How To Stop Bank Of America Monthly Maintenance Fees

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We all know the feeling, don't we? That sinking sensation when you glance at your bank statement and see that pesky "Monthly Maintenance Fee" staring back at you. It's like your hard-earned money is slowly draining away, one small fee at a time. If you're a Bank of America customer and you're tired of these recurring charges, you've come to the right place! This comprehensive guide will walk you through exactly how to stop Bank of America monthly maintenance fees, step by step.

Let's dive in and take control of your banking experience!

Step 1: Understand Your Account and the Fees You're Paying

Before you can tackle those fees, you need to understand why you're being charged them. Bank of America offers various checking and savings accounts, and each has its own set of rules for waiving monthly maintenance fees.

1.1 Identify Your Account Type

Do you know which Bank of America checking or savings account you currently have? This is the first crucial piece of information.

  • Bank of America Advantage SafeBalance Banking®: This account typically has a lower monthly fee, often around $4.95. It's designed to help avoid overdrafts by declining transactions if you don't have enough funds.
  • Bank of America Advantage Plus Banking®: This account usually has a higher monthly fee, around $12. It offers check-writing privileges and may have different requirements for fee waivers.
  • Bank of America Advantage Relationship Banking®: This account generally has the highest monthly fee, often around $25, but offers more benefits and may include interest-earning capabilities.
  • Bank of America Advantage Savings: This savings account typically has a monthly fee of $8.

You can find your account type by logging into your Bank of America online banking, checking a recent statement, or calling customer service.

1.2 Know the Specific Fee Waiver Requirements

Once you know your account type, look up its specific fee waiver requirements. These are the conditions you need to meet each statement cycle to avoid the monthly charge. The requirements can vary significantly between account types.

Step 2: Explore Common Fee Waiver Strategies

Bank of America provides several ways to waive monthly maintenance fees. The most common strategies involve maintaining certain balances, setting up direct deposits, or being a student or Preferred Rewards member.

2.1 Maintain a Minimum Balance

This is often the most straightforward way to avoid fees.

  • For Bank of America Advantage SafeBalance Banking® and Advantage Savings: You can typically avoid the fee by maintaining a minimum daily balance of $500 or more in your account. This means that for every day of your statement cycle, your balance must not dip below $500.
  • For Bank of America Advantage Plus Banking®: The minimum daily balance required to waive the fee is usually higher, often $1,500 or more.
  • For Bank of America Advantage Relationship Banking®: The fee waiver for this account often requires maintaining a significantly higher combined balance across eligible linked Bank of America accounts, typically $20,000 or more.

Pro-Tip: If your balance tends to fluctuate, setting up alerts through online banking or the mobile app can help you monitor your balance and avoid dropping below the required minimum.

2.2 Set Up Qualifying Direct Deposits

For some accounts, a regular direct deposit can waive the monthly fee.

  • For Bank of America Advantage Plus Banking®: You can often avoid the $12 fee by having at least one qualifying direct deposit of $250 or more per statement cycle. A "qualifying direct deposit" typically refers to your salary, pension, or government benefits paid directly by your employer or other payer.
  • Be aware: Transfers between your own accounts, teller deposits, wire transfers, and ATM deposits generally do not count as qualifying direct deposits for fee waiver purposes.

2.3 Be Under a Certain Age (Student Waiver)

Bank of America offers specific waivers for younger account holders.

  • For Advantage SafeBalance Banking® and Advantage Savings: If an owner on the account is under the age of 25, the monthly maintenance fee is often automatically waived. This is a fantastic option for students and young adults.
  • If you're a student over 25, it's still worth checking with Bank of America if they have any other student-specific waivers based on enrollment in a high school, college, university, or vocational program.

2.4 Enroll in the Preferred Rewards Program

If you have a significant banking and/or investment relationship with Bank of America and Merrill, this program can be a game-changer.

  • The Bank of America Preferred Rewards program offers various tiers (Gold, Platinum, Platinum Honors, Diamond, Diamond Honors) based on your combined balances in eligible Bank of America deposit accounts and Merrill investment accounts.
  • Becoming a Preferred Rewards member (even at the Gold tier, which typically requires a combined balance of $20,000 to $49,999) can waive monthly maintenance fees on up to four eligible checking and four savings accounts. Higher tiers offer even more benefits, including no-fee ATM transactions at non-Bank of America ATMs and reduced origination fees on loans.
  • This is an excellent option if you have multiple accounts or substantial assets with Bank of America/Merrill Lynch.

Step 3: Review Your Banking Habits

Sometimes, avoiding fees is less about a specific waiver and more about adjusting your habits.

3.1 Consolidate Accounts

Do you have multiple accounts with small balances? Consolidating funds into one or two accounts might help you meet the minimum balance requirements for a fee waiver. For example, if you have $300 in a checking account and $200 in a savings account, combining them into one checking account could hit that $500 minimum for SafeBalance.

3.2 Utilize Online and Mobile Banking

Bank of America's digital tools can help you manage your money effectively and avoid unexpected fees.

  • Set up alerts: Get notifications for low balances, direct deposits, and large transactions. This helps you stay on top of your account activity.
  • Monitor your balance regularly: Keep an eye on your balance throughout your statement cycle, especially if you're trying to maintain a minimum daily balance.
  • Use bill pay and Zelle®: These features can help you manage your payments without needing to write checks or incur other charges.

Step 4: Contact Bank of America Directly

If you're still unsure about how to avoid fees or if you've been charged a fee unfairly, don't hesitate to reach out to Bank of America.

4.1 Call Customer Service

  • The general customer service number for Bank of America is 1-800-432-1000.
  • Be prepared to explain your situation clearly and politely. Inquire about the specific reasons for the fee and what steps you can take to prevent future charges.
  • Sometimes, if it's your first time incurring a fee, or if you're close to meeting a waiver requirement, they might offer a one-time fee waiver as a goodwill gesture. It never hurts to ask!

4.2 Visit a Financial Center

If you prefer in-person assistance, visit your local Bank of America financial center. A banking specialist can review your account, explain your options, and even help you switch to a different account type if it better suits your needs. They can also clarify the requirements for direct deposits or preferred rewards enrollment.

Step 5: Consider Alternative Account Types or Banks (If Necessary)

If, after exploring all the options, you find that Bank of America's fee structure doesn't align with your financial situation, it might be time to consider other choices.

5.1 Switch to a Different Bank of America Account

Sometimes, simply switching to a different account within Bank of America can solve the problem. For instance, if you don't need check-writing privileges and can maintain a $500 balance, the Advantage SafeBalance Banking® account might be a better fit than an Advantage Plus account, with its lower fee and easier waiver.

5.2 Explore Other Banks or Credit Unions

If Bank of America's requirements are consistently challenging for you to meet, there are many other banks and credit unions that offer checking and savings accounts with no monthly fees, or with easier waiver requirements. Credit unions, in particular, are known for their customer-centric approach and often lower fees.


By following these steps, you'll be well on your way to understanding and eliminating those annoying Bank of America monthly maintenance fees. It's about being proactive and taking control of your financial relationship with your bank!


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 account, reviewing a recent bank statement, or by calling Bank of America customer service at 1-800-432-1000.

How to set up a qualifying direct deposit with Bank of America?

To set up a qualifying direct deposit, you'll typically need to provide your employer's payroll department with your Bank of America account number and routing number. You can often download a pre-filled direct deposit form from your Bank of America online banking.

How to find out the minimum balance required for my Bank of America account?

The minimum balance requirement varies by account type. You can find this information in your account's Personal Schedule of Fees document, on the Bank of America website for your specific account, or by contacting customer service.

How to enroll in Bank of America Preferred Rewards?

You are automatically enrolled in Preferred Rewards if you meet the combined balance requirements ($20,000 to $99,999 for Gold tier) across your eligible Bank of America deposit accounts and Merrill investment accounts. You can check your eligibility and current tier by logging into your online banking or speaking with a representative.

How to link multiple Bank of America accounts to waive fees?

For certain account types like Advantage Savings, linking it to an eligible Advantage Relationship Banking or Advantage Plus Checking account can waive the monthly fee. This usually happens automatically if the accounts are under the same customer profile, but you can confirm with customer service.

How to switch my Bank of America account type?

You can switch your Bank of America account type by visiting a financial center and speaking with a representative, or by calling customer service. They will guide you through the process and explain any implications of changing account types.

How to avoid ATM fees with Bank of America?

To avoid ATM fees, use Bank of America ATMs whenever possible. If you're a Preferred Rewards member at certain tiers, you may also get waivers for out-of-network ATM fees.

How to get a one-time fee waiver from Bank of America?

You can try calling Bank of America customer service (1-800-432-1000) and politely explaining your situation. While not guaranteed, they may offer a one-time waiver as a courtesy, especially if it's your first instance of a fee or if you're working to meet waiver requirements.

How to set up alerts for my Bank of America account balance?

You can set up balance alerts through your Bank of America online banking or mobile app. Look for the "Alerts" or "Notifications" section in your account settings. This allows you to receive notifications if your balance falls below a certain threshold.

How to close a Bank of America account without fees?

To close a Bank of America account without incurring fees, ensure your balance is at $0.00 and there are no pending transactions. You can initiate the closure process by calling customer service or visiting a financial center. If you have a negative balance, you'll need to deposit funds to cover it before closing.

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