Hey Readers,
Welcome to our comprehensive guide on Bank of America’s monthly fees. Are you curious about how much Bank of America charges for its services or looking for ways to steer clear of these fees? Well, you’ve come to the right place! This article will delve into the details of Bank of America’s monthly fees, exploring various account options and strategies to help you save money. So, buckle up and get ready to uncover the secrets to fee avoidance with Bank of America!
Monthly Fee Structure: A Breakdown
Basic Checking Account
Bank of America’s Basic Checking Account comes with a monthly fee of $12. However, you can avoid this fee by meeting any of the following conditions:
- Maintaining a minimum daily balance of $300.
- Receiving direct deposits totaling at least $250 per month.
- Being under the age of 24.
Essential Checking Account
The Essential Checking Account from Bank of America charges a monthly fee of $5. This fee can be waived by:
- Keeping a minimum daily balance of $500.
- Receiving monthly direct deposits of at least $500.
- Using Zelle to send or receive $500 each month.
Performance Checking Account
Bank of America’s Performance Checking Account comes with a higher monthly fee of $25. However, you can avoid this fee by:
- Maintaining a minimum daily balance of $1,500.
- Receiving monthly direct deposits of at least $2,500.
- Making at least 10 transactions per month, including debit card purchases, bill payments, and mobile deposits.
Ways to Reduce or Eliminate Monthly Fees
Consider an Alternative Bank
If you’re not satisfied with Bank of America’s fees, consider switching to a bank that offers lower or no monthly fees. Many online banks and credit unions offer free checking accounts with no minimum balance requirements.
Negotiate with Bank of America
Reach out to Bank of America and explain your financial situation. They may be willing to waive the monthly fee or reduce it for a period of time. Be polite and persistent, and present your case clearly.
Use a Fee-Free Savings Account
Consider opening a fee-free savings account with Bank of America. You can transfer funds from your checking account to the savings account to avoid overdraft fees.
Monthly Fee Breakdown Table
| Account Type | Monthly Fee | Minimum Balance Requirement | Direct Deposit Requirement | Other Fee-Waiving Conditions |
|---|---|---|---|---|
| Basic Checking | $12 | $300 | $250 | None |
| Essential Checking | $5 | $500 | $500 | Use Zelle for $500+ per month |
| Performance Checking | $25 | $1,500 | $2,500 | 10+ transactions per month |
Conclusion
Phew, that was quite a mouthful about Bank of America’s monthly fees! Remember, the key to avoiding these fees is to be mindful of your account balance and transaction activity. If you’re having trouble meeting the minimum requirements, explore other options such as negotiating with the bank or switching to a fee-free alternative. And while you’re here, don’t forget to check out our other insightful articles on personal finance. Thanks for reading, and happy banking!
FAQ about Bank of America Monthly Fee
1. What is the monthly fee for Bank of America accounts?
There are various Bank of America accounts with different monthly fees. Some accounts have no monthly fee, while others may charge up to $25.
2. Which accounts have no monthly fee?
- Advantage SafeBalance Banking
- Advantage Plus Banking
- Essential Banking
3. How can I avoid the monthly fee?
- Maintain a minimum daily balance in your account
- Set up direct deposits into your account
- Use your debit card for a certain number of purchases each month
- Have a qualifying linked Bank of America relationship
4. What are the minimum balance requirements to avoid the monthly fee?
Minimum balance requirements vary by account type. For example, the Advantage Plus Banking account requires a minimum balance of $1,500 to avoid the monthly fee.
5. How much direct deposit is needed to avoid the monthly fee?
For the Advantage SafeBalance Banking account, a monthly direct deposit of at least $250 is required to waive the monthly fee.
6. How many debit card purchases are required to avoid the monthly fee?
The number of debit card purchases required to avoid the monthly fee can vary by account type. Check the specific terms and conditions for your account.
7. Can I have a linked relationship to avoid the monthly fee?
Yes, having a qualifying linked relationship, such as a mortgage or investment account, can help you avoid the monthly fee on certain accounts.
8. What happens if I don’t meet the requirements to avoid the monthly fee?
If you don’t meet the requirements to avoid the monthly fee, you will be charged the fee each month.
9. Can I close my account to avoid the monthly fee?
Yes, you can close your account at any time. However, if you have any outstanding balances or fees, you will need to pay those before closing the account.
10. Where can I find more information about Bank of America monthly fees?
You can find more information about Bank of America monthly fees on the bank’s website or by contacting customer service.
