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Bank of America Banking Fees

By
Elizabeth

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? We’ve got the answers for you.

How Much Are Bank of America Banking Fees?

Banking Fees BoA

How Much Does it Cost to Open a Bank Account at 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 their most basic 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.

What Are the Different Kinds of BoA Checking Accounts?

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:


  • Bank of America Advantage SafeBalance Banking
  • Bank of America Advantage Plus Banking
  • Bank of America Advantage Relationship Banking


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.

Bank of America Advantage SafeBalance Banking

The monthly service fee for a Bank of America Advantage SafeBalance Banking account is $4.95 (which is less than the $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 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.

Bank of America Advantage Plus Banking

The monthly service fee for a Bank of America Advantage Plus Banking account is $12. However, you can have that fee waived one of four ways:


  • Enroll in Bank of America’s Preferred Rewards
  • Be enrolled in school and be under the age of 24
  • Have at least one qualifying direct deposit of $250 per month
  • Maintain a minimum daily balance of $1,500


Overdraft fees and Overdraft Protection for this account are similar to the following checking account option in that when you open the bank account with BoA, you’re able to choose an overdraft setting. And, the overdraft fee is $35.


The minimum opening deposit for a Bank of America Advantage Plus Banking account is $100.

Bank of America Advantage Relationship Banking

The monthly service fee for a Bank of America Advantage Relationship Banking account is $25. However, you can have that fee waived one of two ways:


  • Enroll in Bank of America’s Preferred Rewards
  • Maintain a combined balance of $10,000 or more in eligible linked accounts


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 an overdraft setting when opening the account. And, the overdraft fee is $35; the minimum opening deposit for the account is $100.


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.

How Much Does it Cost to Open a Savings Account at BoA?

There are three main types of BoA savings accounts:


  • Advantage Savings
  • Minor Savings
  • Custodial


A BoA Minor savings account is owned and managed by someone under 18 while a 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 fee after the first six months unless you:


  • Maintain a minimum daily balance of at least $500
  • Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account 
  • Enroll in Bank of America’s Preferred Rewards


With this BoA 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%. 

What Are the Other Bank of America Monthly Banking Fees?

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.


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. 


BoA international fees are 3% of each transaction. 


And, the Bank of America wire transfer fees are as follows:

  • Incoming domestic wire transfer fees are $15 per transaction
  • Incoming foreign wire transfers are $16 per transaction
  • Outgoing domestic wire transfer fees are $30 per transaction
  • Outgoing foreign wire transfer sent in foreign currency fees are $35 per transaction
  • Outgoing foreign wire transfers sent in U.S. Dollar fees are $45 per transaction


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.


Want to learn how to avoid BoA monthly banking fees?


  • Open the right checking or savings account for your lifestyle and income
  • Maintain the right minimum balance
  • Set up qualifying direct deposits
  • Link your Bank of America accounts when available
  • Don’t overspend to avoid insufficient funds and overdraft fees
  • Enroll in Bank of America’s Preferred Rewards

What’s A Better Banking Option Than BoA?

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. 


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 our waiting list today.

Cheese Debit Card
Cheese Debit Card


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