Bank of America Fees: Complete Guide to All Charges

Complete Guide to Bank of America Fees

Bank of America's fee schedule covers a wide range of banking services. Understanding these fees is essential for managing your accounts cost-effectively and avoiding unexpected charges. Here is a comprehensive breakdown of the most important fees consumers encounter.

Monthly Maintenance Fees

Bank of America Advantage SafePass Savings carries a monthly maintenance fee of 8 dollars, waivable by maintaining a daily balance of 500 dollars or more, or by linking to a Bank of America Advantage Relationship Banking checking account. The Advantage Plus Banking checking account has a monthly fee of 12 dollars, waivable with qualifying direct deposits of 250 dollars or more per month, or maintaining a minimum daily balance of 1,500 dollars. Advantage Relationship Banking carries a 25 dollar monthly fee, waivable with combined balances of 20,000 dollars or more across Bank of America and Merrill accounts.

Overdraft and Insufficient Funds Fees

Bank of America charges a 10 dollar overdraft fee per item when your account goes negative and you have enrolled in overdraft coverage. The bank eliminated its non-sufficient funds fees and reduced its overdraft fees from the previous 35 dollars per incident following regulatory pressure and competitive changes in the industry. There is a limit on the number of overdraft fees charged per day. Customers can opt out of debit card overdraft coverage to avoid these fees entirely, though this means transactions will simply be declined when funds are insufficient.

ATM Fees

Using Bank of America ATMs is free for account holders. However, using non-Bank of America ATMs in the United States incurs a 2.50 dollar fee per transaction, in addition to any fee charged by the ATM operator, which typically ranges from 2 to 5 dollars. International ATM withdrawals carry a 5 dollar fee plus a 3 percent international transaction fee on the amount withdrawn. These fees add up quickly for travelers or customers in areas with limited Bank of America ATM availability.

Wire Transfer Fees

Incoming domestic wire transfers cost 15 dollars. Outgoing domestic wires cost 30 dollars when initiated online and 30 dollars when initiated in a branch. International outgoing wire transfers cost 35 dollars online and 45 dollars in a branch. Incoming international wires carry a 16 dollar fee. Additional intermediary bank fees may apply and are deducted from the transfer amount. For frequent international transfers, specialized services often provide significantly lower total costs.

Other Common Fees

Cashier's checks cost 15 dollars each unless you have a qualifying premium account. Stop payment orders cost 30 dollars per item. Paper statement fees of 5 dollars per month apply to certain account types when electronic statements are not selected. Money orders cost 5 dollars each. Safe deposit box annual fees range from 75 to 350 dollars depending on box size and location. Early account closure within 90 days of opening incurs a 25 dollar fee.

Credit Card Fees

Bank of America offers several credit cards with varying fee structures. Annual fees range from zero on basic cards to several hundred dollars on premium travel cards. Balance transfer fees are typically 3 to 5 percent of the transferred amount with a minimum of 10 dollars. Cash advance fees are 5 percent of the advance amount or 10 dollars, whichever is greater, plus interest that begins accruing immediately with no grace period. Foreign transaction fees are 3 percent on most cards, though some travel-focused cards waive this charge.