Is that monthly maintenance fee from Bank of America weighing you down? You're not alone! Many bank customers face these charges, but the good news is that with a little knowledge and some strategic planning, you can absolutely avoid them. Let's dive into a comprehensive guide on how to keep your hard-earned money where it belongs – in your pocket!
How Do I Avoid Monthly Maintenance Fees at Bank of America? A Step-by-Step Guide
Bank of America offers several ways to waive their monthly maintenance fees, depending on the type of checking or savings account you have. The key is to understand the requirements for your specific account and then consistently meet one of those criteria.
Step 1: Identify Your Account Type and Its Specific Waiver Requirements
This is the most crucial first step. Bank of America has various checking and savings accounts, each with its own set of rules for fee waivers.
Sub-heading: Understanding the Different Account Tiers
Bank of America primarily offers three tiers of Advantage Banking accounts for personal checking:
- Advantage SafeBalance Banking®: This account is designed to help you avoid overdraft fees as it generally only allows transactions if you have enough money. It has a lower monthly fee, but still a fee nonetheless.
- Advantage Plus Banking®: This is a more traditional checking account that allows for paper checks and offers overdraft protection options. It comes with a higher monthly fee than SafeBalance.
- Advantage Relationship Banking®: This account is tailored for customers with higher balances and offers more benefits, but also has the highest monthly fee.
They also offer the Bank of America Advantage Savings account, which also has its own fee waiver conditions.
Sub-heading: Finding Your Account's Clarity Statement
To find the exact fee waiver requirements for your account, you should:
- Log in to your Bank of America online banking account.
- Navigate to your account details.
- Look for documents like a "Personal Schedule of Fees" or "Clarity Statement®." These documents outline all fees associated with your account and the conditions for waiving them.
- Alternatively, you can visit the Bank of America website and search for information on their checking and savings accounts, or even call customer service (800.432.1000) for personalized assistance.
Step 2: Strategize Your Fee Waiver Method
Once you know your account's specific requirements, you can choose the method that best suits your financial habits. Here are the common ways to avoid monthly fees at Bank of America:
Sub-heading: Maintaining a Minimum Daily Balance
This is one of the most common ways to avoid fees.
- For Advantage SafeBalance Banking®: You'll typically need to maintain a minimum daily balance of at least $500.
- For Advantage Plus Banking®: The requirement is generally a minimum daily balance of $1,500 or more.
- For Advantage Relationship Banking®: This account usually requires a much higher combined balance of $20,000 or more across eligible linked accounts.
- For Advantage Savings: You'll likely need to maintain a minimum daily balance of at least $500.
Tip: While a "minimum daily balance" sounds straightforward, it means your balance cannot dip below that threshold at any point during the statement cycle. Keep a buffer!
Sub-heading: Setting Up Qualifying Direct Deposits
For the Advantage Plus Banking® account, you can often waive the monthly fee by having at least one qualifying direct deposit of $250 or more per statement cycle.
- What constitutes a "qualifying direct deposit?" This typically refers to regular income deposits from your employer, pension, or government benefits (like Social Security).
- What doesn't qualify? Transfers from other bank accounts, teller deposits, wire transfers, and ATM deposits generally do not count as qualifying direct deposits for fee waiver purposes.
Action: If your employer offers direct deposit, set up a portion (or all) of your paycheck to go directly into your Bank of America account.
Sub-heading: Being Under a Certain Age
Bank of America offers fee waivers for younger individuals, promoting financial literacy from an early age.
- For Advantage SafeBalance Banking® and Advantage Savings: If you (or someone listed on the account) are under the age of 25, the monthly maintenance fee is typically waived.
- For Minor Savings Accounts: These accounts (for those under 18) are generally fee-free.
Consideration: This is a great option for students or young adults. If you're approaching the age limit, plan ahead for how you'll meet other waiver requirements.
Sub-heading: Enrolling in the Preferred Rewards® Program
If you have a significant financial relationship with Bank of America and Merrill, you might qualify for their Preferred Rewards program, which offers various benefits, including fee waivers on checking and savings accounts.
- How to qualify: Eligibility is based on your combined balances across eligible Bank of America deposit accounts (checking, savings, CDs) and Merrill investment accounts. There are different tiers (Gold, Platinum, Platinum Honors, Diamond Honors) with varying balance requirements (e.g., $20,000 for Gold, $50,000 for Platinum, $100,000 for Platinum Honors, $1,000,000 for Diamond Honors).
- Benefits: Preferred Rewards members typically get monthly maintenance fee waivers on multiple checking and savings accounts. The higher the tier, the more benefits you receive, including waived ATM fees (non-BofA) and wire transfer fees.
Benefit: This is a fantastic option for those who consolidate their banking and investing with Bank of America. There are no fees to join or participate in the Preferred Rewards program.
Sub-heading: Linking Accounts (for Advantage Relationship Banking and Advantage Savings)
For Advantage Relationship Banking, maintaining a combined balance across eligible linked accounts can help you meet the $20,000 waiver threshold. Similarly, linking your Advantage Savings account to an Advantage Relationship Banking, Advantage with Tiered Interest Checking, or Advantage Regular Checking account can waive the savings account fee.
- Important: Accounts aren't automatically linked for fee waivers. You might need to contact Bank of America to ensure your eligible accounts are properly linked to count towards the combined balance requirement.
Step 3: Monitor Your Account Regularly
Once you've chosen your strategy, it's essential to keep an eye on your account to ensure you're consistently meeting the waiver criteria.
Sub-heading: Utilize Online Banking and Mobile Alerts
Bank of America's online banking portal and mobile app are powerful tools for monitoring your balance and transactions.
- Set up low-balance alerts: Configure alerts to notify you via email or text message if your balance drops below a certain amount. This can help you quickly identify if you're close to not meeting your minimum balance requirement.
- Review your statements: Regularly check your monthly statements for any unexpected fees. If you see a maintenance fee, you can then investigate why it was charged and adjust your strategy.
Sub-heading: Understand Your Statement Cycle
Bank account fees are typically assessed based on your statement cycle. Be aware of when your statement cycle ends to ensure you meet the requirements for that specific period.
Step 4: What if You Still Get Charged a Fee?
Even with the best intentions, sometimes a fee might slip through. Don't despair!
Sub-heading: Contact Bank of America Customer Service
If you believe you met the waiver requirements and were still charged a fee, or if you simply made a mistake and missed a requirement, call Bank of America customer service (800.432.1000). Explain your situation politely. Many banks are willing to offer a one-time waiver as a goodwill gesture, especially if you have a good banking history.
Sub-heading: Re-evaluate Your Account Choice
If you consistently struggle to meet the fee waiver requirements for your current account, it might be time to consider a different account type with Bank of America or even another financial institution.
- SafeBalance Banking: If you find the Advantage Plus or Relationship Banking fees too high, and you don't need paper checks, the SafeBalance account might be a better fit due to its lower balance requirement or age waiver.
- Other Banks/Credit Unions: If Bank of America's fee structure doesn't align with your financial habits, explore other banks or credit unions that offer checking accounts with no monthly fees, often without strict requirements.
10 Related FAQ Questions
How to check my current Bank of America account type?
You can find your account type by logging into your Bank of America online banking, checking your monthly statement, or by calling customer service.
How to set up direct deposit with Bank of America?
You can set up direct deposit by logging into your Bank of America online banking and downloading a pre-filled direct deposit form, which you then provide to your employer's payroll office. You'll need your account number and the Bank of America routing number.
How to link my Bank of America accounts to avoid fees?
To link eligible accounts for fee waivers (especially for Advantage Relationship Banking or Advantage Savings), you may need to call Bank of America customer service or visit a financial center to ensure they are properly linked.
How to find my Bank of America routing number?
Your Bank of America routing number can be found on your checks, in your online banking portal, or by using the routing number locator tool on the Bank of America website.
How to enroll in Bank of America Preferred Rewards?
You can enroll in Bank of America Preferred Rewards if you meet the combined balance requirements across your eligible Bank of America and Merrill accounts. You can usually enroll through online banking or by contacting your advisor.
How to switch to a different Bank of America account type?
You can switch to a different Bank of America account type by visiting a financial center or by contacting customer service. They can guide you through the process, which often involves keeping your existing account number.
How to get a monthly statement from Bank of America online?
Log in to your Bank of America online banking account, navigate to your account, and look for "Statements & Documents" to view and download your monthly statements.
How to avoid overdraft fees with Bank of America?
Bank of America offers options like Advantage SafeBalance Banking (which generally declines transactions if funds aren't available) and Balance Connect® for overdraft protection, which links your checking to other eligible accounts to cover shortfalls.
How to contact Bank of America customer service?
You can contact Bank of America customer service by calling their main line at 800.432.1000. You can also use their online chat feature or visit a local financial center.
How to close a Bank of America account?
To close a Bank of America account, you typically need to visit a financial center, call customer service, or send a written request. Ensure your balance is zero and all outstanding transactions have cleared before initiating the closure.
