You're here because you're tired of those pesky monthly maintenance fees on your Bank of America checking account, right? Nobody wants to pay for the privilege of holding their own money! Good news: waiving those fees is absolutely possible, and with a little planning, you can keep more of your hard-earned cash where it belongs – in your pocket.
This comprehensive guide will walk you through every step to understanding and avoiding Bank of America checking account fees. Let's get started!
Step 1: Identify Your Current Bank of America Checking Account Type
First things first, do you know what kind of Bank of America checking account you have? This is a crucial step because the requirements to waive fees vary significantly between account types.
Sub-heading: Why Knowing Your Account Matters
Bank of America offers several checking account options, each with different fee structures and waiver conditions. Trying to waive a fee without knowing your account type is like trying to navigate a maze blindfolded!
- Advantage SafeBalance Banking®: This account is designed to help prevent overdrafts by declining transactions if you don't have enough funds. It has a lower monthly fee but also fewer ways to waive it.
- Advantage Plus Banking®: This is a more traditional checking account with a higher monthly fee, but also more common ways to waive it.
- Advantage Relationship Banking®: This account caters to clients with higher balances and offers premium benefits, but comes with the highest monthly fee.
Sub-heading: How to Find Your Account Type
- Check your online banking: Log in to your Bank of America online banking portal. Your account type is usually displayed prominently next to your account name.
- Review your statement: Your monthly statements, whether paper or electronic, will clearly state your account type.
- Call Bank of America Customer Service: If all else fails, a quick call to Bank of America customer service (the number is usually on the back of your debit card or on their website) will get you the information you need. Simply state, "I'd like to know what type of checking account I have."
Once you know your account type, you're ready for the next step!
Step 2: Understand the Specific Fee Waiver Requirements for Your Account
Now that you know your account type, it's time to dive into the specific ways you can avoid that monthly maintenance fee. Bank of America typically offers a few common paths to fee waivers, but the exact thresholds differ.
Sub-heading: Waiving Fees for Advantage SafeBalance Banking®
The monthly maintenance fee for Advantage SafeBalance Banking® is generally $4.95. You can waive this fee if you meet one of the following criteria during each statement cycle:
- Maintain a minimum daily balance of $500 or more in your account. This is a straightforward way to avoid the fee. Just ensure your balance doesn't dip below this threshold any day of the statement cycle.
- An account owner is under the age of 25. Bank of America is student-friendly! If you (or a joint account holder) are under 25, this fee is typically waived automatically. This applies until you turn 25.
- An account owner is a member of the Preferred Rewards program. This is a significant benefit for loyal Bank of America customers. More on Preferred Rewards in Step 3!
Sub-heading: Waiving Fees for Advantage Plus Banking®
The monthly maintenance fee for Advantage Plus Banking® is typically $12. You can avoid this fee if you meet one of the following requirements during each statement cycle:
- Have at least one qualifying direct deposit of $250 or more made to your account. This is one of the most common and easiest ways for many people to waive the fee. A "qualifying direct deposit" usually means your salary, pension, or government benefits directly deposited by your employer or other payer. Transfers from another bank account or person-to-person payments typically do not count.
- Maintain a minimum daily balance of $1,500 or more in your account. Similar to SafeBalance, but with a higher balance requirement. Consistency is key here.
- An account owner is a member of the Preferred Rewards program. Again, Preferred Rewards offers a powerful way to waive fees across multiple accounts.
Sub-heading: Waiving Fees for Advantage Relationship Banking®
The monthly maintenance fee for Advantage Relationship Banking® is usually the highest, at $25. However, this account is designed for customers with a more extensive relationship with Bank of America. You can waive this fee if you meet one of the following requirements during each statement cycle:
- Maintain a minimum daily balance of $20,000 or more in your account. This is a substantial balance, reflecting the "relationship" aspect of this account.
- An account owner is a member of the Preferred Rewards program. For Preferred Rewards members, this account's fee can also be waived.
Step 3: Strategize Your Fee Waiver Method
Now that you know the specific requirements for your account, it's time to choose the method that best suits your financial situation. Consider what's easiest and most sustainable for you.
Sub-heading: Option 1: Leverage Direct Deposits
- Best for: Individuals with regular employment income, pension, or government benefits.
- Action: If you have an Advantage Plus Banking® account and receive regular income, contact your employer's HR or payroll department to set up direct deposit to your Bank of America checking account. Ensure the amount is at least $250 per statement cycle. Many employers have online portals for this, or you might need to fill out a form. Make sure you use your correct Bank of America routing and account numbers.
Sub-heading: Option 2: Maintain a Minimum Daily Balance
- Best for: Individuals who typically keep a decent amount of cash in their checking account.
- Action:
- For Advantage SafeBalance Banking®: Aim to keep at least $500 in your account at all times.
- For Advantage Plus Banking®: Aim to keep at least $1,500 in your account at all times.
- For Advantage Relationship Banking®: Aim to keep at least $20,000 in your account at all times.
- Tip: Set up low-balance alerts through your Bank of America online banking or mobile app. This will notify you if your balance is about to drop below the required threshold, giving you time to transfer funds.
Sub-heading: Option 3: Become a Preferred Rewards Member
- Best for: Customers with significant assets (checking, savings, Merrill investment accounts) with Bank of America and Merrill.
- Action: The Preferred Rewards program offers tiers (Gold, Platinum, Platinum Honors, Diamond Honors) based on your combined balance across eligible Bank of America deposit and Merrill investment accounts.
- Gold Tier: $20,000 - $50,000 combined balance. Waives monthly fees on up to four checking accounts.
- Platinum Tier: $50,000 - $100,000 combined balance. Waives monthly fees on up to four checking accounts.
- Platinum Honors Tier: $100,000 - $1,000,000 combined balance. Waives monthly fees on up to four checking accounts.
- Diamond Honors Tier: $1,000,000+ combined balance. Waives monthly fees on unlimited checking and savings accounts.
- If you have sufficient assets, this is often the most advantageous way to waive fees, as it comes with other perks like interest rate boosters on savings, credit card rewards bonuses, and loan discounts. Consider consolidating your banking and investment accounts with Bank of America/Merrill if it makes financial sense for you.
Sub-heading: Option 4: Utilize the Student Waiver (Age-Based)
- Best for: Students and young adults under the age of 25.
- Action: If you are under 25 and have an Advantage SafeBalance Banking® or Advantage Plus Banking® account, the fee should be automatically waived. If it's not, contact Bank of America to ensure your age is properly noted on your account. Keep in mind this waiver expires once you hit 25, so plan ahead for one of the other methods!
Step 4: Monitor Your Account and Adjust as Needed
Waiving fees isn't a one-time setup; it requires a bit of ongoing vigilance.
Sub-heading: Regular Review of Statements
- Action: Regularly review your monthly bank statements. Make sure the monthly maintenance fee is indeed being waived. If you see it charged, you'll know to investigate why.
Sub-heading: Set Up Alerts
- Action: Utilize Bank of America's alert system. You can set up alerts for:
- Low balance: Get a text or email when your balance drops below your chosen threshold (e.g., $550 for SafeBalance, $1600 for Advantage Plus).
- Direct deposit received: Confirm your direct deposits are coming through correctly.
- Fee charged: Be immediately notified if a monthly maintenance fee is applied.
Sub-heading: Proactive Adjustments
- Action: If you anticipate a change in your financial situation (e.g., changing jobs and direct deposit, a large upcoming expense that will drop your balance), proactively adjust your strategy. You might need to temporarily boost your balance or explore another waiver method for that statement cycle.
Step 5: What to Do If You're Charged a Fee
Even with the best intentions, sometimes a fee might slip through. Don't panic!
Sub-heading: Review Your Activity
- Action: Before calling, carefully review your account activity for the statement cycle in question. Did your balance dip below the minimum? Was your direct deposit less than the required amount or did it not post correctly?
Sub-heading: Contact Bank of America Customer Service
- Action: If you believe you met the waiver requirements and were still charged, or if you had a one-time oversight, call Bank of America customer service at the number on their website or your debit card.
- Be polite but firm. Explain the situation clearly.
- If it's your first time being charged or a genuine oversight, they might be willing to issue a one-time courtesy waiver. This is not guaranteed, but it's often worth asking.
- If you consistently fail to meet the requirements, they may not waive the fee, but they can guide you on how to avoid it in the future or discuss switching to a more suitable account type.
Step 6: Consider Switching Account Types (If Necessary)
If you consistently find it difficult to meet the fee waiver requirements for your current Bank of America checking account, it might be time to consider a different account type within Bank of America that better suits your financial habits.
Sub-heading: When to Consider a Switch
- You rarely meet direct deposit requirements: If your income is irregular or doesn't come via traditional direct deposit.
- Maintaining a minimum balance is a struggle: If your cash flow fluctuates significantly, making it hard to keep the required funds in your checking.
- Your banking needs have changed: Perhaps you were a student and now are working, or vice-versa.
Sub-heading: How to Switch Accounts
- Visit a Bank of America Financial Center: This is often the easiest way to discuss your options and make the switch in person. A banker can help you understand all the implications.
- Call Bank of America Customer Service: You can also initiate an account change over the phone.
- Online (limited): Some basic account changes might be possible through online banking, but for a full discussion of options, speaking to a representative is recommended.
Remember, the goal is to find a checking account that works for you without unnecessary fees!
10 Related FAQ Questions
How to check my Bank of America checking account balance?
You can check your Bank of America checking account balance through online banking, the Bank of America mobile app, by calling their automated phone system, or by visiting an ATM.
How to set up direct deposit with Bank of America?
To set up direct deposit, you'll need your Bank of America routing number and your checking account number. Provide these to your employer's payroll department, often by filling out a direct deposit form or through an online portal.
How to find my Bank of America routing number?
Your Bank of America routing number can be found on the bottom left of your checks, within your online banking portal, or on the Bank of America website by searching for "routing number."
How to avoid overdraft fees on my Bank of America checking account?
To avoid overdraft fees, maintain a positive balance, set up low-balance alerts, link a savings account or credit card for overdraft protection (Balance Connect®), or consider the Advantage SafeBalance Banking® account which aims to prevent overdrafts.
How to close a Bank of America checking account?
You can close a Bank of America checking account by visiting a financial center, calling customer service, or in some cases, by sending a written request. Ensure your balance is zero before closing.
How to upgrade my Bank of America checking account?
You can typically upgrade your Bank of America checking account by visiting a financial center or calling Bank of America customer service. They will discuss the different account options and help you make the switch.
How to become a Bank of America Preferred Rewards member?
You become a Bank of America Preferred Rewards member automatically when you meet the combined balance requirements across your eligible Bank of America deposit accounts and Merrill investment accounts. There are different tiers (Gold, Platinum, Platinum Honors, Diamond Honors) based on your combined balance.
How to link accounts to waive Bank of America fees?
While Bank of America no longer offers direct linking of checking and savings accounts for fee waivers in the same way for all accounts, some accounts (like Advantage Relationship Banking) might offer fee waivers based on combined balances. The Preferred Rewards program also considers combined balances across accounts. You may need to call them to explore specific linking options if not a Preferred Rewards member.
How to get a student checking account with Bank of America?
Bank of America offers Advantage SafeBalance Banking® which waives the monthly fee for account owners under 25. You can open this account online, by phone, or at a financial center, often with a parent if you are a minor.
How to contact Bank of America customer service?
You can contact Bank of America customer service by calling the number on the back of your debit card, or by finding the contact number on their official website (usually under "Contact Us" or "Customer Service").