How to Dispute Bank of America ACH Transfer Fees

Fight Bank Fees How to Dispute Bank of America ACH Transfer Fees

How to Dispute Bank of America ACH Transfer Fees

With hundreds of millions of customers and a global network of branches, Bank of America is well known for its extensive line of financial services. However, banking does not come without a price, with millions of Americans paying billions of dollars in bank fees each year. A report by Bankrate reveals that customers adversely affected by the global pandemic took the largest hit in fees, having paid four times more in fees per month than anyone else.

Whether it's through outrageous overdraft fees or exorbitant service charges, bank fees are not always justifiable. Many of these fees can be disputed and subsequently waived by following a formal complaint procedure.

In this article, we'll take a close look at Bank of America's automated clearing house, or ACH transfer fees, and explore tips on how to dispute them. We will also explore how DoNotPay can work on your behalf to dispute ACH fees quicker and easier than if you were to do it yourself.

What Is an ACH Transfer?

Bank of America's Automated Clearing House, or ACH, allows customers to pay or collect funds electronically through the ACH network. This network is a global, reliable payment system that offers speed, accuracy, and efficiency in posting payments to accounts.

ACH transfers can be used to post direct deposits, business payments, tax payments, and many other recurring or nonrecurring payments.  Bank of America offers same-day posting for eligible transactions.

What Does Bank of America Charge for ACH Transfers?

Bank of America does not charge for inbound ACH transfers. However, the following rates apply for three business day outgoing transfers per calendar month

BankCost of Overdraft Fees
Bank of America$0 for inbound transfers

$3 standard-time delivery

$10 next-day delivery

BB&T$0 for inbound standard-time delivery

$3 for outbound standard-time delivery

$0 for inbound next-day delivery, $10 for outbound next-day delivery

Suntrust$0 for inbound standard-time

$3 for outbound standard-time delivery

$6 for outbound next-business-day delivery

TD Bank$0 for inbound transfers

$3 for standard-time outbound transfers

$7 for next-day delivery

Will Bank of America Refund/Waive ACH Transfer Fees? 

Bank of America has no formal ACH refund or fee waiver in place. However, a class-action lawsuit was filed against the bank in 2021 for improperly charging ACH transfer fees for transferring funds from Bank of America accounts to accounts at other financial institutions. The lawsuit contends that it is free to initiate transfers from other banks to pull the money from their Bank of America accounts. However, to transfer the funds from Bank of America, they are charged $3-$10 for an ACH transaction.

As of this writing, the case has not been decided, and Bank of America continues to charge the same ACH fees.

How Can I Dispute an ACH Transfer Fee with Bank of America?

You can dispute an ACH transfer if you didn't authorize the debit, you authorized it but under different terms, or you originally authorized it but attempted to revoke it due to other issues.  If you feel you were wrongly charged for the ACH transfer with Bank of America, you can dispute the fee within 60 days through the process below

 

  1. Obtain the details of the ACH debit from your bank statement including the draft date, the charge amount, merchant information, and transaction ID.
  2. Download an Unauthorized ACH Return Form from Bank of America's website.
  3. Complete and submit the form to the bank via email at ACHforms@bofa.com or FAX it to Bank of America ACH Services at 877-867-6823 by 7:00 p.m. Eastern.
  4. Include any necessary documentation such as a confirmation of a bill or receipt to prove the amount is different from what was transferred. Allow 30 days for the bank to investigate and report its findings.

How to Avoid Being Charged ACH Transfer Fees From Bank of America

There are actions you can take to avoid being charged ACH transfer fees. These are as follows 

  1. For recurring bills, set up automatic monthly payments in your account.
  2. Use other payment methods when sending money to friends and family.
  3. Since Bank of America does not charge you for up to 20 ACH transactions per month, do not go over this limit.

How DoNotPay Can Help

If you need to dispute an ACH transfer fee with Bank of America, DoNotPay can help you in just four easy steps. Here's how to get started

  1. Open the DoNotPay Fight Bank Fees product.

     

  2. Enter the name of your bank.

     

  3. Verify the last 4 digits of your bank account.

     

  4. Choose which fees you want to waive, including overdraft, ATM, and transaction fees.

     

DoNotPay Can Help You Dispute Other Bank Fees

Aside from assisting you with Bank of America ACH transfer fees, DoNotPay can also work with other financial institution fees. Check out some examples below:

What Else Can DoNotPay Do?

In addition to helping you with bank fee refunds, DoNotPay can assist with many other issues, including the following:

DoNotPay has an extensive list of guides and solutions to help you solve many of life's everyday administrative problems. You'll save time by using their web-based platform that gets the job done quickly and easily. Try it today!

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