Bank of America charges a monthly maintenance fee on most checking accounts, but the amount and whether you pay it depends on which account you have and how you use it

Bank of America's most common checking 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 any amount, maintain an average daily balance of $1,500 across the month, or link the account to a Bank of America savings or money market account with a $500 minimum balance. If none of these apply to you, you pay the $12 each month.

Bank of America also offers the Interest Checking Account, which has a $25 monthly maintenance fee. This account earns interest on your balance, but the interest rate is very low—typically well below 0.01% annually. You can waive the $25 fee by maintaining a $2,500 minimum daily balance, setting up direct deposit, or keeping an average daily balance of $2,500 for the month.

A third option is the Advantage Banking account, which has no monthly maintenance fee at all. This account is designed for customers who want basic checking without monthly charges, though it comes with fewer features than the standard Checking Account.

Key Takeaways

  • Bank of America's standard Checking Account charges $12 per month, but you can waive it by direct deposit, maintaining $1,500 in the account, or linking a savings account with $500 in it.
  • The Interest Checking Account costs $25 monthly and requires a $2,500 minimum balance to waive the fee, though the interest earned is minimal.
  • Advantage Banking has no monthly maintenance fee and may be worth considering if you want to avoid fees entirely.
  • The fee is charged on the last day of each month if you have not met one of the waiver conditions.

How the $12 fee appears on your statement

When the monthly maintenance fee is charged, it shows up as a line item on your bank statement labeled "Monthly Maintenance Fee" or "Service Charge." The charge happens automatically on the last business day of the month if you have not met any of the waiver conditions by that date.

The fee is deducted directly from your checking account balance. If your account balance is very low when the fee is charged, this could push you into a negative balance and trigger an overdraft fee on top of the maintenance fee. For this reason, it is worth checking whether you may have access to for a waiver before the month ends.

The four ways to waive the $12 monthly fee

Direct deposit is the easiest waiver for most people. You do not need a large deposit—even $1 counts. Set up direct deposit through your employer, government benefit program, or another source, and the fee disappears. This waiver takes effect once the deposit posts to your account.

Minimum daily balance of $1,500 means you must have at least $1,500 in your checking account every single day of the month. If your balance dips below $1,500 even once, you do not may have access to for this waiver that month. This is the strictest option and works best if you keep a steady cushion in checking.

Average daily balance of $1,500 is more flexible. Bank of America adds up your balance at the end of each day, divides by the number of days in the month, and if the result is $1,500 or higher, the fee is waived. You can dip below $1,500 on some days as long as other days are higher.

Linked savings or money market account with a $500 minimum balance lets you keep most of your money elsewhere while still waiving the checking fee. Open a Bank of America savings account, keep $500 in it, and link it to your checking account. The fee waives automatically.

Why Bank of America charges this fee

Monthly maintenance fees exist because banks incur costs to operate accounts—processing transactions, maintaining servers, staffing customer service, and insuring deposits. Banks use these fees to offset those costs, especially for customers who do not generate much profit through other activities like loans or investments.

The fee structure also encourages customers to meet certain conditions. Direct deposit, for example, is valuable to the bank because it brings in steady deposits and makes the customer more likely to use other services. Minimum balance requirements keep money in the bank longer, which the bank can lend out or invest.

Comparing Bank of America's fee to other banks

Many online banks and credit unions offer checking accounts with no monthly maintenance fee and no minimum balance requirement. Banks like Ally, Charles Schwab, and Discover have zero-fee checking accounts. Some credit unions also waive fees for members who meet basic conditions like receiving direct deposit or maintaining just $25 in the account.

Traditional banks like Wells Fargo and Chase also charge monthly maintenance fees on their standard checking accounts, typically in the $10 to $15 range, with similar waiver options. The difference is that some online banks have decided not to charge these fees at all, relying instead on other revenue sources.

If you are paying the $12 monthly fee and cannot meet any of the waiver conditions, switching to a no-fee account elsewhere could save you $144 per year. However, if you already use Bank of America for savings, loans, or investments, the convenience of one bank might outweigh the fee cost.

What happens if you do not pay the fee

The monthly maintenance fee is not optional—it is charged automatically if you do not meet a waiver condition. The bank deducts it from your account balance whether you notice or not. You cannot dispute the fee as unauthorized because it is part of your account agreement.

If your account balance is too low to cover the fee, your account goes negative. Bank of America then charges an overdraft fee (typically $35) on top of the maintenance fee. This can happen quickly if you are not monitoring your balance, so it is worth setting a phone reminder on the last day of each month to check whether you have met a waiver condition.

Frequently Asked Questions

Can I get the monthly maintenance fee refunded if I did not know about it?

Bank of America may refund one or two fees if you call and explain that you were unaware of the charge, especially if you are a new customer or have been with the bank for many years without incident. There is no may provide, but it is worth asking. Call the number on the back of your debit card and speak to an account representative.

Does the Advantage Banking account have any downsides compared to the regular Checking Account?

Advantage Banking has no monthly fee, but it also does not earn interest and has fewer features. You get basic checking, a debit card, and online banking, but no overdraft protection or the ability to link accounts for fee waivers. It is a good option if you want simplicity and no fees.

If I set up direct deposit, when does the fee waiver start?

The fee waiver takes effect once your first direct deposit posts to the account. If you set up direct deposit on the 25th of the month but the deposit does not post until the 1st of the next month, you will still be charged the fee for the current month. Plan ahead if you are close to the end of the month.

What if my balance fluctuates—will I lose the fee waiver?

It depends on which waiver you are using. The minimum daily balance waiver requires $1,500 every single day, so even one day below that disqualifies you. The average daily balance waiver is more forgiving—your balance can go up and down as long as the monthly average is $1,500 or higher.

Is the Interest Checking Account worth paying $25 a month for?

Rarely. The interest rate on Bank of America's Interest Checking Account is typically 0.01% or less, which means you would earn less than $1 per year on a $10,000 balance. You would need to keep roughly $300,000 in the account just to earn $25 in interest to break even on the fee. A high-yield savings account at an online bank pays 4% to 5% and has no monthly fee.