Bank of America has made major changes to its fee structure, most notably cutting overdraft fees from $35 to $10 in 2022 — a 71% reduction that makes them the most overdraft-friendly traditional bank. Combined with 3,800+ branches and 16,000+ ATMs, Bank of America offers a solid middle ground between full-service banking and fee avoidance.
That said, monthly maintenance fees remain ($12 for the standard account), and you’ll still pay for out-of-network ATMs, wire transfers, and other services. Here’s the complete breakdown of every Bank of America fee and how to avoid them.
Bank of America Fees at a Glance
| Fee Type | Amount | How to Avoid |
|---|---|---|
| Monthly Maintenance Fee | $12/month | $1,500 balance OR $250 direct deposit |
| Overdraft Fee | $10/item | Link savings OR opt out |
| Non-BofA ATM Fee | $2.50/transaction | Use Bank of America ATMs |
| Wire Transfer (Domestic) | $30 outgoing, $15 incoming | Use Zelle (free) |
| Wire Transfer (International) | $45 outgoing, $16 incoming | Use Wise or similar |
| Stop Payment | $30/request | Be careful with checks |
| Cashier’s Check | $15/check | N/A |
| Paper Statement | $0 | Free |
Bank of America Monthly Maintenance Fees
Bank of America offers three tiers of checking accounts with different fee structures and benefits.
Bank of America Checking Account Fees
| Account | Monthly Fee | How to Waive |
|---|---|---|
| Advantage SafePass Banking | $4.95 | Cannot be waived |
| Advantage Plus Banking | $12 | $1,500 minimum daily balance OR $250+ monthly direct deposit |
| Advantage Relationship Banking | $25 | $10,000+ combined balance across BofA accounts |
Advantage Plus Banking is the standard account most people should consider. The $250 direct deposit threshold is one of the lowest among major banks — even a part-time job’s paycheck will qualify.
Advantage SafePass Banking is a second-chance checking account with a $4.95 fee that can’t be waived. It doesn’t allow paper checks or debit card overdrafts, making it a lower-risk option for those rebuilding their banking history.
Advantage Relationship Banking is for customers with significant deposits who want premium perks like free wire transfers, free safe deposit boxes, and preferred rates.
Bank of America Savings Account Fees
| Account | Monthly Fee | How to Waive |
|---|---|---|
| Advantage Savings | $8 | $500 minimum daily balance OR linked to Advantage Relationship Banking OR account owner under 18 |
The $8 savings fee is higher than most competitors, and the 0.01% APY (typical) is disappointingly low. Unless you need the convenience of linked accounts, you’ll earn far more at an online bank.
Bank of America Overdraft Fees
Bank of America made headlines in 2022 by slashing overdraft fees from $35 to $10 — the biggest reduction among major banks. They also eliminated NSF (non-sufficient funds) fees entirely.
| Overdraft Detail | Policy |
|---|---|
| Fee per overdraft | $10 |
| Maximum daily fees | 2 ($20 total) |
| NSF (returned item) fee | $0 |
| Overdraft Protection transfer | Free from linked savings |
| Balance Connect | Free — links savings for automatic transfers |
How Bank of America Overdraft Works
Bank of America’s overdraft policy is now one of the most consumer-friendly among traditional banks:
- Low fee: Just $10 per overdraft, compared to $35 at Chase and Wells Fargo
- Daily cap: Maximum 2 overdraft fees per day ($20)
- No NSF fees: If Bank of America declines a transaction for insufficient funds, there’s no fee
- Free overdraft protection: Link a savings account and transfers are free
Balance Connect
Balance Connect is Bank of America’s free overdraft protection service. Link your savings account, and when you overdraft, money automatically transfers to cover the shortfall at no charge. This is the best way to avoid overdraft fees while still having transactions approved.
Bank of America ATM Fees
| ATM Type | Fee |
|---|---|
| Bank of America ATM | $0 |
| Non-BofA ATM (US) | $2.50 |
| International ATM | $5.00 |
| Foreign currency ATM | $5.00 + 3% foreign transaction fee |
Bank of America ATM Network
Bank of America operates over 16,000 ATMs across the United States, with heavy concentrations in:
- California
- Texas
- Florida
- North Carolina
- Georgia
The $2.50 out-of-network fee is lower than Chase ($3.50) but still adds up quickly if you frequently need cash where Bank of America ATMs aren’t available.
Finding Bank of America ATMs
Use the Bank of America mobile app or website to locate nearby ATMs. Many Bank of America ATMs are inside Chase branches, CVS pharmacies, and grocery stores.
Bank of America Wire Transfer Fees
| Wire Type | Fee |
|---|---|
| Domestic outgoing | $30 |
| Domestic incoming | $15 |
| International outgoing | $45 |
| International incoming | $16 |
Preferred Rewards members at the Platinum level and above receive waived wire transfer fees — if you maintain $50,000+ across Bank of America and Merrill accounts, you automatically qualify.
Cheaper Alternatives
| Method | Cost | Speed |
|---|---|---|
| Zelle | Free | Instant |
| ACH transfer | Free | 1-3 business days |
| External transfer to/from other bank | Free | 1-3 business days |
| Wise | ~1% | 1-2 business days (international) |
Other Bank of America Fees
Account Service Fees
| Service | Fee |
|---|---|
| Stop payment | $30 |
| Cashier’s check | $15 |
| Money order | $5 |
| Notary service | Free for customers |
| Account research | $10/hour |
| Additional statement copies | $5 each |
| Safe deposit box | Varies by size, starting ~$75/year |
Debit Card Fees
| Service | Fee |
|---|---|
| Debit card replacement | Free (standard) / $20 (expedited) |
| International debit purchases | 3% foreign transaction fee |
Miscellaneous Fees
| Service | Fee |
|---|---|
| Returned deposited item | $12 |
| Insufficient funds (NSF) | $0 (eliminated) |
| Legal processing | $100 |
| Garnishment/levy processing | $100 |
| Early account closure | $0 |
Bank of America Preferred Rewards
Bank of America’s Preferred Rewards program offers fee reductions and perks based on your combined Bank of America and Merrill balances:
| Tier | Balance Required | Key Benefits |
|---|---|---|
| Gold | $20,000 | 25% credit card rewards bonus |
| Platinum | $50,000 | 50% credit card rewards bonus, free safe deposit |
| Platinum Honors | $100,000 | 75% credit card rewards bonus, free wire transfers, free checks |
If you already bank with Bank of America and have investments at Merrill, the Preferred Rewards program can offset many fees.
How to Avoid Bank of America Fees
For the Typical Customer
- Set up direct deposit of $250+ — Waives the $12 monthly fee
- Link savings for Balance Connect — Free overdraft protection
- Use only Bank of America ATMs — 16,000+ locations
- Use Zelle for transfers — Free and instant
For Low-Balance Customers
If you can’t meet the direct deposit requirement:
- Consider Advantage SafePass Banking — Just $4.95/month, no overdraft risk
- Consider switching to a fee-free bank like Capital One 360 or Ally
For High-Balance Customers
- Enroll in Preferred Rewards — Significant perks at $20,000+
- Consider Advantage Relationship Banking — Premium services with $10,000+
- Link Merrill brokerage accounts — Counts toward Preferred Rewards tiers
Bank of America Fees vs. Competitors
| Fee Type | Bank of America | Chase | Capital One | Ally |
|---|---|---|---|---|
| Monthly fee | $12 | $12 | $0 | $0 |
| Overdraft | $10 | $35 | $0 | $0 |
| Out-of-network ATM | $2.50 | $3.50 | $0 | $0 |
| Wire (domestic out) | $30 | $30 | $30 | $20 |
Bank of America’s $10 overdraft fee is its biggest competitive advantage among traditional banks. For everything else, online banks remain cheaper.
Is Bank of America Worth It?
Bank of America makes sense if you:
- Value branch access (3,800+ locations)
- Occasionally overdraft (lowest overdraft fees among major banks)
- Have investments at Merrill Lynch
- Can meet the $250 direct deposit requirement
Consider alternatives if you:
- Want to avoid monthly fees entirely
- Live in a state with few Bank of America locations
- Want higher savings interest rates