Are you tired of seeing that pesky Bank of America monthly maintenance fee appear on your statement? You're not alone! Many Bank of America customers face these charges, but the good news is that most of these fees are entirely avoidable. With a little knowledge and a few strategic adjustments, you can keep more of your hard-earned money in your pocket.
Let's dive into a comprehensive, step-by-step guide to help you bid farewell to those monthly maintenance fees for good!
Step 1: Understand Your Current Bank of America Account Type and Its Fees
Before you can tackle the fees, you need to know what kind of Bank of America account you have and what its specific fee structure is. Bank of America offers several checking and savings account options, each with different requirements for waiving the monthly maintenance fee.
Sub-heading: Why Knowing Your Account Matters
Different accounts have different rules. What waives the fee for one account might not apply to another. For example, the requirements for an Advantage Plus Banking account are different from those for an Advantage SafeBalance Banking account.
- Check your statements: Your monthly bank statements will clearly indicate your account type and any fees charged.
- Log in to Online Banking: Your account dashboard will also show your account type and often provide links to its fee schedule.
- Visit a financial center or call customer service: If you're unsure, don't hesitate to ask a Bank of America representative. They can clarify your account type and its associated fees.
Here's a general overview of some common Bank of America accounts and their fee waiver criteria:
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Bank of America Advantage SafeBalance Banking®:
- Monthly Fee: ~$4.95
- How to Waive:
- Maintain a minimum daily balance of $500 or more.
- Have an owner of the account under the age of 25.
- Be enrolled in the Preferred Rewards program.
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Bank of America Advantage Plus Banking®:
- Monthly Fee: ~$12
- How to Waive:
- Have at least one qualifying direct deposit of $250 or more per statement cycle.
- Maintain a minimum daily balance of $1,500 or more.
- Be enrolled in the Preferred Rewards program.
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Bank of America Advantage Relationship Banking®:
- Monthly Fee: ~$25
- How to Waive:
- Maintain a minimum daily balance of $20,000 or more in your account.
- Be enrolled in the Preferred Rewards program.
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Bank of America Advantage Savings:
- Monthly Fee: ~$8
- How to Waive:
- Maintain a minimum daily balance of $500 or more.
- Link your Advantage Savings account to an Advantage Relationship Banking account, Advantage with Tiered Interest Checking, or Advantage Regular Checking account.
- Have an owner of this account under the age of 25.
- Be enrolled in the Preferred Rewards program.
- New accounts may have the monthly fee waived for the first six months.
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| How To Get Rid Of Bank Of America Monthly Maintenance Fee |
Step 2: Strategize Your Fee Waiver Method
Once you know your account type and its waiver options, you can choose the best strategy for you. Consider your financial habits and goals.
Sub-heading: Option A: Maintain Minimum Balances
This is often the most straightforward way to avoid fees.
- For Advantage SafeBalance Banking & Advantage Savings: Aim to keep at least $500 in your account at all times.
- For Advantage Plus Banking: Strive for a minimum daily balance of $1,500.
- For Advantage Relationship Banking: This one requires a substantial balance of $20,000. If you don't typically keep this much in a checking account, other options might be more suitable.
Pro Tip: Set up balance alerts through Bank of America's online banking or mobile app. This will notify you if your balance drops below a certain threshold, giving you time to add funds before a fee is assessed.
Tip: Don’t skip — flow matters.
Sub-heading: Option B: Set Up Qualifying Direct Deposits
If your income is consistent, direct deposit can be an easy win.
- For Advantage Plus Banking: You'll need at least one direct deposit of $250 or more per statement cycle. This usually refers to your salary, pension, or government benefits directly deposited by your employer or payer.
- What doesn't count: Transfers from other Bank of America accounts, teller deposits, wire transfers, and ATM deposits generally do not count as qualifying direct deposits.
Action: Contact your employer's payroll department and provide them with your Bank of America account and routing numbers to set up direct deposit. You can often find a pre-filled direct deposit form within your Bank of America online banking.
Sub-heading: Option C: Leverage Your Age (If Applicable)
This is an automatic waiver for many young adults.
- For Advantage SafeBalance Banking & Advantage Savings: If you are under the age of 25, the monthly maintenance fee is automatically waived. Bank of America also has fee waivers for students enrolled in high school, college, university, or a vocational program.
Note: Even if you're a student, ensure Bank of America has your correct age on file. If you turn 25, the fee waiver will likely cease, and you'll need to meet other criteria.
Sub-heading: Option D: Enroll in Preferred Rewards
This is a fantastic option if you have significant assets with Bank of America or Merrill.
- The Preferred Rewards program offers various benefits, including waived monthly maintenance fees on eligible checking and savings accounts.
- Tier Requirements (combined average daily balance in Bank of America deposit accounts and/or Merrill investment accounts):
- Gold Tier: $20,000+
- Platinum Tier: $50,000+
- Platinum Honors Tier: $100,000+
- Diamond Honors Tier: $1,000,000+
Benefits: Beyond fee waivers, Preferred Rewards members can get interest rate boosts on savings, credit card rewards bonuses, discounts on mortgages and home equity lines, and more.
Action: Log into your Bank of America online banking to see if you qualify for Preferred Rewards. If you have significant balances across multiple accounts (checking, savings, CDs, Merrill investment accounts), combining them for Preferred Rewards can be highly beneficial.
QuickTip: Revisit this post tomorrow — it’ll feel new.
Sub-heading: Option E: Link Accounts (Specific to Advantage Savings)
If you have an Advantage Savings account, linking it to certain checking accounts can waive its fee.
- If you have an Advantage Savings account, its monthly fee can be waived by linking it to a Bank of America Advantage Relationship Banking, Advantage with Tiered Interest Checking, or Advantage Regular Checking account.
Step 3: Implement Your Chosen Strategy and Monitor
Once you've decided on the best approach, it's time to put it into action.
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Sub-heading: Execute the Plan
- For Minimum Balances: Make sure you have enough funds to meet the requirement. If you usually keep less, transfer money from another account or savings.
- For Direct Deposit: Follow up with your employer to confirm the direct deposit has been set up correctly and is hitting your Bank of America account.
- For Preferred Rewards: Enroll online if you qualify. The benefits usually become effective within 30 days.
Sub-heading: Monitor Your Account Regularly
- Check your statements: For the first few cycles after implementing your strategy, carefully review your statements to ensure the monthly maintenance fee is no longer being charged.
- Use online banking/mobile app: Regularly check your account balance and transaction history to ensure you're meeting the waiver criteria. Set up alerts for low balances or for when a direct deposit is received.
Don't hesitate to contact customer service if you see a fee after you believe you've met the waiver criteria. Sometimes, there might be a lag in processing or a specific nuance to the criteria you missed.
Step 4: Consider Alternatives (If Fees Persist)
If, after trying the above methods, you find it consistently difficult to avoid the monthly maintenance fee, it might be time to explore other banking options.
Sub-heading: Explore Different Bank of America Accounts
Perhaps your current account isn't the right fit. For example, if you can't maintain a high balance for Advantage Relationship Banking, perhaps Advantage Plus Banking (with its direct deposit waiver) or Advantage SafeBalance Banking (with its lower balance requirement or under-25 waiver) would be a better choice.
Action: Call Bank of America customer service or visit a financial center to discuss changing your account type. They can guide you on the best fit for your financial situation.
Sub-heading: Consider Other Banks or Credit Unions
Many financial institutions offer checking and savings accounts with no monthly fees, often with fewer or no requirements.
QuickTip: Read in order — context builds meaning.
- Online Banks: Many online-only banks have low overhead, allowing them to offer accounts with no monthly fees, no minimum balance requirements, and competitive interest rates.
- Local Credit Unions: Credit unions are member-owned and often prioritize lower fees and better rates for their members.
Research: Look into banks and credit unions in your area or online that offer fee-free checking accounts. Compare their features, ATM access, and customer service.
Step 5: Be Proactive and Persistent
Avoiding bank fees requires a bit of proactivity. Don't wait until you see the fee pop up on your statement to take action.
Sub-heading: Stay Informed
Bank of America, like any financial institution, can change its fee structures and waiver requirements. Periodically review your account's "Personal Schedule of Fees" document, which is usually available on their website or by request.
Sub-heading: Communicate with Bank of America
If you are hit with a fee that you believe was an error or that you could have avoided, call customer service immediately. Politely explain your situation. Sometimes, especially if it's a first offense or you're a long-standing customer, they may offer to waive the fee as a one-time courtesy.
Remember: Your money is yours. With a little effort, you can ensure it stays that way.
10 Related FAQ Questions
How to check my Bank of America account type and fees?
You can find your account type and its associated fees on your monthly bank statement, by logging into your Bank of America online banking or mobile app, or by calling Bank of America customer service.
How to set up direct deposit to waive Bank of America fees?
You can typically download a pre-filled direct deposit form from your Bank of America online banking account. Provide this form, along with your account and routing numbers, to your employer's payroll department to set up qualifying direct deposits.
QuickTip: Read section by section for better flow.
How to link my Bank of America savings account to avoid fees?
For Bank of America Advantage Savings accounts, you can waive the fee by linking it to a Bank of America Advantage Relationship Banking, Advantage with Tiered Interest Checking, or Advantage Regular Checking account. Contact customer service or visit a financial center for assistance with linking.
How to qualify for Bank of America Preferred Rewards?
To qualify for Preferred Rewards, you need an eligible Bank of America personal checking account and maintain a three-month combined average daily balance of $20,000 or more across your qualifying Bank of America deposit accounts and/or Merrill investment accounts.
How to find out if I am eligible for a student fee waiver at Bank of America?
Bank of America waives monthly maintenance fees for certain accounts (like Advantage SafeBalance Banking and Advantage Savings) for account holders under the age of 25. For student waivers beyond age, you may need to be enrolled in a high school, college, university, or vocational program and provide proof if requested.
How to set up low balance alerts for my Bank of America account?
You can set up low balance alerts through your Bank of America online banking or mobile app. Navigate to the "Alerts" or "Notifications" section and customize the thresholds at which you want to be notified.
How to avoid out-of-network ATM fees with Bank of America?
To avoid out-of-network ATM fees, always use Bank of America ATMs whenever possible. You can find their ATM locations using their mobile app or website. Some Preferred Rewards tiers also offer waived out-of-network ATM fees.
How to switch to a different Bank of America account type?
You can switch to a different Bank of America account type by calling their customer service line or visiting a local Bank of America financial center. Discuss your current banking needs to help them recommend the most suitable account.
How to dispute a Bank of America monthly maintenance fee?
If you believe a monthly maintenance fee was charged in error, or you recently met the waiver requirements, contact Bank of America customer service as soon as possible. Politely explain your situation and request a waiver.
How to close a Bank of America account without incurring fees?
To close a Bank of America account, ensure your balance is zero or positive. You can initiate the closure by calling customer service or visiting a financial center. Make sure all recurring payments or direct deposits are redirected before closing to avoid issues.
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