This is a list of fees that Bank of America charges for its banking products and services, such as monthly account fees, overdraft charges, and ATM fees. It tells you how much you might be charged for various banking activities and under what circumstances some fees can be waived. Knowing these fees can help you avoid unexpected charges on your account.
Technical Summary
This document is a Bank of America fee schedule governing the charges, fees, and costs associated with consumer and/or business deposit accounts and banking services. It establishes the financial obligations customers incur for account maintenance, transactions, overdrafts, wire transfers, and ancillary banking services. The schedule creates binding financial obligations on account holders and defines the conditions under which fees may be waived, reduced, or assessed. Notable provisions typically include monthly maintenance fees, overdraft and non-sufficient funds (NSF) charges, ATM fees, and wire transfer costs, all of which are subject to change with advance notice as permitted under the applicable deposit account agreement.
Institutional Analysis
This fee schedule engages primarily with CFPB regulatory frameworks governing deposit account disclosures, Regulation E (Electronic Fund Transfers), and Regulation DD (Truth in Savings Act), which ma…
This fee schedule engages primarily with CFPB regulatory frameworks governing deposit account disclosures, Regulation E (Electronic Fund Transfers), and Regulation DD (Truth in Savings Act), which mandate clear and accurate disclosure of fees to consumers. Compliance teams should review this docume…
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Bank of America charges a recurring monthly fee for maintaining certain checking and savings accounts, which may be waived if you meet specific conditions such as maintaining a minimum daily balance or having qualifying direct deposits.
When you spend more money than is available in your account, Bank of America may charge an overdraft fee per transaction, typically assessed when the bank covers the shortfall on your behalf.
If a transaction is presented to your account and there are not enough funds to cover it, and the bank declines the transaction, you may still be charged a non-sufficient funds fee.
Using an ATM that is not owned or operated by Bank of America or a partner network will result in a fee charged by Bank of America, in addition to any fee charged by the ATM operator.
Certain account fees, including monthly maintenance fees, may be waived if you meet specific eligibility criteria such as maintaining a minimum daily balance, receiving qualifying direct deposits, or being enrolled in certain Bank of America programs.
Bank of America may charge a fee if you close a new account within a short period of opening it, or specific account types may have early termination provisions.