A Bank of America monthly maintenance fee is a recurring charge that may apply to certain checking or savings accounts when the account holder does not meet the requirements for a fee waiver. For many customers, the most important question is not simply how much the fee is, but how to qualify for a waiver and avoid paying it.
Bank of America offers several consumer deposit accounts, and the fee structure can vary by account type. Waiver requirements can also depend on factors such as qualifying direct deposits, minimum balances, account ownership, age, or enrollment in eligible Bank of America programs.
This guide explains how Bank of America monthly maintenance fees generally work, common ways customers may qualify for a waiver, what happens when a fee is charged, and what to check before changing your account.
Current-information note: Bank fees and waiver requirements can change. Because I could not access Bank of America’s live fee schedule while preparing this article, verify the exact fee and current waiver requirements on Bank of America’s official account disclosure before publishing time-sensitive figures.
Short Answer: What Is the Bank of America Monthly Maintenance Fee?
A Bank of America monthly maintenance fee is a recurring charge that may be assessed on certain checking or savings accounts if the account does not meet that account’s waiver conditions. Depending on the account, a customer may avoid the fee through qualifying direct deposits, maintaining a required balance, meeting age or student requirements, or qualifying through certain Bank of America programs. Always check the current account disclosure for the exact requirements.
What Is the Bank of America Monthly Maintenance Fee?
A monthly maintenance fee is a charge a bank may assess for maintaining a particular deposit account.
At Bank of America, the fee depends on the specific account product. This distinction matters because there is no single monthly maintenance fee that applies to every Bank of America customer.
For example, a checking account can have different pricing and waiver rules from a savings account. Two customers who both bank with Bank of America may therefore have different monthly fees or different ways to avoid them.
The most important information to check is:
- The name of your Bank of America account
- Its monthly maintenance fee
- The conditions for waiving the fee
- Any age or student exemptions
- Minimum balance requirements
- Qualifying direct-deposit requirements
- Whether an eligible Bank of America relationship can waive the fee
- Other applicable account charges
Why does Bank of America charge a monthly maintenance fee?
Monthly maintenance fees help financial institutions cover the costs associated with operating deposit accounts and providing banking services.
However, banks commonly provide ways for qualifying customers to have the fee waived. This means a customer who meets the account’s conditions may pay $0 in monthly maintenance fees even though the account has a standard monthly fee.
How Does the Bank of America Monthly Maintenance Fee Work?
The basic process is straightforward.
- You open a qualifying Bank of America account.
- The account has a stated monthly maintenance fee, unless a waiver applies.
- You meet one or more waiver requirements specified by the account.
- The bank determines whether the requirements were satisfied for the applicable statement cycle.
- If the requirements are not met, the monthly maintenance fee may be charged.
The exact calculation and timing can depend on the account agreement.
This is why simply depositing money into an account once may not necessarily satisfy a minimum-balance requirement. Some account disclosures use specific balance measurements or definitions.
Which Bank of America Accounts Can Have Monthly Maintenance Fees?
Bank of America offers multiple consumer deposit products, so the answer depends on the account.
Common categories include:
| Account type | What to check |
| Checking | Monthly maintenance fee and waiver requirements |
| Savings | Monthly fee, minimum balance, and possible exemptions |
| Student or qualifying accounts | Age/student eligibility and account terms |
| Other deposit products | Product-specific pricing and disclosures |
The account name matters. If you’re trying to determine why you were charged, start by looking at your account statement or online banking profile to identify the exact product.
Do not assume that the waiver rules for one Bank of America checking account automatically apply to another.
How Can You Avoid the Bank of America Monthly Maintenance Fee?
The most common ways to avoid a monthly maintenance fee depend on your particular account.
1. Meet the qualifying direct-deposit requirement
Some checking accounts allow customers to avoid a monthly maintenance fee by receiving qualifying direct deposits.
A direct deposit generally means an electronic deposit of eligible income, such as:
- A paycheck
- Certain government payments
- Other qualifying recurring deposits
However, not every transfer qualifies as a direct deposit.
For example, moving money from another bank into your Bank of America account may be an electronic transfer but may not satisfy a specific direct-deposit waiver requirement.
Always check the account’s current disclosure for the definition of a qualifying direct deposit.
2. Maintain the required balance
Another possible waiver method is maintaining a specified minimum balance.
This is important because minimum balance rules can differ by account.
Before relying on this method, check whether Bank of America measures:
- Daily balance
- Monthly average balance
- Minimum balance during a statement cycle
- Another account-specific measurement
A customer who briefly reaches the required balance may not necessarily satisfy a requirement based on a different balance calculation.
3. Qualify through age or student status
Certain accounts may provide fee exemptions or special terms based on factors such as age or qualifying student status.
Eligibility requirements can change, so customers should confirm their current status directly with Bank of America rather than assuming an exemption applies indefinitely.
4. Qualify through an eligible banking relationship
Bank of America has programs and relationship-based benefits that may affect account fees.
For example, eligible customers enrolled in Bank of America’s Preferred Rewards program may receive certain banking benefits depending on the applicable program terms.
Eligibility requirements and benefits can change, so review the current Preferred Rewards terms before relying on this option.
Bank of America Monthly Maintenance Fee Waiver: Quick Comparison
The following table explains common waiver categories without assuming that every option applies to every account.
| Possible waiver method | How it generally works | Important consideration |
| Qualifying direct deposit | Receive eligible deposits under the account’s terms | Not every electronic transfer qualifies |
| Minimum balance | Maintain the required balance | Check exactly how the balance is calculated |
| Age/student exemption | Meet the account’s eligibility conditions | Requirements may change |
| Eligible relationship/program | Qualify under applicable Bank of America program terms | Program eligibility and benefits can change |
| Account-specific exemption | Meet another condition listed in the disclosure | Check your exact account agreement |
The applicable waiver depends on the account you have.
What Happens If Bank of America Charges the Monthly Fee?
If you fail to satisfy the applicable waiver conditions, the bank may assess the monthly maintenance fee according to the account agreement.
For example, suppose a customer has an account with a monthly maintenance fee and normally avoids it by meeting a minimum balance requirement. If the customer’s balance falls below the applicable threshold and no other waiver applies, the fee could appear on the next statement.
A fee may look small when viewed one month at a time, but recurring charges can become significant over a year.
For example, a hypothetical $12 monthly fee would equal:
$12 × 12 months = $144 per year
That is only an illustration, not a statement that every Bank of America account currently charges $12.
How Do You Find Out Why You Were Charged?
If you see a Bank of America monthly maintenance fee, use this checklist.
Step 1: Identify the account
Look at your online banking account or statement and determine the exact account product.
Step 2: Review the fee description
Check the transaction details and statement for the name of the fee.
Step 3: Review the waiver requirements
Compare your activity with the requirements in the account’s current fee schedule or deposit agreement.
Step 4: Check direct deposits
If direct deposit is one of your waiver methods, determine whether the deposits actually meet the account’s definition of a qualifying direct deposit.
Step 5: Check your balance
If the waiver depends on a minimum balance, determine whether you maintained the required balance according to the account’s measurement method.
Step 6: Contact Bank of America if something appears incorrect
If you believe you satisfied the waiver requirements but were charged anyway, contact Bank of America and ask the representative to explain the charge.
Keep relevant statements and transaction information available.
Can You Get a Bank of America Monthly Maintenance Fee Refunded?
A customer can ask Bank of America about a fee that has already been charged, particularly when the customer believes the fee was assessed incorrectly or there were unusual circumstances.
However, a refund should not be assumed or treated as guaranteed.
Bank policies regarding fee reversals can vary by situation, account, and customer relationship.
If you believe the fee was incorrect, explain:
- Which waiver requirement you believe you met
- The dates of qualifying deposits
- Your relevant account balance
- The date and amount of the fee
- Why you believe the charge should be reviewed
Does a Monthly Maintenance Fee Affect Your Credit Score?
A normal bank account maintenance fee generally does not directly lower your credit score simply because the fee was charged.
Checking and savings accounts are different from credit accounts.
However, unpaid bank charges can create other problems. If an account becomes overdrawn or is eventually closed with an unpaid negative balance, additional consequences may arise depending on the circumstances.
This is one reason to address unexpected bank fees rather than simply ignoring them.
Bank of America Maintenance Fee vs. Other Bank Fees
A monthly maintenance fee is only one type of banking charge.
Other fees may include:
- Overdraft-related fees
- ATM fees
- Wire transfer fees
- Stop-payment fees
- Returned-item fees
- Paper statement fees
- Foreign transaction or international banking charges, where applicable
These fees are separate from the monthly maintenance fee and can have different rules.
If you’re comparing checking accounts, look beyond the advertised monthly fee and review the entire fee schedule.
Example: How a Monthly Fee Can Add Up
Suppose a hypothetical Bank of America customer has a checking account with a $12 monthly maintenance fee.
The customer does not meet any applicable waiver requirement for six months.
The potential maintenance fees would be:
| Period | Hypothetical fee |
| 1 month | $12 |
| 3 months | $36 |
| 6 months | $72 |
| 12 months | $144 |
This example demonstrates why understanding the waiver requirements matters.
The actual fee for your account may be different. Verify the current Bank of America fee schedule before relying on any specific amount.
Common Mistakes to Avoid
Mistake 1: Assuming every Bank of America account has the same fee
Bank of America has multiple deposit products with different terms.
Better approach: Identify your exact account first.
Mistake 2: Assuming every electronic deposit counts as direct deposit
An ACH transfer or transfer from another bank may not meet the account’s definition of a qualifying direct deposit.
Better approach: Review the account disclosure.
Mistake 3: Checking your balance only once
A temporary balance increase may not satisfy a requirement that uses a particular balance measurement.
Better approach: Understand how the account calculates the applicable balance.
Mistake 4: Ignoring small recurring charges
A fee that seems insignificant for one month can become meaningful over a year.
Better approach: Review bank statements regularly.
Mistake 5: Relying on old fee information
Bank fees and account terms can change.
Better approach: Check the current Bank of America fee schedule and account disclosure.
Mistake 6: Closing an account without checking outstanding transactions
Closing a bank account while payments or deposits are still pending can create complications.
Better approach: Review recurring payments, deposits, checks, and pending transactions before making a change.
What Are the Alternatives to Paying a Monthly Maintenance Fee?
If your current account regularly generates maintenance fees, you have several options to investigate.
Meet the existing waiver requirement
This may be the simplest option if you already have qualifying direct deposits or can reasonably maintain the required balance.
Ask about another Bank of America account
A different account may have different fee and waiver structures. Compare the requirements rather than focusing only on the advertised fee.
Compare other banks and credit unions
Some financial institutions offer checking accounts without a monthly maintenance fee or provide different ways to waive it.
When comparing accounts, consider:
- Monthly maintenance fee
- Minimum balance
- Direct-deposit requirements
- ATM access
- Branch availability
- Mobile banking
- Overdraft policies
- Out-of-network ATM fees
- Customer service
- FDIC or NCUA insurance, where applicable
A checking account with no monthly fee is not automatically the right choice for every consumer. The overall fee structure and services matter.
Frequently Asked Questions
What is the Bank of America monthly maintenance fee?
It is a recurring fee that may apply to certain Bank of America deposit accounts when the account holder does not meet the applicable fee-waiver requirements.
How do I avoid the Bank of America monthly maintenance fee?
Depending on the account, you may be able to avoid it by receiving qualifying direct deposits, maintaining a required balance, meeting age or student requirements, or qualifying through an eligible Bank of America program.
Is the Bank of America monthly maintenance fee the same for everyone?
No. Bank of America offers different account products, and fees and waiver requirements can vary by account.
Does a transfer from another bank count as direct deposit?
Not necessarily. An electronic transfer is not automatically a qualifying direct deposit for purposes of a bank’s fee waiver. Check your account’s current definition of qualifying direct deposit.
Can Bank of America waive a monthly maintenance fee?
A fee may be waived when the account holder satisfies the applicable waiver conditions. A customer can also contact the bank if they believe a fee was charged incorrectly or deserves review, but a refund should not be assumed.
Does the monthly maintenance fee hurt my credit score?
A routine bank maintenance fee generally does not directly affect your credit score. However, unresolved negative balances or other account problems can create separate financial consequences.
Can I avoid the fee by keeping money in my account?
Possibly, if your particular account provides a minimum-balance waiver. The exact amount and balance calculation depend on the account terms.
Where can I verify the current Bank of America fee?
The safest source is Bank of America’s current account disclosure, fee schedule, and official account page for the specific product you hold.
Should I switch banks to avoid a monthly fee?
That depends on your circumstances. Compare the complete fee structure, services, access, direct-deposit requirements, ATM network, and other features before changing accounts.
