannot meet them.

If you are struggling to meet the $500 minimum balance on a regular account, the SafeBalance account might be worth switching to, since the fee is lower. You can ask a Bank of America representative in a branch or call 1-800-432-1000 to switch account types. The switch is free and takes a few minutes.

Keep in mind that switching accounts does not solve the underlying problem — you still need to meet a waiver condition to avoid any fee. But if you cannot meet the conditions on your current account, a different account type might have lower fees or different waiver conditions that work better for you.

Moving to a different bank if Bank of America's fees do not work for you

If none of Bank of America's waivers fit your situation, you have the option to move your account to a different bank. Many banks and credit unions offer checking accounts with no monthly maintenance fee at all, with no minimum balance requirement and no direct deposit requirement. You simply open an account and use it without paying a monthly charge.

Switching banks takes a few steps: open a new account at the new bank, update your direct deposit and automatic payments to use the new account number, and then close your Bank of America account once everything has moved over. The whole process usually takes one to two weeks. Your new bank can often help you with the direct deposit change.

Common alternatives to Bank of America include online banks (like Ally or Charles Schwab), credit unions, and regional banks. Many of these have no monthly fee, no minimum balance, and no direct deposit requirement. If you are paying $12 a month at Bank of America and cannot meet the waivers, switching to a no-fee account elsewhere will save you $144 per year.

Understanding why Bank of America charges this fee

Bank of America charges a monthly maintenance fee because they make money from the interest they earn on the money you keep in the account, from overdraft fees, and from other services. The monthly fee is their way of making sure that accounts with very low balances and little activity still generate revenue for the bank.

The waivers (minimum balance and direct deposit) exist because they benefit Bank of America. A customer with a $500 minimum balance keeps more money in the bank, and a customer with direct deposit is more likely to be stable and less likely to overdraft. By waiving the fee for these customers, Bank of America encourages behavior that is profitable for them.

This is not unique to Bank of America — most large banks charge monthly fees and offer similar waivers. Understanding the fee structure helps you see that the waivers are not gifts; they are conditions you can use to your advantage if they fit your situation.

Frequently Asked Questions

Can I get the monthly fee waived if I have a savings account with Bank of America?

No. The monthly maintenance fee applies only to checking accounts. Bank of America savings accounts have different fees and different waiver conditions. If you have both a checking and savings account, the fee applies only to the checking account.

Does the direct deposit have to come from my employer, or can it be from anywhere?

Direct deposit from an employer is the most common, but Bank of America also accepts direct deposits from Social Security, pensions, government benefits, and some other regular income sources. The key is that it has to be a recurring deposit set up through the paying organization — you cannot just transfer money from another account yourself and have it count as direct deposit.

What happens if my direct deposit stops coming?

If your direct deposits stop, the fee will charge the next month. Once you set up direct deposits again, the fee will waive again in the following month. You do not lose the waiver permanently just because one month's deposit is late or missing.

Is there a Bank of America account with no monthly fee at all?

Bank of America's standard checking accounts all have a monthly fee, but it waives if you meet one of their conditions. If you want a Bank of America account with no monthly fee under any circumstances, you would need to look at their student checking account (if you are a student) or consider a different bank entirely.

If I switch banks, will my old checks still work?

Checks with your old Bank of America account number will not work once you close that account. You need to order new checks from your new bank before you close the old account, or use digital payment methods instead. Most people today use online bill pay or transfers rather than paper checks, so this is often not a major issue.