How to Avoid Bank of America Checking Account Fees
Bank of America is one of the largest banks in the United States, and while it offers a variety of services, it also charges fees for certain checking account transactions. If you’re looking to avoid these fees, there are several strategies you can employ. In this article, we’ll discuss how to avoid Bank of America checking account fees and help you keep more of your hard-earned money.
1. Maintain a Minimum Balance
One of the most common ways to avoid Bank of America checking account fees is to maintain a minimum balance. Bank of America requires a $1,500 minimum balance to avoid a monthly service fee on its basic checking account. If you can’t maintain this balance, consider upgrading to a premium checking account, which may have higher fees but also offer more benefits and fewer fees.
2. Use Direct Deposit
Bank of America offers a fee waiver for customers who have direct deposit set up. If you receive your paycheck, Social Security benefits, or other regular income via direct deposit, make sure to take advantage of this feature. It’s a simple way to avoid monthly fees and keep your account in good standing.
3. Take Advantage of Free ATM Access
Bank of America has a vast network of ATMs, and you can avoid fees by using these machines. If you use an ATM outside the Bank of America network, you may be charged a fee by the ATM owner. To avoid these fees, use Bank of America ATMs or ATMs owned by other banks that offer free access to Bank of America customers.
4. Set Up Online and Mobile Banking
Bank of America offers free online and mobile banking services, which can help you manage your account and avoid fees. By using these services, you can monitor your account balance, make transfers, and pay bills, all without incurring any fees.
5. Avoid Excessive Withdrawals and Deposits
Bank of America charges a fee for each withdrawal or deposit made at an ATM outside its network. To avoid these fees, limit the number of transactions you make at non-Bank of America ATMs. Additionally, consider using online bill pay or automatic transfers to manage your finances and reduce the number of transactions you need to make.
6. Utilize Bank of America’s Fee Reimbursement Program
Bank of America offers a fee reimbursement program for certain non-Bank of America ATM fees. If you incur a fee for using an ATM outside the Bank of America network, you can have the fee reimbursed up to a certain limit each month. To take advantage of this program, make sure you’re enrolled and meet the eligibility requirements.
By following these strategies, you can effectively avoid Bank of America checking account fees and keep more of your money. Remember to review your account regularly and stay informed about any changes in fees or account requirements to ensure you continue to avoid unnecessary charges.
