Finance

Bank of America checking account fees

Almost every one of us has a file current account. And if you don’t have an account, get it – on top of storing your money securely, you may be eligible for a new account bonus, free checks, and other perks.

For many of us, a checking account is the way we pay our bills and budget for our lives. It’s not where we store an abundance of money, like a savings account. Instead, it holds enough to cover regular expenses and, ideally, a little spare cash.

Often, with banks Business checking accounts Charging a monthly fee to users to maintain this service. However, most banks offer general checking accounts for free to regular customers who use them for personal expenses, with certain conditions.

The hope is that – once you have a customer a checking account – you will continue to have access to other services, such as savings accounts and loans. You will probably refer your family and friends to do their banking with this business as well.

Bank of America Account Fee

Bank of America used to be one of those institutions that offered a free checking account to customers. This account was available to users without maintenance or ATM fees.

Then, two years ago, some Bank of America customers who had previously enjoyed a free e-account (internet banking) received an unwelcome surprise.

Here’s what happened back then – and where Bank of America’s fees stand today.

Bank of America monthly maintenance fee

For years, Bank of America introduced an electronic bank checking account that allowed consumers to maintain a free checking account – if They agreed not to use paperwork and handle most transactions via ATMs or online transfers. This was a very simple way for people to avoid the monthly maintenance fee.

Then, in 2018, the bank changed course.

American bank Canceled his current account in electronic banking And transfer these customers to what he called basic current account. Members who do not meet certain criteria may be charged a monthly maintenance fee for this account.

How users can avoid the monthly maintenance fee from Bank of America

At that time, to avoid this fee, customers with a basic checking account will need to meet one of two guidelines:

  1. They will need at least one direct deposit of $250 or more each month, or
  2. Maintain a balance of at least $1,500.

In other words, Bank of America wanted to charge customers for not having enough money with harsh overdraft fees.

Students under the age of 24 who are attending high school, college, or a vocational program are exempt from this new Bank of America fee. However, this has left many people vulnerable to paying these monthly fees.

How did customers respond to Bank of America monthly maintenance fees الصيانة

To be fair, checking accounts are expensive for banks. More banks started Charging a monthly maintenance fee For customers who did not maintain a minimum daily balance.

But not everyone took this news lying down. he was there Petition on Change.org Asking Bank of America not to terminate its free examination. After its release, the petition was obtained More than 380,000 signatures.

The decision wasn’t popular, to say the least.

So, what will Bank of America customers pay to maintain a checking account with the bank in 2021? This depends on two factors

3 Types of Bank of America Current Accounts in 2021

In the years since, Bank of America has changed its account offerings. (And there is no Core Checking account anymore.) Today, The company has three main current accounts: Bank of America Advantage SafeBalance Banking®, Bank of America Advantage Plus Banking®, and Bank of America Advantage Relationship Banking®.

Here is a breakdown of each one:

Bank of America Advantage SafeBalance Banking®

Required opening deposit: $25
Interest Calculation: No
Option to add overdraft protection: No
Overdraft Fee: No overdraft fees or insufficient funds fees
Monthly maintenance fee: $4.95 or $0

Bank of America Advantage Plus Banking®

Required opening deposit: $100 dollars
Interest Calculation: No
Option to add overdraft protection: Yeah
Overdraft Fee: No overdraft fees or insufficient funds fees
Monthly maintenance fee: $12 or $0

Bank of America Advantage Relationship Banking®

Required opening deposit: $100 dollars
Interest Calculation: Yes (The Annual Percentage Yield, or APY, will vary based on location and the amount in your account. For example, an account with less than $2,500 in West Central Florida will generate 0.01% APY.)
Option to add overdraft protection: Yeah
Overdraft Fee: No overdraft fees or insufficient funds fees
Monthly maintenance fee: $25 or $0

Bank of America also offers a savings account – Bank of America savings – Although it requires an opening deposit of $100.

Up to the desired maintenance fee of “$0” each Audit Account, here’s what you need to know.

How to avoid Bank of America maintenance fees on your checking account

Depending on the type of Bank of America account you choose, here’s how to avoid recurring fees:

Bank of America Advantage SafeBalance Banking

The fee is waived for each exposure cycle in which you are enrolled in Preferred Rewards (this requires that you have an active and eligible personal BoA account and maintain a three-month average of $20,000, $50,000, or $100,000, depending on your level).

Bank of America Advantage Plus Banking

The monthly service fee is waived for each statement cycle in which you are enrolled in Preferred Rewards, have a qualifying minimum direct deposit ($250) or maintain a minimum daily balance requirement ($1,500).

Bank of America Advantage Banking Relationship

The monthly fee is waived for each statement cycle in which you are enrolled in Preferred Rewards or maintain a minimum aggregate balance ($10,000) in eligible linked accounts.

As before, there is a student waiver of bank fees as well. To be eligible, the client must:

  1. Be enrolled in a high school or college, university or vocational program, and
  2. You must be under 24 years old.

Note: Students may be required to show proof of registration. They also will not be entitled to this waiver once they turn 24, if they drop out of school or are no longer account owners.

Therefore, unless you are an eligible student, you will need to be a member of the Preferred Rewards Program or meet other eligible credit or deposit requirements to avoid account fees.

How do lower tier US bank accounts compare

First, if you don’t want to switch banks, research your financial situation. For example, does your employer make direct deposits into your account? If so, this is an eligible direct deposit, and a Bank of America Advantage Plus Banking account may work for you. Otherwise, you may want to consider a Bank of America Advantage SafeBalance Banking account.

Here’s a quick look at the pros and cons of each account:

Bank of America Advantage SafeBalance Bank Checking Account

Positives:

  • Low opening deposit
  • No overdraft fees or insufficient funds fees
  • Lowest monthly maintenance fee for all three accounts

Negatives:

  • no checks
  • No option to add overdraft protection
  • You need a lot of money in your account to become a member of the Preferred Rewards Program and the monthly service fee is waived

Bank of America Advantage Plus bank account

Positives:

  • No overdraft fees or insufficient funds fees
  • Option to add overdraft protection
  • Multiple ways to waive your monthly service fee

Negatives:

  • $100 to open an account
  • $12 monthly maintenance fee if you do not qualify for a waiver

Again, if you are an eligible student under 24 years of age, you will not pay a monthly maintenance fee at Which account.

If you’re not exempt from Bank of America’s monthly fee—or are looking to avoid monthly service fees altogether—it might be time to consider other options.

What to consider when choosing a checking account

Whether you have a Bank of America account or another account, switching between banks can be a hassle. But it’s worth it if it will save you money – and headaches.

Not sure which bank is right for you? We categorized 10 current accounts So you don’t have to do the legal work of finding a new place to store your money. You can choose from a variety of traditional online-only banks. Bonus: Some banks can help you Get your paycheck faster.

In keeping with the topic of this article, you can save money by using This is a list of several free checking accounts. Most of these accounts take five minutes or less to sign up and some of these banks offer nice perks like a higher interest savings account or rewards. Just take a quick look at the fine print to make sure you’re aware of any additional costs. Other account fees or requirements may include:

  • Pay to replace or customize your debit card,
  • Non-bank ATM fees or other bank ATM fees
  • Minimum daily balance and
  • Other different account fees

Whatever you do, don’t hold back and let your bank take about $60 or more of your hard-earned money from you every year. There are other banks, and many better and easier to manage options.





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