How to Get Your Bank of America Cash Advance Fee Waived
Financial institutions levy bank fees on their customers for providing financial services. An average US household spends about $290 annually on bank fees. But did you know you can fight the and get a refund? Besides, these charges are exploitative, and you can leverage legal statutes to make your case to the bank.
If you seldom take cash advances or overdrafts, the chances are high that you'll receive a Bank of America overdraft fee waiver. While you might be disadvantaged if you frequently take advantage of banks, you can still petition your banker to refund bank charges. The only problem is that doing that on your own is time- and money-consuming.
With DoNotPay, you can appeal your cash advance fee or PayPal transfer fees in four simple steps. No more wasting time or uncertainties about your petition's success rate. DoNotPay will appeal on your behalf, and you can expect your bank to contact you directly to comment on the matter.
What Is Bank of America Cash Advance Fees?
Sometimes you're faced with an emergency that requires urgent cash. In such circumstances, you can choose to withdraw money using your credit card. This money is known as a cash advance. Hence, the is the service charge the bank imposes for processing your cash advance.
Below are other types of bank fees:
- Overdraft fee – An overdraft is an amount borrowed from a bank to complete a transaction when you have insufficient funds in your account. The bank then levies a charge for processing an overdraft. For instance, Chase Bank charges its customers for overdrafts even as low as $2.
- ATM fee – Most US banks will charge a fee for using their ATMs to access cash. Some banks, such as US Bank, have no fees for US ATM cards (only non-US ATM cardholders get charged), while the Bank of America charges an ATM fee.
- ACH transfer fee – An ACH transfer charge is the fee for processing ACH credit payments. Typically, a bank will charge about $3 for facilitating payments between two accounts you have in different banks.
The table below shows the various cash advance fees for different banks:
|Bank||Cash Advance Fee|
|Bank of America||3% or 5% of the withdrawal amount, minimum $10|
|Wells Fargo||5% per transaction, minimum $10|
|Chase Bank||$5 of the cash advance|
|US Bank||Either 4% of the advance or $15, whichever is greater|
|Citizens Bank||$10 or 3%-6% of the cash advance, whichever is greater|
Bank of America Advance Cash Fee Explained
The Bank of America (BofA) charges its customers 3% or 5% for processing their cash advance, the minimum amount being $10. Whether you pay 3% or 5% depends on how you withdraw the amount.
- ATM withdrawal - If you opt to obtain the cash via an ATM, you'll pay 5% as the Bank of America credit card ATM fee.
- Check – Otherwise, you can decide to write yourself a convenience check and cash it at your bank.
- Direct deposit - If you get it as a direct deposit to your checking account, you pay 3%.
Just as you'd pay interest for a Fifth-third or Wells Fargo checking account overdraft fee, the BofA will require you to pay an interest rate between 15.99 % to 28.99 % for cash advances based on your credit score, and income, and how you access the cash advance.
The following table lists the standard fees that Bank of America charges.
|Bank of America Fees||Fee|
|Monthly Maintenance Fee||$25|
|Stop Payment Fee||$30|
|Paper Statement Copy Fee||$5|
|Foreign Transaction Fee||3% of the transaction amount|
|Card Replacement Fee||$5|
|Credit Card Late Fees||$25 for the first time;
$35 for subsequent occurrences
|Minimum Deposit Requirement||$25|
|Cashier's Check Fee||$15|
Will Bank of America Refund a Cash Advance Fee?
Bank of America can waive your e. They may, like any other bank, such as TD Bank or Citizens Bank, refund overdraft fees. When taking a cash advance for the first time, it's easier to compel the bank's agent to refund the charge. While the bank might be unwilling to waive the fees on subsequent occasions, you can still appeal and make your case to get a fee waiver.
How to Get Refunds on Cash Advance Fees on Your Own
Finding a bank with no transaction fees is next to impossible, but if you'd like to petition the BofA to waive your cash advance fees, you can do that in the following ways:
- By Phone – You can contact BofA's customer support to explain your financial situation and request a fee waiver. You can always fight BofA cash advance fees, and you can get in touch with a live bank representative for bank fee waivers by dialing (800) 432-1000.
When speaking to the bank agent, remember to
- State your reason for calling
- Explain your financial situation and why you should get a refund politely
- Take responsibility for your mistake and inquire whether there is any chance you can get a refund
- In-person – Alternatively, you can schedule an appointment with one of the bank's representatives at your nearest BofA branch.
- Email – Otherwise, you can email or call a BofA customer advocate:
Crystal R. Peterson, Customer Advocate
Office of the CEO and President
Email: crystal.peterson@bank ofamerica.com
Call: (336) 805-3126
Fight Bank of America Cash Advance Fees Successfully with DoNotPay
Weekend overdraft fees or 3% or 5% cash advance fees may seem insignificant. Still, it dents your cash advance amount. It's a deficit amount you could have otherwise used for handling your financial troubles. You can appeal to BofA or any other bank to get your fees refunded.
As you might have noticed, getting bank fees waived can be a daunting and time-wasting process. Sometimes your efforts might not bear any fruit, but DoNotPay guarantees you a quick and hassle-free means of petitioning your bank for bank fee waivers.
Below is DoNotPay's 4-step procedure for appealing cash advance fees:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
We'll take it from there. Our job is to contact the bank and appeal the fees on your behalf. Consequently, a bank representative will contact you directly to refund you or comment on your appeal. Try it today. Then try some of our other solutions, like getting Wells Fargo and Citizens Bank to waive their fees, too.