Like the majority of the big US banks, Bank of America levies a variety of account fees. Overdraft costs, monthly maintenance fees, fees for checking and savings accounts, fees for wire transfers, fees for overseas transactions, and fees for using an ATM that is not a Bank of America ATM are some examples of these charges. Continue reading for a summary of Bank of America's fees.
- Monthly Maintenance - $0-$25
- Overdraft - $0-$10
- Card Replacement - $0-$5
- Copies of Documents - $0-$5
- ATM (Out of Network) - $2.50-$5
Checking of Account fees
Bank of America offers three checking accounts, each with different monthly maintenance fees. The name of the accounts is as follows:
Bank of America Advantage Plus Banking
A $100 minimum initial deposit is required for Bank of America Advantage Plus, and there is a $12 monthly maintenance cost that can be eliminated if you execute one of the following steps:
- Maintain a daily balance of at least $1500.
- Make at least $250 or more eligible for direct deposit.
- You can reach the Gold, Platinum, or Platinum Honors tier by enrolling in the Bank of America Preferred Rewards Program and you can be enrolled in it just by Bank of America login.
Bank of America Advantage Relationship Banking
The minimum beginning balance for a Bank of America Relationship is $100, and the monthly maintenance cost is $25. You receive four savings accounts with no additional monthly maintenance cost when linked to this account. However, the minimal starting deposit is still intact. The monthly maintenance fees can be avoided if:
- Each statement cycle has $10,000 in all of your Advantage Relationship Banking accounts. Average daily amounts for the statement cycle in linked checking, savings, and money market savings accounts are included in the total balances.
- The current amounts in linked personal CDs and IRAs as of the end of the checking statement cycle, AND
- The sum in your eligible linked investment accounts as of two business days before the conclusion of the checking statement cycle.
- Enroll to be a member of the Bank of America Preferred Rewards program.
Bank of America Advantage SafeBalance Banking
To avoid paying the $4.95 monthly maintenance cost for Bank of America Advantage SafeBalance Banking, one of the following must be done:
- You should be a student under 25 enrolled in a school, program, or career
- Should be younger than 18-year-old
- Enroll yourself to be a member of the Bank of America Preferred Rewards program.
Advantage Personal checks are not offered by SafeBalance Banking. Even if you have enough money in your account, the cheques you write will be returned unpaid. Dishonored cheque details can be found after the Bank of America Login.
Fees in case of Overdraft
For the first two overdrawn items per day over $1 with the Advantage Plus Banking and Advantage Relationship Banking accounts, there is a $10 overdraft fee. When a transaction overdraws the account by $1 or less, there are no overdraft fees applied.
Preferred Bonuses Each statement cycle, one overdraft item fee may be eliminated for diamond tier members. All overdraft item fees are exempt for Diamond Honors tier members. For more information, refer to the Bank of America Fee Schedule.
The Bottom line
There are plenty of annoying bank and credit card fees, such as overdraft, which always seems to catch you off guard, late fees, which are a minor inconvenience but could seriously harm your financial situation if ignored, and monthly maintenance fees, which ding your account just for being open. We hope that our blog helped you in avoiding all the above-mentioned fees after your Bank of America login.