Bank of America Core Checking Account Fees – Understand All the Costs

AccountFee.com’s Summary – Avoid Bank of America Core Checking Account Fees:

They have 2 main types of accounts. Core has monthly fees of $12. They also have an interest checking accounts with monthly fees of $25. Both of these packages offer ways to have these fees waived.

Get to Know B of A:
Bank of America (sometimes referred to as BoA) is based in Charlotte, North Carolina. It is the 2nd largest bank in the US by assets. It is also the 11th largest company in the world. They serve 50 million customers via 5,100 banking centers and 16,300 ATMs. They also have a robust online and mobile banking system. In 2008, they bought Merrill Lynch. They are considered one of the Big Four banks along with Citigroup, JP Morgan Chase, and Well Fargo. The benefits to BoA is that they will have branches all over the country which is really handy when you travel.

Checking Account Fees at Bank of America as of September 2016. According to their website, they have 2 main types of checking accounts.

1. Bank of America Core Checking Account Fees
A basic checking account solution but requires direct deposit.

Key Points:

• Monthly maintenance account fees: $12.00 (can be waived via a $250 direct deposit or keeping an average daily balance of $1,500 or by being a student under 23 years ago.)
• Minimum to open is $25.00
• Use Direct Deposit
• Non-interest bearing account
• No fee at thousands of Bank of America ATMs
• $2.50/transaction for all non-Bank of America ATMs within the U.S.
• $5/transaction for all non-Bank of America ATMs outside the U.S.

2. Bank of America Interest Checking Account Fees
An interest generating account with some neat additional services.

Key Points:

• Monthly maintenance account fees: $25.00 (can be waived by keeping $10,000 in the account in all your accounts including investments and IRA.)
• Minimum to open is $100.00
• An additional 3 Bank of America Interest Checking® accounts and up to 4 savings accounts linked to your primary Interest Checking account.
• Get more out of your everyday banking with an interest-earning account.

Both accounts offer:

• No fee at thousands of Bank of America ATMs
• $2.50/transaction for all non-Bank of America ATMs within the U.S.
• $5/transaction for all non-Bank of America ATMs outside the U.S.

We really like Bank of America core checking account fees structure. It is straight forward and easy to understand. The Core Checking account is great for most people especially for students or kids. However, as you get older and set up an IRA or additional savings accounts with over $10,000 in them – their Interest Checking Account is the way to go. BoA has some really unique features such as a Preferred Rewards Program, BankAmeriDeals for cash back on purchases and Keep the Change® savings program. These features are outstanding and make working with BoA a great choice.

Article: Bank of America Core Checking Account Fees – Understand All the Costs