Bank Of America Monthly Maintenance Fee Refund. Bank of America offers a number of checking and savings accounts. Like most banks, it charges monthly fees depending on the account you have, but it also has options to avoid these fees. Customers can avoid Bank of America fees in several ways, such as setting up approved direct deposits or meeting account balance requirements.
Bank Of America Monthly Maintenance Fee Refund
Bank of America has a variety of checking accounts. Each online Bank of America account has a monthly fee ranging from $4.95 to $25. Depending on your checking account, Bank of America might waive the fee if you:
- Make qualifying direct deposits of at least $100 each month into your Bank of America account, or
- Maintain a minimum daily balance of between $100 and $5,000, or
- Maintain combined balances in linked Bank of America accounts between $10,000 and $15,000 per bank statement cycle, or
- are enrolled in Bank of America’s Preferred Rewards program, or
- Meet a specific age limit
Eligible linked bank accounts with Bank of America include some savings accounts, CDs and money market accounts, and IRAs, other products and services for credit cards and debit cards using online banking.
Bank Of America Checking Account Fees
Depending on what type of account setup you have, the monthly checking account may vary.
There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 for Advantage Plus Banking®, and a $25 for Advantage Relationship Banking®, but only Advantage Relationship Banking earns interest.
Bank Of America Savings Account Fees
The Bank of America Advantage Savings Account has an $8 maintenance fee every month. They also chargesa $10 withdrawal fee if you exceed the six savings withdrawals allowed per month.
As you can see, the annual percentage return that the bank is offering is low compared to the national rate of 0.07% APY.
bank of america minimum opening deposit
To open a Bank of America account, you must have at least $25. That is the bare minimum for opening a Bank of America Advantage SafeBalance Banking account, though most other Bank of America checking and savings accounts require a minimum deposit of $100.
How To Avoid Monthly Maintenance Fees
Maintaining minimum balances and qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Some accounts also waive fees based on your age.
Each account has its own requirements, so make sure the fee waiver information you have matches your account type. In addition, service fees every month differ from item-specific costs, such as B. Bank of America overdraft fees.
There are ways to avoid Bank of America’s monthly account maintenance fees, but they vary from account to account. Here are five ways to avoid:
Maintain A Minimum Balance
Here are the minimum balances required to qualify for a fee waiver:
- Benefit Savings: Minimum balance of $500 per day
- Advantage Plus: Minimum daily balance of $1,500
- Advantage Relationship: Total balance of $10,000
Have Qualifying Direct Deposits
With just one account, you can avoid paying the maintenance fee every month by receiving qualifying direct deposits:
America advantage plus banking: At least one qualifying direct deposit of $250 or more
Link Your Bank Of America Accounts
Linking your eligible accounts can help you meet the balance requirement to avoid the maintenance fee.
Advantage Savings: Link your Bank of America Advantage Relationship Banking® account.
Sign Up For The Preferred Rewards Program
Administration fees for eligible Bank of America checking and savings accounts are waived when you enroll in Bank of America’s Preferred Rewards program.
Eligibility for Preferred Rewards program levels is based on having an active Bank of America checking account and maintaining a three-month average combined balance in your Bank of America accounts. Minimum balance is $20,000 for Gold tier, $50,000 for Platinum tier and $100,000 for Platinum Honors tier.
Account Requirements to waive the monthly Fees
Banks often provide information directly on their website about the waiver of account management fees every month. Banks want you to use your account, so the waiver is often tied to account activity.
Let’s look at some of the common requirements banks have to avoid the service fee. It’s important to note that sometimes the requirements are “You must have one of the following characteristics” and sometimes the requirements are “You must have a combination of the following characteristics.” You need to understand which one your bank is using to ensure you, the account holder, are not being charged.
How To Avoid Bank Of America Overdraft Fees
Bank of America’s $35 overdraft fee can be a big change if you’re already low on funds. The best thing you can do to avoid the Bank of America overdraft fee is to stay alert and keep a healthy bank balance. Overdrafts only happen when you try to use more money than you have in your account.
You can sign up for the overdraft protection service, where the bank will cover a transaction using funds from another account, e.g. B. a savings account .
How To Avoid Bank Of America ATM Fees
Bank of America ATM fees — $2.50 for a non – ATM within the US and $5 outside the US — are standard, and the easiest way to avoid them is to use Bank of America whenever possible. The operator may also charge you if you use an off-network ATM.
If you’re enrolled in the Preferred Rewards program, you can avoid ATM fees altogether, depending on your tier.
bank of america fee Compared To Other Banks: Wire Transfer
Traditional banks typically charge similar service fees to the wire transfer and ATM fees shown above. However, it should be noted that Bank of America, Chase, and US Bank all offer a lower $25 cap on maintenance fee.
- Monthly maintenance: Up to $25
- Out-of-network ATM withdrawal: In U.S.: $2.50, Outside of U.S.: $5
- Overdraft: $35
- Excess transactions: $10
- Wire transfer: Varies
- International debit card purchase: 3%
For your reference, watch this video to understand more about refund process