How to Avoid Bank of America Balance Transfer Fee

Fight Bank Fees How to Avoid Bank of America Balance Transfer Fee

How to Waive Your Bank of America Balance Transfer Fee Easily

A Bank of America balance transfer fee refers to the amount of money it charges to transfer your existing debt from one card to another or another lender. Generally, Bank of America customers will want to transfer their debt to an account with lower interest rates. For example, if you maxed out your current Bank of America credit card and can only manage the minimum payments, it could take years to pay off the balance.

In October 2021, CNBC published a report on the topic. The author wrote: "While it's important to make at least the minimum payment, it's not ideal to carry a balance from month to month, because you'll rack up interest charges (unless you're benefiting from an intro 0% APR) and risk falling into debt." This is because most credit cards, whether from a bank or otherwise, have variable interest rates.

CNBC further explained that the Credit Card Accountability Responsibility and Disclosure Act of 2009 made it mandatory for credit card issuers to include a "minimum payment warning" on each billing statement. Along with these warnings, tables represent the time you have to pay your full balance, and the full amount with interest if the minimum payment is only paid.

Some banks include examples displaying what results from paying over the minimum amount. It's here that you can see how the interest rates drop with each increase.

What Are Variable Interest Rates?

A variable interest rate (also known as adjustable interest rates and floating interest rates) is a non-fixed debt instrument. Rather than having a fixed percentage rate for the life of the instrument, variable rates change. Changes in the interest rate are caused by both national and global economic factors called benchmarks. Examples of variable interest rate instruments include but are not limited to most types of credit, most types of loans, real estate mortgages, and bonds.

What Exactly Are These Benchmarks?

Some of the most standard indexed rates include the London Interbank Offered Rate (LIBOR), the prime lending rate (the interest rate at which banks lend to customers with good credit), and the rates of various U.S. Treasury Bills and Notes. And since these benchmarks can change like the wind — sometimes dramatically — credit cardholders with variable interest rates find themselves paying higher payments than first anticipated.

Are Banks the Only Institutions That Charge Balance Transfer Fees?

Besides banks, major credit card companies commonly charge their cardholders balance transfer fees to move debt to another card. These fees are typically a percentage of the total debt amount to be transferred. Banks, credit lenders, and credit card companies introductory offers such as 0% or low percentage balance transfer fees to attract new customers.

Below are the balance transfer fees of other banks:

A Bank of America balance transfer fee refers to the amount of money it charges to transfer your existing debt from one card to another or another lender. Generally, Bank of America customers will want to transfer their debt to an account with lower interest rates. For example, if you maxed out your current Bank of America credit card and can only manage the minimum payments, it could take years to pay off the balance.

In October 2021, CNBC published a report on the topic. The author wrote: "While it's important to make at least the minimum payment, it's not ideal to carry a balance from month to month, because you'll rack up interest charges (unless you're benefiting from an intro 0% APR) and risk falling into debt." This is because most credit cards, whether from a bank or otherwise, have variable interest rates.

CNBC further explained that the Credit Card Accountability Responsibility and Disclosure Act of 2009 made it mandatory for credit card issuers to include a "minimum payment warning" on each billing statement. Along with these warnings, tables represent the time you have to pay your full balance, and the full amount with interest if the minimum payment is only paid.

Some banks include examples displaying what results from paying over the minimum amount. It's here that you can see how the interest rates drop with each increase.

What Are Variable Interest Rates?

A variable interest rate (also known as adjustable interest rates and floating interest rates) is a non-fixed debt instrument. Rather than having a fixed percentage rate for the life of the instrument, variable rates change. Changes in the interest rate are caused by both national and global economic factors called benchmarks. Examples of variable interest rate instruments include but are not limited to most types of credit, most types of loans, real estate mortgages, and bonds.

What Exactly Are These Benchmarks?

Some of the most standard indexed rates include the London Interbank Offered Rate (LIBOR), the prime lending rate (the interest rate at which banks lend to customers with good credit), and the rates of various U.S. Treasury Bills and Notes. And since these benchmarks can change like the wind — sometimes dramatically — credit cardholders with variable interest rates find themselves paying higher payments than first anticipated.

Are Banks the Only Institutions That Charge Balance Transfer Fees?

Besides banks, major credit card companies commonly charge their cardholders balance transfer fees to move debt to another card. These fees are typically a percentage of the total debt amount to be transferred. Banks, credit lenders, and credit card companies introductory offers such as 0% or low percentage balance transfer fees to attract new customers.

Below are the balance transfer fees of other banks:

BankFee
Wells FargoIntroductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5.
TD$5 or 3% of transfer whichever amount is greater.
Chase$5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
PNC$0 annual fee and an intro APR of 0% for 15 months. Balance transfers must post to your account within the first 90 days to receive the promotional APR.
US Bank3% of each transfer amount, $5 minimum. There is a $2 minimum interest charge where interest is due.
Fifth ThirdEither $5 or 4% of the amount of each transfer, whichever is greater.

How to Solve Bank of America Balance Transfer Fee on Your Own

Most people pay these fees without giving them a second thought — but did you know that there's a way to get around them? These fees aren't set in stone. With the proper argument and explanation, you can actually appeal these fees and avoid paying them. To appeal your bank fees, you can:

  1. Contact your bank by phone, fax, or email.
  2. Describe the fees you want to be overturned.
  3. Explain your financial situation and why you're having difficulty making the payments.
  4. Reference legal statutes that protect you from getting hidden fees and charges.

How to Solve Bank of America Transfer Fee With DoNotPay

Contacting Bank of America about your balance transfer fee is a waste of your time. And you shouldn't have to pay these arbitrary fees and lose money just for keeping your money in the bank. This is why DoNotPay is here to automatically appeal your bank fees and get them waived or refunded. All you have to do is:

How to Solve Bank of America Balance Transfer Fee on Your Own

Most people pay these fees without giving them a second thought — but did you know that there's a way to get around them? These fees aren't set in stone. With the proper argument and explanation, you can actually appeal these fees and avoid paying them. To appeal your bank fees, you can:

  1. Contact your bank by phone, fax, or email.
  2. Describe the fees you want to be overturned.
  3. Explain your financial situation and why you're having difficulty making the payments.
  4. Reference legal statutes that protect you from getting hidden fees and charges.

How to Solve Bank of America Transfer Fee With DoNotPay

Contacting Bank of America about your balance transfer fee is a waste of your time. And you shouldn't have to pay these arbitrary fees and lose money just for keeping your money in the bank. This is why DoNotPay is here to automatically appeal your bank fees and get them waived or refunded. All you have to do is:

  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.

     

And that's it. DoNotPay will send the legal appeal letter on your behalf to your bank, so your fees get refunded. If your bank has any further comments, they'll reach out to you directly.

DoNotPay Works Across All Other Financial Entities With the Click of a Button

DoNotPay also covers these related banking issues:

What Other Financial Issues Can DoNotPay Help You Solve?

Don't let banks take advantage of you with unfair fines and fees. File an appeal and get them waived using DoNotPay. Of course, we can also help you with a number of other financial-related issues. Some examples include:

If you feel like your bank, credit card company or some other organization is taking advantage of you, but you can't find a solution, contact us today. We would love to help you! You can also check out our most popular features.

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