Bank of America's Monthly Maintenance Fee Structure
Bank of America charges a $12 monthly maintenance fee on most of its checking accounts, though the fee can be waived depending on which account you have and how you use it. The fee appears on your statement each month unless you meet one of the bank's waiver conditions.
Not every Bank of America account carries the same fee. Some accounts have no monthly maintenance fee at all, while others charge different amounts. The $12 fee applies to the most common checking products: the Bank of America Checking account and the Bank of America SafePass Checking account.
The bank also offers accounts with no monthly maintenance fee, which means you can avoid this charge entirely by choosing a different account type or by meeting specific requirements on your current account.
Key Takeaways
- Bank of America charges $12 per month on most checking accounts, but you can waive this fee by maintaining a minimum balance or setting up direct deposit.
- The specific waiver requirements depend on which checking account you hold, so the same action may waive the fee on one account but not another.
- Bank of America offers some accounts with no monthly maintenance fee, which is worth considering if you cannot meet waiver conditions.
- The fee will appear on your monthly statement unless you have taken steps to waive it before the billing cycle closes.
How to Waive the $12 Monthly Fee
Bank of America offers several ways to avoid paying the monthly maintenance fee on checking accounts. The most common method is to maintain a minimum daily balance in your account. For most checking accounts, keeping $1,500 or more in your account at the end of each day will waive the fee for that month.
Another option is to set up direct deposit of your paycheck or other regular income. If you have at least one direct deposit per month, the monthly fee is waived. This is often the easiest route if you receive a regular paycheck, since you would be setting up direct deposit anyway.
Some accounts also waive the fee if you maintain a combined balance across multiple Bank of America accounts. For example, if you have both a checking account and a savings account, the bank may count the total balance in both accounts toward the minimum. The exact rules vary by account type, so check your account agreement or call the bank to confirm what counts toward your waiver.
Which Bank of America Accounts Have No Monthly Fee
Bank of America's eChecking account has no monthly maintenance fee. This account is designed for customers who want basic checking without paying a monthly charge. It includes a debit card, online banking, and mobile banking access, though it does not come with checks in the mail automatically.
The eChecking account has fewer features than the standard checking account—for instance, it does not include overdraft protection by default—but if your main goal is to avoid monthly fees, this account eliminates the $12 charge entirely. You do not need to meet any balance or direct deposit requirements.
Bank of America also offers accounts for students and young adults that may have different or no monthly fees. If you are under 25 or a full-time student, ask about accounts designed for your age group, as these sometimes have reduced or eliminated fees.
When the Fee Appears and How to Check Your Statement
The monthly maintenance fee appears on your statement during the account's billing cycle, which is typically a calendar month. If you have waived the fee, it will not show up on that month's statement. If you do not meet the waiver conditions, the $12 charge will be deducted from your account balance automatically.
You can see whether the fee was charged by logging into your Bank of America online account or mobile app and reviewing your recent transactions. The fee will appear as a line item labeled something like "Monthly Maintenance Fee" or "Account Maintenance Fee." If you see the charge and believe you should have waived it, contact the bank to ask why the waiver did not apply.
Some customers find the fee charged even though they thought they met the waiver conditions. This often happens because the minimum balance requirement is based on your balance at the end of each day, not your average balance. If your balance dipped below $1,500 on even one day during the month, the waiver may not have applied.
Comparing Bank of America's Fee to Other Banks
Many banks charge monthly maintenance fees on checking accounts, though the amount and waiver conditions vary widely. Some banks charge $10 per month, others charge $15, and some charge nothing at all. The waiver conditions also differ—some banks waive fees based on balance alone, while others require direct deposit, a minimum number of debit card transactions, or a combination of these.
Online banks and credit unions often have checking accounts with no monthly maintenance fee and no balance requirements. If you are paying the $12 fee every month and cannot meet Bank of America's waiver conditions, comparing your options at other institutions may save you money over time. A $12 monthly fee adds up to $144 per year.
That said, the fee is only one part of the picture. Consider the full set of features, branch access, customer service, and other fees (like overdraft fees) when deciding whether Bank of America is the right fit for you.
What Happens If You Cannot Waive the Fee
If you cannot maintain the minimum balance or set up direct deposit, you will pay the $12 fee each month unless you switch accounts. Your options are to move to Bank of America's eChecking account, which has no fee, or to look for a checking account at another bank that does not charge a monthly maintenance fee.
Switching accounts is straightforward. You can open a new account online or at a branch, and Bank of America can help you transfer your existing direct deposits and automatic payments to the new account. You do not have to close your old account immediately—you can keep it open while you test the new one, then close it once you are sure everything is working.
If you have a low balance because of financial hardship, Bank of America also offers fee waivers in some cases. Contact your local branch or call customer service to explain your situation and ask whether a temporary waiver is possible.
Frequently Asked Questions
Can Bank of America refund the monthly maintenance fee if I was charged by mistake?
Yes. If you met the waiver conditions but were still charged, contact Bank of America and explain what happened. The bank can review your account and refund the fee if it was charged in error. You may need to provide proof that you maintained the minimum balance or set up direct deposit.
Does the $12 fee apply to savings accounts?
No. The $12 monthly maintenance fee applies to checking accounts. Bank of America's savings accounts have different fee structures, and many have no monthly maintenance fee at all. Some savings accounts charge a fee only if your balance falls below a certain amount.
If I have multiple Bank of America checking accounts, do I pay the fee on each one?
Yes, unless you waive the fee on each account separately. Each account is billed independently. However, some accounts allow you to count balances across multiple accounts toward the minimum balance requirement, which can help you waive fees on more than one account.
What is the difference between the $12 fee and overdraft fees?
The monthly maintenance fee is a charge just for having the account, regardless of how you use it. Overdraft fees are separate charges that occur only when you spend more money than you have in your account. You could pay both fees in the same month if you are charged the maintenance fee and also overdraw your account.
Does setting up a savings account with Bank of America help me waive the checking account fee?
It depends on your account type. Some Bank of America checking accounts allow you to count your savings account balance toward the minimum balance requirement for waiving the checking fee. Check your account agreement or ask the bank whether your accounts are linked for this purpose.