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 |
| Bank of America Advantage Plus Banking® | $12 | Yes |
|
Bank of America Advantage Relationship Banking® | $25 | Yes |
|
Bank of America Advantage Savings | $8 | Yes |
| Bank of America Minor Savings Account (under 18) | $0 | 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. |
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.
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