This fee shouldn't be an issue if you're loyal to your bank. • Maintain a minimum daily balance of $1,500 or more, OR. Bank of America offers a wealth of information for both customers and non-customers alike. Link Your Bank of America Accounts. This article has been updated with additional reporting since its original publication. finder.com’s rating: 3.3 / 5.0 ★★★★★ As the middle child of the three Bank of America checking accounts, this option offers more perks than the basic version and a lower monthly fee … This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Simon has contributed and/or been quoted in major publications and outlets including Consumer Reports, American Banker, Yahoo Finance, U.S. News - World Report, The Huffington Post, Business Insider, Lifehacker, and AOL.com. Here’s a closer look at the monthly maintenance fees at big banks and how you can avoid them. MyBankTracker generates revenue through our relationships with our partners and affiliates. Some try to keep their maintenance fees minimal but require a high balance to avoid them; for example, US Bank charges between $6.95 and $8.95 per month but requires either a $1,500 balance or $1,000 in direct deposits to avoid the fee. A bank maintenance fee is what you’re charged to keep your account safe and ready to use. This site may be compensated through the bank advertiser Affiliate Program. This content is not provided or commissioned by the bank advertiser. Additionally, monthly service fees are different from item-specific costs, such as Bank of America’s overdraft 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. For official contest rules, please go to: gobankingrates.com/best-banks/official-rules/. Call the Social Security Administration at 800-772-1213 and request direct deposit of your Social Security benefits. Bank of America's Core Checking Account has a monthly maintenance charge of $12, but you can avoid this fee if you maintain an average daily balance of $1,500. Bank of America monthly maintenance fee. $10,000 or more average daily balance in checking with linked savings, money market savings, CD and IRA. The U.S. Bank checking accounts come with the ability to waive their monthly fees.. ...

I want to avoid all monthly maintenance fees. Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier. Set up a qualifying direct deposit of $250 or keep a minimum daily balance of $1,500 and you won’t pay this fee. Each account has its own requirements, so be sure the fee waiver information you have matches your account type. Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. Pay no monthly maintenance fee for Business Advantage Checking when you meet one of the following requirements each statement cycle: Spending $2,500 per month in new purchases using a linked Bank of America business credit card Qualifying active use of Merchant Services or Payroll Services Maintaining an average monthly balance of $15,000 Maintaining a minimum account balance eliminates the monthly maintenance fee for these accounts: Checking Accounts. The Chase Savings account has a $5 monthly service fee. Qualification for the Preferred Rewards program tiers is based on having an active Bank of America personal checking account and maintaining a three-month average combined balance across your Bank of America accounts. He is an expert on consumer banking products, bank innovations, and financial technology. There are a few ways consumers can avoid the $12 monthly maintenance fee. Easy … Chase monthly maintenance fee Yep. A mid-range option with overdraft protection and four ways to avoid its monthly fee. Bank of America Advantage Plus Banking. If you're tired of getting nickel and dimed just because your checking account runs a little low from time to time, there are a few things you can do to get out of paying the minimum balance fee. You have options to avoid Bank of America’s monthly maintenance fees, but they vary from account to account. Imagine a checking account without the monthly fees and minimum balance requirements. Other banks don't do it. Bank Of America Savings Account Fees Another drawback of the Bank of America's savings account is a monthly maintenance fee, which is $5 and $8 for the regular and the Rewards Savings account, respectively. Qualification for the Bank of America student waiver applies when an account holder is enrolled in an academic institution and is under the age of 24. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Typically you need to keep your account open for 90 to 180 days before closing it to avoid the fee. Because BofA doesn’t 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. Here’s how current Bank of America customers can cut the costs of maintaining a basic checking account: According to many Bank of America checking account holders, an ACH credit triggered a direct deposit account alert. Request direct deposit of your Social Security benefits from the Social Security Administration. With online checking accounts, you're likely to get an account with: With lower costs, you'll have to jump through fewer hurdles just to have a bank account to manage your money. 2 Bank of America offers three checking accounts – Core Checking, Interest Checking, and Safe Balance Banking each with a different monthly maintenance fee:. When you sign-up to receive bi-weekly email updates from GOBankingRates, you’ll automatically be entered for a chance to win our $500 #BestBanksBestYou sweepstakes. You may avoid the maintenance fees on checking accounts by meeting certain balance or deposit requirements. It would qualify as a fee-waiving transaction. • Enroll in the Preferred Rewards program (first 4 … There was an unknown error. Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Below, GOBankingRates breaks down the assortment of fees associated with Bank of America’s products and services. The best thing you can do to avoid Bank of America’s overdraft fee is to remain vigilant in keeping a healthy account balance. Monthly maintenance fee: Just like you may pay for a storage unit each month, you may have to pay to keep your money in a bank. As of June 2011, Bank of America requires a minimum monthly deposit of $1,500 to avoid the monthly service fee. Maintenance fees are generally issued in accounts that cost more than they earn. This waiver applies to the following accounts: Bank of America’s overdraft fee of $35 is standard, but that can be a huge chunk of change if you already have low funds. However, all accounts offer a lower-than-average annual yield percentage, which is 0.09% APY, according to the Federal Deposit Insurance Corporation. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. More Americans than ever are navigating online banking thanks to social isolation, while banks have been placed at... GOBankingRates’ comprehensive analysis of the Best Banks of 2021 paid significant attention to checking accounts, which are many customers’ entry point to banking. Besides providing you with a cash buffer, keeping a minimum balance can help you avoid monthly maintenance fees. Chicago-based bank BMO Harris cuts the $12 monthly maintenance fee for its bedrock Everyday Checking® account if a customer also has Select Checking®, Portfolio Checking®, or … To avoid this fee, customers with a Core Checking Account will need to either have at least one direct deposit of $250 or more each month or maintain a minimum monthly balance of at least $1,500. Simon Zhen is the senior research analyst for MyBankTracker. Chase Bank. Check out GOBankingRates' picks for the Best Online Banks of 2021. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America. It's possible that you won't have to step into a bank branch ever again. Explore our checking accounts options and select an account to review the details, including fees. Its basic checking account can act as the central hub of your finances as it offers many features including mobile check deposit and online bill pay. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. The account has a $12 monthly fee unless you meet the following fee waiver requirements every month: If you cannot meet fee waiver requirements, your checking account will end up being quite expensive. Wait. Disclaimer. The fee waiver criteria may include direct deposits of a certain amount, maintaining a … Learn how you can meet these fee waivers on your account: The basic checking account available to the customers is the Advantage Plus Banking account. © 2021 GOBankingRates. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California. Also called monthly maintenance fees, these charges are added on when your balance dips below an amount specified by the bank. Fee: $12 per month; How to avoid Bank of America’s monthly maintenance fee: Maintain a minimum balance of $1,500 each day or make one direct deposit equal or greater than $250 per month. 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. MyBankTracker has partnered with CardRatings for our coverage of credit card products. Bank of America customers protest requirements for free checking with Change.org petition ... drawn in part by the knowledge they would only face an $8.95 monthly fee if they used bank … It can be found at online banks because they don't have to deal with the costs of paying for branches and branch staff. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Read This: How To Avoid Bank of America’s Monthly Maintenance Fees. If you keep a minimal amount in your checking account, this monthly maintenance fee can cause a negative balance in your account. Close Disclaimer. Bank of America wants to charge you money for not having enough money. You may also be charged a fee by the operator when you use an out-of-network ATM. Bank of America’s Better Money Habits series features articles and tips for the financial layman. The Core Checking account carries a monthly fee of $12. To avoid the monthly maintenance fee, meet one of the following requirements during each statement cycle: $5,000 or more average daily balance in checking or linked Regular Savings. ATM Fees. From banking to investing to retirement, our newsletter has you covered. Bank of America is converting all eBanking accounts into its Core Checking product, which includes a $12 monthly fee. The first way to avoid the fee is to have a qualifying direct deposit of at least $250. Online Banking and/or the Service Fees section of your checking statement show waived fees you’ve enjoyed on the select banking services listed on this page. Follow these tips to avoid paying U.S. Bank monthly maintenance fees: 1. Keep reading to find out more about TD Bank account fees and how you can avoid paying them. Win $500 – and Start the New Year Right! Bank of America Core Checking Account has a $12 Monthly Maintenance fee which is waived with at least 1 direct deposit of $250 each month or maintain a minimum daily balance of $1,500 or more. These offers do not represent all available deposit, investment, loan or credit products. You can choose a checking account from a big bank as long as you're prepared to avoid any monthly fees. In the old days, most people would simply do their banking at the neighborhood bank. You can choose a checking account from a big bank as long as you're prepared to avoid any monthly fees. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. You can test this with your other external bank accounts by setting up an account alert for direct deposits and initiating a transfer. Bank of America also imposes a withdrawal fee of $10 should you go over the six savings withdrawals it permits per month. You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking® account, which does not come with the fee. You can sign up for overdraft protection service, wherein the bank will cover a transaction using funds from another account, like a savings account. Checking Accounts. Other accounts have no monthly fee, but a fee for each transaction. Account Closure Fees. As one of the nation's largest banks, you're likely to consider Bank of America. Understanding bank fees and charges. Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee. Other accounts have a monthly fee, but no fee on each transaction. Refer to the Personal Schedule of Fees for additional details. 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 (waiver applies to first 4 checking accounts) How can you avoid this fee in the future? Learn how you can avoid the monthly fees on Bank of America checking accounts either direct deposit or minimum balances. Bank of America Savings Account Maintenance Fee. Do so by scheduling a direct deposit of $250 or more, keeping a $1,500 minimum daily balance or enrolling in Preferred Rewards. Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. For ATM transactions, the Bank of America fee will be waived for each eligible transaction. 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