Bank of America and Chase are the two largest US banks by assets — and they’re more similar than different. Bank of America charges $12/month for Advantage Plus Banking, its main Advantage checking account; Chase charges $15/month for Total Checking (as of September 2026). Both have nationwide branch networks. The clearest difference: Bank of America charges just $10 per overdraft while Chase charges $34. For customers with accounts that occasionally dip below zero, that gap is worth thousands of dollars over a lifetime of banking.
Bank of America vs Chase: Side-by-Side
| Feature | Bank of America | Chase |
|---|---|---|
| Branches | 3,593 | 5,137 |
| ATMs | ~15,000 | 14,000+ |
| Main checking fee | $12/month (Advantage Plus) | $15/month (Total Checking) |
| Fee waiver — direct deposit | $250/month | $500/month |
| Fee waiver — balance | $1,500 daily | $1,500 daily |
| Overdraft fee | $10 (max 2/day, $20 cap) | $34 (max 3/day, $102 cap) |
| Overdraft fee exceptions | None on items of $1 or less or that overdraw by $1 or less | None if overdrawn by $50 or less at end of day, or back to that by the next business day (Overdraft Assist) |
| Free overdraft protection | Yes (Balance Connect from savings) | Yes (from linked Chase Savings) |
| Zelle — daily limit (standard) | $1,000–$3,500 (by Zelle enrollment tenure) | $500, $2,000, $5,000 or $10,000 (by tier) |
| Non-bank ATM fee | $2.50 | $3.00 |
| Domestic wire fee | $30 | $25 online / $35 banker |
| Mobile deposit — standard | Monthly limit shown in the app | Daily and monthly limits shown in the app |
| Foreign transaction fee (debit) | 3% | 3% |
| Student checking | $4.95/month (SafeBalance; waivable if an owner is under 25) | College Checking closed to new accounts |
| Loyalty/rewards program | BofA Rewards ($30K+ Preferred Plus threshold) | No points-style program; Sapphire Banking is no longer for sale, Chase Private Client ($150K balance waiver) is the premium tier |
Overdraft Fees: Bank of America Wins Clearly
The single biggest difference between BofA and Chase:
| Bank | Overdraft Fee | Max Per Day | Daily Cap |
|---|---|---|---|
| Bank of America | $10 | 2 | $20 |
| Chase | $34 | 3 | $102 |
Bank of America reduced its overdraft fee from $35 to $10 in May 2022 — a 71% cut. Chase’s fee is $34.
The math: A customer who overdrafts twice a month pays $20/month at BofA and $68/month at Chase — a $576 difference per year. Over 10 years, that’s $5,760.
Chase waives the fee if you’re overdrawn by $50 or less at the end of the day, or bring the balance back to that by 11 p.m. ET the next business day; BofA doesn’t charge on items of $1 or less or that overdraw by $1 or less. Both offer free overdraft protection transfers from linked savings accounts. Bank of America wins decisively on overdraft costs.
Monthly Fees: BofA Is Lower and Easier to Waive
Bank of America’s Advantage Plus account costs less per month than Chase’s Total Checking, and its waiver threshold is easier to meet:
| Waiver Method | Bank of America Advantage Plus | Chase Total Checking |
|---|---|---|
| Direct deposit | $250/month | $500/month |
| Min daily balance | $1,500 | $1,500 |
| Combined relationship balance | $10,000 (Relationship acct) | $5,000 linked accounts |
BofA’s $250 direct deposit threshold is half of Chase’s $500. A single part-time paycheck or a government benefit payment can meet BofA’s bar. Chase requires a full $500 — meaningful for gig workers, retirees on small fixed income, or part-time employees. BofA wins on fee waiver accessibility.
Branches and ATMs
| Bank of America | Chase | |
|---|---|---|
| Branches | 3,593 | 5,137 |
| ATMs | ~15,000 | 14,000+ |
| Non-bank ATM fee | $2.50 | $3.00 |
Chase has more branches, while BofA lists more ATMs. BofA’s non-bank ATM fee of $2.50 is slightly lower than Chase’s $3.00.
Mobile Deposit
Neither bank publishes one standard dollar limit: Bank of America shows your monthly limit in the app, and Chase shows your daily and monthly limits when you start a deposit. Check the app before depositing a large check.
Zelle Limits
Both banks set Zelle limits by tier: Bank of America by how long you have been enrolled with Zelle ($1,000 to $3,500 a day) and Chase by tier ($500, $2,000, $5,000 or $10,000 a day). Check your own limit in each bank’s app.
BofA Rewards vs Chase Sapphire Banking
Both banks offer premium relationship tiers, but they’re structured very differently. Bank of America renamed Preferred Rewards to BofA Rewards around May 26, 2026 and restructured its tiers:
| Feature | BofA Rewards | Chase Sapphire Banking |
|---|---|---|
| Entry threshold | No minimum (Member tier) | No longer for sale; existing accounts waive the $25 fee at $75,000+ or with a linked qualifying checking account |
| Credit card reward boost | 10% (Member) to 75% (Premier, $1,000,000+) | None (Sapphire Banking is a banking tier, not a card bonus) |
| Monthly fee waiver | Yes, from Preferred Plus ($30,000+) | Yes — Sapphire Checking |
| ATM fee reimbursement | Varies by tier; broadest at Premier | Unlimited |
| Best for | Existing Merrill investors | Existing Sapphire Banking customers |
For customers with $30,000–$100,000 in savings and investments: BofA Rewards at the Preferred Plus tier is competitive — the 25% credit card rewards boost on everyday BofA cards is genuinely valuable and accessible. Reaching Preferred Honors ($100,000+) raises that to 50%.
For existing Chase Sapphire Banking customers: Sapphire Checking (no longer open to new customers) charges no Chase ATM fees worldwide and refunds ATM owners’ surcharges. New high-balance Chase customers would look at Chase Private Client Checking instead ($35 a month, waived with a $150,000+ average beginning day balance across linked deposits and investments).
Student Banking
- Chase College Checking: Closed to new accounts; existing accounts pay $0 up to the expected graduation date (five years maximum)
- BofA for students: Advantage SafeBalance Banking at $4.95/month, waivable if the account owner is under 25 — OR qualifying via a parent’s BofA Rewards account
Chase no longer opens College Checking accounts, so the comparison for new student customers comes down to BofA SafeBalance (fee waived if an owner is under 25) versus Chase’s other accounts.
Wire Transfers
- Bank of America: $30 outgoing domestic wire
- Chase: $25 outgoing domestic wire sent online, $35 if a banker helps
Chase is cheaper if you send wires online and BofA is cheaper than Chase’s banker-assisted wire. Both banks list a $15 incoming domestic wire fee (Chase waives it for wires originally sent through a Chase banker, chase.com or the app).
Who Should Choose Bank of America?
Choose BofA if you:
- Occasionally overdraft — the $10 fee vs Chase’s $34 is a major cost difference
- Have a smaller direct deposit ($250 meets BofA’s waiver vs Chase’s $500)
- Have $30,000+ in savings/investments and want BofA Rewards Preferred Plus benefits (or $100,000+ for Preferred Honors)
- Send frequent banker-assisted domestic wire transfers ($30 vs Chase’s $35; Chase online wires are $25)
Who Should Choose Chase?
Choose Chase if you:
- Want the larger branch network (5,137 vs 3,593 domestic branches)
- Are deeply embedded in the Chase credit card ecosystem (Sapphire, Freedom, Ink)
- Have $150,000+ in deposits and investments and want Chase Private Client perks (Sapphire Banking is no longer for sale)
Related Guides
- Bank of America fees 2026 — full fee schedule including the $10 overdraft
- Bank of America ATM limits 2026 — daily limits and BofA Rewards tier increases
- Bank of America transfer limits 2026 — Zelle, ACH, and wire details
- Bank of America routing number — all states
- Truist vs Bank of America — BofA vs another Southeast competitor
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