According to some studies, people lose nearly $170 a year just in monthly bank fees. Others report that over the course of a decade you can lose out on at least a $1, 000 in hidden fees and maintenance costs simply for having an open account with a bank.
At Earn Cheese, we’re dedicated to ensuring that our users pay $0 in monthly fees while enjoying other zero-fee perks such as no overdraft fees, no international wire fees, and no minimum balance fee. Larger international banks such as Bank of America aren’t usually able to offer the same level of fee-free assistance.
So, how much do you pay to open a bank account with Bank of America? What are the fees associated with a BoA checking account? And, what are your options with various different types of BoA checking accounts and savings account? What's the minimum balance requirement? We’ve got the answers for you.
Understanding Online Personal Finance From Bank Of America
Some large, international banks require that you meet a minimum opening deposit requirement in order to open an account with them. Bank of America requires a $25 minimum opening deposit for the most basic Bank of America checking account and $100 for the other two tiers of checking accounts. However, they do each come with their own monthly fee and individual ways to waive the monthly BoA banking fee depending on the account that you have.
Each BoA checking account comes with unique monthly fees and other charges that can make them more expensive than the others. The three Bank of America checking account options are:
What’s the same across the board? Each checking account comes with a debit chip card, the ability to perform money transfers and make payments with Zelle, and access to a Digital Wallet. However, transferring money with Zelle on the Bank of America app does have a limit, which is $2, 500 a day.
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The monthly service fee for a Bank of America Advantage SafeBalance Banking checking account is $4.95 (which is less than the Bank of America $12 standard monthly maintenance fee across other banks such as Chase and Citibank). However, you can have that fee waived one of two ways:
It’s important to note that BoA Overdraft Protection is not available for this account. However, if you have insufficient funds, you aren’t charged a fee, the transaction is simply declined. And, you aren’t allowed to order or use paper checks with this account.
The monthly service/maintenance fee for a Bank of America Advantage Plus Banking checking account is $12. However, you can have that fee waived one of four ways:
Bank Of America Fees For Account Maintenance, Overdrafts
BoA overdraft fees and Overdraft Protection for this account are similar to the following Bank of America checking account option in that when you open the bank account with BoA, you’re able to choose an overdraft setting. And, the Bank of American overdraft fee is $35.
The monthly service/maintenance fee for a Bank of America Advantage Relationship Banking account is $25. However, you can have that fee waived one of two ways:
Aside from that, the fees associated with the account are exactly the same as the Advantage Relationship Banking account in that you’re able to choose a Bank of America overdraft setting when opening the account. And, the overdraft fee is $35; the minimum opening deposit for the Bank of America Advantage Relationship Banking account is $100.
Checking Account Fees And How To Avoid Them
What’s different about this BoA checking account is that you can earn APY on your balance. Balances less than $50, 000 come with a 0.01% APY while balances over $50, 000 come with a 0.02% APY.
A BoA Minor savings account is owned and managed by someone under 18 while a BoA Custodial savings account is similar but is managed by a parent, custodian, or legal guardian.
The Bank of America Advantage Savings account requires a minimum deposit of $100 to open the account. And, you can expect to pay an $8 monthly service/maintenance fee after the first six months unless you:
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With Bank of America Advantage Savings account, you can make a total of six transfers and withdrawals each monthly statement cycle with no withdrawal fee. After that, you’ll incur a $10 fee for each withdrawal.
The APY for this account is .01% unless you’re a Preferred Rewards member, by which the APY will increase to anywhere from .04% to .06%.
Like other major banks in the country, there are certain fees associated with a BoA account. You can expect to incur Bank of America monthly maintenance fees, BoA overdraft fees, fees on your BoA checking account and BoA savings account fees, plus wire transfer fees and foreign transaction fees.
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Across nearly every checking and savings account, expect an out-of-network ATM withdrawal fee of $2.50 in the United States and $5 when using an international ATM.
The only other fee you’ll really incur from opening a Bank of America checking or savings account would be a lost card fee. To replace a BoA card, you’ll be charged $5.
While most people are able to waive the fees associated with a Bank of America checking or savings account, none of their accounts really offer you the chance to really rack up rewards in the form of cashback.
How Bank Transactions Are Processed
The Cheese Debit Card allows you to earn cashback on all spending. And, it does so while allowing you to enjoy zero fees. No banking fees, high cashback rates, and even the chance to earn multiple Cheese Rewards? It’s as good as it sounds. Sign up to join us today.Bank fees can come as an unpleasant surprise. Per a 2021 survey, [1] $7 in bank fees every month. While this might not seem like a high cost, small fees can easily add up. Another survey found that Americans paid approximately $11.6 billion in bank fees during the first three months of the COVID-19 pandemic.
Fortunately, bank fees are relatively easy to avoid. Here are some of the most common bank fees and how to avoid them.[1] [2]
If a transaction is charged to your account without sufficient funds available to cover it, the account can become overdrawn. If that happens, you can be charged an overdraft fee as a penalty.
Truist One Checking
Pending deposits can lead to overdraft fees. When a deposit is pending, the money is not available to the account holder. As such, those funds won’t be able to cover transactions. Automatic payments can also lead to overdraft fees when they’re made without enough funds in the account.
The cost of an overdraft fee varies by bank, and often by state. The average fee for an overdraft is $35. Chase Bank has one of the lowest overdraft fees of $34.[1] Financial institutions with notable overdraft fees include:
The best way to avoid paying overdraft fees is to stay on top of your bank account balance. Understanding where, when, and how your money is used is crucial to avoid extra fees, including overdraft fees.
Bank Of America Savings Account Rates (february 2024)
If an overdraft fee has been charged to your account, the first step is to contact your financial institution. Explain what happened that caused the overdraft and see if the bank will refund it, especially if you’ve never had an overdraft happen before.
Insufficient funds fees are also known as non-sufficient fund fees or NSF fees. Like the name implies, these fees occur when there is not enough money to cover the transaction. NSF fees are assessed when the bank declines the transaction from the merchant. Because of this, the merchant might also charge a fee of their own.[3]
Insufficient funds fees are different from overdraft fees in that they are charged when transactions are declined due to a lack of funds. Overdraft fees occur when the transaction is allowed, causing the account to become negative. Therefore, your bank should never charge an NSF fee and an overdraft charge on the same transaction.[3]
How To Avoid Bank Of America Checking Account Fees
Banks earn billions each year from non-sufficient funds fees. The average cost of NSF fee is $29.67. Typically, banks charge between $25 and $37 per NSF fee. Each bank can set its own fees, but they must always disclose these fees when the account is opened.[3]
As with overdraft fees, tracking your finances is the best way to avoid insufficient funds fees. Checking your accounts each day will let you know what your daily balances are and what transactions are pending to occur.[3]
NSF fees can add up, and they can occur for each transaction that is refused. Avoid these costly fees by keeping a close watch on your accounts.[3]
Free Bank Account Online In Minutes
A minimum balance fee is a charge that occurs when your account balance goes below a certain amount. Not every bank charges this fee. Many banks have free checking accounts that have no balance requirements. In fact, 48% of non-interest-earning checking accounts don’t have minimum balance requirements.[4]
Usually, accounts that earn interest will have minimum balance requirements. On average, these accounts should have a minimum balance of at least $9, 896.81 to avoid maintenance and minimum balance charges. However, different types of bank accounts may have specific balance requirements. Be sure you understand your account. If you don’t, speak to a bank advisor to ensure you avoid unnecessary fees.[4]
The only way to avoid a fee is to maintain the minimum balance. If
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