Bank of America checking account fees depend on which account you open
Bank of America charges no monthly fee on most of its checking accounts, but the account you choose determines what you pay for overdrafts, ATM use, and other services. The three main checking products are Advantage SafeBalance, Advantage Plus, and Preferred Rewards checking — each has different costs and requirements.
The lowest-cost option is Advantage SafeBalance, which has no monthly maintenance fee and no overdraft fees. Advantage Plus also has no monthly fee but charges $35 per overdraft. Preferred Rewards checking has no monthly fee if you maintain a minimum balance or have a may have access to deposit relationship, but overdraft fees still apply. None of these accounts charge a fee just to hold the account open.
Key Takeaways
- Advantage SafeBalance has no monthly fee and no overdraft charges, making it the cheapest option if you want overdraft protection removed entirely.
- Advantage Plus has no monthly fee but charges $35 per overdraft transaction, with a limit of four overdraft fees per day.
- Preferred Rewards checking has no monthly fee if you meet balance or deposit requirements, but overdraft fees of $35 still apply.
- Bank of America charges $2.50 per out-of-network ATM withdrawal at non-Bank of America machines, though you can avoid this by using their ATM network.
- Wire transfer fees, cashier's check fees, and stop payment fees range from $15 to $30 depending on the service.
Overdraft fees and how they work at Bank of America
Bank of America charges $35 per overdraft on Advantage Plus and Preferred Rewards checking accounts. This fee applies each time your account goes negative, up to four times per day. If you overdraft multiple times in one day, you can be charged up to $140 in overdraft fees that day alone.
Advantage SafeBalance is different: it declines transactions that would overdraft your account instead of charging a fee. This means you cannot spend money you do not have, but you also will not face surprise overdraft charges. The tradeoff is that your card will be declined at the point of sale.
Bank of America also offers overdraft protection, which links your checking account to a savings account or credit line. If you overdraft, the bank transfers money from the linked account to cover it. This service is free, but you pay interest on any credit line balance you use.
ATM fees and out-of-network charges
Using a Bank of America ATM is free. The bank operates one of the largest ATM networks in the country, and account holders can withdraw cash at any of their machines without a fee.
Withdrawing cash at an ATM that does not belong to Bank of America costs $2.50 per transaction. This fee is charged by Bank of America, not by the other bank. Some out-of-network ATMs may also charge their own fee on top of this, which you will see on the screen before you complete the withdrawal.
If you travel frequently or live far from a Bank of America branch, the out-of-network fees can add up quickly. Many people switch to banks that are part of larger ATM networks or that reimburse out-of-network fees entirely.
Wire transfers, cashier's checks, and other transaction fees
Bank of America charges $15 for a domestic wire transfer sent from a checking account. International wire transfers cost $45. These fees are charged whether you send the wire in person at a branch or online.
A cashier's check costs $10 if you order it in person at a branch or $15 if you order it online. Stop payment orders on checks cost $30. Replacement debit cards are free, but expedited delivery costs $15.
Account research requests — when the bank pulls records to investigate a transaction or account history — cost $25. Most of these fees are standard across the banking industry, though some banks charge less for wire transfers or do not charge for cashier's checks at all.
Monthly fees and balance requirements
None of Bank of America's main checking accounts charge a monthly maintenance fee. This applies to Advantage SafeBalance, Advantage Plus, and Preferred Rewards checking. You can hold any of these accounts indefinitely without paying a monthly charge.
Preferred Rewards checking does have a minimum balance requirement of $500 to avoid a monthly fee, but only if you do not have a may have access to deposit relationship with the bank. If you have a Bank of America savings account, money market account, or investment account linked to your checking account, the monthly fee is waived regardless of your checking balance.
If you fall below the minimum balance on Preferred Rewards and do not have a may have access to linked account, you will be charged a $12 monthly maintenance fee. This fee is charged once per month on the same day each month.
Fees you can avoid by changing your account settings
Bank of America allows you to opt out of overdraft protection on Advantage Plus and Preferred Rewards checking. If you do this, transactions that would overdraft your account will be declined instead, and you will not be charged the $35 overdraft fee. You can make this change online or by calling the bank.
You can also reduce ATM fees by planning your withdrawals. Using Bank of America ATMs exclusively costs nothing. If you need cash from another bank's ATM, you can ask the teller at a Bank of America branch to withdraw cash for you at no charge, though this only works during branch hours.
Setting up direct deposit or automatic bill pay through your checking account does not cost anything. Neither does transferring money between your own Bank of America accounts or to other people's accounts through Bank of America's transfer service.
How Bank of America's fees compare to other banks
Many online banks and credit unions charge no monthly fee, no overdraft fees, and no out-of-network ATM fees. Ally Bank, Charles Schwab, and Discover Bank all offer checking accounts with no monthly maintenance fee and no overdraft charges. Some reimburse out-of-network ATM fees entirely.
Traditional banks like Chase, Wells Fargo, and Citibank charge similar overdraft fees ($34 to $35) and similar wire transfer fees ($15 to $20 for domestic transfers). However, some credit unions charge lower overdraft fees or none at all, depending on the institution.
The choice between Bank of America and another bank depends on whether you value branch access and ATM availability over lower fees. Bank of America has more than 4,000 branches and 16,000 ATMs nationwide, which matters if you prefer in-person banking or frequent cash withdrawals.
Frequently Asked Questions
Does Bank of America charge a fee just to have a checking account?
No. Advantage SafeBalance, Advantage Plus, and Preferred Rewards checking all have no monthly maintenance fee. You can hold any of these accounts without paying a monthly charge, though Preferred Rewards has a $500 minimum balance requirement unless you have a linked savings or investment account.
What happens if I go negative on my Bank of America checking account?
On Advantage SafeBalance, the transaction is declined and you are not charged a fee. On Advantage Plus or Preferred Rewards, you are charged $35 per overdraft, up to four times per day. You can opt out of overdraft protection to have transactions declined instead of being charged.
Can I avoid the $2.50 out-of-network ATM fee?
Yes. Use a Bank of America ATM, which is free. You can also ask a teller at a Bank of America branch to withdraw cash for you during business hours at no charge. If you frequently need cash from other banks' ATMs, an online bank that reimburses out-of-network fees may be cheaper.
How much does it cost to send money with Bank of America?
A domestic wire transfer costs $15. An international wire transfer costs $45. Transfers between your own Bank of America accounts are free. Sending money to another person's Bank of America account through their transfer service is also free.
Is there a fee to change my account type or close my checking account?
Bank of America does not charge a fee to switch between checking account types or to close your account. You can change your account online or by visiting a branch.