How to avoid Bank of America account fees

Unlike some other banks that offer free service accounts, Bank of America charges several fees for its checking and savings accounts. Fortunately, many of these fees are avoidable.

How to avoid monthly fees on Bank of America checking and savings accounts

Bank of America offers three types of checking accounts and two types of savings accounts. Here’s a breakdown of each account’s monthly service fee and how you can avoid it.

Account	Monthly fee	Can you waive it?	Avoid by meeting ANY of these criteria
Bank of America Advantage SafeBalance Banking®	$4.95	Yes	Be under the age of 25 Maintain a minimum daily balance of $500 Are a member of Bank of America Preferred Rewards®
Bank of America Advantage Plus Banking®	$12	Yes	Have at least one qualifying direct deposit of $250 or more per statement cycle Maintain a minimum daily balance of $1,500 Are a member of Bank of America Preferred Rewards®
Bank of America Advantage Relationship Banking®	$25	Yes	Maintain a minimum daily balance of $20,000 or more in your account Are a member of Bank of America Preferred Rewards®
Bank of America Advantage Savings	$8	Yes	Maintain a minimum daily balance of $500 Link your Advantage Savings account to: Advantage Relationship Banking account, Advantage with Tiered Interest Checking, or Advantage Regular Checking Be under the age of 25 Are a member of Bank of America Preferred Rewards®
Bank of America Minor Savings Account (under 18)	$0	N/A	N/A

Bank of America automatically waives the monthly fee for Bank of America Advantage Savings accounts for the first six months after the account is opened.

How to avoid other account fees with Bank of America?

In addition to Bank of America’s monthly account service fees, the bank also charges various other fees, most of which you can avoid.

Type of fee	Cost	How to avoid it	How it compares to the average cost
Out-of-network ATM fee	$2.50	Use BofA ATMs whenever possible	The average can range between $2 and $3.50.
International ATM fee	$5.00 + 3%	Pay with a card whenever possible	Flat fee charges range from $2 to $7 and foreign transaction fees are typically at 3%.
Savings account 6 month withdrawal limit	$10	Maintain a balance above $20,000 or avoid withdrawing six times a month	Some banks charge as much as $15 for exceeding six transactions.
Overdraft	$10	Sign up for Balance Connect and overdraft from a linked BofA account for $12 per transfer.	Banks typically charge $35 when you overdraft on your account.
Replacement ATM or debit card	$5	Use a digital wallet whenever possible	Most banks won’t charge you to replace your debit card. But those that do charge as high as $7.50.
International transaction fee	3%	Pay with cash	A 3% transaction fee is pretty standard.

Who can I call at Bank of America to waive a fee?

To try to waive a fee, call 800-432-1000 to speak with a BofA representative

Compare Bank of America banking products

See how Bank of America’s many banking products stack up against each other.

Bottom line

Compared to many competing banks, Bank of America’s fees for checking and savings accounts are on the high end. If you’re looking for a bank that won’t nickel-and-dime your account dry, look at free savings accounts and free checking accounts.

Frequently asked questions

How do I close my Bank of America account?
To close a BofA checking or savings account, call 800-432-1000.