Greetings, Readers!
Welcome to our comprehensive guide on the monthly maintenance fee charged by Bank of America. We understand that bank fees can be a source of confusion and frustration, especially when they’re unexpected. In this article, we will delve into everything you need to know about Bank of America’s monthly maintenance fee, including how to avoid it, reduce it, or even eliminate it altogether.
Understanding Monthly Maintenance Fees
Monthly maintenance fees are charges levied by banks to cover the costs associated with maintaining your account. These fees can vary widely depending on the type of account you have and the bank you use. Bank of America offers a range of checking and savings accounts, each with its own set of monthly maintenance fees.
Factors Affecting Monthly Maintenance Fees
Several factors can influence the monthly maintenance fee charged by Bank of America, including:
- Account type: Different types of accounts have different fees associated with them. Premium accounts, such as the Bank of America Platinum Honors Checking Account, typically have higher monthly maintenance fees than standard accounts.
- Account balance: Some accounts waive the monthly maintenance fee if you maintain a certain minimum balance.
- Direct deposits: Setting up direct deposits into your account can often qualify you for a monthly maintenance fee waiver.
- Use of other bank services: Using other Bank of America services, such as online banking or mobile banking, may trigger a monthly maintenance fee waiver.
Ways to Avoid or Reduce Monthly Maintenance Fees
If you’re looking to avoid or reduce the monthly maintenance fee charged by Bank of America, there are several steps you can take:
Keep a High Account Balance
Maintaining a high account balance is one of the most effective ways to avoid monthly maintenance fees. Bank of America offers several accounts that waive the monthly maintenance fee if you maintain a certain minimum balance. For example, the Bank of America Advantage Plus Savings Account has a monthly maintenance fee of $5, but it is waived if you maintain a balance of at least $300.
Set Up Direct Deposits
Setting up direct deposits into your Bank of America account is another way to qualify for a monthly maintenance fee waiver. Many banks offer this benefit as an incentive to encourage customers to use direct deposit.
Use Other Bank Services
Using other Bank of America services, such as online banking or mobile banking, may also trigger a monthly maintenance fee waiver. These services provide convenience and efficiency, and banks are often willing to waive fees for customers who use them regularly.
Negotiate with the Bank
If you’re unable to meet the requirements for a monthly maintenance fee waiver, you may be able to negotiate with the bank to have the fee reduced or eliminated. This is especially true if you have been a long-time customer or if you have a large amount of money deposited with the bank.
Table of Monthly Maintenance Fees for Bank of America Checking and Savings Accounts
The following table provides a breakdown of the monthly maintenance fees for the most popular Bank of America checking and savings accounts:
| Account Type | Monthly Maintenance Fee | Minimum Balance to Waive Fee |
|---|---|---|
| Advantage Plus Savings | $5 | $300 |
| Performance Select Checking | $12 | $5,000 |
| Unlimited Cash Rewards Checking | $25 | $5,000 |
| Premium Rewards Checking | $30 | $20,000 |
| Business Advantage Checking | $15 | $1,500 |
Conclusion
Monthly maintenance fees can be a significant expense, but there are many ways to avoid or reduce them. By understanding the factors that affect monthly maintenance fees and taking steps to meet the requirements for a waiver, you can save yourself a significant amount of money.
We encourage you to explore other articles on our website for more information on banking fees, budgeting, and personal finance. Thank you for reading!
FAQ about Monthly Maintenance Fee Bank of America
What is a monthly maintenance fee?
A monthly maintenance fee is a fee charged by a bank to maintain an account. It typically covers the cost of services such as check processing, ATM transactions, and online banking.
How much is the monthly maintenance fee for Bank of America?
The monthly maintenance fee for Bank of America varies depending on the type of account. Some accounts have no monthly fee, while others may charge up to $25 per month.
How can I avoid the monthly maintenance fee?
There are several ways to avoid the monthly maintenance fee on a Bank of America account. One way is to maintain a minimum balance in the account. Another way is to set up direct deposit or automatic payments.
What happens if I don’t pay the monthly maintenance fee?
If you don’t pay the monthly maintenance fee, your account may be closed. The bank may also charge you a penalty fee.
Can I negotiate the monthly maintenance fee?
In some cases, you may be able to negotiate the monthly maintenance fee with your bank. However, this is not always possible.
What are the benefits of having a Bank of America account?
Bank of America offers a variety of benefits to its customers, including online banking, mobile banking, and access to a large network of ATMs.
What is the best way to contact Bank of America?
The best way to contact Bank of America is by phone at 1-800-432-1000. You can also visit your local branch or contact the bank online.
Can I open a Bank of America account online?
Yes, you can open a Bank of America account online. You will need to provide some basic information, such as your name, address, and Social Security number.
What is the minimum deposit to open a Bank of America account?
The minimum deposit to open a Bank of America account is $25.
What are the different types of Bank of America accounts?
Bank of America offers a variety of account types, including checking accounts, savings accounts, and money market accounts.
