Bank of America Fees1
Bank of America, like most of the top US 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.
Read on for an overview of the fees you can expect at Bank of America.
Checking account fees Advantage SafeBalance Banking®
Bank of America has three checking accounts – each with a different monthly maintenance fee:
- Bank of America Advantage SafeBalance Banking
- Bank of America Advantage Plus Banking
- Bank of America Advantage Relationship 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:
- Are a student under age 25 enrolled in a school, educational or vocational program,
- Are under the age of 18,
- 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
Checking account fees Advantage Plus Banking®
Bank of America Advantage Plus 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 $1500.3
Checking account fees Advantage Relationship Banking®
Bank of America Advantage Relationship 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 $10,000 combined in all your Advantage Relationship Banking accounts each statement cycle. Combined balances include:
- 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
Savings account fees
The Bank of America Advantage Savings account comes with six free transfers and withdrawals each monthly statement cycle, after which you’ll pay a $10 fee every time you withdraw or transfer money in that monthly statement cycle.
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,
- Become a Bank of America Preferred Rewards client,
- Are under 18,
- Or are under 25 and qualify as a student.1
Fiduciary accounts do not qualify for under-18 or student waivers.
With the Advantage Plus 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.5
Copies of documents fees
If you want additional copies of your checks or deposit, you’ll pay a fee. The first two copies are free, and then Bank of America charges you $3 for each copy, up to a maximum of $75 per request.
You pay a $5 fee when you request paper copies of your statements.
Preferred Rewards members and members with Bank of America Advantage Relationship Banking accounts, Bank of America Advantage® with Tiered Interest Checking, and Bank of America Advantage® Regular Checking accounts qualify for a waiver of these fees.5
ATM transaction fees
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 bank may also charge a transaction fee.5
You don’t have to pay to cash a check if you have a Bank of America account. But if you don’t have one and would like to cash a check there, you pay an $8 fee for every check over $50.5
Wire transfer fees
Wire transfer fees with Bank of America depend on the nature of transaction:
- Incoming domestic wire transfer fees are $15 per transaction.
- Incoming foreign wire transfer fees are $16 per transaction.
- Outgoing domestic wire transfer fees are $30 per transaction.
- Outgoing foreign wire transfers sent in US Dollars are $45 per transaction.
There is no incoming wire transfer fee for an Advantage Relationship Banking account. The incoming wire transfer fee is waived if you have an Advantage SafeBalance Banking account and are a Preferred Rewards Platinum or Platinum Honors client.
You may be charged other fees for international wire transfers, like foreign taxes and other wire transfer process fees charged by the recipient’s financial institution.5
Card replacement fees
If you request a new debit card, you’ll pay Bank of America a $5 fee to replace it. You’ll be charged an extra $15 rush fee if you want it urgently. The fee does not apply for cards automatically replaced upon expiration.
Preferred Rewards members and members with Bank of America Advantage Relationship Banking accounts, Bank of America Advantage® Regular Checking accounts, and Bank of America Advantage® with Tiered Interest Checking accounts qualify for a waiver of these fees.5
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