How to Avoid Monthly Maintenance Fees at Bank of America
There are numerous checking and savings accounts available from Bank of America. Like most banks, it levies monthly maintenance fees based on the type of account you have, but there are ways to avoid them. Customers can avoid Bank of America fees in a number of ways, including by setting up authorized direct deposits and maintaining minimum account balances.
HOW TO AVOID BANK OF AMERICA’S MONTHLY MAINTENANCE FEES
The simplest ways to avoid most Bank of America account fees are to maintain minimum balances and make eligible direct payments. Depending on your age, some accounts will also waive fees.
Make sure the fee waiver information you have corresponds to the type of account you have because each account has different requirements. Furthermore, monthly service charges are distinct from cost-per-item charges like Bank of America’s overdraft charges.
The ways you can avoid Bank of America monthly maintenance costs differ depending on the account.
Have Qualifying Direct Deposits
You can avoid paying the monthly maintenance fee by receiving qualified direct transfers in just one account
Read Also: Top High-Yield Business Savings Accounts in 2022
Link Your Bank of America Accounts
You can achieve the balance criteria to avoid the monthly maintenance cost by linking your qualifying accounts.
Enroll in the Preferred Rewards Program
When you sign up for Bank of America’s Preferred Rewards program, maintenance costs for qualified checking and savings accounts are waived. Having an active Bank of America personal checking account and keeping a three-month average total balance across all of your Bank of America accounts are requirements for eligibility in the Preferred Rewards program tiers.
Qualify for the Student Waiver
requisites to work at Bank of America Account holders who are under 25 and enrolled in an academic institution are eligible for the student waiver. The following accounts are covered by this waiver
FREQUENTLY ASKED QUESTIONS
Why am I getting charged a monthly maintenance fee by Bank of America?
Banks levy monthly maintenance fees to cover any expenses related to keeping your account active. Operating expenses and extras, such as overdraft protection, out-of-network ATM coverage, early direct deposit, and other benefits, can be included.
How do I avoid paying monthly fee Bank of America?
The monthly maintenance fee is eliminated if you keep a combined balance in your Bank of America Advantage Relationship Banking account of at least $10,000 per statement cycle.
Does Bank of America charge a monthly fee?
Checking Account Charges at Bank of America
Advantage SafeBalance Banking, Advantage Plus Banking, and Advantage Relationship Banking all have monthly maintenance fees of $4.95, $12, and $25, respectively, however only Advantage Relationship Banking yields interest.
Is Bank of America a good Bank?
Over the years, Bank of America has won numerous J.D. Power honors. In 2021, the bank achieved the highest rating for Retail Banking Advice. The Corporate, Commercial, and Business Banking Contact Centers at Bank of America received J.D. Power Certification for the eleventh year in a row in 2020.
CONCLUSION
The simplest ways to avoid most Bank of America account fees are to maintain minimum balances and make eligible direct payments. Depending on your age, some accounts will also waive fees.
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