How To Avoid Monthly Service Fee Bank Of America

How To Avert Bank of America's Monthly Maintenance Fees

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

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Banking company of America offers a number of checking and savings accounts. Like near banks, it charges monthly fees depending on the business relationship you have, but it as well has options for fugitive those fees. Customers tin can avoid Bank of America's fees in several ways, such as past setting upwards approved straight deposits or fulfilling account balance requirements.

Below, GOBankingRates breaks downward the assortment of fees associated with Bank of America's products and services.

Banking company of America Checking Business relationship Fees

Depending on what type of business relationship setting you have, the checking account monthly maintenance fee can vary.

At that place is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 monthly maintenance fee for Advantage Plus Banking® and a $25 monthly maintenance fee for Advantage Human relationship Banking®, but only Reward Relationship Banking earns interest.

Banking company of America Checking Accounts
Account	Monthly Service Fee	Earns Interest
Advantage SafeBalance	$iv.95	No
Reward Plus	$12	No
Reward Relationship	$25	Yes
Information is accurate as of Nov. 23, 2021.

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

Bank of America Checking Business relationship Fees
Fee	Amount Charged
Out-of-network ATM	In U.Southward. $2.fifty Outside of U.S. $five
Overdraft	$10
Strange commutation rate	three%
Wire transfer	Varies
Information is accurate every bit of May 24, 2022.

While there are no Student-specific checking accounts, Bank of America will waive the maintenance fee for qualifying Students.

Bank of America Savings Account Fees

Banking company of America's Reward Savings account comes with an $8 monthly maintenance fee. Bank of America also imposes a withdrawal fee of $10 should you get over the 6 savings withdrawals it permits per month.

As you can see, the annual percentage yield the banking concern offers is low compared with the national rate of 0.07% APY.

Bank of America Savings Accounts
Business relationship	Monthly Service Fee	Almanac Percentage Yield
Banking concern of America Advantage Savings	$8	0.01% APY for all balances
Minor Savings	$0	0.01% APY for all balances
Information is accurate as of November. 23, 2021.

How To Avert Bank of America's Monthly Maintenance Fees

Maintaining minimum balances and making qualifying directly deposits are the easiest ways to avoid nearly Bank of America account fees. Some accounts will also waive fees based on your age.

Each account has its own requirements, so be sure the fee waiver data you have matches your business relationship type. Additionally, monthly service fees are different from item-specific costs, such as Bank of America'due south overdraft fees.

You have options to avoid Banking company of America's monthly maintenance fees, just they vary from business relationship to business relationship. Hither are v ways to avoid Banking concern of America'southward monthly fees:

1. Maintain a Minimum Balance

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

Advantage Savings: $500 minimum daily residuum
Reward Plus: $1,500 minimum daily residuum
Advantage Human relationship: combined balance of $10,000

ii. Have Qualifying Direct Deposits

Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying straight deposits:

Advantage Plus: Minimum of one qualifying straight deposit of $250 or more than

3. Link Your Bank of America Accounts

Linking your eligible accounts can help you meet the residue requirement to avoid the monthly maintenance fee.

Advantage Savings: Link your Bank of America Reward Relationship Cyberbanking® account.

iv. Enroll in the Preferred Rewards Program

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

5. Qualify for the Student Waiver

Qualification for the Bank of America Student waiver applies when an account holder is enrolled in an academic institution and is under the age of 25. This waiver applies to the following accounts:

Reward SafeBalance
Advantage Savings

How To Avert Bank of America'south Overdraft Fees

Banking concern of America's overdraft fee of $10 can be a huge chunk of modify if you already have low funds. The best matter you can do to avert Bank of America'south overdraft fee is to remain vigilant in keeping a healthy business relationship rest. Overdrafts only kicking in when you're attempting to apply more funds than you have in your account.

You tin sign upwardly for overdraft protection service, wherein the bank will cover a transaction using funds from some other account, like a savings account.

Good To Know

You lot can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking® business relationship, which does non come with the fee.

How To Avoid Depository financial institution of America'south ATM Fees

Banking company of America'southward ATM fees — $two.50 for a non-Bank of America ATM within the U.S. and $5 outside of the U.S. — are standard, and the easiest fashion to avoid them is to use Bank of America ATMs whenever possible. You may besides exist charged a fee past the operator when you use an out-of-network ATM.

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

How Fees at Bank of America and Other Banks Compare

Here'due south an overview of the fees you can expect from Bank of America and how they compare with the costs of cyberbanking elsewhere:

Fees at Bank of America and Other Banks
Fee	Wells Fargo	Chase	Bank of America	Citibank	U.Southward. Bank
Monthly maintenance	Upward to $30	Up to $25	Up to $25	Up to $30	Upwardly to $24.95
Out-of-network ATM withdrawal	In U.South.: $ii.50 Outside of U.Due south.: $5	In U.S.: $2.50 Outside of U.South.: $5	In U.Due south.: $2.50 Outside of U.Southward.: $5	$2.50; boosted three% fee for transactions fabricated exterior U.Southward. and Puerto Rico	$2.fifty
Overdraft	$35	$34	$x	$34	$36
Excess transactions	Undisclosed	$5	$ten	No fee, but Citibank volition motility funds to unrestricted account or close your account if you withdraw over the limit iii times in a 12-month flow	$fifteen
Wire transfer	$fifteen-$30	$fifteen-$50	Varies	$17.fifty-$35	$20-$50
International debit purchase	3%	3%	three%	iii%	3%
Information is accurate as of Nov. 23, 2021. Fees listed reflect amounts typically charged; exceptions may utilise.

Traditional banks usually carry similar service fees, like the wire transfer and ATM fees shown above. Yet, it should exist noted that Banking concern of America, Chase and U.S. Bank all offering a lower ceiling of $25 for monthly maintenance fees.

Getting the Most Out of Your Banking company of America Account

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

Yous tin can find data on topics that include:

Auto loans
Building credit
Owning a dwelling
Retirement planning
Savings advice
Understanding credit reports

To see what else Banking company of America accounts can offer you, visit your local co-operative or Bank of America'due south website.

This article has been updated with additional reporting since its original publication. This content is not provided by Banking concern of America. Whatsoever opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America. Information is accurate as of Mar. 25, 2022.

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed hither are author's alone, not those of the banking concern advertiser, and have not been reviewed, approved or otherwise endorsed by the depository financial institution advertiser. This site may be compensated through the banking concern advertiser Affiliate Plan.

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both armed services and collegiate writing and editing experience. Sean'due south first foray into writing happened when he enlisted in the Marines, with the occupational specialty of gainsay correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. Later finishing his enlistment, he completed his BA in English at UC Berkeley, somewhen moving to Southern California.