Bank Account Rates & Fees FAQs from Bank of America (2024)

FAQs

Does Bank of America charge a fee for checking accounts? ›

Checking account fees Advantage Plus Banking

Bank of America Advantage Plus has a $100 minimum opening deposit and a $12 monthly maintenance fee which can be waived if you do one of the following: Make at least one qualifying Direct Deposit of $250 or more. Maintain a minimum daily balance of $1,500 or more.

You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account, OR • Ask us to link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered ...

Overdraft fees and nonsufficient funds (NSF) fees can be some of the most expensive bank fees. Overdraft fees may be charged by a bank when it temporarily covers transactions that overdraw your account, thereby allowing them to take place.

The Axos Bank Rewards Checking account offers a winning combination of features. There's no monthly maintenance fee or minimum balance requirement. and the bank provides unlimited reimbursem*nts for domestic out-of-network ATM charges. Axos doesn't charge a non-sufficient funds fee either.

You'll need to meet the minimum balance requirement

Most traditional banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500, though most are much closer to the lower end.

Bank of America Savings Account Fees

Bank of America's Advantage Savings comes with a $100 minimum opening deposit and a $8 monthly maintenance fee. You can have the maintenance fee waived if you meet one of the following qualifications: Maintain a daily balance of at least $500.

Monthly maintenance fees: Charged by financial institutions for account upkeep. If a bank has multiple types of checking or savings accounts, different ones will probably come with different fees. Often, a more robust account charges a higher maintenance fee.

What is the limit on Bank of America transactions? ›

Online, you can send up to 1,000 USD in a single transaction with Bank of America. This can be either an ACH, or a domestic or international wire payment. There may be options to increase your limits by adding extra security measures to your account, or by upgrading your account to a higher tier within Bank of america.

Bank of America: The maximum daily withdrawal amount using an ATM is $1,000 and cannot exceed 60 bills in one transaction.

Make at least one qualifying Direct Deposit of $250 or more to your account, OR • Maintain a minimum daily balance of $1,500 or more in your account, OR • Be a member of the Preferred Rewards program.

It doesn't cost anything to close a Bank of America account, but it might cost you money to keep that account if they're charging you monthly maintenance fees. You can transfer money out of your account by way of ACH. Consider a new option that offers free ACH transfers and no monthly service fees.

One of the most common characteristics of a checking account is the monthly fee that banks or credit unions charge to maintain your account. These account maintenance fees often range up to $15.

There is no fee for Online Banking when you have a Bank of America account, however, there may be other fees associated with your account.

Bank of America doesn't charge transaction fees when you use your debit card to make purchases, but some merchants may impose a transaction fee or surcharge. An international transaction fee may be charged for debit card purchases and ATM cash withdrawals.