How to waive a Bank of America monthly account fee
You get the published monthly maintenance fees for three named Bank of America checking accounts, the words to look for on a statement, and a short list of questions for the phone. Asking Bank of America to remove a fee already charged is a request. The bank can say no. This page does not promise a waiver.
What this fee is
A monthly maintenance fee is a charge from the bank for the account itself. It is not a store purchase, not a subscription, and not a refund. A refund is money back. It is not a new expense.
An overdraft fee, a wire fee, and an ATM fee are different lines. How to ask about an overdraft fee is the page for that separate charge. Match the account name on your statement before you use a figure below. Your account agreement controls the fee, not this page.
Three named checking accounts
These amounts are in US dollars. They come from the Bank of America personal schedule of fees. Monthly fees at Chase, Bank of America, and Wells Fargo also covers Advantage Plus.
Advantage SafeBalance Banking lists a monthly maintenance fee of $4.95. The minimum to open is $25.00. The schedule says you avoid the fee during a statement cycle if you meet one of these. One: an owner of the account is under 25. Two: a minimum daily balance of $500 or more. Three: an owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier. The schedule says fiduciary accounts, including trust and estate accounts, do not qualify for the under 25 rule. It also says that when you add an owner under 25, it may take 3 business days before the account meets that requirement.
Advantage Plus Banking lists a monthly maintenance fee of $12.00. The minimum to open is $100.00. The schedule says the account does not pay interest. You avoid the $12.00 fee during a statement cycle if you meet one of these. One: at least one qualifying direct deposit of $250 or more. For this account, Bank of America says a qualifying direct deposit is regular monthly income, such as salary, pension, or Social Security, sent by the employer or other payer with the account and routing numbers you gave them. Other transfers and deposits do not qualify. Two: a minimum daily balance of $1,500 or more. Three: an owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier.
Advantage Relationship Banking lists a monthly maintenance fee of $25.00. The minimum to open is $100.00. The schedule says you avoid the fee during a statement cycle with a minimum daily balance of $20,000 or more, or when an owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier.
Bank of America says the minimum daily balance is the lowest balance it determines is in the account during the statement cycle. The balance must not fall below the amount for that account. The schedule says BofA Rewards tiers use a three calendar month average balance in qualifying accounts: Preferred Plus at $30,000, Preferred Honors at $100,000, and Premier at $1,000,000. Member is below $30,000. Member is not one of the tiers that avoids the monthly fee on these accounts.
Find the fee on the statement
Read the account name first. Then look for a line named monthly maintenance fee. Write the date, the printed name, and the amount. A Bank of America checking statement in US dollars stays in USD. How to read a statement PDF separates fees, purchases, payments, and refunds.
If the bank later credits the fee back, that credit is money returned. It is not a new expense, and it is not a subscription.
A $12.00 fee charged every month for 12 months is $144. The result is arithmetic. It is not a quote from Bank of America, and it is not money the bank has agreed to return.
What to ask Bank of America
Use the phone number on the statement if it is printed there. Bank of America's contact page is the place to pick a topic. If a number on your statement is printed, use that number.
Have the date, the fee name, and the amount. Ask which account is on the statement. Ask which requirement the bank says you missed: direct deposit, minimum daily balance, age, or a BofA Rewards tier. Ask whether a deposit was qualifying direct deposit or one of the transfers the schedule says do not qualify. Then ask the bank to review the fee or remove it. They can say no. This page has no success rate, because a made up rate would be a guess.
If the answer is no, ask what would have to be true in the next statement cycle for the fee to be $0, and ask for the bank's complaint steps. You can also send a complaint to the Consumer Financial Protection Bureau after you have the bank's answer. US bank fees links that step. Expenvo does not file the complaint.
Upload a statement in Expenvo to see the bank fee lines it recognizes, listed on their own. The PDF stays on your device. Expenvo does not call Bank of America, and it does not promise the fee will be removed.
Questions
- Does every Bank of America checking account cost $12 a month?
- No. The personal schedule of fees lists $4.95 for Advantage SafeBalance Banking, $12.00 for Advantage Plus Banking, and $25.00 for Advantage Relationship Banking. Each account has its own way to make the fee $0. Match the name on your statement.
- Does any deposit of $250 avoid the Advantage Plus fee?
- No. For Advantage Plus, Bank of America says a qualifying direct deposit is regular monthly income, such as salary, pension, or Social Security, sent by the payer with the account and routing numbers you gave them. Other transfers and deposits do not qualify.
- Will Bank of America remove a fee it already charged if I ask?
- They might, and they might not. Asking is a request. Nothing on this page says the bank has to waive a fee already on the statement.
- Can Expenvo tell me the fee will be $0 next month?
- No. Expenvo can list a bank fee that is already on a statement. It does not know whether you will meet the schedule's rule in the next statement cycle.
Sources
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