Bank of America charges a monthly maintenance fee on most checking and savings accounts, but you can waive it by meeting one of several conditions

Bank of America's monthly maintenance fee is a charge the bank deducts from your account each month simply for holding that account open. The fee varies by account type — checking accounts typically carry a $12 monthly fee, while savings accounts range from $4 to $25 per month depending on the product. However, you do not have to pay it if you meet one of the bank's waiver conditions, which usually involve maintaining a minimum balance, setting up direct deposit, or using the account in a specific way.

The fee hits your account automatically on the same day each month, usually near the end of the billing cycle. If your balance drops below the waiver threshold, the fee applies the next month. Unlike overdraft fees, which occur only when you overspend, maintenance fees charge you for the privilege of having the account, regardless of how much you use it.

Key Takeaways

  • Bank of America's monthly maintenance fees range from $4 on some savings accounts to $12 on most checking accounts, but can be waived by meeting specific conditions.
  • The most common waiver is maintaining a minimum balance — typically $1,500 to $2,500 depending on the account type — which prevents the fee from charging at all.
  • Direct deposit of at least $250 per month waives the fee on many checking accounts, making it a realistic option for employed people.
  • If you do not meet a waiver condition, the fee will charge every month until you either close the account or change your banking behavior.

Checking account maintenance fees and how to waive them

Bank of America's standard checking account, called the Checking Account, carries a $12 monthly maintenance fee. You can waive this fee in three ways: maintain a minimum daily balance of $1,500, set up direct deposit of at least $250 per month, or maintain an average daily balance of $1,500 across all linked accounts (if you have multiple accounts with the bank).

The direct deposit waiver is the most practical for most people. If your employer deposits your paycheck into your Bank of America checking account, the fee simply does not charge — you do not have to do anything beyond setting up the deposit. The bank checks this condition once per month, so a single may have access to deposit counts.

The balance waiver requires you to keep $1,500 in the account at all times. If your balance dips to $1,499 on any day during the month, you lose the waiver and the $12 fee charges. This makes the balance waiver risky if you live paycheck to paycheck or have irregular income.

Savings account maintenance fees and waiver conditions

Bank of America offers several savings products, each with different fees. The Regular Savings Account charges $4 per month and waives the fee if you maintain a $300 minimum daily balance. The Money Market Account charges $12 per month and requires either a $2,500 minimum daily balance or direct deposit of $250 per month to waive the fee.

The $4 fee on the regular savings account is the lowest maintenance fee Bank of America charges, but it still adds up to $48 per year. If you keep $300 in the account, the fee disappears. For many people, this is easier to maintain than a checking account balance because savings accounts are meant to hold money you are not spending.

The Money Market Account is designed for people who want higher interest rates in exchange for larger balances. The $2,500 minimum is steeper than checking, but the account typically pays more interest than a regular savings account, which can offset the fee if you do not meet the waiver.

What happens if you do not meet a waiver condition

If you do not maintain the required balance, set up direct deposit, or meet any other waiver condition, the maintenance fee charges automatically each month. The bank deducts it from your account balance, reducing the money available to you. If your account balance is very low when the fee charges, you could trigger an overdraft fee on top of the maintenance fee.

For example, if you have $50 in your checking account and the $12 maintenance fee charges, your balance drops to $38. If you then make a purchase for $40, you overdraft by $2 and may face an additional overdraft fee (Bank of America's overdraft fee is $35 per transaction). What started as a $12 maintenance fee can quickly become a $47 problem.

The fee continues every month until you either close the account, meet a waiver condition, or switch to a different account type. There is no grace period or one-time forgiveness — the fee is part of the account's standard terms.

Comparing Bank of America's fees to other banks

Many online banks and credit unions charge no monthly maintenance fee at all. Banks like Ally, Charles Schwab, and most credit unions offer checking accounts with zero monthly charges, no minimum balance requirement, and no direct deposit requirement. If you are paying $12 per month at Bank of America and not meeting a waiver condition, switching to a no-fee bank could save you $144 per year.

Traditional banks like Wells Fargo and Chase also charge monthly maintenance fees on their standard checking accounts, though the amounts and waiver conditions vary. Wells Fargo charges $10 per month on its standard checking account, while Chase charges $12. However, both offer accounts with no monthly fee if you meet certain conditions — Chase's basic checking account has no fee, for example, though it offers fewer features.

The trade-off is usually convenience versus cost. Bank of America has physical branches in most U.S. cities, which matters if you need to deposit cash or speak to someone in person. Online banks have no branches but lower fees and often higher interest rates on savings. Credit unions typically have fewer branches than Bank of America but offer personalized service and competitive rates.

How to waive your fee if you already have an account

If you currently pay a monthly maintenance fee, the fastest way to stop is to set up direct deposit. Log into your Bank of America online account or mobile app, go to the account settings, and look for the direct deposit section. You will need your routing number and account number, which you can provide to your employer's payroll department. Once the first may have access to deposit posts, the fee should not charge in the following month.

If direct deposit is not an option, you can move money into the account to meet the minimum balance requirement. For a checking account, you need $1,500. You can transfer this from another account, deposit cash at a Bank of America branch or ATM, or move money from an external bank account. The balance must stay at or above $1,500 every day of the month to waive the fee.

You can also call Bank of America customer service at 1-800-432-1000 to ask whether the bank will waive the fee as a courtesy, especially if you have been a long-term customer. The bank sometimes grants one-time waivers, though this is not may provide. Be prepared to explain why you want the fee waived — mentioning that you are considering switching banks sometimes prompts a waiver offer.

Frequently Asked Questions

Can I get the maintenance fee refunded if it already charged?

Bank of America may refund a single maintenance fee if you contact customer service and ask, especially if the fee charged in error or if you recently met a waiver condition. Call 1-800-432-1000 and explain your situation. The bank cannot undo multiple months of fees, but a one-time courtesy reversal is sometimes possible.

Does the minimum balance have to stay in the account all month?

Yes. The balance must stay at or above the minimum every single day of the month. If it drops below the threshold even once, you lose the waiver and the fee charges. This is why direct deposit is often easier — you only need one deposit per month, not a constant balance.

What if I have multiple Bank of America accounts?

Bank of America allows you to link accounts and combine balances for the waiver calculation. If you have a checking account and a savings account, the bank can count the total balance across both toward the minimum. Ask customer service how to link your accounts if you want to use this option.

Do Bank of America student or senior accounts have lower fees?

Bank of America offers a Student Checking Account with no monthly maintenance fee for students under 24 with a valid student ID. Seniors do not get a special account, but they may be able to waive fees more easily by speaking with a branch manager about their situation.

If I close my account, do I owe the maintenance fee?

No. When you close an account, the bank stops charging the monthly fee. However, if the fee already charged in the current month before you closed the account, that charge will not be reversed unless you contact the bank and ask for a courtesy waiver.