Requires an initial deposit of $10,000, but rates are guaranteed and it offers term lengths of 13, 25 or 37 months. Warning - Bank of America charges a $144 a year maintenance fee for the basic checking account Saving Since I discovered a $12 monthly charge a while back when my account was automatically switched from a student account after I graduated and moved, I've been passing the warning along to those who might be unaware every year around graduation. The reason they charge you is simple. Both checking account and checking plus savings account have a low opening deposit of $25. With a regular savings account, you won’t have to pay the monthly maintenance fee. I'm so glad I signed up for a new USAA account 1 week ago, but just wanted to make everyone with a BoA account aware they are now charging you $25/month just to have a checking account with them. Bank of America customers protest requirements for free checking with Change.org petition ... that require a $12 monthly fee unless they have a direct monthly … No ATM fees. What was the total of all fees he paid on that account last year? Bank of America this month eliminated its … Accounts with monthly maintenance charges typically offer opportunities to waive the fee. AdvantageSafe Balance Checking has a $4.95 monthly service fee. Bank of America charges $12 a month for a maintenance fee. Other banks don't do it. Imagine the profit made on each customer if you do your banking with Bank of America. High monthly balance minimums: To have your monthly fee waived, Bank of America requires you to have an average balance of $3,000 to $15,000. Insufficient Funds Fee - Unlike overdraft, the NSF fee is charged when a payment is returned due to insufficient balance. The fees at both Bank of America and Citibank start to get particularly troublesome when we look at monthly maintenance on basic checking and savings accounts. If you use an out-of-network ATM in the United States, you’ll pay $2.50 per transaction (plus whatever surcharge fees the ATM’s owner tacks on). Bank of America Custodial Savings. Bank of America's Core Checking Account has a monthly maintenance charge of $12, but you can avoid this fee if you maintain an average daily balance of $1,500. Last year, Andres wrote 289 checks from his account at Bank of America. Check the table above to find the latest Bank of America fees. You can avoid the Bank of America Advantage Plus Banking Monthly Maintenance Fee, when you do ONE of the following each statement cycle: • Make at least one qualifying Direct Deposit of $250 or more • Maintain a minimum daily balance of $1,500 or more, OR • Enroll in the Preferred Rewards program (first 4 checking accounts) Regards, Jhezelyn Three settings. Maintenance fees are generally issued in accounts that cost more than they earn. There is a cost associated with maintaining your account, maintaining online banking, paying support staff, keeping branches open, etc. Over the course of a full year, this would cost you $172.68 regardless of how you use the account. At first glance it seems like not a big deal, yet it will decrease already insignificant returns, and may even decrease the principal. Knowing what your bank charges, if anything, and how to avoid it can help you save money in the long run. This account charges a monthly maintenance fee of up to $4.95. (Be specific in answer) MyAccess is a personal checking account option available from Bank of America. For example, you may be able to waive the fee by receiving $500 or more in … Bank of America offers two business checking accounts: the Business Fundamentals Account and the Business Advantage Checking Account. Some of Bank of America’s poorest customers may have to pay a $12 monthly fee just to hold an account. Monthly account maintenance fee: $25 (waived if you meet certain requirements, detailed below) ATM fees: No fee for using Bank of America ATMs. The checking account features online bill pay, free account alerts, free transfers to other Bank of America accounts and a free Visa debit card. Home Loans. Will Bank of America deduct a five dollar Monthly Maintenance Fee from your checking or savings account if you only have the Minimum account balance of 25 dollars in your account which would then set you below the Minimum account balance and as a result you would then be hit with another fee? Avoid monthly maintenance fee with the following qualifier: n Minimum balance $3,000.00 Preferred Money Market Account Minimum deposit to open $1,000.00 Monthly maintenance fee $5.00 Excessive withdrawal fee (per withdrawal over 6 per month) $5.00 per item Avoid monthly maintenance fee with the following qualifier: n Minimum balance $1,000.00 Bank Of America - $25 Monthly Maintenance Fee? Bank Of America Savings Account Fees Another drawback of the Bank of America's savings account is a monthly maintenance fee, which is $5 and $8 for the regular and the Rewards Savings account, respectively. The monthly maintenance fee alone is $25. In order to avoid the maintenance fee customers will have to have a direct deposit of $250 or more per month or keep a daily minimum of $1,500 or more per month. bank of America monthly maintenance fee of $12 even though I have cash over $2300 in my account? You can open Bank of America’s most basic checking account, AdvantageSafe Balance Checking, with a pretty standard $25 minimum opening deposit. So Long BoA. Bank of America also offers home loans. Charges a monthly fee. 1 If you signed up for a Health Savings Account from Bank of America through your employer or insurer, this fee may be different or a monthly maintenance fee may not apply to your account as long as your employer or insurer remains the same.. Fee schedule effective as of 03/01/2019. For example, Bank of America charges a $12 per statement cycle maintenance fee on its Advantage Plus banking account. Bank of America will waive this fee if you can check one of the following boxes: You enroll in the BoA Preferred Rewards program. How much? That’s higher than some other business checking account offerings. 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