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Bofa Eliminates Free Checking Accounts, Upsetting Customers
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Bank Of America And The End Of Free Checking
Bank of America is one of the largest banks in the U.S., and it offers a wide selection of products and services.
Bank of America offers several different checking account options. Each connects to the bank’s highly rated mobile app to help you manage your finances. As a BofA customer, you’ll also have access to a large network of bank branches and ATMs.
Bank of America earned 3.9 out of 5 stars in ’s overall review of its deposit accounts. Its checking account earned 3.7 out of 5 stars.
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Here’s a closer look at the checking accounts offered by BofA to help you decide whether one is a good choice for you.
The Advantage SafeBalance Banking checking account has safeguards in place to help you keep spending within the bounds of your account balance.
Instead of allowing an overdraft to occur, BofA will decline your transactions if the funds aren’t available in your account, avoiding an overdraft fee.
Bank Of America Faces Backlash For Eliminating Free Checking Account
The SafeBalance Banking account has a monthly maintenance fee of $4.95 that is waived for account owners under age 25 and customers enrolled in Bank of America’s Preferred Rewards program. It’s also waived if you maintain an account balance of at least $500.
BofA charges no ATM fees for withdrawals from one of its approximately 15, 000 ATMs. Using an ATM outside of Bank of America’s network in the U.S. results in a $2.50 charge for each ATM withdrawal — plus any fees charged by the ATM owner.
Other fees to be aware of with this account include: paper statement copy fee ($5); stop payment fee ($30); debit card and ATM card rush delivery ($15); and outgoing international wire in U.S. dollars ($45). There are no overdraft fees as the account cannot be overdrawn.
Bank Of America Faces Backlash For Ending Free Checking
The Advantage Plus checking account offered by Bank of America includes more standard features than the SafeBalance banking account. Purchases can be paid by debit card, Zelle, mobile and online banking, or checks.
In addition, an overdraft protection transfer feature can be added to the Advantage Plus account, which automatically transfers funds from a linked savings or checking account to cover purchases.
Cash withdrawals are free at Bank of America ATMs. Funds withdrawn from out-network ATMs in the U.S. are subject to a $2.50 fee, plus any fees charged by the ATM operator.
How To Avoid Bank Of America Checking Account Fees
The Advantage Relationship checking account is an interest-bearing account that offers tiered rates on all balances, though the APYs offered are relatively low.
The account allows you to pay for purchases with a debit card, Zelle, check, or mobile and online banking. Like the Advantage Plus account, there’s a $10 overdraft fee per item. And you’ll only be charged for a maximum of two fees in a day.
The monthly maintenance fee alone is $25, though, you can avoid this fee with a combined balance of $20, 000 or more each statement cycle across eligible linked accounts. Another way to waive the fee is to enroll in BofA’s Preferred Rewards program.
Expired] Bank Of America $200 Business Checking Bonus
The Advantage Relationship account imposes an overdraft fee of $10 an item. But if you sign up for overdraft protection, BofA will transfer funds from a linked account to cover overdrafts.
Both the Advantage Plus and Advantage Relationship accounts feature Balance Connect. This allows you to link up to five accounts to back up this checking account. And it doesn’t have a transfer fee.
Many of the other fees imposed by Bank of America are waived on the Advantage Relationship account, including card replacement and stop payment fees. But you will still have to contend with fees for cashier’s checks and outgoing domestic wire transfers and international wire transfers sent in U.S. dollars.
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Bank of America offers its customers a rewards program that include benefits such as additional cash back and reduced and waived fees.
Preferred Rewards is a tiered-balance program that allows Bank of America customers to earn additional rewards as their account balances grow. Perks include higher APYs on savings, credit-card rewards bonuses, reduced mortgage origination fees, interest-rate discounts on home equity and auto loans, and more.
BankAmeriDeals is Bank of America’s rewards that allows you to earn cash back for purchases made with a BofA credit or debit card. Cash-back deals can be found in the mobile and online banking portals and are credited to your account within 30 days after purchase.
Bank Of America Ends Free Checking For More Ebanking Customers
Bank of America occasionally offers $100 sign-up bonuses for its checking accounts on its website. When the offer is available, customers who sign up for a BofA personal checking account are eligible once they receive a qualifying direct deposit in the account. A code is required when opening an account to qualify.
Although you can enjoy the standard features of a checking account with a multitude of branches, these checking accounts fall short in other areas. The cost of fees associated with these accounts can add up quickly if minimum requirements aren’t met.
If branch banking isn’t a priority, you might want to explore other banking options. A few alternatives include products from NBKC Bank, Capital One and LendingClub Bank. Each of
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