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How to avoid Bank of America account fees

BofA charges fees for all its checking and savings accounts, but there are ways to avoid them.

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.
AccountMonthly feeCan you waive it?Avoid by meeting ANY of these criteria
Bank of America Advantage SafeBalance Banking®$4.95Yes
  • Student younger than 24
  • Enroll in the Preferred Rewards program
Bank of America Advantage Plus Banking®$12Yes
  • 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®$25Yes
  • Maintain a combined balance of $10,000 or more in linked accounts
  • Enroll in the Preferred Rewards program
Bank of America Advantage Savings$8Yes
  • 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)$0N/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 feeCostHow to avoid itHow it compares to the average cost
Out-of-network ATM fee$2.50Use BofA ATMs whenever possibleThe average can range between $2 and $3.50.
International ATM fee$5.00 + 3%Pay with a card whenever possibleFlat fee charges range from $2 to $7 and foreign transaction fees are typically at 3%.
Savings account 6 month withdrawal limit$10Maintain a balance above $20,000 or avoid withdrawing six times a monthSome banks charge as much as $15 for exceeding six transactions.
Overdraft$35Sign 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$5Use a digital wallet whenever possibleMost banks won’t charge you to replace your debit card. But those that do charge as high as $7.50.
International transaction fee3%Pay with cashA 3% transaction fee is pretty standard.

Who can I call at Bank of America to waive a fee?

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.

Michael Benninger's headshot
Staff writer

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. See full bio

Michael's expertise
Michael has written 45 Finder guides across topics including:
  • Kids’ banking products
  • Cash management accounts
  • Fintechs and neobanks

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