Additional Business Advantage Relationship Banking Perks
- Flexible account access: Share and hide details of accounts with certain employees for different job-related purposes.
- Easy cross-account management: Manage multiple accounts with just one online ID.
- Easy sync with QuickBooks and ADP: Manage invoicing and payroll seamlessly with no-hassle integration.
- Free stop payments and wire transfers: Avoid getting nickel-and-dimed on qualifying payments.
Does Bank Of America Have Monthly Fees
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.
How To Avoid Us Bank Monthly Maintenance Fees
U.S. Banks monthly maintenance fees can cost you up to $25 depending on which account you have. But U.S. Bank gives you a number of ways to avoid paying them. Meeting minimum balance requirements can get your fee waived, as can receiving a certain number of qualifying direct deposits each month. You can also eliminate fees by combining U.S. Bank accounts. And in the case of two accounts, younger or older customers pay no monthly fee.
Follow these tips to avoid paying U.S. Bank monthly maintenance fees:
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How To Avoid Bank Of Americas Monthly Maintenance Fees
Each account has its own requirements, so be sure the fee waiver information you have matches your account type. Additionally, monthly service fees are different from item-specific costs, such as Bank of Americas overdraft fees.
You have options to avoid Bank of Americas monthly maintenance fees, but they vary from account to account. Here are five ways to avoid Bank of Americas monthly fees:
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.
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Avoiding The Monthly Fee
If you cannot meet fee waiver requirements, your checking account will end up being quite expensive.
Of the different ways that you can avoid the monthly fee, the direct deposit requirement has the most leeway.
Heres how current Bank of America customers can cut the costs of maintaining a basic checking account:
$xxxx Or $0 Monthly Fee
We’ll waive the monthly maintenance fee each statement cycle that you:
- Have at least one qualifying direct deposit of $XXXX+ Learn about qualifying direct deposits
- Maintain a $XXXX minimum daily balance
- Are enrolled in Preferred Rewards
- An account owner is under age 25 and qualifies as a Student
Note: Effective February 18, 2022, the student waiver will no longer be available to be applied to an Advantage Plus account.You can always refer to our clarity statement if you have questions about your account.
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Bank Of America Savings Iras
Bank of Americas IRA products mirror the banks other savings accounts like the Advantage Savings Account, the Featured CD and the Standard CD, respectively. This means that terms and conditions for each account will most likely apply to its IRA counterpart. However, the IRA products will see more tax benefits than a non-retirement savings account. The banks IRAs also help you avoid annual and custodial fees, so your retirement savings can go even further.
You can easily apply for a Bank of America IRA online if you are already enrolled in online banking. If you are not enrolled or dont have an existing bank account, you can visit your local bank branch to open an IRA.
Should you have questions about IRAs or saving for retirement in general, you may want to speak to a financial advisor. Finding the right financial advisor doesnt have to be hard. SmartAssets free tool will pair you with as many as three financial advisors in your area in five minutes. Get started now.
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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How To Avoid Bank Of Americas Atm Fees
Bank of Americas ATM fees $2.50 for a non-Bank of America ATM inside the U.S. and $5 outside of the U.S. are standard, and the easiest way to avoid them is to use Bank of America ATMs whenever possible. You may also be charged a fee by the operator when you use an out-of-network ATM.
If youre enrolled in the Preferred Rewards program, you can avoid ATM fees altogether depending on which tier youre in.
Ways To Help Avoid Business Banking And Credit Card Fees
Every dollar counts when you’re running a small business. And when it comes to banking, small business owners should understand that business checking and credit card accounts may incur more fees often at higher amounts than individual accounts. So it’s important to compare fees closely when shopping for a bank to meet your business needs.
Here are 10 ways you could lower and avoid business account fees:
Many banks will waive the business account monthly maintenance fee if you maintain a minimum balance. Another tip: Sign up for online alerts to be notified if your balance is in danger of dropping too low.
If you have multiple accounts with the same bank, you may be able to qualify for a monthly fee waiver by linking them together, which will give your business a higher combined balance. Other qualifying accounts may include savings, money markets and certificates of deposit .
Similar to linking, adding additional features to your accounts may allow your business to avoid monthly fees. Ask your bank about adding debit or credit cards and using payroll services and review the business checking comparison guide to see how using these services can affect fees on a Bank of America Business Fundamentals® or Business Advantage account.
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Find A Bank That Doesnt Charge Monthly Fees
A recent Bankrate survey found that the average U.S checking account customer has had their account for more than 14 years. Americans are loath to leave their banks, and understandably so. Its a big deal to move direct deposits, automatic bill payments and get new debit cards.
But if youre tired of paying checking account fees, its probably time to find a new bank. Online banks generally charge fewer fees because without brick-and-mortar branches to maintain, they have less overhead.
The internet makes switching banks much less hassle than it used to be. You can fill out account applications, transfer funds and complete all the other steps of opening a new account online.
And some of the newest digital tools may appeal to you. For example, Chime, a fintech company, will spot you up to $200 for a debit card purchase or cash withdrawal without charging an overdraft fee, then it applies part of your next deposit to the negative balance.
Bank Of America Advantage Safebalance Banking
The fee is waived for each statement cycle in which youre enrolled in Preferred Rewards.
What is Bank of America Preferred Rewards?
Its BofAs rewards program, and there are three tiers: Gold, Platinum and Platinum Honors.
To be a Preferred Rewards client, you must have an active and eligible BoA personal checking account and maintain a three-month combined average of $20,000, $50,000 or $100,000, depending on your tier.
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Combine Qualifying Deposits With Credit Balances
You wont pay a monthly maintenance fee with either of the following accounts as long as you have qualifying combined deposits:
- Easy Checking: $1,000 in combined direct deposits
- Platinum Checking: $25,000 total combination of the following:
- Deposits to U.S. Bank personal accounts
- U.S. Bank credit balances
Two U.S. Bank accounts waive fees for customers who meet certain age criteria:
- Easy Checking: Fee waived for customers ages 65 and older
- Standard Savings Account: Fee waived for customers under age 18
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Why Do Banks Charge Monthly Maintenance Fees
Charging monthly maintenance fees may help banks offset some of the costs involved with day-to-day operations and certain account features . Fee waivers might entice new customers to make larger deposits each month, hold larger balances, and even use their account with greater frequency.
Financial institutions, like any other type of business, need to make money to survive. Monthly maintenance fees likely contribute to a banks bottom line, helping it turn a profit and cover its operating costs.
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Bank Of America Advantage Relationship Banking
Required opening deposit: $100Interest-bearing account: Yes Option to add overdraft protection: YesOverdraft fees: No overdraft or insufficient funds feesMonthly maintenance fee: $25 or $0
BofA also offers a savings account Bank of America Advantage Savings though it requires an opening deposit of $100.
Heres a table so you can view the different details and fees for BofA checking accounts at a glance.
Monthly Account Maintenance Fees
One of the most common and straightforward fees banks charge is a monthly account maintenance fee for your checking or savings account. According to MoneyRates.com, the average monthly maintenance fee is $13.95 per month. That means $167.40 a year just for having the account.
Many banks will reduce or eliminate the monthly maintenance fee if you maintain a minimum balance in your account. The minimum can be anywhere from $500 to $1,000 or more.
Unfortunately, if you fall below the minimum, you must pay the maintenance fee for that month. Worse yet, even if you maintain the minimum you are effectively giving your bank an interest-free loan. The bank can use a portion of your money to make money and you get nothing in return.
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Getting A Competitive Yield
There are free checking accounts that will offer you a competitive APY without charging you fees. But youll likely need to set up a direct deposit or make a certain number of debit card purchases to qualify for this higher APY. At some banks, both direct deposit and a minimum number of debit card purchases may be required.
Unlike most savings accounts and money market accounts at online banks, this high APY might be capped if your balance goes beyond a certain amount. Any balance amount that surpasses a certain threshold earns less than the top-yielding savings accounts and money market accounts. Therefore, transferring any excess balances to higher-earning accounts is a good way to optimize your earning power.
How To Avoid Us Bank Atm Fees
U.S. Banks ATM network youll see the U.S. Bank logo on network machines has more than 13,000 locations, and you can use over 20,000 MoneyPass ATMs with no surcharges. When a surcharge-free ATM isnt available, you can still avoid U.S. Bank ATM fees with these checking accounts:
- Platinum Checking: All non-U.S. Bank ATM surcharges waived
- Gold Checking: Up to two free non-U.S. Bank ATM transactions each statement period
- Student Checking: Up to four free non-U.S. Bank ATM transactions each statement period
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Present Your Points Of Leverage
If youve been charged the fee but believe youve met one or more of the criteria that should have triggered the waiver, kindly tell the customer service representative that you think theres been a mistake.
If youve been charged the fee and have not met any of the criteria but would like to try to have it waived, you can try leveraging one of these arguments:
- I typically meet the minimum balance to have this fee waived, but I am currently in a tough position due to COVID-19.
- I am a loyal customer who has banked with the institution for an extended period of time.
- I have multiple accounts with the bank, such as a savings account, business account, or another personal checking account.
Capital One: 360 Checking Account Best For Branches And Online Combination
This checking account earns a little bit of interest on all balances and doesnt require money to open or maintain the account. It also gives you fee-free access to more than 70,000 Capital One, MoneyPass and Allpoint ATMs.
You can open a 360 checking account either online or at a Capital One location.
- Minimum deposit and balance requirements: $0.
- Yield: 0.1 percent APY.
- ATM access: More than 70,000 Capital One, MoneyPass and Allpoint ATMs.
- Offers and incentives: Your first checkbook order is free.
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Get Ready For The Meeting
To ensure that your contact with your bank goes as well as possible, you should have all of the following information ready:
Account holders name account holders address account holders social security number
Fees youd like waived
Start with a bang.
Introduce yourself and your reason for calling. If youd like, you can use this script: Hello. My name is , and Im writing to inquire about a maintenance cost that was just charged to my account.
Ach Credit Transfers Are Considered Direct Deposits
According to many Bank of America checking account holders, an ACH credit triggered a direct deposit account alert.
Because BofA doesnt require a minimum amount on the direct deposit, customers can transfer a small amount of money from an online savings account, such as one from Ally Bank or a PayPal account. It would qualify as a fee-waiving transaction.
You can test this with your other external bank accounts by setting up an account alert for direct deposits and initiating a transfer.
Here are savings accounts with no monthly maintenance fees:
Note: that this step is possible only because Bank of Americas computer system recognizes ACH credits as direct depositsa tweak in the system would destroy this method.
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Will Bank Of America Credit Overdraft Fees
Every bank has overdraft fee limits. Bank of America allows an overdraft for four items a day for a price that is more than $1 per payment. Chase, for example, will not charge an overdraft fee if, at the end of a business day, your account was overdrawn $5 or less. Banks The Cost of Overdraft Fees per Item Chase $34.
How Fees At Bank Of America And Other Banks Compare
Heres an overview of the fees you can expect from Bank of America and how they compare with the costs of banking elsewhere:
|Fees at Bank of America and Other Banks|
|Information is accurate as of Nov. 23, 2021. Fees listed reflect amounts typically charged exceptions may apply.|
Traditional banks usually carry similar service fees, like the wire transfer and ATM fees shown above. However, it should be noted that Bank of America, Chase and U.S. Bank all offer a lower ceiling of $25 for monthly maintenance fees.
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What Does It Mean To Pay A Monthly Maintenance Fee
Some banks charge a monthly fee to maintain a checking or savings account. If you meet certain conditions set by your bank, these monthly fees may be eliminated automatically. Setting up direct deposit or maintaining a minimum balance in the account are examples of criteria.
Depending on the institution, monthly maintenance costs might range from $1 to $30, and youll be charged one when you start your account. Cushion has examined over $13 billion in consumer transactions and found that the most common fees are $5 or $12.
That indicates that if you pay monthly maintenance costs on a regular basis, youll spend $60$144 per year, probably more.