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Unlike some other banks that offer free service accounts, Bank of America charges several fees for its checking and savings accounts. Fortunately, many of these fees are avoidable.
How to avoid monthly fees on Bank of America checking and savings accounts
Bank of America offers three types of checking accounts and two types of savings accounts. Here’s a breakdown of each account’s monthly service fee and how you can avoid it.
Account
Monthly fee
Can you waive it?
Avoid by meeting ANY of these criteria
Bank of America Advantage SafeBalance Banking
$4.95
Yes
Student younger than 24
Enroll in the Preferred Rewards program
Bank of America Advantage Plus Banking
$12
Yes
Receive at least one direct deposit of $250 or more a month
Maintain a minimum daily balance of $1,500
Enroll in the Preferred Rewards program
Bank of America Advantage Relationship Banking
$25
Yes
Maintain a combined balance of $10,000 or more in linked accounts
Enroll in the Preferred Rewards program
Bank of America Advantage Savings
$8
Yes
Maintain a minimum daily balance of $500
Link your Advantage Savings account to your Advantage Relationship Banking account
Student younger than 24
Enroll in the Preferred Rewards program
Bank of America Minor Savings Account (under 18)
$0
N/A
N/A
Bank of America automatically waives the monthly fee for Bank of America Advantage Savings accounts for the first six months after the account is opened.
How to avoid other account fees with Bank of America?
In addition to Bank of America‘s monthly account service fees, the bank also charges various other fees, most of which you can avoid.
Type of fee
Cost
How to avoid it
How it compares to the average cost
Out-of-network ATM fee
$2.50
Use BofA ATMs whenever possible
The average can range between $2 and $3.50.
International ATM fee
$5.00 + 3%
Pay with a card whenever possible
Flat fee charges range from $2 to $7 and foreign transaction fees are typically at 3%.
Savings account 6 month withdrawal limit
$10
Maintain a balance above $20,000 or avoid withdrawing six times a month
Some banks charge as much as $15 for exceeding six transactions.
Overdraft
$35
Sign up for Balance Connect and overdraft from a linked BofA account for $12 per transfer.
Banks typically charge $35 when you overdraft on your account.
Replacement ATM or debit card
$5
Use a digital wallet whenever possible
Most banks won’t charge you to replace your debit card. But those that do charge as high as $7.50.
International transaction fee
3%
Pay with cash
A 3% transaction fee is pretty standard.
How do Bank of America fees compare with other banks?
See how Bank of America‘s monthly fees compare with other banks.
To try to waive a fee, call 800-432-1000 to speak with a BofA representative
Bottom line
Compared to many competing banks, Bank of America‘s fees for checking and savings accounts are on the high end. If you’re looking for a bank that won’t nickel-and-dime your account dry, look at free savings accounts and free checking accounts.
Frequently asked questions
How do I close my Bank of America account? To close a BofA checking or savings account, call 800-432-1000.
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Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.
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