BofA Monthly Maintenance Fee: A Comprehensive Guide for Readers
Introduction
Welcome, readers! Are you wondering about the monthly maintenance fee charged by Bank of America (BofA)? Look no further! In this comprehensive guide, we’ll dive into everything you need to know about BofA’s monthly maintenance fees, including details on how to waive them and more. Let’s get started!
Understanding BofA Monthly Maintenance Fees
Every BofA checking account comes with a monthly maintenance fee, which is a standard charge deducted from your account each month. This fee covers the costs associated with maintaining your account, such as providing online banking, mobile app access, and other essential services.
Factors Determining Your Monthly Maintenance Fee
The amount of your monthly maintenance fee depends on the type of checking account you have. Here’s a breakdown:
- Essential Checking: $5 monthly fee
- Advantage Savings: $4 monthly fee
- Preferred Rewards Checking: No monthly fee if you meet the following requirements:
- Maintain a minimum daily balance of $1500
- Make at least 10 qualifying transactions per month
- Premium Rewards Checking: No monthly fee if you meet the following requirements:
- Maintain a minimum daily balance of $5000
- Make at least 12 qualifying transactions per month
Waiving Your Monthly Maintenance Fee
The good news is that there are several ways to waive your monthly maintenance fee on BofA checking accounts:
- Minimum Balance: Maintain a minimum daily balance of $1500 in your Essential Checking or Advantage Savings account.
- Direct Deposit: Set up a direct deposit of at least $250 each month into your Essential Checking account.
- eStatements: Enroll in eStatements to receive your statements electronically instead of paper.
- Online Banking: Use BofA’s online banking portal for all your banking transactions.
- BofA Relationship: Have a qualifying BofA mortgage or other eligible accounts linked to your checking account.
Associated Fees and Charges
In addition to the monthly maintenance fee, there are other fees and charges associated with BofA checking accounts. These include:
- ATM Fees: $2.50 for non-BofA ATM withdrawals
- Overdraft Fees: Up to $35 per overdraft
- Returned Check Fees: Up to $12 per returned check
Detailed Table Breakdown
| Account Type | Monthly Maintenance Fee | Minimum Balance Requirement | Direct Deposit Requirement | eStatements | Online Banking | BofA Relationship |
|---|---|---|---|---|---|---|
| Essential Checking | $5 | $1500 | $250 | Yes | Yes | No |
| Advantage Savings | $4 | $1500 | No | Yes | Yes | No |
| Preferred Rewards Checking | $0 | $1500 | No | Yes | Yes | Yes |
| Premium Rewards Checking | $0 | $5000 | No | Yes | Yes | Yes |
Conclusion
Understanding your BofA monthly maintenance fee is crucial for managing your finances effectively. By carefully reviewing the information provided in this guide, you can easily determine how to waive your fee or reduce associated costs. If you have any further questions, feel free to visit BofA’s website or consult with a bank representative.
For more informative articles on banking and finance, explore our curated collection of related content below:
- How to Avoid Bank Fees: A Step-by-Step Guide
- Understanding Minimum Balance Requirements
- The Ultimate Guide to Direct Deposits
FAQ about BOFA Monthly Maintenance Fee
What is the monthly maintenance fee for BOFA?
The monthly maintenance fee for BOFA is $12.
What services are included in the monthly maintenance fee?
The monthly maintenance fee covers the following services:
- Account maintenance
- Online and mobile banking
- Debit card access
- ATM access
- Check writing
- Bill pay
When is the monthly maintenance fee charged?
The monthly maintenance fee is charged on the last day of each month.
Can I avoid the monthly maintenance fee?
Yes, you can avoid the monthly maintenance fee by meeting one of the following requirements:
- Maintain a minimum daily balance of $1,500 in your account.
- Receive direct deposits of at least $250 per month.
- Use your BOFA debit card for at least 10 transactions per month.
What happens if I don’t pay the monthly maintenance fee?
If you don’t pay the monthly maintenance fee, BOFA may charge you a late fee of $10. Additionally, your account may be closed if you don’t pay the fee after multiple late charges.
Can I close my account to avoid the monthly maintenance fee?
Yes, you can close your account to avoid the monthly maintenance fee. However, you may be charged a closing fee of $10.
What are the benefits of having a BOFA account?
BOFA offers a number of benefits, including:
- Competitive interest rates on savings and checking accounts
- Access to a large network of ATMs and branches
- Online and mobile banking
- Debit card access
- Check writing
- Bill pay
- Personal and business loans
- Investment services
How do I contact BOFA?
You can contact BOFA by phone at 1-800-935-9935, by email at service@bofa.com, or by visiting any BOFA branch.
Where can I find more information about BOFA?
You can find more information about BOFA on the bank’s website at www.bofa.com.
