We fully characterize the eigenvalues (flat bands) of the maximal abelian cover of a finite multi-graph in terms of the combinatorics of the base graph. This solves a problem of Higuchi and Nomura (2009, Problem 6.11). We use our new criterion to prove that the maximal abelian cover of any regular multi-graph has no eigenvalues, thereby proving a conjecture of (ibid., Conjecture 6.12). In an appendix, we relate our criterion for eigenvalues of the maximal abelian cover to an existing criterion for eigenvalues of the universal cover.