Introduction
Hey readers!
Welcome to our in-depth guide on Bank of America’s monthly maintenance fees. We know they can be a pain, but we’re here to help you understand everything you need to know so you can avoid them and save some money.
What Is a Monthly Maintenance Fee?
A monthly maintenance fee is a charge that some banks impose on certain types of accounts, such as checking accounts. The fee is typically charged on a monthly basis and is normally used to cover the costs of providing the account and its associated services.
Bank of America’s Monthly Maintenance Fees
Bank of America offers a variety of checking accounts, each with its own monthly maintenance fee structure. Here are the most common account types and their associated fees:
- Basic Checking: $12 monthly
- Advantage Plus Banking: $25 monthly
- Advantage Relationship Banking: $0 monthly (with qualifying requirements)
- Premium Rewards Checking: $25 monthly
- Business Advantage Checking: $15 monthly
How to Avoid Monthly Maintenance Fees
There are a few ways to avoid monthly maintenance fees on Bank of America accounts:
- Maintain a minimum balance: Most Bank of America checking accounts waive the monthly maintenance fee if you maintain a certain minimum balance in the account. The minimum balance varies depending on the account type.
- Set up direct deposits: Setting up direct deposits to your account can also waive the monthly maintenance fee. The number of direct deposits required varies depending on the account type.
- Use a qualifying credit card: Using a Bank of America credit card can waive the monthly maintenance fee on some checking accounts. The credit card you need to use varies depending on the account type.
- Open a high-yield savings account: Opening a high-yield savings account with Bank of America can waive the monthly maintenance fee on some checking accounts. The minimum balance required in the savings account varies depending on the checking account type.
Additional Ways to Save Money
In addition to avoiding monthly maintenance fees, there are other ways to save money on your banking with Bank of America:
- Use online banking: Online banking is free, so you can save money on ATM fees and other charges by using it instead.
- Use a debit card: Debit cards are free to use, so you can save money on credit card fees by using them instead.
- Shop around for the best rates: Bank of America’s interest rates and fees may not be the best available. Shop around to find the best rates for your needs.
Monthly Maintenance Fee Breakdown
Here’s a detailed table breaking down the monthly maintenance fees for Bank of America’s most common checking accounts:
| Account Type | Monthly Maintenance Fee | Minimum Balance to Avoid Fee | Direct Deposits to Avoid Fee | Qualifying Credit Card to Avoid Fee | High-Yield Savings Account to Avoid Fee |
|---|---|---|---|---|---|
| Basic Checking | $12 | $300 | 1 | None | None |
| Advantage Plus Banking | $25 | $1,500 | 1 | Bank of America Preferred Rewards Visa Signature Card | None |
| Advantage Relationship Banking | $0 | $25,000 | 3 | Bank of America Platinum Honors Rewards Visa Signature Card | None |
| Premium Rewards Checking | $25 | $3,000 | 1 | Bank of America Premium Rewards Visa Signature Card | None |
| Business Advantage Checking | $15 | $5,000 | 1 | Bank of America Business Advantage Visa Signature Card | None |
Conclusion
Bank of America’s monthly maintenance fees can be a hassle, but there are ways to avoid them. By following the tips in this article, you can save money and keep more of your hard-earned cash.
Thanks for reading! Be sure to check out our other articles on banking and personal finance for more tips and advice on how to manage your money.
FAQ about Bank of America Monthly Maintenance Fee
What is the monthly maintenance fee for Bank of America?
The monthly maintenance fee for Bank of America ranges from $0 to $25 depending on the type of account you have.
How can I avoid the monthly maintenance fee?
There are several ways to avoid the monthly maintenance fee, including:
- Maintaining a minimum balance in your account
- Setting up direct deposit
- Using your Bank of America debit card frequently
- Being a student or senior citizen
What happens if I don’t pay the monthly maintenance fee?
If you don’t pay the monthly maintenance fee, Bank of America may charge you a penalty fee and/or close your account.
How do I find out how much my monthly maintenance fee is?
You can find out how much your monthly maintenance fee is by:
- Checking your account statement
- Calling Bank of America customer service
- Logging into your online banking account
What are the different types of Bank of America accounts that have a monthly maintenance fee?
The types of Bank of America accounts that have a monthly maintenance fee include:
- Basic checking accounts
- Advantage SafeBalance Banking accounts
- Performance Select accounts
What are the different ways to set up direct deposit?
You can set up direct deposit by:
- Giving your employer or benefits provider your Bank of America account number and routing number
- Setting up direct deposit through your online banking account
- Visiting a Bank of America branch
How often does Bank of America charge the monthly maintenance fee?
Bank of America charges the monthly maintenance fee on the last business day of each month.
How can I get help with paying my monthly maintenance fee?
You can get help with paying your monthly maintenance fee by:
- Contacting Bank of America customer service
- Visiting a Bank of America branch
- Applying for a hardship waiver
What is a hardship waiver?
A hardship waiver is a temporary waiver of the monthly maintenance fee. You may be eligible for a hardship waiver if you are experiencing financial difficulties.
