Bank of America Fees You May Not Know About

How To Avoid Bank of America's Monthly Maintenance Fees

• Checking Account Fees
• Savings Business relationship Fees
• Avoid Monthly Fees
• Avert Overdraft Fees
• Avoid ATM Fees
• Compare Fees

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Depository financial institution of America offers a number of checking and savings accounts. Like nigh banks, information technology charges monthly fees depending on the account y'all accept, but it besides has options for avoiding those fees. Customers can avoid Bank of America's fees in several ways, such as by setting up approved direct deposits or fulfilling account rest requirements.

Beneath, GOBankingRates breaks downwardly the assortment of fees associated with Banking company of America's products and services.

Banking company of America Checking Account Fees

Depending on what blazon of account setting you take, the checking account monthly maintenance fee tin can vary.

At that place is a $four.95 monthly maintenance fee for Advantage SafeBalance Cyberbanking®, a $12 monthly maintenance fee for Reward Plus Banking® and a $25 monthly maintenance fee for Advantage Relationship Banking®, but but Reward Relationship Banking earns involvement.

Banking company of America Checking Accounts
Business relationship	Monthly Service Fee	Earns Interest
Advantage SafeBalance	$4.95	No
Reward Plus	$12	No
Advantage Relationship	$25	Yep
Data is accurate equally of Nov. 23, 2021.

Additionally, each Bank of America checking account comes with this schedule of fees:

Depository financial institution of America Checking Business relationship Fees
Fee	Corporeality Charged
Out-of-network ATM	In U.S. $2.50 Outside of U.Due south. $5
Overdraft	$35
Foreign exchange rate	3%
Wire transfer	Varies
Information is accurate every bit of Nov. 23, 2021.

While there are no educatee-specific checking accounts, Bank of America volition waive the maintenance fee for qualifying students.

Bank of America Savings Account Fees

Bank of America'south Advantage Savings account comes with an $eight monthly maintenance fee. Bank of America also imposes a withdrawal fee of $x should yous become over the 6 savings withdrawals information technology permits per month.

Every bit you can meet, the almanac pct yield the banking company offers is depression compared with the national rate of 0.07% APY.

Bank of America Savings Accounts
Account	Monthly Service Fee	Annual Percentage Yield
Bank of America Reward Savings	$8	0.01% APY for all balances
Minor Savings	$0	0.01% APY for all balances
Information is accurate every bit of Nov. 23, 2021.

How To Avoid Bank of America'southward Monthly Maintenance Fees

Maintaining minimum balances and making qualifying direct deposits are the easiest means to avoid well-nigh Bank of America account fees. Some accounts will as well waive fees based on your age.

Each account has its own requirements, so be sure the fee waiver information you have matches your account blazon. Additionally, monthly service fees are different from item-specific costs, such every bit Bank of America's overdraft fees.

You have options to avoid Bank of America'southward monthly maintenance fees, but they vary from account to account. Hither are 5 means to avoid Bank of America's monthly fees:

1. Maintain a Minimum Rest

Hither are the minimum balances required to qualify for a fee waiver:

• Advantage Savings: $500 minimum daily balance
• Advantage Plus: $1,500 minimum daily balance
• Reward Relationship: combined balance of $x,000

2. Have Qualifying Direct Deposits

Just i account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits:

• Advantage Plus: Minimum of 1 qualifying straight deposit of $250 or more

3. Link Your Bank of America Accounts

Linking your eligible accounts tin help you encounter the balance requirement to avert the monthly maintenance fee.

• Reward Savings: Link your Bank of America Advantage Relationship Banking® business relationship.

4. Enroll in the Preferred Rewards Plan

Maintenance fees for eligible Banking concern of America checking and savings accounts are waived when you enroll in Bank of America's Preferred Rewards programme. Qualification for the Preferred Rewards programme tiers is based on having an active Banking concern of America personal checking account and maintaining a 3-calendar month average combined residue across your Bank of America accounts. Minimum balances are $20,000 for the Golden tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.

5. Qualify for the Pupil Waiver

Qualification for the Depository financial institution of America student waiver applies when an business relationship holder is enrolled in an academic establishment and is nether the age of 24. This waiver applies to the following accounts:

• Advantage SafeBalance
• Advantage Plus
• Advantage Savings

How To Avoid Bank of America's Overdraft Fees

Bank of America's overdraft fee of $35 is standard, but that can exist a huge chunk of change if you lot already accept low funds. The best thing you can do to avoid Depository financial institution of America's overdraft fee is to remain vigilant in keeping a healthy business relationship balance. Overdrafts only kick in when yous're attempting to use more funds than y'all take in your account.

You tin can sign upward for overdraft protection service, wherein the bank will cover a transaction using funds from another account, like a savings account.

Skilful To Know

Y'all can eliminate overdraft fees entirely past getting a Bank of America Advantage SafeBalance Cyberbanking® account, which does not come with the fee.

How To Avoid Banking concern of America'south ATM Fees

Banking company of America'southward ATM fees — $two.50 for a non-Bank of America ATM inside the U.S. and $5 outside of the U.S. — are standard, and the easiest way to avert them is to apply Banking concern of America ATMs whenever possible. You may also be charged a fee by the operator when yous use an out-of-network ATM.

If you're enrolled in the Preferred Rewards program, you can avert ATM fees altogether depending on which tier yous're in.

How Fees at Depository financial institution of America and Other Banks Compare

Here's an overview of the fees you lot can look from Bank of America and how they compare with the costs of banking elsewhere:

Fees at Depository financial institution of America and Other Banks
Fee	Wells Fargo	Chase	Bank of America	Citibank	U.South. Bank
Monthly maintenance	Up to $xxx	Up to $25	Upwardly to $25	Up to $30	Up to $24.95
Out-of-network ATM withdrawal	In U.S.: $two.50 Exterior of U.Southward.: $five	In U.S.: $two.50 Outside of U.Southward.: $5	In U.S.: $two.50 Outside of U.S.: $v	$ii.50; additional three% fee for transactions made outside U.Due south. and Puerto Rico	$2.50
Overdraft	$35	$34	$35	$34	$36
Excess transactions	Undisclosed	$5	$ten	No fee, merely Citibank will movement funds to unrestricted account or close your business relationship if you withdraw over the limit 3 times in a 12-month catamenia	$xv
Wire transfer	$15-$thirty	$fifteen-$50	Varies	$17.50-$35	$20-$50
International debit buy	three%	three%	3%	3%	three%
Information is authentic equally of Nov. 23, 2021. Fees listed reverberate amounts typically charged; exceptions may utilize.

Traditional banks commonly bear like service fees, similar the wire transfer and ATM fees shown above. Withal, it should be noted that Bank of America, Chase and U.S. Bank all offer a lower ceiling of $25 for monthly maintenance fees.

Getting the Most Out of Your Bank of America Account

Depository financial institution of America offers a wealth of data for both customers and non-customers alike. Banking concern of America's Better Money Habits series features articles and tips for the financial layman.

You can discover information on topics that include:

• Car loans
• Building credit
• Owning a abode
• Retirement planning
• Savings communication
• Understanding credit reports

To see what else Bank of America accounts can offer you, visit your local branch or Banking company of America's website.

This article has been updated with boosted reporting since its original publication. This content is not provided by Banking concern of America. Whatever opinions, analyses, reviews or recommendations expressed in this commodity are those of the writer alone and have not been reviewed, canonical or otherwise endorsed by Bank of America. Information is accurate as of Jan. 14, 2022.

Sean joined the GOBankingRates team in 2018, bringing with him several years of feel with both military machine and collegiate writing and editing experience. Sean's first foray into writing happened when he enlisted in the Marines, with the occupational specialty of gainsay correspondent. He covered military diplomacy both in garrison and internationally when he deployed to Transitional islamic state of afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

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