Average Monthly Fees For Standard Savings Accounts
The most common type of savings account is the standard, no-frills version offered by each major bank, and the most common fee on a standard savings account is the $4 or $5 monthly maintenance fee, which covers the cost of maintaining branch locations and in-person services. Fortunately, you have multiple ways of avoiding that fee.
|Bank of America Regular Savings||$25||
|PNC Regular Savings||
|TD Simple Savings||
The easiest waiver option is to maintain a checking account at the same bank as your savings account, although if you plan to open a new checking account just to waive your savings fee, you should remember that checking accounts come with their own fees. Banks also waive the fee if you set up repeating automatic deposits of a certain amount from your checking to your savings, which most people opt to do anyway. Finally, the minimum daily balance requirement, which starts at $300 for standard accounts at the largest banks, creates an incentive for you to maintain some amount of money in the savings account.
How To Avoid Monthly Maintenance Fees
Banks are keenly aware that customers donât enjoy paying fees. So in order to appease customers, banks may offer a product that has a single monthly maintenance fee that covers all transactions. Another way to soften the blow is by enabling customers to “earn” the waiving of the fee through account conduct or product range.
Banks such as Bank of America and Chase allow customers to bypass the monthly maintenance fee by maintaining a minimum balance.
However, some of the smaller, local banks might not have this fee waiver as standard.Therefore, you may have to request the fee to be waived manually. While this might seem daunting, a quick conversation could save you a couple of dollars a month.
Simply ask to waive the fee. If there is pushback, gently remind the consultant that youâre a good customer with an excellent track record with their bank. For example, you could argue that you’ve been with them for several years and that the other products on their book far exceed the maintenance fee theyâre charging on your account. If youâre not successful, ask to speak to someone more senior and repeat your request.
Other Ways To Avoid Fees
Not all bank accounts are the same, and not all banks assess fees in the same ways. Once you dig into how your bank charges a monthly maintenance fee, you may find that isn’t going to work for you.
For example, if your bank requires that you use Direct Deposit to waive the monthly maintenance fee and your income is irregular, that may not be practical. The same would be true for accounts that have a high minimum daily balance.
It pays to shop around. Find a bank or credit union that fits your lifestyle. While changing banks takes some work, it is worth the effort to avoid the fees. There are many no fee accounts available today commonly available with online banks.
You should also regularly check your bank statement for fees assessed. Make sure you understand the bank charged you a fee, and double-check that a mistake was not made.
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Is This The End Of Free Checking
Its true that its becoming more difficult for consumers to actually find free checking accounts, but they do exist. According to a MoneyRates survey, 28% of banks offer checking accounts without a monthly service fee. In contrast, more than two-thirds of digital banks have free checking. Digital banks also require a lower minimum deposit to start an account: $26.39 for digital banks versus $121.43 for traditional banks.
Consumers looking to avoid monthly service fees on checking accounts tend to have more success at smaller institutions, with 40% of community banks providing some type of free checking account. Credit unions may be an even better bet than a small bank for consumers. BankRate looked at banks and credit unions and found that 84% of the nations largest credit unions offer checking accounts with no monthly service fees.
As Bank of America continues to take it on the chin with yet another consumer backlash, this could be your opportunity to attract deposits before rates rise further. Youll not only need to get out the message like Lafayette FCU did back in 2011, but you should also offer people a viable, easy way to switch. Stress how easy to open a new account in your marketing, and provide tools/services to help them migrate their transactions e.g., deposits, automatic withdrawals, bill pay, etc.. Consider putting together a switch kit and have employees trained on how they can help consumers switch.
How Do I Avoid Monthly Maintenance Fees
Paying a monthly maintenance fee can be annoying. Whats worse: you may not even realize youre getting charged. I remember a friend of mine telling me she was scrolling through her Bank of America account and noticed she was being charged a fee.
Just how much was she paying? The Bank of America monthly maintenance fee was $12 per month. In order to avoid the fee, she had to have a certain balance or sign up for direct deposit. The issue? She didnt have a steady job at the time and her income was irregular.
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Which Banking Products Have Monthly Maintenance Fees
Youll often see monthly maintenance fees associated with personal checking and business checking accounts. But some banks also charge monthly fees for savings accounts.
You typically wont find monthly maintenance fees associated with products like certificates of deposit, or CDs .
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Quick Answer: What Is Advantage Monthly Maintenance Fee Bank Of America
Bank of America Checking Account Fees There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 monthly maintenance fee for Advantage Plus Banking® and a $25 monthly maintenance fee for Advantage Relationship Banking®, but only Advantage Relationship Banking earns interest.4 days ago.
There’s No Good Reason To Pay Checking Account Fees
It’s rare to find a checking account that forces you to pay a monthly fee without any way out. But if you pay a monthly service fee, it’s probably time to think about a switch. Look for a free checking account or a bank account with a minimum account balance you can meet.
You don’t have to go with an online bank if you’re not comfortable with online and mobile banking. Just look around for a brick-and-mortar checking account that has reasonable fee waiver requirements.
As for other types of checking account fees, a lot of them are easy to avoid as long as you know they’re there and avoid the behaviors that would trigger them. Take some time to familiarize yourself with your checking account’s fees if you don’t already know what they are.
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Overdraft And Non Sufficient Funds Fees
Most major banks charge you $35 per overdrawn or NSF item, while online banks can charge as low as $5 per item. Overdraft fees are incurred when a bank accepts a charge on your account that is larger than your remaining available balance if the bank chooses to refuse the charge instead, you will be billed an NSF fee.
Such situations are more common with checking accounts, but savings accounts can also be overdrawn. Avoiding this fee will depend on how carefully and frequently you keep track of your account balance as your expenses roll in. In general, you will want to use a checking account for all your expenses, so that your savings account balance can grow and accumulate interest without interruption.
Bank Of America Monthly Maintenance Fee
Hi all, my Adv Plus Banking is charged $12.00 by Bank of America every month as Maintenance fee.
I looked at the sub to see how other people dealt with their Maintenance fee but they didn’t quite fit my situation.
On the online banking website, it says
What is this fee?
This monthly fee is for maintaining your account and provides you with access to a large network of ATMs and financial centers, award-winning Mobile and Online Banking and other benefits.
How can you avoid this fee in the future?
You can avoid this fee when you do one of the following each statement cycle:- Have at least one qualifying direct deposit of $250 or more- Maintain a minimum daily balance of $1,500 or moreOr- Enroll in Preferred Rewards
Is there a way to avoid this fee without doing either of those things? 1) depositing $250 And maintain > $1500 or 2) Enroll in Preferred Rewards which isn’t an option?
The reason is I currently work abroad in Asia and have a local bank account where my income is deposited and it isn’t deposited in USD. If I were to transfer $250 USD from my Asian bank to my BoA account every month, the hassle, exchange rate, fees, etc would be too much simply to avoid the $12 charge.
Preferred rewards is also not an option because it entails investing $20,000.
I haven’t closed my BoA accounts because I make my online purchases using that account – this only happens once every 3-6 months.
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Bank Of America And The End Of Free Checking
The Financial Brand
Bank of America has been phasing out its no-maintenance fee eBanking account for a while, but in January 2018 they finally decided enough was enough and pulled the final plug on the product.
BofAs eBanking account waived an $8.95 monthly maintenance fees if two main conditions were met: customers had to receive eStatements, and customers had to make deposits and withdrawals using self-service options. With eBanking, customers would have been charged the $8.95 fee if they went into a BofA branch to make a deposit or withdrawal, but once the customer incurred the fee, they could have made unlimited deposits and withdrawals within that month.
Bank of America is converting all eBanking accounts into its Core Checking product, which includes a $12 monthly fee. There are a few ways consumers can avoid the $12 monthly maintenance fee. The first way to avoid the fee is to have a qualifying direct deposit of at least $250. The second is to maintain a minimum daily balance of $1,500 or more. The third is to prove the you are a student younger than 24.
With a direct deposit of just $250 per month or $3,000 per year, customers will get full access to all of our financial centers, ATMs, mobile and online banking, Bank of America spokesperson Betsy Riess told the Wall Street Journal. Thats a great value and our client satisfaction scores are at all-time highs.
How Can I Avoid Monthly Maintenance Fees
The easiest way to avoid being charged a monthly maintenance fee from your banking institution is to choose a bank that doesnt charge this fee in the first place. Free checking and savings account options are available.
And if you find an account that you want at a bank that does impose monthly fees, that bank may offer ways to avoid them. Typically, this involves meeting certain requirements for how you manage your funds.
Banks may offer to waive your accounts monthly maintenance fee if you
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What Are Monthly Maintenance Fees
Banks charge monthly maintenance fees to essentially cover the cost to maintain your account. Sometimes banks offer perks with their accounts, like rewards programs. This monthly maintenance fee covers the cost of those programs.
For example, here are the monthly maintenance fees for some of the biggest financial institutions before waivers are applied:
- Chase Bank Total Checking account has a $12 monthly maintenance fee.
- Bank of America has monthly maintenance fees ranging from $4.95 to $25.
- Wells Fargo has a monthly maintenance fee of $10.
- US Bank charges between $6.95 to $24.95
- Capital One 360 Checking Accounts advertise no monthly service fee.
- Citibank has a $12 monthly maintenance fee
- PNC monthly maintenance fees range between $7 and $25 depending on the account.
- TD Bank charges between $6 and $25
These fees are usually charged straight to your account and deducted at the end of the statement period. It is possible to have these fees waived if you meet certain requirements.
Assuming that you are not in the category of qualifying people that have fees permanently waived , you’ll need to start by looking into how your bank applies the monthly maintenance fee to know how to avoid it.
These Bank Of America Fees Drained My Kids Savings Account
Elizabeth Scott wanted to teach her kids a lesson about money a few years ago, so she opened Bank of America savings accounts for them. But Bank of America taught her a lesson that she never expected.
Now she wants to know if our advocacy team can help undo an unwanted tutorial in bank fees.
What happened? Back in 2019, she set up two bank accounts for her kids. A Bank of America representative agreed to waive the banks $8-per-month maintenance fee. But that didnt happen, and within a few months, the kids money was gone.Scotts case is a reminder of the danger of bank fees. Its also a case study in personal responsibility specifically, reading the fine print and getting any agreement with a bank in writing.
But is it too late for Scott to recover the $300 in surprise fees?
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How To Avoid Bank Of America Monthly Maintenance Fee
The bank of America offers cool options for savings and checking accounts to customers. And just like a lot of conventional banks, they charge monthly fees. The fees that are charged by the bank of America largely depend on the type of account that is in possession of the customer.
A lot of persons in most online communities have shown their disdain for the fees that are accrued by the bank of America. That is why in the course of this article, we would be looking at how to avoid maintenance fees from the bank of America.
Are There Other Types Of Recurring Fees
Besides a monthly maintenance fee, some banks charge other recurring fees that could eat into your balance if you arent careful. These include:
- Minimum balance requirements. Some banks have minimum balance requirements and will charge a fee every month if you fail to meet them.
- Paper statements. Although many banks have switched to online or eStatements, you may be charged a fee to receive paper statements, so you should make sure to opt out if possible.
- Account inactivity. If you dont make transactions or hold a balance in your account for an extended period of time, the bank could charge inactivity fees or even close your account.
- Overdraft. While overdraft fees only apply when you make a purchase that brings your balance below zero, they can sometimes be applied multiple times until you bring your balance back in the black.
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Bank Of America Advantage Plus Fees
With the Advantage Plus account, youll have to pay a monthly maintenance fee of $12. B there are several ways to sidestep this fee: Make at least one qualifying direct deposit of $250, maintain a minimum daily balance of $1,500, enroll in the Preferred Rewards Program, or be an eligible student under the age of 24.
If you need to make an ATM withdrawal, you can do so for free at a Bank of America ATM. If you are unable to use a Bank of America ATM, then the bank will charge you a fee of $2.50 to withdraw funds at another ATM in the U.S. .
Unlike the SafeBalance Banking account, this account charges overdraft fees . If you choose to use the overdraft protection transfer feature, then B of A would automatically take funds from your other linked accounts to cover the outstanding amount. Theres a toll: Each time you use that feature, the bank will charge you $12.
A few other notable fees that you might have to contend with include: a card replacement fee , an incoming domestic wire transfer fee , and statement copies .