Nobody likes paying unnecessary fees, especially when it comes to their hard-earned money sitting in a bank account! If you're a Bank of America customer and find yourself constantly facing that pesky monthly maintenance fee, you're in the right place. This comprehensive guide will walk you through, step-by-step, how to navigate Bank of America's policies and potentially eliminate those fees for good.
Let's dive in and take control of your banking experience!
Step 1: Understand Your Bank of America Account Type and Its Fees
Before you can effectively strategize, you need to know what kind of account you have and what the specific requirements are for waiving its monthly fee. Bank of America offers several types of checking and savings accounts, and each has different fee structures and waiver criteria.
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| How To Not Pay Monthly Maintenance Fee Bank Of America |
1.1: Identify Your Account
- Action: Log in to your Bank of America online banking portal or mobile app. Look for your account details. You'll typically see the account name (e.g., Advantage SafeBalance Banking®, Advantage Plus Banking®, Advantage Relationship Banking®, Advantage Savings).
- Why this is important: The fee waiver conditions are highly dependent on your specific account type. What works for one account might not apply to another.
1.2: Locate Your Personal Schedule of Fees
- Action: Once you know your account type, search for the "Personal Schedule of Fees" document on the Bank of America website, or within your online banking documents. This document is your go-to resource for detailed information on all fees and their waivers.
- Pro Tip: Keep a copy of this document handy, either digitally or printed. It's your rulebook for avoiding fees.
1.3: Understand the Specific Monthly Fee for Your Account
Bank of America's most common personal checking accounts and their typical monthly fees (which can vary, so always check your latest schedule of fees):
- Advantage SafeBalance Banking®: Typically around $4.95 per month.
- Advantage Plus Banking®: Usually around $12 per month.
- Advantage Relationship Banking®: Often the highest, around $25 per month.
- Advantage Savings: Typically around $8 per month.
Step 2: Explore the Primary Ways to Waive Your Monthly Fee
Bank of America provides several pathways to avoid monthly maintenance fees. The most common methods revolve around maintaining certain balances, setting up direct deposits, or qualifying for special programs.
QuickTip: A quick skim can reveal the main idea fast.
2.1: Maintain a Minimum Daily Balance
This is one of the most straightforward ways to waive the fee.
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For Advantage SafeBalance Banking®: Maintain a minimum daily balance of $500 or more in your account.
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For Advantage Plus Banking®: Maintain a minimum daily balance of $1,500 or more in your account.
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For Advantage Relationship Banking®: Maintain a minimum daily balance of $20,000 or more in your account. This is a significant amount and might not be feasible for everyone.
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For Advantage Savings: Maintain a minimum daily balance of $500 or more in your account.
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Key Concept: The "minimum daily balance" means that every single day of your statement cycle, your balance must be at or above the specified threshold. If it dips below for even one day, you might incur the fee.
2.2: Set Up Qualifying Direct Deposits (Primarily for Advantage Plus Banking®)
If maintaining a high balance isn't feasible, direct deposits can be your best friend, particularly for the Advantage Plus Banking® account.
- For Advantage Plus Banking®: Have at least one qualifying direct deposit of $250 or more made to your account each statement cycle.
- What is a "Qualifying Direct Deposit"? This is crucial. It generally means regular income deposits from your employer, pension, or government benefits (like Social Security). Transfers from other personal accounts (even if they are yours) or teller deposits typically do not qualify. Always confirm with Bank of America if you're unsure.
2.3: Be Under a Certain Age (Student/Young Adult Waivers)
Bank of America offers fee waivers for younger clients, recognizing their financial circumstances.
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For Advantage SafeBalance Banking® and Advantage Savings: If an owner of the account is under the age of 25, the monthly maintenance fee is typically waived.
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For Advantage Plus Banking®: Previously, there was a student waiver for those under 23 enrolled in high school, college, or a vocational program. Verify the current age and enrollment requirements as policies can change.
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Action: If you or a joint owner of your account falls into this age bracket, ensure your account is correctly categorized or linked to benefit from this waiver.
2.4: Enroll in the Preferred Rewards Program
This program offers a host of benefits, including fee waivers, for clients with significant assets with Bank of America and Merrill.
Tip: Focus on clarity, not speed.
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- Eligibility: To qualify for Preferred Rewards, you need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts. There are different tiers (Gold, Platinum, Platinum Honors, Diamond Honors), with higher benefits at higher tiers.
- Benefits: Being a Preferred Rewards member (at any tier) generally waives monthly maintenance fees for most Advantage checking and savings accounts.
- Action: If you have substantial assets across Bank of America and Merrill accounts, investigate the Preferred Rewards program. It can be a highly beneficial way to avoid fees and gain other perks.
2.5: Link Your Accounts (Primarily for Advantage Relationship Banking®)
The Advantage Relationship Banking® account comes with a higher monthly fee, but also offers the ability to link other eligible accounts to help meet balance requirements.
- For Advantage Relationship Banking®: Maintaining a combined balance of $20,000 or more across your linked eligible Bank of America deposit and/or Merrill investment accounts can waive the fee. This account also offers no monthly maintenance fees on up to 7 eligible linked accounts (3 additional Advantage Relationship Banking accounts and 4 savings accounts).
- Action: If you have multiple accounts with Bank of America, discuss linking them with a representative to see if this option applies to you.
Step 3: Review Your Account Activity and Habits
Once you know the waiver criteria, it's time to evaluate your own banking habits. Are you consistently meeting the requirements? If not, what can you adjust?
3.1: Monitor Your Balance Consistently
- Action: Use your online banking or mobile app to check your account balance daily for at least one statement cycle. This will give you a clear picture of whether you're maintaining the necessary minimum daily balance.
- Consider automation: If you struggle to maintain a specific balance, consider setting up automatic transfers from a savings account to your checking account to ensure it stays above the threshold.
3.2: Verify Direct Deposit Qualifications
- Action: If you rely on direct deposits for a fee waiver, ensure your direct deposits are qualifying ones. Check your statement to see how your deposits are categorized.
- Communication: If you're unsure, or if your deposits aren't being recognized correctly, contact Bank of America's customer service to clarify what constitutes a qualifying direct deposit for your specific account.
3.3: Adjust Your Banking Habits
- Consolidate funds: If you have money scattered across multiple bank accounts, consider consolidating enough into your Bank of America account to meet the minimum balance requirement.
- Set up direct deposit: If you don't already have one, arrange for a portion of your paycheck or other regular income to be directly deposited into your Bank of America account, especially if you have an Advantage Plus Banking® account.
- Utilize your account more: While not a direct fee waiver, active use can sometimes make a bank more willing to work with you on fees in the long run.
Step 4: Communicate with Bank of America
Sometimes, a direct conversation can resolve fee issues or help you find a suitable solution.
4.1: Call Customer Service
- Action: If you've been charged a fee and believe you met the waiver criteria, or if you want to understand your options better, call Bank of America's customer service line (typically 1-800-432-1000).
- Be polite and clear: Explain your situation calmly and clearly. Have your account information ready.
- Request a waiver (if applicable): If you just missed a balance requirement or had an unusual circumstance, you can politely ask if they can waive the fee as a one-time courtesy. This isn't guaranteed, but it never hurts to ask, especially if you have a good banking history.
4.2: Visit a Financial Center
- Action: For more complex situations or if you prefer face-to-face interaction, schedule an appointment or visit a Bank of America financial center.
- Discuss account changes: A banking specialist can help you review your current account, explain different account options, and help you switch to an account that better suits your needs and allows for easier fee waivers.
Step 5: Consider Alternative Bank of America Accounts or Other Banks
If, after all your efforts, you consistently find it difficult to meet Bank of America's fee waiver requirements, it might be time to consider a different account type or even a different financial institution.
QuickTip: Don’t just scroll — process what you see.
5.1: Switch to a Different Bank of America Account
- Option for simpler banking: If you don't need a lot of bells and whistles and want to avoid fees more easily, the Advantage SafeBalance Banking® account might be a better fit due to its lower minimum daily balance requirement ($500) or age waiver. However, note that this account generally does not allow check writing.
- Consult a specialist: Talk to a Bank of America representative about which account best aligns with your financial habits and goals for avoiding fees.
5.2: Explore Other Banks or Credit Unions
- Look for truly "free" checking accounts: Many online banks and credit unions offer checking accounts with no monthly maintenance fees and no minimum balance or direct deposit requirements. These can be excellent alternatives if Bank of America's requirements are too stringent for your financial situation.
- Benefits of Credit Unions: Credit unions are member-owned and often have lower fees and better interest rates than traditional banks.
- Research thoroughly: Before switching, compare fees, ATM access, online banking features, and customer service reviews of other institutions.
By following these steps, you'll be well-equipped to understand, avoid, or even eliminate those annoying Bank of America monthly maintenance fees! Taking control of your banking fees is a smart financial move that puts more money back in your pocket.
10 Related FAQ Questions
How to check my current Bank of America account type?
You can easily check your current Bank of America account type by logging into your online banking portal or mobile app. The account name will typically be displayed prominently next to your account balance.
How to find the specific fee waiver requirements for my Bank of America account?
The most accurate information for your specific account's fee waiver requirements can be found in your "Personal Schedule of Fees" document, which is available on the Bank of America website or within your online banking documents section.
How to set up a qualifying direct deposit with Bank of America?
To set up a qualifying direct deposit, you'll need to provide your employer or payer with your Bank of America account number and routing number. You can often find a pre-filled direct deposit form within your Bank of America online banking. Remember, it must be a regular income deposit to qualify.
Tip: Absorb, don’t just glance.
How to link my Bank of America accounts to waive fees?
You typically need to have an Advantage Relationship Banking® account to benefit from linking accounts for fee waivers. You can contact Bank of America customer service or visit a financial center to discuss linking eligible checking and savings accounts to meet combined balance requirements.
How to qualify for Bank of America's Preferred Rewards program?
To qualify for Preferred Rewards, you need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more across your qualifying Bank of America deposit and/or Merrill investment accounts.
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 calling customer service. They will guide you through the process and help you choose an account that better suits your needs.
How to avoid ATM fees with Bank of America?
To avoid ATM fees, only use Bank of America ATMs for withdrawals, deposits, and balance inquiries. Using out-of-network ATMs will typically incur a fee from Bank of America, plus any fee charged by the ATM owner.
How to get a monthly maintenance fee waived as a one-time courtesy?
While not guaranteed, you can call Bank of America customer service and politely explain your situation. If you typically meet the waiver requirements and this was an unusual circumstance, they might offer a one-time courtesy waiver.
How to understand if my age qualifies me for a fee waiver?
If you are under 25, Bank of America's Advantage SafeBalance Banking® and Advantage Savings accounts typically have their monthly maintenance fees waived. Verify the exact age requirements for your specific account in your Personal Schedule of Fees.
How to find out if Bank of America offers truly "free" checking accounts?
Bank of America's Advantage SafeBalance Banking® can effectively be "free" if you meet the minimum balance or age requirements. For accounts with no balance or direct deposit requirements, you might need to explore options with other online banks or credit unions, as Bank of America's primary accounts generally have waiver conditions.
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