How to Avoid Fees on Bank of America Checking Accounts
Bank of America checking account provide a variety of alternatives. Each is linked to the bank’s top rated mobile app to assist you in managing your accounts. You’ll also get access to a broad network of bank locations and ATMs as a BofA customer.
Bank of America is one of the major banks in the United States, with a diverse range of products and services
WHAT EXACTLY IS A NO-FEE CHECKING ACCOUNT?
Free checking accounts promise to eliminate the monthly maintenance fees that many banks levy on checking accounts, while some fees are unavoidable even on free accounts. Make sure you understand the restrictions that govern your account.
Some banks will waive (or reimburse) ATM fees, so it’s critical to understand which networks your bank supports. In producing our ranking of the best free checking accounts, we considered total ATM data from each bank’s website.
Read Also: When Is the FAFSA Deadline? Three Crucial Deadlines
HOW TO AVOID BANK OF AMERICA’S CHECKING ACCOUNT FEES
Consider Online Banks
Consider a checking account that does not have monthly fees or a minimum balance restriction.
It is available at online banks because they do not have to pay for branch locations or employees.
There won’t be much of a distinction between a checking account from an internet bank and one from a traditional bank.
Business Advantage Fundamentals Banking
If you are starting a new business or have a low average monthly amount, a Bank of America Fundamentals account may be right for you. You’ll have access to Bank of America’s Small Business Online Banking platform when you open a Business Advantage Fundamentals Banking account. It can be used to transmit one-time or periodic electronic payments (bill pay), receive bills from businesses online, and download transactions to QuickBooks for simple bookkeeping.
Business Advantage Relationship Banking
Consider opening a Business Advantage Checking account if your company is more established, you spend at least $2,500 per month on your business card, or you have an average monthly balance of $15,000 or more.
As a member of the account, you will have access to a Business Advantage Savings Account at no additional monthly cost. You can also open a second Business Advantage Checking account without paying a monthly fee.
You’ll gain access to the Small Business Online Banking platform as well as business and staff debit cards to help you manage your spending.
FREQUENTLY ASKED QUESTIONS
What is the Bank of America Business Checking Bonus?
Bank of America will occasionally give a bonus to new business checking accounts. For example, at the time of writing, you can earn up to $200 when you create a new Bank of America business checking account over the phone and fulfill the eligibility requirements.
The benefits are always time-limited and subject to change. You can currently earn $100 to $500 to help support your small business.
What Are the Bank of America Business Checking Account Fees?
The fees for your checking account are determined on the type of account you have.
Is it possible to open a Bank of America Business Checking Account online?
Yes, you can open a business checking account with Bank of America online. You can also open an account in person by going to a financial center.
Is there a monthly cost for Bank of America?
There are a few options for avoiding the $12 monthly maintenance price. The first option is to have a qualifying direct deposit of at least $250. The second requirement is to keep a minimum daily balance of $1,500 or more.
Does Bank of America have a free checking account?
Basic Checking Fees at Bank of America
Unless you complete the following fee waiver requirements each month, the account has a $12 monthly cost. Have at least one $250 qualifying direct deposit. Maintain a daily balance of at least $1,500.
CONCLUSION
To avoid bank of America checking fees you have to carefully read this article because it is an eye opener for account holder on bank of America
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