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How to get a Bank of America cash advance

Get cash with a card but expect high fees and interest.

Kliment Dukovski
Kliment Dukovski

Updated

Bank of America lets its cardholders get cash in several ways, including cash withdrawal from an ATM and over-the-counter at one of its bank branches. However, this type of transaction comes with hefty fees and interest. Unlike other banks, Bank of America has a slightly cheaper option if you make a direct deposit or check cash advance.

How to get a Bank of America cash advance

With your Bank of America credit card, you can get three types of cash advances:

  • ATM cash withdrawal
  • At the bank teller
  • Check cash advances
  • Direct deposit to your checking account

How to get a Bank of America cash advance from an ATM

Getting an ATM cash withdrawal with your Bank of America credit card is easy. All you have to do is:

  1. Call the number on the back of your card, or use your Bank of America mobile app.
  2. Go to a participating ATM and use your card.
  3. Enter the amount you want to withdraw.

Compare Bank of America credit cards

Name Product Filter values Cash advance rate Cash advance fee Recommended minimum credit score
Bank of America® Cash Rewards credit card
Bank of America® Cash Rewards credit card
16.99% to 26.99% variable
$10 or 5% of the cash advance amount, whichever is greater
720
Earn $200 after spending $1,000 in the first 90 days form account opening.
View details
Susan G. Komen® Cash Rewards Visa®
Susan G. Komen® Cash Rewards Visa®
16.99% to 26.99% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Earn 2% cash back at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined purchases each quarter. After that and on everything else earn 1% cash back.
View details
MLB® Credit Card
MLB® Credit Card
16.99% to 26.99% variable
$10 or 5% of the cash advance amount, whichever is greater
670
1% cash back on purchases, 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined purchases each quarter.
View details
World Wildlife Fund Credit Card
World Wildlife Fund Credit Card
16.99% to 26.99% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Earn $200 after spending $1,000 in the first 90 days.
View details
U.S. Pride® BankAmericard Cash Rewards™ Visa® Card
U.S. Pride® BankAmericard Cash Rewards™ Visa® Card
16.99% to 26.99% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Earn a $200 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening.
View details
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Compare up to 4 providers

What purchases does Bank of America consider cash advance?

Cash withdrawals aren’t the only transactions Bank of America considers as cash advances. Other transactions that fall in this category are:

  • Bail bonds
  • Bets
  • Casino gaming chips
  • Foreign currency
  • Lottery tickets purchased outside the United States
  • Money orders
  • Overdraft protection
  • Person-to-person money transfers
  • Same-day online transfers
  • Traveler’s checks

Bank of America cash advance fee

There are two fees and two interest rates for Bank of America cash advances, depending on the transaction.

ATM, Over-the-counter, same-day online, overdraft protection and cash equivalents cost:

  • A 5% fee of the amount with a $10 minimum.
  • The average cash advance APR is 26.49% but it could vary between cards.

Direct deposit and check cash advances cost:

  • A 3% fee of the amount with a $10 minimum.
  • The average cash advance APR is 26.49% but it could vary between cards.
Example: A $500 ATM cash withdrawal comes with a $25 cash advance fee as soon as you make the transaction. Some ATMs may charge an additional $3 fee.If you decide to pay off the balance after 30 days, you would accrue around $11 interest. Your $500 cash withdrawal now costs $539.

If you make a direct deposit, your $500 can cost as low as $522.

Bottom line

Bank of America cash advance is an expensive option to get cash. Unless you have no other cash option, this could be useful. But make sure to use it sparingly to avoid paying fees and interest.

There are some credit cards that can be used for cash advances but don’t have all the fees. If that’s what you need, compare credit cards with $0 cash advance fees and low cash advance APR until you find the right fit for your wallet.

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