Bank of America charges monthly fees on most accounts, but the amount depends on which account you have and whether you meet certain conditions

Bank of America's most common account is the Checking Account, which carries a $12 monthly maintenance fee. However, you can waive this fee in several ways: keep a minimum daily balance of $1,500, set up direct deposit of at least $250 per month, or maintain a Bank of America credit card or investment account. Many people never pay the fee because they hit one of these thresholds without trying.

The bank also offers a eBanking Checking Account, which has no monthly fee but requires you to use online banking only—no branch visits, no debit card, no checks. This account is designed for people who do everything on their phone or computer.

Savings accounts work differently. Bank of America's standard savings account charges $4 per month, but again, you can avoid it by keeping $300 in the account or setting up direct deposit. Some savings accounts have higher minimums or higher fees depending on the product tier.

Key Takeaways

  • Bank of America's standard checking account costs $12 per month unless you maintain a $1,500 daily balance, set up direct deposit, or hold certain other accounts.
  • The eBanking Checking Account has no monthly fee but only works if you bank entirely online.
  • Savings accounts charge $4 per month unless you keep $300 in the account or receive direct deposits.
  • Money Market accounts and CDs have different fee structures and may charge higher monthly fees depending on the balance you maintain.

How the $12 checking fee actually works

The $12 fee posts to your account once a month if you don't meet any of the waiver conditions. It's not a penalty—it's how Bank of America prices the account. You see it as a line item on your statement labeled "Monthly Maintenance Fee" or similar.

The three main ways to avoid it are straightforward. A $1,500 minimum daily balance means the account must hold at least that much every single day of the month—if it dips below $1,500 even once, the fee still posts. Direct deposit of $250 or more counts if the money actually lands in the account; transfers you make yourself don't count. And if you have a Bank of America credit card, investment account, or mortgage, that alone waives the fee on your checking account.

Many people may have access to without realizing it. If you get paid by direct deposit and your paycheck is over $250, you're already waiving the fee. If you keep your emergency fund in the same account, you probably hit the $1,500 minimum. The fee only matters if you actively use the account with small balances and no direct deposit.

Savings account fees and how to avoid them

Bank of America's savings account charges $4 per month. Like the checking fee, this one has an easy waiver: keep $300 in the account at all times, or set up direct deposit of any amount.

The $300 minimum is much lower than the checking account's $1,500, so most people who open a savings account never see this fee. Even if you're saving slowly, $300 is a realistic threshold to maintain. The direct deposit waiver works the same way—any regular deposit from your employer or another source counts.

Money Market and specialty accounts

Bank of America offers Money Market Accounts, which combine features of checking and savings. These accounts charge $25 per month unless you maintain a $2,500 minimum daily balance or set up direct deposit of $250 or more. The higher fee reflects the account's flexibility—you get more withdrawal options than a regular savings account.

The bank also offers CDs (Certificates of Deposit), which have no monthly fees. You lock your money away for a set time period in exchange for a may provide interest rate. Since there's no monthly fee, the only cost is the opportunity cost of not being able to access the money without penalty.

What happens if you can't meet the minimums

If you can't maintain the balance or set up direct deposit, you'll pay the monthly fee. That's $12 per month on checking, $4 on savings, or $25 on Money Market. Over a year, that's $144, $48, or $300 respectively.

This is where the eBanking Checking Account becomes useful. If you're comfortable banking online only, you skip the fee entirely. You won't get a debit card or the ability to write checks, but you can transfer money, pay bills, and manage your account through the app or website.

Another option is to move to a different bank. Many online banks and credit unions charge no monthly fees on checking or savings accounts, period. Bank of America's fees aren't unusual for a large national bank, but they're not universal either.

Other fees beyond the monthly maintenance charge

Bank of America charges separate fees for things that aren't the monthly maintenance fee. Overdraft fees, ATM fees outside their network, wire transfer fees, and stop payment fees all exist on top of the monthly charge. These are different from the maintenance fee and happen only when you do a specific action.

For example, if you overdraw your account, you'll pay an overdraft fee (usually $35) in addition to any monthly maintenance fee that month. If you use an out-of-network ATM, you'll pay a fee for that transaction. These fees are separate and don't replace the monthly fee—they stack on top of it.

How to check your own account's fee structure

The easiest way to know what you're paying is to look at your monthly statement. Log into your Bank of America account online or through the app, go to your most recent statement, and search for "fee" or "maintenance." You'll see every charge that month listed with a description.

You can also call Bank of America at the number on the back of your debit card and ask what fees apply to your specific account. Tell them your account type, and they'll walk you through the waiver conditions. If you're close to meeting one (say, you're at $1,400 and the minimum is $1,500), they can sometimes tell you what would push you over.

Frequently Asked Questions

Can Bank of America waive the monthly fee if I ask?

Bank of America doesn't typically waive fees as a courtesy, but they will if you meet the stated conditions. If you're just barely missing a waiver—for example, your balance is $1,480 and the minimum is $1,500—it's worth calling to ask. Some representatives have discretion, especially if you've been a long-term customer.

Does the $1,500 minimum have to be in checking, or can I count money in savings?

The minimum applies only to the checking account itself. Money in your savings account doesn't count toward the checking minimum. You need $1,500 in the checking account specifically, or $300 in the savings account specifically.

What if I set up direct deposit but then stop getting paid?

If your direct deposit stops, the fee will start posting again the next month. The waiver requires an active deposit each month. If you lose your job or change employers, you'll need to either maintain the balance minimum or switch to a different account type.

Is the eBanking Checking Account worth it if I never go to branches anyway?

If you truly never need to visit a branch and don't write checks, yes—you save $144 per year. But if you ever need a debit card or want the option to deposit cash, the eBanking account won't work. Most people find the standard checking account's fee waivers easier to meet than giving up the debit card.

Do I pay the monthly fee even if I have no transactions?

Yes. The monthly maintenance fee posts whether you use the account or not. An inactive account still gets charged unless you meet a waiver condition. If you're not using an account, closing it is usually the better option than paying fees on money you're not touching.