Bank of America offers checking accounts, but none are free if you want to avoid monthly fees

Bank of America has three main checking products: Advantage SafePass, Advantage Plus, and Advantage Relationship Banking. All three carry a monthly maintenance fee—usually $12—unless you meet one of their waiver conditions. The most common way to avoid the fee is to keep a minimum daily balance (typically $1,500 to $2,500 depending on the account type) or set up direct deposit of at least $250 per month.

If you do not meet those conditions, you will pay the monthly fee. Bank of America does not offer a checking account with zero monthly cost and no strings attached, unlike some online banks or credit unions. The trade-off is that Bank of America has physical branches in most U.S. states, which matters to people who need in-person banking.

Key Takeaways

  • Bank of America's checking accounts charge $12 per month unless you meet a waiver condition like direct deposit or a minimum balance.
  • Direct deposit of $250 or more per month is the easiest way to waive the fee on most accounts.
  • Keeping a daily balance between $1,500 and $2,500 (depending on account type) also waives the fee, but ties up money you might need elsewhere.
  • If you want truly free checking with no conditions, you will need to look at online banks, credit unions, or smaller regional banks instead.

What each Bank of America checking account costs

Advantage SafePass charges $12 per month. You can waive it with direct deposit of $250 or more, or by keeping a $1,500 minimum daily balance. This account includes a debit card, online banking, and mobile check deposit.

Advantage Plus also charges $12 per month, with the same waiver options: direct deposit of $250 or more, or a $2,500 minimum daily balance. It includes the same features as SafePass, plus overdraft protection if you link it to a savings account.

Advantage Relationship Banking charges $25 per month. The waiver requires either direct deposit of $250 or more, or a $10,000 minimum daily balance. This account is designed for people who want higher limits and additional perks like higher interest rates on linked savings accounts.

Bank of America also charges overdraft fees ($35 per occurrence) and out-of-network ATM fees ($2.50 per transaction), so the total cost of banking there can add up beyond the monthly maintenance fee.

How to avoid the monthly fee

The simplest path is direct deposit. If your employer or a government program (Social Security, unemployment benefits, tax refunds) deposits money directly into your Bank of America account, you automatically waive the $12 monthly fee on SafePass or Advantage Plus. You do not need to do anything after setting it up the first time—the waiver applies every month as long as the deposits keep coming.

If you do not have direct deposit, you can meet the minimum daily balance requirement instead. For SafePass, that is $1,500. For Advantage Plus, it is $2,500. The bank checks your balance every day and waives the fee if you stay at or above that amount for the entire month. The downside is that this money sits in checking (usually earning little to no interest) instead of being invested or saved elsewhere.

You can also combine both methods. If your direct deposit is $100 per month but you have $1,200 in savings, you could keep $1,500 in the account to cover the gap and still waive the fee.

When Bank of America checking makes sense

Bank of America is worth the fee (or worth meeting the waiver conditions) if you need physical branches and ATMs. The bank has over 4,600 branches and 16,000 ATMs nationwide, so if you live in a major metro area or travel frequently, the convenience may outweigh the cost.

It also makes sense if you already have other Bank of America products—a savings account, credit card, or mortgage. Some people find it easier to manage money across one institution, and Bank of America's mobile app and online tools are solid, though not exceptional compared to online-only banks.

If you receive regular direct deposit (paycheck, benefits, pension), the fee disappears, so the account becomes effectively free. That is the scenario where Bank of America checking works best.

Alternatives if you want free checking with no conditions

Online banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fee, no minimum balance, and no direct deposit requirement. They typically reimburse out-of-network ATM fees, so you are not penalized for using a different bank's ATM. The trade-off is no physical branches—everything happens online or by phone.

Credit unions often have free checking as well, sometimes with lower or no minimum balances. You have to be a member (membership rules vary by credit union), but if you may have access to, the savings can be real. The National Credit Union Administration (NCUA) website has a tool to find credit unions near you.

Some regional and community banks also offer free checking, though the features and ATM networks are smaller than Bank of America's. If you do your banking mostly online and do not need a physical branch, these options will cost you nothing.

Hidden costs to watch for at Bank of America

Beyond the monthly fee, Bank of America charges $35 for each overdraft (when you spend more than your balance). Some banks waive the first overdraft per year or offer overdraft protection for free; Bank of America does not. If you link your checking to a savings account, you can set up overdraft protection, but that just moves money from savings to checking—it does not eliminate the fee if the transfer fails.

Out-of-network ATM withdrawals cost $2.50 each. If you travel or live far from a Bank of America branch, this adds up. Online banks and many credit unions reimburse these fees, so it is worth factoring in if you use ATMs regularly.

Cashier's checks cost $10 each at Bank of America, and wire transfers cost $15 for domestic wires. These are not everyday charges, but they matter if you need them.

Frequently Asked Questions

Can I waive the fee with a savings account balance instead of a checking balance?

No. Bank of America requires the minimum balance to be in the checking account itself, not in a linked savings account. However, some accounts allow you to link multiple accounts and count the combined balance. Check with your specific account type or call Bank of America to confirm.

What counts as direct deposit for the fee waiver?

Direct deposit means money transferred electronically from an employer's payroll system, a government agency (Social Security, unemployment, tax refunds), or a pension provider. Transfers you make yourself from another bank do not count. The deposit must be at least $250 per month.

Do I lose the fee waiver if I miss one month of direct deposit?

Yes. If your direct deposit does not post in a given month, you will be charged the monthly fee for that month unless you meet the minimum balance requirement instead. If your income is irregular, keeping the minimum balance as a backup is safer.

Is there a student or youth checking account with no fee?

Bank of America does not offer a free student checking account. Young adults under 25 can open an Advantage SafePass account, but the $12 monthly fee still applies unless they meet a waiver condition.

Can I switch to a different Bank of America checking account to avoid the fee?

No. All three main checking accounts (SafePass, Advantage Plus, Advantage Relationship Banking) charge a monthly fee with the same waiver options. Switching accounts will not save you money unless you change your banking behavior—like setting up direct deposit or maintaining a higher balance.