How to Waive Bank Of America Regular Savings Fees

Fight Bank Fees How to Waive Bank Of America Regular Savings Fees

How to Fight Bank of America Regular Savings Fees

Bank of America offers a variety of savings account options, each with its own unique benefits. With their online tools, you can track your progress and set goals. Plus, a mobile app makes it easy to transfer money from your checking account to your savings account.

However, your savings account with Bank of America is subject to several types of account fees. These typically include monthly maintenance fees, ATM, transfer, returned items, and other fees. Avoiding these fees is a necessity to preserving your savings and realizing interest in your account.

If you feel that you have been unfairly charged a fee in your savings accounts, you can file a dispute with Bank of America to have it removed. Negotiating fees is also a possibility if you are a long-term client in good standing. This article will describe Bank of America regular savings account fees and how DoNotPay can assist you by removing them quickly and easily. 

What Are Bank of America’s Regular Savings Fees?

The following are the fees Bank of America charges for regular savings accounts

Bank of America FeesFeeOther Notes
Monthly maintenance fee$5 per statement cycleNo fee if the minimum daily balance is at least $300
ATM fee$2.50 plus any fee charged by the ATM's operatorNo ATM fee at Bank of America ATMs

No charge for Preferred Rewards Platinum and Platinum Honors tier clients plus fee refunded by ATM operator for withdrawals, transfers, and balance inquiries (one per statement cycle for Platinum Honors, unlimited for Platinum Honors)

Statement copies$5 per physical statementNo fee for Preferred Rewards clients.

To avoid this fee, view and print statements in online banking

Non-Bank of America WithdrawalsEither $5 per withdrawal or 3% of the dollar amount withdrawn, up to a maximum of $10
Cashier's checks$15  per check.Waived for Preferred Rewards clients
Incoming wire transfers$15 for each domestic wire transfer

$16 for foreign wire transfer

Other banks may charge additional fees
Outgoing wire transfers$30 for domestic

$35 for foreign transfers sent in foreign currency

Foreign wire transfers sent in U.S. dollars are $45

Other banks may charge additional fees
Return deposits$12 for domestic

$15 for foreign deposits

Withdrawal limit feeAfter six transfers and withdrawals, $10 each when made before the statement cycle ends
Overdraft protection$12 per transfer. This is only done with Balance Connect when another account is linked to transfer funds in the event of an overdraft.

Why Does Bank of America Charge Fees for Regular Savings?

Bank of America and other financial institutions charge fees on savings and other accounts for the following reasons: 

  1. Fees help banks stay profitable and increase their bottom line.
  2. Fees help banks stay afloat during tough times.
  3. Cover the cost of providing banking services.
  4. Banks offer a variety of services that come with different costs.

Does Bank of America Waive or Refund Regular Savings Fees? 

Bank of America does not have any formal provisions in place to waive or refund their regular savings fees. However, they may sometimes negotiate lower fees with long-term clients who have multiple accounts in good standing.

You can also dispute fees that you believe were applied in error by contacting their Checking and Savings Customer Service.

  • Call 800-432-1000 Mon-Fri 8 a.m.-11 p.m. ET, Sat-Sun 8 a.m.-8 p.m. ET
  • Send a letter to Bank of America, P.O. Box 25118, Tampa, FL 33622-5118
  • You can also schedule an appointment on the mobile app.

How to Avoid Fees for Bank of America Regular Savings

While not all fees are avoidable, you can avoid being charged for other items by taking the following actions: 

  1. Maintain a daily minimum balance of at least $300.
  2. Do not surpass the monthly withdrawal limit.
  3. Enroll in the Preferred Rewards program and qualify for Gold, Platinum, or Platinum Honors tier. This requires combined daily balances of $20,000 or more.
  4. Link the regular savings account to an Advantage Relationship account with combined balances of $10,000 or more.
  5. To avoid paying statement fees, download monthly statements from the bank's website.

How DoNotPay Can Help

If you are seeking to remove fees from your Bank of America savings account, DoNotPay has you covered in four easy steps:

  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.

Remember, DoNotPay is always the fastest and easiest way to battle with Bank of America.

DoNotPay Can Help You Dispute Other Bank Fees

In addition to assisting you with Bank of America regular savings account fees, DoNotPay can also work with other financial institution fees. 

DoNotPay Works across All Companies, Entities, and Groups with Just a Few Clicks

DoNotPay can assist with a variety of other issues, including the following:

From managing paperwork to filling out forms, DoNotPay has you covered. With an innovative platform that gets jobs done quickly and easily, there's no need to waste time waiting in line or struggling through difficult processes.

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