Bank of America, like many large banks, charges a variety of fees that can quickly add up. However, many of these fees are negotiable—and customers can avoid them with some knowledge and a polite approach. This guide breaks down the most common fees and how to get them waived.
Understanding Bank of America’s Fee Structure
Bank of America ties different fee structures to different account types. The first step is to choose the account that best fits your spending habits and balances. Here’s a breakdown:
Regular Checking: The $14 monthly maintenance fee is waived if you meet one of these conditions:
- Maintain a $1,500 balance in checking.
- Keep $2,000 in a linked savings account.
- Hold $5,000 in a linked money market account.
- Maintain $5,000 across linked money market, savings, IRA, or CD accounts.
- Preferred Rewards members (Gold/Platinum: first four accounts free; Diamond: unlimited).
Interest Checking: A $25 monthly fee applies unless you maintain a combined $10,000 balance across linked accounts (checking, savings, money market, IRA, CDs, Merrill Lynch investments).
Advantage Savings: The $8 monthly fee is waived if you:
- Maintain at least a $500 daily balance.
- Link to a Relationship Banking, Advantage Tiered Interest, or Advantage Regular checking account.
- Qualify for Preferred Rewards membership.
- Are under 25 years old.
Why this matters: Banks profit significantly from these fees. By understanding the requirements to avoid them, customers can proactively manage their accounts or negotiate when mistakes happen.
Negotiating Fees: A Surprisingly Effective Strategy
Bank of America doesn’t officially encourage fee negotiation, but numerous reports from outlets like CNBC and U.S. News & World Report show that it works. Customers frequently succeed in getting fees reversed, especially for:
- Overdraft fees
- Monthly maintenance fees
- Out-of-network ATM fees
- Non-sufficient funds fees
- Stop-payment fees
The key: Be calm, courteous, and persistent. Earlier requests are more likely to succeed. Loyal, long-term customers with only occasional mistakes have the best chance.
Leveraging Competition
Bank of America knows that many digital banks now offer fee-free banking with competitive rates. If a negotiator refuses to waive a fee, remind them that you’re aware of these alternatives. The threat of switching banks can be powerful leverage.
“The ultimate leverage is knowing you can take your business elsewhere. Digital rivals often provide fee-free banking with better rates and convenience.”
Context: The rise of fintech and digital banks has forced traditional banks to become more flexible. Consumers now have more options, increasing their negotiating power.
The CFPB’s Role in Fee Reduction
The Consumer Financial Protection Bureau (CFPB) has been instrumental in eliminating some fees, saving customers billions. Their actions on non-sufficient funds and overdraft fees demonstrate a growing trend toward consumer protection. However, many fees remain, making negotiation still necessary.
In conclusion: Bank of America’s fee structure is complex, but not rigid. With awareness, preparation, and a polite but firm approach, customers can avoid or negotiate away many of these charges. The banking landscape is shifting, and customers who know their rights and options have the upper hand.
