Bank of America is a multinational investment bank offering diverse financial services to all United States residents. Checking and saving account fees are among the top financial services offered by think bank of America. Both accounts attract various forms of charges that are worth paying close attention to.
Checking account holders should even be more careful about the fee imposed on their accounts. Some charges are standard while others are dynamic. For instance, monthly fee depends on the type of checking account you hold.
Fortunately, the Bank of America has options in which you can avoid various checking account fees. You can apply for a waiver or choose to fulfill some specific conditions. In this article, we bring you detailed information about various checking account fees. You will also get a breakdown of fees on other Bank of America products and services.
How Much Are Bank of America Banking Fees?
Being the second-largest bank in the U.S, Bank of America offers several accounts. There are charges imposed on all these accounts. These include overdraft, checking account fees, saving account fees, monthly maintenance fees. Other ways include wiring services which include incoming and outgoing wire transfers. Also, there are ATM fees if you use a non-Bank of America ATM. Below is a breakdown of information on what fees you are likely to pay if you open an account with Bank of America.
1. Checking Accounts
There are three checking accounts you can open with the Bank of America. All these accounts attract different monthly maintenance fee. They include Core checking account, Interest checking account, and Safe Balance Banking.
- Bank of America Core Checking Account: This checking account has a monthly maintenance fee of $12. However, you can receive a waiver if you deposit $250 each month. Another way you can receive this waiver is by maintaining a minimum daily balance of $1,500 and above.
- Bank of America Interest Checking Account: This account attracts a monthly fee of $25. You can also receive a waiver if you link all the other accounts to this account. Alternatively, you should maintain its balance at or above $10,000.
- Bank of America Safe Balance Banking: Safe Balance checking account has a monthly maintenance fee of $4.95. Unlike the other checking accounts, this account does not have waivers.
2. Saving account
Saving Account is another form of account you can open with Bank of America. However, it has restrictions depending on the maximum number of free withdrawals. Also, the direct payments from the account are restricted.
There are three types of saving accounts as depicted below;
- Rewards Saving account: This account has a monthly fee of $8. You can receive a waiver when you maintain a minimum daily balance of $500.
- Minor Saving account: The owners of this type of account are persons below the age of 18 years. It does not have a monthly maintenance fee and the holder can convert to a Reward Savings Account when they become of age. It is at this stage where monthly fee charges are effective.
- Custodian Saving account: Like the Minor Saving account, an owner is also a person who is under 18 years. The only difference is that the parents maintain the savings account. This means they are the custodians of the account. It has a monthly fee of $5 which is waived if the account has a minimum balance of $300.
The Bank of America overdraft fees are so broad. Most banks have overdraft services for customers who may want to withdraw or pay more than their account balances. The charge for each transaction is $35.
If you have a personal or consumer account, the charges are not more than four overdraft items. This also includes the returned item fee per day. If you use a small business account, the charges will not be more than eight overdraft items. Like a personal account, it will also include the returned items per day.
Additionally, there is an overdraft protection for the linked accounts. In this case the money is automatically transferred from the linked accounts. It is then used to pay for the transaction fee. There is a fee of $12 for every transaction in this service.
4. ATM Transactions
ATM fee applies only if you use the domestic non-Bank of America ATMs. Otherwise, all transactions through Bank of America ATMs are free. The fee for transacting is $2.50 per transaction. Note that this will be an addition to what the ATM operator may add.
If you are using a foreign non-Bank of America ATM, you will attract a fee of $5 per transaction. Additionally, you will also attract an extra international transaction fee of 3% to every transaction you make. This is for converting the currency to local currency. In some cases, the local bank may also add its charge on the transaction fee.
5. Check fees
Other extra charges by the Bank of America are in checks. In scenarios like when you are ordering checks for a personal account, you will pay on average $30. You may also need a cashier check; for this you will pay $10 per check.
Cashier checks are more prevalent in brokerage transactions like in real estate purchases. Although, it’s worth noting that you can pay a “stop payment” for any check they issue. In such cases, you will pay $30 for each request.
6. Wired transfers
Wire transfers refer to electronic money transfers through a network of banks or agencies. It’s one of the most popular global money transfer methods. When such happens, the fee imposed by the Bank of America depends on several factors.
These include whether it is incoming, ongoing, domestic, or foreign. Also, the currency in which you sent the wire is a determinant of the fee to be paid. Below is a breakdown of wired transfer fees;
- The incoming wire: This wire is into two categories; domestic and foreign incoming wires. The transaction fee imposed on them is $15 for the incoming domestic wire. When you have a foreign wire, you attract a fee of $16. You should note that the entire transaction fee is per transaction.
- The outgoing wire: Like the incoming wire, the outgoing wire is also categorized into the outgoing domestic and outgoing foreign wire. The two have different transfer fees. For the outgoing domestic wire, there is a transaction fee of $30 per transaction.
Outgoing foreign wire attracts a transfer fee of $35 if sent in foreign currency. Additionally, if you are sending outgoing foreign wire with U.S Dollar, you will pay a transfer fee of $45. This is also on every transaction.
Consequently, the banks you are transacting with may charge you on the incoming and outgoing foreign transfers. This will be in any currency you have wired with. Also, you may attract a fee between $12 and $15 if the deposited transfer is returned.
How Much Does It Cost to Open a Bank Account at Bank of America?
Bank of America requires you to make a minimum deposit of $25 when opening a basic checking account. The other two tiers of the checking account will require you to deposit $100. After opening, your account will be subject to monthly maintenance fee.
This will depend on the type of account you open. Although, you can waiver this additional fee if you maintain a certain transaction limit and balances.
Bank of America Additional Fees & Charges
Apart from the monthly fees imposed on various accounts, Bank of America customers face fees in other areas. These include fee paid after receiving a certain transaction. Below are areas where you can encounter such charges.
- Card replacement –If you want to replace a damaged or lost card; Bank of America will charge you $5. However, this is only if the card has not expired. Additionally, if you want to utilize the rush delivery, you’ll have to pay an additional $15.
- Copies of documents– Sometimes you may need certain bank documents such as statement copies, printable check images, etc. There are different reasons why people may need such documents; Perhaps to be sent to a third party or for personal auditing. If you find yourself in such a situation, the bank can provide copies of the documents at $3 fees.
Bank of America Checking Account Fees in 2021 Guideline
Bank of America has a different checking account, tariffs, and monthly fees. The monthly fee depends on what type of account you hold. Each account connects to an application that helps you in its management. The checking accounts include Advantage SafeBalance banking, Advantage Plus, and Advantage Relationship. Below is a tabulated data for the fees.
|Advantage SafeBalance banking||$4.95|
Apart from the fee imposed on the accounts, other fees you are likely to get are as shown below;
|Out of network ATM||It depends on the location. Those in the United State is $2.5 and outside the U.S is $5|
|Foreign exchange rate||3%|
|Wire transfer||It varies|
People Also Ask
Q: What is the monthly maintenance fee for Bank of America?
A: There are two accounts by Bank of America with monthly fees. One is a Checking account and the saving account. For checking account, it has a monthly fee of $4.95, $12, and $25 depending on the account you have.
The saving account has a monthly fee of $5 and $8. The fee is charged per account. Therefore, if you have many accounts, the same fee is imposed across all the accounts.
Q: Does Bank of America offer free checking?
A: No. Bank of America does not offer free checking. Although, there are several means and techniques you can use to evade the charges. Every checking account has its requirements and charges. Even though there is no free checking, there is an option for waivers which is available to all the customers. Fortunately, only one account type does not have waivers.
Q: Can I deposit someone else’s check in my account bank of America?
A: No. It is not possible to deposit someone else’s check in your account. The only way is if the owner has marked on it “Pay to the order of” and signed on the back of the check. If he meets that, then your bank will also request you to sign the check on the bank. This will give you go-ahead to deposit the check into your account.
Q: How to avoid the bank of America checking account fees?
A: There are various measures you can try to make sure you don’t pay the torturous monthly fees imposed on different checking accounts. These ways can either help you reduce or eliminate the fee altogether. These include;
- Maintaining your minimum balance set by Bank of America.
- Enroll in the preferred Reward Program.
- Linking your Bank of America accounts.
- Qualifying for student waiver.
- Have qualifying direct deposits.
- Do not overspend and if possible, avoid the overdrafts.
Q: How to close a bank of America checking account?
A: There are different ways you can use to close your Bank of America account. The closing of the account is free as long as you do not have debts with the account. The first method is by doing it online. This way you visit the website and text the online correspondent with instructions to close down your account.
The agents may ask you a few questions to verify your identity and willingness to close down your account. The other option is to make a trip to a local branch and request for your account closure.
Checking account by the Bank of America is one of the best accounts you can open. This is owing to the many banking options and features they have. Despite their various forms of charges on their products and services, they remain very considerate. That’s why they offer waivers among other customer friendly services. Their widespread presence is also another advantage. That means even if you need physical assistance, locating a Bank of America branch isn’t a hassle.