Bank of America charges a monthly maintenance fee on its main checking and savings accounts, but each fee can be waived if you meet a balance, direct deposit, or relationship requirement. Knowing the rules turns the fee into something you ignore rather than something that drains $4.95 to $25 a month from your account.
This guide covers the current Bank of America monthly maintenance fees, how to waive each one, and when a different bank is the cleaner fix.
Bank of America Account Fees in 2026
Standard fees on personal accounts:
- Advantage SafeBalance Banking: $4.95/month.
- Advantage Plus Banking: $12/month.
- Advantage Relationship Banking: $25/month.
- Advantage Savings: $8/month.
Each fee has a clear waiver path, but the rules differ by account.
How to Waive the Advantage SafeBalance Fee
$4.95/month, waived if any one of:
- You are under 25.
- You are enrolled in the Preferred Rewards program.
- You are a student under 25.
How to Waive the Advantage Plus Fee
$12/month, waived if any one of:
- You receive at least one qualifying direct deposit of $250 or more in the cycle.
- You keep a $1,500 minimum daily balance.
- You are enrolled in the Preferred Rewards program.
How to Waive the Advantage Relationship Fee
$25/month, waived if any one of:
- You keep a $20,000 combined daily balance across linked BofA and Merrill accounts.
- You are enrolled in Preferred Rewards Platinum or higher.
How to Waive the Advantage Savings Fee
$8/month, waived if any one of:
- You keep a $500 minimum daily balance.
- You are enrolled in Preferred Rewards.
- The account holder is under 25.
Other Bank of America Fees to Watch
Beyond the monthly maintenance fee:
- Overdraft fee: $10 per item, capped at 2 per day.
- Out-of-network ATM fee: $2.50 plus the ATM operator's surcharge.
- Wire fee: $30 outgoing domestic, $45 outgoing international.
- Returned check fee: $12 per item.
- Cashier's check fee: $15.
Many of these can stack quickly during a tight month if you are not paying attention.
Tracking Fees Across Accounts
If you have BofA plus other bank accounts, an app like Monarch Money shows balances and recent fees side by side. That makes it easier to spot a fee trend before it eats months of interest.
Monarch Money
Monarch Money
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Standout feature
#1 rated budgeting app (WSJ). 50% off first year via Firstcard.
Fees
$14.99/mo or $99.99/yr ($8.33/mo)
Pros
Beautiful, ad-free interface (4.9★ App Store). Best budgeting app for couples and families. Comprehensive account syncing and cash flow forecasting.
Cons
No free tier — requires paid subscription.
When to Switch From Bank of America
Stay if you value:
- Branch access in your area.
- The Preferred Rewards program (if you have $20,000+ across BofA and Merrill).
- A robust mobile app and credit card lineup.
Switch if you face:
- Repeated monthly fees you cannot avoid.
- Frequent overdraft fees.
- A need for a higher savings APY (BofA savings pays under 0.05%).
Top alternatives include Ally, SoFi, Capital One 360, Marcus, and Discover Online Banking.
Bank of America and Credit Building
Opening or closing a Bank of America account does not affect your credit score. BofA pulls ChexSystems, not a credit bureau.
Bank of America offers a secured credit card (BankAmericard Secured) that can build credit. If you want a starter card with no credit check requirement and a deposit as low as $100, the Self Visa secured card is another option that reports to all three bureaus.
Frequently Asked Questions
How can I waive the Bank of America monthly fee on a college account?
Students under 25 enrolled in high school, college, or vocational programs typically get the SafeBalance fee waived automatically. Update your student status in Online Banking if the waiver is missing.
Does Bank of America have a free checking account?
Bank of America does not advertise a fully free checking account. Every personal checking option has a monthly fee that can be waived through balance, direct deposit, or relationship requirements.
Can I get the monthly maintenance fee refunded?
Yes, sometimes. Customers in good standing can call customer service and request a one-time refund, especially if the fee triggered an overdraft. Refunds are not guaranteed and rarely repeat.
Is the Bank of America app worth the fees?
BofA's app is highly rated, but app quality is not unique among major banks. Capital One, Chase, and many online banks offer similar or better experiences with no monthly fee.
