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 service fee, 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. Even at the lowest tier, $4.95 a month works out to $59.40 per year, which is real money compared to a free checking account at an online bank.
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.
A Worked Example: When the Fee Quietly Wins
Imagine you opened Advantage Plus while expecting a $250 direct deposit each cycle, but your gig work pays you sporadically through a peer-to-peer app instead. After 6 months without a qualifying direct deposit and an average daily balance of $400, you have paid $72 in fees ($12 x 6).
Meanwhile, the same $400 balance at a checking account paying 4.00% APY would have earned roughly $8 over the same period. The combined gap between the two accounts is $80 in 6 months, or $160 a year, just from one fee toggle.
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. Setting up overdraft protection from a linked savings account brings the per-item cost down significantly compared to repeated $10 overdraft fees.
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
Monarch Money simplifies personal finance by uniting all your accounts in one place—secure, ad-free, and built for couples. 50% off your first year when you sign up via Firstcard!
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.
A Fee-Free Alternative to Bank of America
If the BofA fee structure does not fit your cash flow, opening a checking account online at a fee-free bank takes about 10 minutes. Current pays 4.00% APY on balances when you set up a $200 qualifying direct deposit, charges no monthly fee, requires no minimum balance, releases paychecks up to 2 days early, and includes $200 of fee-free overdraft coverage.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
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.
Common Mistakes With BofA Fees
Three errors keep customers paying fees they could waive:
- Counting peer-to-peer transfers as direct deposit. BofA only counts ACH from an employer, payroll provider, or government agency, not Zelle or Venmo.
- Letting the balance dip even one day under the daily minimum. The fee posts even if you were over the threshold for 29 of 30 days.
- Closing the account mid-cycle without checking pending fees. A pending monthly fee can post after closure starts and pull the account negative.
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.
