Do you ever find yourself staring at your bank statement, wondering why a certain amount disappeared, seemingly out of thin air? Or perhaps you're considering opening an account with Bank of America and want to get ahead of any potential surprises. You're in the right place! Understanding banking fees can feel like navigating a maze, but it's crucial for managing your money effectively.
This comprehensive guide will break down the common monthly charges at Bank of America, providing you with a clear, step-by-step understanding of what to expect and, more importantly, how to minimize or even eliminate these fees.
Step 1: Identify Your Account Type – The First Key to Unlocking Fee Knowledge
Before we dive into the specifics, the most important first step is to know what kind of account you have or are planning to open with Bank of America. They offer various checking and savings accounts, each with its own fee structure and waiver requirements.
- Advantage SafeBalance Banking: Designed for simpler banking, often with no check-writing capabilities.
- Advantage Plus Banking: A more traditional checking account with standard features.
- Advantage Relationship Banking: A comprehensive account offering more benefits, often for those with higher balances.
- Advantage Savings: Their standard savings account.
Take a moment right now to check your existing account type on your online banking portal, mobile app, or a recent statement. If you're considering opening an account, research the specific features and fees of the one you're interested in on the Bank of America website.
Once you know your account type, you'll be better equipped to understand the potential charges.
Step 2: Deconstructing Monthly Maintenance Fees (The Most Common Culprit)
The monthly maintenance fee is perhaps the most common charge you'll encounter. This is a recurring fee that banks charge for the upkeep of your account. Here's a breakdown of Bank of America's typical monthly maintenance fees for their Advantage Checking accounts and their Advantage Savings account, as of mid-2025:
Sub-heading: Checking Account Monthly Maintenance Fees
- Advantage SafeBalance Banking: Typically charges a monthly fee of $4.95. This account is geared towards preventing overdrafts as it generally declines transactions if you don't have enough funds.
- Advantage Plus Banking: Carries a monthly maintenance fee of $12. This is their most popular checking account.
- Advantage Relationship Banking: This account has the highest monthly fee, usually $25. However, it also comes with more benefits and easier ways to waive the fee.
Sub-heading: Savings Account Monthly Maintenance Fees
- Advantage Savings: The standard monthly maintenance fee for this account is typically $8.
Step 3: Strategize to Avoid Monthly Maintenance Fees – Your Wallet's Best Friend
The good news is that Bank of America offers several ways to waive these monthly maintenance fees. This is where you can significantly save money. The specific waiver requirements vary by account type, so pay close attention!
Sub-heading: Waiving Advantage SafeBalance Banking Fees
You can typically avoid the $4.95 monthly fee if you meet one of the following during each statement cycle:
- Maintain a minimum daily balance of $500 or more.
- An account owner is under 25 years old. (This is a great option for students or young adults!)
- An account owner is a member of the Preferred Rewards program.
Sub-heading: Waiving Advantage Plus Banking Fees
To avoid the $12 monthly fee, you generally need to meet one of these conditions each statement cycle:
- Make at least one qualifying direct deposit of $250 or more to your account. This is a very common and effective way for many people to avoid the fee.
- Maintain a minimum daily balance of $1,500 or more in your account.
- An account owner is a member of the Preferred Rewards program.
Sub-heading: Waiving Advantage Relationship Banking Fees
This account's $25 monthly fee is easier to waive if you have higher balances or multiple relationships with Bank of America:
- Maintain a combined balance of $20,000 or more across eligible Bank of America accounts (checking, savings, Merrill Lynch investment accounts, etc.). This is a significant threshold, but if you have various accounts with them, it can be quite beneficial.
- An account owner is a member of the Preferred Rewards program. This is often the easiest way if you meet the eligibility for Preferred Rewards.
Sub-heading: Waiving Advantage Savings Fees
You can typically avoid the $8 monthly fee for your Advantage Savings account if you meet one of the following requirements:
- Maintain a minimum daily balance of $500 or more.
- Link your Advantage Savings account to an Advantage Relationship Banking account or other eligible checking account.
- Be a member of the Preferred Rewards program.
- An account owner is under 25 years old. (Similar to SafeBalance, a good option for younger savers.)
- For new accounts: The monthly maintenance fee is often waived for the first six months from account opening.
Step 4: Understanding Other Common Fees – Beyond Monthly Maintenance
While monthly maintenance fees are a big one, Bank of America, like most banks, has other fees you might encounter. Being aware of these can prevent unexpected charges.
Sub-heading: Overdraft Fees
Overdrafts occur when you spend more money than you have in your account.
- Bank of America's Overdraft Item Fee: As of mid-2025, Bank of America charges a $10 fee for each overdraft over $1. They generally limit this to two fees per day, meaning a maximum of $20 in overdraft fees per day.
- Important Note: Bank of America has options to help you avoid overdrafts, such as declining ATM withdrawals and everyday debit card purchases if you don't have enough funds. You can also set up overdraft protection, linking your checking account to a savings account or a line of credit, which may incur a transfer fee but prevent the higher overdraft item fee.
Sub-heading: ATM Fees
- Bank of America ATMs: No fee for Bank of America customers using their own ATMs for withdrawals, deposits, transfers, or balance inquiries.
- Non-Bank of America ATMs (Domestic): You will be charged $2.50 per transaction by Bank of America for withdrawals or transfers at non-Bank of America ATMs in the U.S. Additionally, the ATM operator itself may charge its own fee.
- Non-Bank of America ATMs (International): This is where fees can add up. Bank of America charges $5.00 per transaction for withdrawals or transfers at non-Bank of America ATMs outside the U.S. Plus, they will assess an international transaction fee of 3% of the U.S. dollar amount for all ATM withdrawals processed in foreign currency. The ATM operator will also likely charge their own fee.
Sub-heading: Wire Transfer Fees
Sending money via wire transfer, especially internationally, often comes with fees.
- Domestic Outgoing Wire Transfer: Typically $30.
- Domestic Incoming Wire Transfer: Usually $15.
- International Outgoing Wire Transfer (in U.S. dollars): Around $45.
- International Outgoing Wire Transfer (in foreign currency): While there might not be a direct "wire transfer fee," Bank of America will apply an exchange rate markup, which is essentially a hidden fee.
- International Incoming Wire Transfer: Generally $15.
- Preferred Rewards Benefit: Preferred Rewards members (especially at higher tiers) often get waivers or reduced fees for wire transfers.
Sub-heading: Other Miscellaneous Fees to Be Aware Of
- Card Replacement Fee: Typically no fee for a standard replacement, but $15 for rush delivery.
- Stop Payment Order: Around $30 for each request, but may be waived for debit card or Bill Pay transactions.
- Cashier's Checks: Approximately $15 per check.
- Foreign Transaction Fees (Debit/Credit Cards): For debit card purchases made in a foreign currency, Bank of America usually charges a 3% fee of the U.S. dollar amount. Many of their credit cards have no foreign transaction fees, but it's important to check the specific card's terms.
Step 5: Leveraging Bank of America Preferred Rewards Program
If you have significant assets with Bank of America (checking, savings, Merrill investment accounts), their Preferred Rewards program is an excellent way to avoid many fees and gain other benefits.
Sub-heading: How Preferred Rewards Works
The program has tiers (Gold, Platinum, Platinum Honors, Diamond Honors) based on your combined eligible balances with Bank of America and Merrill. As you move up the tiers, the benefits increase, including:
- Waiver of monthly maintenance fees on eligible checking and savings accounts (often waiving fees for multiple accounts).
- Reduced or waived fees for things like wire transfers, cashier's checks, and even some non-Bank of America ATM fees.
- Interest rate boosters on savings accounts.
- Credit card rewards bonuses.
If you have sufficient balances, exploring the Preferred Rewards program can be a game-changer for your banking costs.
Step 6: Review Your Account Regularly and Stay Informed
The final and ongoing step is to regularly review your bank statements and Bank of America's Personal Schedule of Fees.
- Monthly Statement Review: Look for any unfamiliar charges or fees. If you see something you don't understand, contact Bank of America customer service.
- Personal Schedule of Fees: This document, available on the Bank of America website, provides the most up-to-date and comprehensive list of all potential fees. It's wise to review it periodically as fees can change.
By proactively managing your account and understanding the fee structure, you can ensure you're not paying unnecessary charges.
10 Related FAQ Questions
Here are 10 frequently asked questions about Bank of America fees, with quick answers:
How to avoid Bank of America checking account monthly fees?
You can typically avoid monthly checking fees by maintaining a minimum daily balance, setting up qualifying direct deposits, or being a member of the Preferred Rewards program. Specific requirements vary by account type (SafeBalance, Plus, Relationship).
How to avoid Bank of America savings account monthly fees?
Waive savings fees by maintaining a minimum daily balance ($500), linking it to an eligible checking account (like Advantage Relationship Banking), being under 25, or being a Preferred Rewards member. New accounts often get the first six months waived.
How to check my Bank of America account's current fees?
You can find your account's specific fees on your monthly bank statement, by logging into your online banking portal, or by reviewing the "Personal Schedule of Fees" document available on the Bank of America website.
How to avoid Bank of America overdraft fees?
Enroll in overdraft protection linking your checking to savings, opt out of overdraft coverage for debit card purchases and ATM withdrawals (transactions will be declined if insufficient funds), or simply manage your balance carefully.
How to minimize Bank of America ATM fees?
Use Bank of America's extensive network of ATMs whenever possible. If you must use an out-of-network ATM, be aware of both Bank of America's fee ($2.50 domestic, $5 international) and the ATM operator's fee. Preferred Rewards members may get some ATM fees reimbursed.
How to send money internationally with Bank of America and manage fees?
You can send international wire transfers through online banking or a branch. Fees typically range from $15 (incoming) to $45 (outgoing in USD). Be aware of exchange rate markups for transfers in foreign currency. Preferred Rewards benefits can reduce or waive these.
How to get a Bank of America credit card with no annual fee?
Many Bank of America credit cards, such as the Unlimited Cash Rewards or Customized Cash Rewards cards, come with no annual fee. Check their credit card offerings on their website to find a suitable option.
How to become a Bank of America Preferred Rewards member to save on fees?
Become a Preferred Rewards member by maintaining a combined balance of at least $20,000 across your eligible Bank of America deposit and Merrill investment accounts. Higher tiers offer more benefits.
How to set up direct deposit to waive my Bank of America checking fee?
Provide your employer or benefits provider with your Bank of America account number and routing number. Most Advantage Plus accounts require at least one qualifying direct deposit of $250 or more per statement cycle.
How to contact Bank of America customer service about fees?
You can contact Bank of America customer service by calling the number on the back of your debit card or statement, or by visiting a local branch. You can also find contact information on their official website.
