How can I get my Bank of America monthly service fee waived?

You can avoid Bank of America's monthly service fees by doing the following: Maintain a minimum daily balance which varies by account type. Enroll in the Preferred Rewards program. Qualify for the under 25 years of age waiver.

What is the overdraft limit for Bank of America accounts?

Bank of America limits overdrafts to two a day.

Does Bank of America refund ATM fees?

Bank of America does not automatically refund ATM fees. However, customers in the Preferred Rewards program may receive fee waivers for out-of-network ATM usage.

Are there fees for closing a Bank of America account?

No, Bank of America does not charge customers if they wish to close their accounts . However, you will need to take several steps before your account can be officially closed: Confirm your mailing and email addresses. Cancel any automatic payments and cease making new transactions. Zero your account balance. Download any statements you might need for recordkeeping. Destroy all checks and debit cards connected to the account.

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Bank of America Monthly Maintenance Fees: Costs and Ways To Avoid Them

February 28, 2025

6 min Read

Written by Sean Dennison

Edited by Elizabeth Constantineau

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Understanding Bank of America Fees

Bank of America, Member FDIC, offers a number of checking and savings accounts. Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. Customers can avoid Bank of America’s fees in several ways, such as by setting up approved direct deposits or fulfilling account balance requirements. Read on to learn more.

Bank of America Monthly Maintenance Fees

Here’s a breakdown of Bank of America’s monthly maintenance fees:

Account	Monthly Maintenance Fee
Advantage SafeBalance	$4.95
Advantage Plus	$12
Advantage Relationship	$25
Bank of America Advantage Savings	$8

Bank of America Checking Account Fees

Depending on what type of account you have, the checking account monthly maintenance fee can vary.

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.

While there are no student-specific checking accounts, Bank of America will waive the monthly maintenance fee for those under age 25 on the Bank of America SafeBalance Banking account.

Here’s a quick look at the monthly maintenance fees for each of Bank of America’s checking account options.

Account	Monthly Service Fee	Earns Interest
Advantage SafeBalance	$4.95	No
Advantage Plus	$12	No
Advantage Relationship	$25	Yes

Bank of America Savings Account Fees

Bank of America’s Advantage Savings account comes with an $8 monthly maintenance fee. The monthly service fee is waived for those under 25.

The APY the bank offers is low compared with the national rate of 0.41% APY. Qualifying for Preferred Rewards can bring the APY up a little, but it remains lower than the national rate.

Account	Monthly Service Fee	Standard Annual Percentage Yield
Bank of America Advantage Savings	$8	APY for all balances

Bank of America Overdraft Fees

Bank of America charges a $10 overdraft fee per transaction, with a cap of two overdrafts a day. However, there are ways to avoid overdraft fees.

Maintain a sufficient balance in your account.
Sign up for Balance Connect® overdraft protection, which automatically transfers funds from a linked account to cover overdrafts.
Use Advantage SafeBalance Banking®, which does not allow for overdrafts, ensuring you won’t be charged for this fee.

Other Common Bank of America Fees

Here’s an overview of other fees you can expect from Bank of America:

Fee Type	Cost
Out-of-network ATM withdrawal	– In U.S.: $2.50 – Outside of U.S.: $5
Overdraft	$10
Wire transfer	-Domestic outgoing wire: $30 -Domestic incoming wire: $15 -International outgoing wire: $45 -International outgoing wire (foreign currency): $0 -International incoming wire: $15
International debit purchase	3%

Fees listed reflect amounts typically charged; exceptions may apply.

Tips for Minimizing Bank of America’s Monthly Maintenance Fees

Maintaining minimum balances and making qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Some accounts will also waive fees based on your age.

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 America’s overdraft fees.

You have options to avoid Bank of America’s monthly maintenance fees, but they vary from account to account. Here are five ways to avoid Bank of America’s monthly fees:

1. Be Aware of the Bank of America Minimum Balance Requirements

Here are the minimum balances required to qualify for a fee waiver:

Advantage Savings: $500 minimum daily balance
Advantage Plus: $1,500 minimum daily balance
Advantage Relationship: $20,000 combined balance in eligible linked accounts

2. Have Qualifying Direct Deposits

Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits:

Advantage Plus: Minimum of one qualifying direct deposit of $250 or more

3. Link Your Bank of America Accounts

Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee.

Advantage Savings: Link your Bank of America Advantage Relationship Banking® account.

4. Enroll in the Preferred Rewards Program

Maintenance fees for eligible Bank of America checking and savings accounts are waived when you enroll in Bank of America’s Preferred Rewards program. 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.

Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1 million for the Diamond Tier.

5. Qualify for the Under 25 Waiver

This qualification applies when an account holder is under the age of 25. This waiver applies to the following accounts:

Advantage SafeBalance
Advantage Savings

Conclusion

The Bank of America monthly maintenance fees vary by account, but most fees can be avoided by meeting balance requirements, setting up direct deposits or enrolling in the Preferred Rewards program. While fees such as overdrafts and wire transfers can add up, understanding the fee structure and waiving them when possible can keep banking costs low.

If you’re looking for an account with no monthly fees, consider online banks that may offer lower-cost alternatives.

FAQ

Here are the answers to some of the most frequently asked questions about Bank of America's monthly maintenance fees.

How can I get my Bank of America monthly service fee waived?
- You can avoid Bank of America's monthly service fees by doing the following:
  - Maintain a minimum daily balance which varies by account type.
  - Enroll in the Preferred Rewards program.
  - Qualify for the under 25 years of age waiver.
What is the overdraft limit for Bank of America accounts?
- Bank of America limits overdrafts to two a day.
Does Bank of America refund ATM fees?
- Bank of America does not automatically refund ATM fees. However, customers in the Preferred Rewards program may receive fee waivers for out-of-network ATM usage.
Are there fees for closing a Bank of America account?
- No, Bank of America does not charge customers if they wish to close their accounts. However, you will need to take several steps before your account can be officially closed:
  - Confirm your mailing and email addresses.
  - Cancel any automatic payments and cease making new transactions.
  - Zero your account balance.
  - Download any statements you might need for recordkeeping.
  - Destroy all checks and debit cards connected to the account.

More on Bank of America

Cynthia Measom contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 28, 2025.

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