Bank of America Fees
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Bank of America, like other U.S. banks, charges various fees for its accounts. These fees may include overdraft fees, monthly maintenance fees, checking account fees, savings account fees, wire transfer fees, foreign transaction fees, and ATM fees for using a non-Bank of America ATM.1
Read on for an overview of the fees you can expect at Bank of America.
Bank of America checking account fees
Bank of America has three checking accounts – each with a different monthly maintenance fee2:
- Bank of America Advantage SafeBalance Banking
- Bank of America Advantage Plus Banking
- Bank of America Advantage Relationship Banking
Advantage SafeBalance Banking®
Bank of America Advantage SafeBalance Banking has a $25 minimum opening deposit and a $4.95 monthly maintenance fee, which is waived if you do one of the following:
- You or someone listed on the account is under 25
- You keep a daily balance of at least $500 in the account
- Enroll in the Bank of America Preferred Rewards® Program.
It does not require a minimum daily balance.
Advantage SafeBalance Banking does not offer personal checks. Checks you write will be returned unpaid, even if you have enough money in your account.2
Advantage Plus Banking®
Checking account fees – Advantage Plus Banking®
Bank of America Advantage Plus Banking has a $100 minimum opening deposit and a $12 monthly maintenance fee which can be waived if you do one of the following:
- Make at least one qualifying Direct Deposit of $250 or more.
- Maintain a minimum daily balance of $1,500 or more.
- Enroll in the Bank of America Preferred Rewards® Program and qualify for the Gold, Platinum or Platinum Honors tier.
This account requires a minimum daily balance of $1500 to avoid the monthly maintenance fee.3
Advantage Relationship Banking®
Checking account fees – Advantage Relationship Banking®
Bank of America Advantage Relationship Banking has a $100 minimum opening balance and a $25 monthly maintenance fee.
With this account, you get three additional Advantage Relationship Banking accounts and four savings accounts that don’t charge any other monthly maintenance fees, when linked. The minimum opening deposit still holds, though.
You can avoid the monthly maintenance fee if you:
- Have $20,000 combined in all your Advantage Relationship Banking accounts each statement cycle. Combined balances include5:
- Average daily balances for the statement cycle in linked checking, savings, and money market savings accounts, AND
- The current balances, as of the end of the checking statement cycle in linked personal CDs and IRAs, AND
- The current balance, as of two business days before the end of the checking statement cycle, in your eligible linked investment accounts.
- Enroll in the Bank of America Preferred Rewards® Program.4,5
Bank of America savings account fees
Bank of America offers one savings account – Bank of America Advantage Savings. This account comes with a monthly fee.
Savings account fee
The minimum required to open a savings account is $100. A monthly maintenance fee of $8 is waived for six months for new accounts.
Avoid the monthly fee if you:
- Maintain a minimum daily balance of at least $500,
- Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account, Advantage regular checking, or Tiered interest checking
- Become a Bank of America Preferred Rewards® client,
- Or are under 25.
Bank of America overdraft fees
With the Advantage Plus Banking, Advantage SafeBalance Banking, and Advantage Relationship Banking accounts, you’ll pay an overdraft fee of $10 for the first two overdrawn items per day over $1. You don’t get charged an overdraft when an item overdraws the account by $1 or less.
Preferred Rewards Diamond tier members are eligible to have one overdraft item fee waived per statement cycle. Diamond Honors tier members are eligible to have all overdraft item fees waived. See the Bank of America Fee Schedule for more details.1
Bank of America ATM fees
Bank of America Advantage Relationship has a $100 minimum opening balance and a $25 monthly maintenance fee.
If you have a Bank of America account, you can only withdraw money for free from Bank of America ATMs.
If you withdraw from another bank’s ATM in the US, you’ll have to pay $2.50 each time.
Withdrawing money from international ATMs costs $5 and includes an additional international transaction fee of 3%. The issuing financial institution may also charge a transaction fee.1
Bank of America card replacement fees
You can get a new Bank of America debit card for free with standard delivery. However, you’ll be charged an extra $15 rush fee if you want it urgently. The fee does not apply to cards automatically replaced upon expiration.
Preferred Rewards members and customers requesting a new debit card because of fraud qualify for a waiver of this fee.1
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Bank of America account fees FAQs
How long do I have before Bank of America charges an overdraft fee?
Bank of America will charge you $10 for each transaction over $1 if your account is eligible for overdraft fees and your balance goes below $0. No more than two overdraft fees can be charged per day.2
What is a monthly maintenance fee at Bank of America?
Monthly maintenance fees, also known as service fees, are what Bank America charges customers whose accounts don’t meet certain requirements. These fees cover the cost of operating or maintaining your account.
How can I avoid Bank of America monthly maintenance fees?
You can avoid monthly maintenance fees by making sure your Bank of America account meets certain requirements. For example, if you have a Bank of America Advantage Relationship Banking Account, you must keep a daily balance of at least $20,000 or be a Preferred Rewards member.1