Bank of America Advantage Banking – A Flexible Checking Account

Which is best for you?

FAQs

Does Bank of America have free checking?

Bank Of America Ends Free Checking Option, A Bastion For Low-Income Customers. Bank of America is eliminating eBanking accounts this month, transferring their owners into accounts that charge a maintenance fee if they don’t maintain a minimum balance or get direct deposit

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How do I avoid $12 monthly fee Bank of America?

How To Avoid Bank of America’s Monthly Maintenance Fees

1. Maintain a Minimum Balance. Here are the minimum balances required to qualify for a fee waiver: …
2. Have Qualifying Direct Deposits. …
3. Link Your Bank of America Accounts. …
4. Enroll in the Preferred Rewards Program. …
5. Qualify for the Student Waiver.

Jun 9, 2022

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Does Bank of America charge for checking account?

Bank of America Core Checking Account has a $12 Monthly Maintenance fee which is waived with at least 1 direct deposit of $250 each month or maintain a minimum daily balance of $1,500 or more.

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How do I avoid monthly fees with Bank of America?

Monthly Fee

1. No monthly maintenance fee for each statement cycle that you:
2. Maintain a minimum daily balance of at least $500.
3. or.
4. Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts)
5. or.

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What Bank offers free checking?

Two of the largest banks that offer free checking accounts are Chase Bank and U.S. Bank. However, be aware that the U.S. Bank free checking accounts and checking accounts at Chase usually just exclude maintenance fees. You may also need to meet certain conditions for these maintenance fees to be excluded.

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What is Bank of America minimum balance?

The Bank of America Basic Checking Fees

Have at least one qualifying direct deposit of $250. Maintain a minimum daily balance of $1,500 or more.

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Is Bank of America or Chase better?

Chase has a larger range of options, while BofA has slightly better rates on most of its accounts. They’re both solid choices for customers who want a traditional banking experience, but you may want to consider online banks or comparing your options to find better features or higher rates.

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Is Bank of America losing customers?

The percentage of Millennials (consumers 26 to 40 years old) who call a Bank of America checking account their primary account declined from 22% in October 2020 to just 13% in July 2021. The megabank also lost share of primary status among Gen Xers (ages 41 to 55), dropping from 18% to 10% over that same time period.

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A Flexible Checking Account – Bank of America

Bank of America Advantage Banking – A Flexible Checking AccountSkip to main contentBank of America Advantage Banking Which is best for you?SafeBalance®Checkless banking with flexible ways to payAdvantage PlusEveryday banking with more ways to waive the monthly feeAdvantage RelationshipPerks for higher balances, like fee waivers and interest Bank of America Advantage SafeBalance Banking®Checkless banking with flexible ways to pay$XXXX or $0 Avoid the monthly feeWe’ll waive the monthly maintenance fee each statement cycle that you:Are an owner of this account who qualifies as a Student under age 25 enrolled in school or an educational or vocational programORAre an owner of this account under age 18ORAre enrolled in Preferred Rewards (applies to first 4 checking accounts)OR Bank of America Advantage Plus Banking®Everyday banking with more ways to waive the monthly fee$XXXX or $0 Avoid the monthly feeWe’ll waive the $XXXX monthly fee each statement cycle that you:Have at least one qualifying direct deposit of $XXXX+ORMaintain a $XXXX minimum daily balanceORAre enrolled in Preferred Rewards (applies to first 4 checking accounts)OR Bank of America Advantage Relationship Banking®Perks for higher balances, like fee waivers and interest$XXXX or $0 Avoid the monthly feeWe’ll waive the $XXXX monthly fee each statement cycle that you:Maintain a combined balance of $XXXX in eligible linked accounts. Learn about combined balancesORAre enrolled in Preferred Rewards (applies to first 4 checking accounts)ORHere’s how it worksBank of America Advantage Banking is a checking account layer with three settings. Pick the one that works.If life changes, just switch it up.What is a checking account?A checking account is a type of deposit account that enables you to deposit and withdraw available funds on demand, typically by writing a check or using a debit card. Checking accounts are sometimes interest-bearing.SafeBalance®Checkless banking with flexible ways to payAdvantage PlusEveryday banking with more ways to waive the monthly feeAdvantage RelationshipPerks for higher balances, like fee waivers and interestBank of America Advantage SafeBalance Banking®About SafeBalance®:A smart start for students – no monthly fee for Students under 25Helps keep you from spending more than you have — no overdraft feesSole ownership for ages 16+$XXXX or $0 monthly feeWe’ll waive the monthly maintenance fee each statement cycle that you:Are an owner of this account under age 25 and qualify as a StudentORAre an owner of this account under age 18ORAre enrolled in Preferred RewardsTo view all fees see the Personal Schedule of Fees. You can also refer to our Clarity Statement for additional information.About SafeBalance®:A smart start for students – no monthly fee for Students under 25Helps keep you from spending more than you have — no overdraft feesSole ownership for ages 16+$XXXX or $0 monthly feeWe’ll waive the monthly maintenance fee each statement cycle that you:Are an owner of this account under age 25 and qualify as a StudentORAre an owner of this account under age 18ORAre enrolled in Preferred RewardsTo view all fees see the Personal Schedule of Fees. You can also refer to our Clarity Statement for additional information.Bank of America Advantage Plus Banking®About Advantage Plus:Multiple ways to waive the monthly feeOption to set up Balance Connect® for overdraft protectionOption to buy paper checksBank of America Advantage Plus Banking®About Advantage Plus:Multiple ways to waive the monthly feeOption to set up Balance Connect® for overdraft protectionOption to buy paper checksBank of America Advantage Relationship Banking®About Advantage Relationship:No fees on select services and additional accountsEarns interest See ratesOption to set up Balance Connect® for overdraft protectionPaper checks available (no charge or discounted depending on check style)Bank of America Advantage…

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Open a Bank Account Online Today – Bank of America

Bank Accounts – Open a Bank Account Online TodayInvesting in securities involves risks, and there is always the potential of losing money when you invest in securities. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S”, or “Merrill”), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Trust and fiduciary services are provided by Bank of America, N.A. and U.S. Trust Company of Delaware. Both are indirect subsidiaries of Bank of America Corporation.Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.Investment and insurance products:”Get more rewards with your everyday banking” is a trademark and Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.

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Account Maintenance Fees for Savings, Checking, CDs & IRAs

Account Maintenance Fees for Savings, Checking, CDs & IRAsShow All Open all tabsHide All Close all tabs Monthly maintenance fee Information for Monthly maintenance fee.Monthly maintenance feeXXXX per statement cycleWe’ll waive the monthly maintenance fee each statement cycle that you:Make at least one qualifying Direct Deposit of XXXX or more. Learn about qualifying direct depositsORMaintain a minimum daily balance of XXXX or more.OREnroll in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 checking accounts).Please refer to your Personal Schedule of Fees for details.We’ll waive the monthly maintenance fee each statement cycle that you:Make at least one qualifying Direct Deposit of XXXX or more. Learn about qualifying direct depositsORMaintain a minimum daily balance of XXXX or more.OREnroll in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 checking accounts).Please refer to your Personal Schedule of Fees for details. ATM Fees Information for ATM Fees.Bank of America® ATMsNo ATM feeFor deposits, withdrawals, transfers or balance inquiriesFor deposits, withdrawals, transfers or balance inquiriesNon-Bank of America ATMsXXXX each within the U.S.Plus any fee charged by the ATM’s operator.Preferred Rewards Platinum using a Bank of America debit or ATM card will not be charged the non-Bank of America ATM fee and will receive one (1) refund per statement cycle of the ATM operator or network fee for withdrawals, transfers and balance inquiries from non-Bank of America ATMs in the U.S.Platinum Honors tier clients using a Bank of America debit or ATM card will not be charged the non-Bank of America ATM fee and will receive a refund of the ATM operator or network fee for withdrawals, transfers and balance inquiries from non-Bank of America ATMs in the U.S.Plus any fee charged by the ATM’s operator.Preferred Rewards Platinum using a Bank of America debit or ATM card will not be charged the non-Bank of America ATM fee and will receive one (1) refund per statement cycle of the ATM operator or network fee for withdrawals, transfers and balance inquiries from non-Bank of America ATMs in the U.S.Platinum Honors tier clients using a Bank of America debit or ATM card will not be charged the non-Bank of America ATM fee and will receive a refund of the ATM operator or network fee for withdrawals, transfers and balance inquiries from non-Bank of America ATMs in the U.S.XXXX each outside the U.S.Plus any fee charged by the ATM’s operator.An International Transaction Fee of 3% of the U.S. dollar amount for each converted ATM cash withdrawal. This fee is assessed as a separate transaction fee on the posting date of the withdrawal.View more important informationUse your Bank of America ATM or debit card at one of our International partner ATMs below and avoid the non-Bank of America ATM $5 usage fee for each withdrawal, transfer, or balance inquiry as well as the ATM operator access fee.Bank of America will assess an International Transaction Fee of 3% of the converted US dollar amount. This fee is assessed as a separate transaction fee on the posting date of the withdrawal….

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Bank Account Rates & Fees FAQs – Bank of America

Bank Account Rates & Fees FAQs – Bank of America | How do combined balances help waive the monthly maintenance fee? When you maintain a combined balance of at least $10,000 or more each statement cycle on your Bank of America Advantage Relationship Banking® account, the monthly maintenance fee is waived. Combined balances include:The average daily balance in eligible linked checking and savings accounts for the statement cycleThe current balances in linked personal CDs and IRAs at the end of the Advantage Relationship Banking statement cycleThe current balance (2 business days before the end of the Advantage Relationship Banking statement cycle) in your eligible linked Merrill Edge® and Merrill Lynch® investment accounts What is a qualifying direct deposit? Qualifying direct deposits are deposits of regular monthly income (such as your salary, pension, or Social Security benefits) that are made by your employer or other payer using the account and routing numbers that you provide to them. These deposits qualify for the Bank of America Advantage Plus Banking® monthly maintenance fee waiver.Teller deposits, wire transfers, Online and Mobile Banking transfers, transfers from one account to another, and ATM transfers and deposits are examples of deposits that do not qualify for the monthly maintenance fee waivers. How much do savings accounts cost? Pricing and fees vary by account. Visit our savings accounts page and select an account to review the details, including pricing. You can also receive pricing information by calling 800.432.1000 (Mon-Fri 8 a.m.-11 p.m. or Sat-Sun 8 a.m.-8 p.m., all times ET). Outside the U.S. call 1.315.724.4022 (international collect; cell phone roaming charges may apply). What is a Check Image Service fee? A Check Image Service fee is charged for returning images of your canceled checks with your monthly statement. You can receive an online version of your statement which includes images of your cancelled checks at no cost. To change the way you receive your statements, log in to Online Banking and go to the Statements & Documents tab for your account.

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Student Banking: Banking Accounts & Debit Card Options

Student Banking: Banking Accounts & Debit Card OptionsSkip to main contentBank of AmericaAdvantage BankingFlexible checking for students like youReady to open your Bank of America Advantage Banking account?If you don’t have a Social Security number or are not 18 years or older, come in and see us.Schedule an appointmentAnswer a few questions to help us get you to the right place.First, tell us your age:Answer a few questions to help us get you to the right place.Do you have a valid Social Security number?Great! You can apply for your own account today! Let’s confirm:You’re applying for Bank of America Advantage SafeBalance Banking®No monthly maintenance fee for eligible studentsHelps keep you from spending more than you have — no overdraft feesCheckless banking with flexible ways to payGood news, you can start your application online!Based on your age, you must have a co-applicant who is 18 years of age or older to applyAfter applying, we may ask you to show proof of identification in one of our Financial CentersYou’re applying for Bank of America Advantage SafeBalance Banking®All the essentials with flexible ways to payNo monthly maintenance fee for students under 25No overdraft fees – helps keep you from spending more than you haveLet’s connectWe can help you open your account at a financial centerWhat to bring to your appointment1. Government-issued photo IDEx: U.S. driver’s license, state-issued ID card, U.S. Passport2. One additional form of IDEx: student ID, work ID, credit/debit card from another bank, current vehicle registration, foreign driver’s licenseInternational student?See accepted documents for U.S. visa holdersYou must be able to provide both your foreign and local address, as well as your ITIN (Individual Tax Identification Number). You’ll also need the following:1. Proof of U.S. residencyEx: U.S. government-issued ID, student/employer photo ID, current utility bill or rental agreement(documents must show your name and U.S. physical address)2. One primary photo IDEx: foreign passport (with or without passport visa), U.S. Non-Immigrant visa and Border Crossing Card-DSP-150, Canadian Citizenship card (with photo), Mexican, Guatemalan, Dominican or Colombian Consular ID (with photo)3. One secondary IDEx. foreign or U.S. driver’s license (with photo), student/employer ID (with photo), major debit or credit card with Visa® or Mastercard® logo, major retail credit card from a nationally well-known company, U.S. Department of State Diplomat IDNote: College students, please bring proof of enrollment (a valid student ID, transcript or acceptance letter) to get your student fee waiver.Lets connectWe can help you at one of our financial centers. You’ll need a co-applicant over 18, like a parent or guardian.What your parent/guardian should bring along1. Government-issued photo IDEx: U.S. driver’s license, state-issued ID card, U.S. passport2. One additional form of IDEx: student ID, work ID, credit/debit card from another bank, current vehicle registration, foreign driver’s license3. Two forms of ID for youInternational family?See accepted documents for U.S. visa holdersYour parent/guardian must be able to provide both your foreign and local address, as well as your ITIN (Individual Tax Identification Number). They’ll also need to bring the following:1. Proof of U.S. residencyEx: U.S. government-issued ID, student/employer photo ID, current utility bill or rental agreement(documents must show your name and U.S. physical address)2. One primary photo IDEx: foreign passport (with or without passport visa), U.S. Non-Immigrant visa and Border Crossing Card-DSP-150, Canadian Citizenship card (with photo), Mexican, Guatemalan, Dominican or Colombian Consular ID (with…

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Student Banking, Accounts & Resources from Bank of America

Student Banking, Accounts & Resources from Bank of AmericaA path to financial independenceReady to open your Bank of America Advantage Banking account?If you don’t have a Social Security number or are not 18 years or older, come in and see us.Schedule an appointmentAnswer a few questions to help us get you to the right place.First, tell us your age:Answer a few questions to help us get you to the right place.Do you have a valid Social Security number?Great! You can apply for your own account today! Let’s confirm:You’re applying for Bank of America Advantage SafeBalance Banking®No monthly maintenance fee for eligible studentsHelps keep you from spending more than you have — no overdraft feesCheckless banking with flexible ways to payGood news, you can start your application online!Based on your age, you must have a co-applicant who is 18 years of age or older to applyAfter applying, we may ask you to show proof of identification in one of our Financial CentersYou’re applying for Bank of America Advantage SafeBalance Banking®All the essentials with flexible ways to payNo monthly maintenance fee for students under 25No overdraft fees – helps keep you from spending more than you haveLet’s connectWe can help you open your account at a financial centerWhat to bring to your appointment1. Government-issued photo IDEx: U.S. driver’s license, state-issued ID card, U.S. Passport2. One additional form of IDEx: student ID, work ID, credit/debit card from another bank, current vehicle registration, foreign driver’s licenseInternational student?See accepted documents for U.S. visa holdersYou must be able to provide both your foreign and local address, as well as your ITIN (Individual Tax Identification Number). You’ll also need the following:1. Proof of U.S. residencyEx: U.S. government-issued ID, student/employer photo ID, current utility bill or rental agreement(documents must show your name and U.S. physical address)2. One primary photo IDEx: foreign passport (with or without passport visa), U.S. Non-Immigrant visa and Border Crossing Card-DSP-150, Canadian Citizenship card (with photo), Mexican, Guatemalan, Dominican or Colombian Consular ID (with photo)3. One secondary IDEx. foreign or U.S. driver’s license (with photo), student/employer ID (with photo), major debit or credit card with Visa® or Mastercard® logo, major retail credit card from a nationally well-known company, U.S. Department of State Diplomat IDNote: College students, please bring proof of enrollment (a valid student ID, transcript or acceptance letter) to get your student fee waiver.Lets connectWe can help you at one of our financial centers. You’ll need a co-applicant over 18, like a parent or guardian.What your parent/guardian should bring along1. Government-issued photo IDEx: U.S. driver’s license, state-issued ID card, U.S. passport2. One additional form of IDEx: student ID, work ID, credit/debit card from another bank, current vehicle registration, foreign driver’s license3. Two forms of ID for youInternational family?See accepted documents for U.S. visa holdersYour parent/guardian must be able to provide both your foreign and local address, as well as your ITIN (Individual Tax Identification Number). They’ll also need to bring the following:1. Proof of U.S. residencyEx: U.S. government-issued ID, student/employer photo ID, current utility bill or rental agreement(documents must show your name and U.S. physical address)2. One primary photo IDEx: foreign passport (with or without passport visa), U.S. Non-Immigrant visa and Border Crossing Card-DSP-150, Canadian Citizenship card (with photo), Mexican, Guatemalan, Dominican or Colombian Consular ID (with photo)3. One secondary IDEx. foreign or U.S. driver’s license (with photo), student/employer ID (with photo), major debit or credit card with Visa® or Mastercard® logo, major retail credit card from a nationally well-known company, U.S. Department of State Diplomat ID4. Two forms of ID for youLets connectWe can help you find the right account and walk you through applying at one of our financial centers. To open an account, you’ll need a co-applicant over 18, like a parent or guardian.What your parent/guardian should bring…

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Business Checking Accounts for Your Small Business

Business Checking Accounts for Your Small BusinessSkip to main contentAn all-in-one businesschecking accountAn all-in-one businesschecking accountAn all-in-one businesschecking accountBusiness Advantage Banking — business checking accounts designed to move your business forward with financial tools, services and dedicated support, all in one place.Complete your saved applicationChoose your account settingRemember, if your business needs change, you can switch anytime.please wait while the page loadsBusiness Advantage Fundamentals™ BankingEssential tools for your business needs.$XXXX or $0Avoid this monthly feeEfficiency tools like Cash Flow Monitor®, Erica, Mobile Check Deposit & moreZelle® for your businessAccess to dedicated small business specialistsFraud protection & securityBusiness Advantage Relationship BankingRobust financial solutions to help manage your business.$XXXX or $0Avoid this monthly feeAll Business Advantage Fundamentals™ benefits plus:Easy QuickBooks® integrationCustomize account access per employeeOne extra Business Advantage Relationship Banking account and one Business Advantage Savings account can be included for no monthly feeNo fees for incoming wires, stop payments, electronic deposits & moreCompare business checking accountsFundamentals™ BankingBusiness Advantage Fundamentals™ BankingRelationship BankingBusiness Advantage Relationship BankingMaintain a $XXXX combined average monthly balanceSpend at least $XXXX in new net qualified debit card purchasesMaintain a $XXXX combined average monthly balanceA full scope of tools and services — all in one placeImprove efficiency and complete daily tasks easier with these tools.Profile linkingEasily view and manage personal and business accounts with just one login.for your businessA fast, safe and easy way for businesses to send, request and receive money directly between eligible bank accounts in the U.S.Cash Flow MonitorGet cash flow projections, monitor transactions and view category balances.Account ManagementCustomize employee account access and seamlessly integrate bookkeeping with QuickBooks®No fee with Advantage Relationship BankingErica®Your virtual financial assistant can help transfer or send money, search transactions & more.Digital debit cards Start using your debit card immediately for in-store and digital purchases.Help when you need it — from our resource center to Small Business SpecialistsPrivacy & securityEnjoy business debit cards with our $0 Liability Guarantee and fraud monitoring services. Plus, if there’s ever an issue, our fraud department is here for you 24/7. For more information about protecting your business online, visit our Security Center.Dedicated specialistsGet access to our team of dedicated Small Business Specialists, ready to provide assistance or guidance when you need it.Small Business ResourcesFind in-depth articles, tools and great information designed to help business owners start, run or grow their business.Enrolling is easy and there’s no fee. Members have access to a wide range of benefits and rewards.No feeson select banking services like monthly maintenance fees, inbound wire transfers, and more.25%-75% Rewards Bonuson eligible business credit cards.5% – 20% Interest Rate Boosteron Business Advantage Savings accounts.Interest rate discountson new Business Advantage credit lines, term loans and secured lending.Payroll Services Cash Backon eligible payroll service fees.Professional adviceComplimentary financial analysis with a Merrill® financial solutions advisor.To qualify for Preferred Rewards for Business, you’ll need:An active, eligible Bank of America Advantage Banking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.Preferred Rewards for Business Overall Program Rules:The Preferred Rewards for Business program is only available to Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. Clients in the eligible business categories may enroll in the program. To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts). The qualifying balance is calculated based on either (i) your average daily balance for a three calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement at the end of at least one day within thirty days of opening that account. Refer to your Business Schedule of Fees for details on accounts that qualify…

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How to Avoid Bank of America Checking Account Fees

How to Avoid Bank of America Checking Monthly Fees | MyBankTracker You can choose a checking account from a big bank as long as you’re prepared to avoid any monthly fees. As one of the nation’s largest banks, you’re likely to consider Bank of America. Its basic checking account can act as the central hub of your finances as it offers many features including mobile check deposit and online bill pay. However, the account does charge a monthly fee. Learn how you can meet these fee waivers on your account: The Bank of America Basic Checking Fees The basic checking account available to the customers is the Advantage Plus Banking account. The account has a $12 monthly fee unless you meet the following fee waiver requirements every month: Have at least one qualifying direct deposit of $250 Maintain a minimum daily balance of $1,500 or more Be a student under age 24 while enrolled in high school, college, university or a vocational program Avoiding the Monthly Fee If you cannot meet fee waiver requirements, your checking account will end up being quite expensive. Of the different ways that you can avoid the monthly fee, the direct deposit requirement has the most leeway. Here’s how current Bank of America customers can cut the costs of maintaining a basic checking account: ACH credit transfers are considered direct deposits According to many Bank of America checking account holders, an ACH credit triggered a direct deposit account alert. Because BofA doesn’t require a minimum amount on the direct deposit, customers can transfer a small amount of money from an online savings account, such as one from Ally Bank or a PayPal account. It would qualify as a fee-waiving transaction. You can test this with your other external bank accounts by setting up an account alert for direct deposits and initiating a transfer. Here are savings accounts with no monthly maintenance fees: Note: that this step is possible only because Bank of America’s computer system recognizes ACH credits as direct deposits—a tweak in the system would destroy this method. Consider Online Banks Imagine a checking account without the monthly fees and minimum balance requirements. It can be found at online banks because they don’t have to deal with the costs of paying for branches and branch staff. You’ll probably notice not much of a different between a checking account from an online bank compared to a traditional bank. With online checking accounts, you’re likely to get an account with: No monthly fees No minimum balance requirements Earn interest on deposits Large ATM network access ATM fee refunds Mobile check deposit Consider these banks: With lower costs, you’ll have to jump through fewer hurdles just to have a bank account to manage your money. It’s possible that you won’t have to step into a bank branch ever again.

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Bank of America Checking Accounts | Bankrate

Bank of America Checking Accounts | BankrateBank of America is one of the largest banks in the U.S. and it offers a wide selection of products and services.Bank of America offers several different checking account options. Each connects to the bank’s highly rated mobile app to help you manage your finances. As a BofA customer, you’ll also have access to a large network of bank branches and ATMs. Bank of America earned 3.2 out of 5 stars in Bankrate’s overall review of its deposit accounts.Here’s a closer look at the checking accounts offered by BofA to help you decide whether one is a good choice for you.Bank of America checking accountsBofA offers these checking accounts: Account name APY Minimum deposit Monthly fee Bank of America Advantage SafeBalance Banking None $25 $4.95 Bank of America Advantage Plus None $100 $12 Bank of America Advantage Relationship 0.01%-0.02%* $100 $25 Note: Annual percentage yields (APYs) shown are as of Jan. 24, 2021, and may vary by region for some products.*APY varies based on account balanceFind out everything you need to know about them below: Bank of America Advantage SafeBalance Banking Bank of America Advantage Plus Bank of America Advantage Relationship 1. Bank of America Advantage SafeBalance BankingThe Advantage SafeBalance Banking checking account has safeguards in place to help you keep spending within the bounds of your account balance.Instead of allowing an overdraft to occur, BofA will decline your transactions if the funds aren’t available in your account, avoiding an overdraft fee.Checks are not offered with this account; transactions are conducted using a debit card, Zelle and digital banking.Minimum opening deposit: $25Bank of America Advantage SafeBalance Banking FeesThe SafeBalance Banking account has a monthly maintenance fee of $4.95 that is waived for eligible students under age 25 and customers enrolled in Bank of America’s Preferred Rewards program.BofA charges no ATM fees for withdrawn from one of its more than 16,000 ATMs. Using an ATM outside of Bank of America’s network in the U.S. results in a $2.50 charge for each ATM withdrawal — plus any fees charged by the ATM owner.Other fees to be aware of with this account include: paper statement copy fee ($5); stop payment fee ($30); card replacement fee ($5); cashier’s check fee ($15); and outgoing international wire fee ($45). There are no overdraft fees as the account cannot be overdrawn.2. Bank of America Advantage PlusThe Advantage Plus checking account offered by Bank of America offers more standard features than the SafeBalance banking account. Purchases can be paid by debit card, Zelle, mobile and online banking, or checks.In addition, an overdraft protection transfer feature can be added to the Advantage Plus account, which automatically transfers funds from a linked savings or checking account to cover purchases.Minimum opening deposit: $100Bank of America Advantage Plus FeesA $12 monthly fee applies to the Advantage Plus account, but it can be waived if you: Maintain a $1,500 minimum daily balance Enroll in BofA’s Preferred Rewards program Are an eligible student under age 25. (Effective Feb. 18, 2022, BofA will no longer waive the monthly fee for students with Advantage Plus accounts. Cash withdrawals are free at Bank of America ATMs. Funds withdrawn from out-network ATMs in the U.S. are subject to $2.50 fee, plus any fees charged by the ATM operator.Unlike the SafeBalance Banking account, the Advantage Plus Fees account charges an overdraft fee ($35 per item). If you choose the overdraft protection transfer feature, BofA automatically transfers funds from other linked accounts to cover the outstanding amount — but at a cost: $12 each instance.A few other notable fees that you might have to contend with include: Card…

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Bank Of America Ends Free Checking Option, A Bastion … – NPR

Bank Of America Ends Free Checking Option, A Bastion For Low-Income Customers Updated at 5:06 p.m. ET Thursday Bank of America is eliminating eBanking accounts this month, transferring their owners into accounts that charge a maintenance fee if they don’t maintain a minimum balance or get direct deposit. The move ends a program introduced in 2010 and completes a phaseout begun several years ago, when the bank stopped offering eBanking as an option to new customers. The eBanking account had offered customers a checking account without any monthly fees, provided they conduct their business online or at ATMs. If the eBanking customers wanted to get their statements by mail and speak with tellers in person, the accounts would carry an $8.95 monthly fee. Now, the bank has swapped those remaining customers into Core Checking, an account that requires customers to maintain a minimum daily balance of $1,500 or at least one direct deposit a month of $250 or more — which comes out to $3,000 annually. Customers in these accounts are charged $12 a month if they cannot meet these requirements. “This is one of the lowest qualifiers in the industry and a great value,” Bank of America spokeswoman Betty Riess told CNBC. She added that the Core Checking option “provides full access to all our financial centers, ATMs, mobile and online banking” and told the Chicago Tribune that — in the newspaper’s words — “only a small number of customers still had eBanking accounts.” That has done little to assuage critics’ worries the move will disproportionately hurt the bank’s low-income customers, who would be the likeliest to struggle to meet the Core Checking requirements. “The debate over Bank of America’s accounts and fees points to a larger economic justice issue — people with less income pay more to get cash, make payments, and conduct their business,” Dory Rand, president of the Woodstock Institute, told the Tribune. “Without access to safe and affordable bank accounts, low-income consumers often turn to costly alternative financial services, such as currency exchanges or check-cashers,” she continued. “The bottom line is: the most financially vulnerable need more and better options to transact their business and participate in the financial mainstream.” A study released last fall by Bankrate.com found that Americans with an annual household income under $30,000 pay more than three times the monthly bank fees paid by higher-income brackets — an average of $31 a month, compared with an average of $9 for other income groups. That is one reason why “just 59% of U.S. adults with household income under $30,000 per year even have a checking account,” according to the study. The change has prompted a backlash online, including a snowdrift of tweeters professing their intention to close their accounts and criticizing the bank for its effects on low-income customers. A Change.org petition protesting the move has also drawn more than 86,000 signatures as of this writing. “Bank of America was one of the only brick-and-mortar bank that offered free checking accounts to their customers. Bank of America was known to care for both their high income and low income customers,” the petition’s creator, Mel San, wrote in her description. “Now sadly, Bank of America seems to have changed their mind and wants to no longer offer free checking accounts to the American public.” The bank’s chief financial officer, Paul Donofrio, spoke last week with Wall Street analysts, according to CNBC. During that conversation Donofrio said that, as the network puts it, “the U.S. banking industry has had little to no increases in deposit rates for traditional banking in recent years.” And he explained what he sees as the bank’s path going forward. “All I can tell you is that we’re going to balance our customer needs,” he said, “and we’re going to balance the competitive marketplace with our shareholders’ interests and we’re going to do the right thing for all the parties.”

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