Personal Finance

2 min read

July 16, 2020

Bank of America Checking & Savings Accounts Fees, 2020

Fees and charges associated with Bank of America checking and savings accounts

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In search for a new bank account to store, save or spend your hard-earned money? Be warned! Behind those bright billboards of smiling grandmas in newly outfitted veneers lie a labyrinth of hidden fees. Large banks want you to believe that their accounts are free and easy to use. Dig deeper and you’ll find more than fifteen different charges waiting to entrap you - from monthly maintenance fees to overdraft and wire transfer fees.

But fret not champ! We’re here to help. Read on to understand all the fees associated with the Bank of America account.

Bank of America Checking Accounts

Bank of America offers three types of checking accounts,

  • Advantage SafeBalance
  • Advantage Plus
  • Advantage Relationship
Bank of America Checking Account Fees
Bank of America Checking Account Fees

Bank of America Savings Accounts

Bank of America offers three types of savings accounts,

  • Advantage Savings
  • Minor Savings (under 18)
  • Custodial Savings Account
Bank of America Savings Account Fees
Bank of America Savings Account Fees

Bank of America Wire Transfer Fees

  • Incoming domestic wire transfer → $15
  • Incoming international wire transfer → $16
  • Outgoing domestic wire transfer → $30
  • Outgoing international wire transfer in foreign currency → $35
  • Outgoing international wire transfer in USD → $45

Bank of America Additional Fees & Charges

  • Overdraft Fee - $35 per overdraft across all accounts except Advantage SafeBalance.
  • Insufficient Funds Fee - Unlike overdraft, the NSF fee is charged when a payment is returned due to insufficient balance. Standard fee of $35 per returned item across all accounts except Advantage SafeBalance.
  • ATM Withdrawal Fee - $2.50 for out-of-network withdrawals and $5 for international withdrawals.
  • International Transaction Fee - 3% on all foreign transactions.
  • Cashiers Check Fee - $15 per check.
  • Replacement Card Fee - $5 per card for standard delivery, $15 per card for rush delivery.

Our Verdict

While Bank of America offers extensive branch and ATM coverage, near-zero interest rates and a bevy of hidden charges make their basic checking and savings accounts an expensive proposition.

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