The existing Preferred Rewards program will be replaced by BofA Rewards on or about May 26, 2026, with new balance tier thresholds and tier names; existing enrolled customers will be automatically migrated to the corresponding new tier, but the fee waiver benefits associated with each tier will change across multiple fee categories.
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This provision restructures the fee waiver eligibility criteria for monthly maintenance fees, ATM fees, overdraft item fees, wire transfer fees, stop payment fees, international transaction fees, and card replacement fees simultaneously, affecting customers who currently qualify for waivers under the Preferred Rewards Gold, Platinum, Platinum Honors, or Diamond Honors tiers.
Under this provision, customers currently enrolled in Preferred Rewards will be automatically transitioned to BofA Rewards tiers with different names and potentially different fee waiver benefits; the document states that current benefits will change following conversion, and customers should review the BofA Rewards benefit summary at bankofamerica.com/BofARewards to determine which specific fee waivers will apply to their account after May 26, 2026.
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Compare across platforms →"On or about May 26, 2026, our Bank of America Preferred Rewards program will become BofA Rewards. All customers with an open, qualifying personal checking account will be eligible for enrollment in BofA Rewards. BofA Rewards will feature the following tiers based on your three-month combined average daily balance in qualifying deposit and investment assets: Member tier, less than $30,000; Preferred Plus tier, $30,000 to $100,000; Preferred Honors tier, $100,000 to $1,000,000; and Premier tier, $1,000,000 or more. If you are enrolled in the Preferred Rewards program on the transition date, your enrollment will be automatically changed to the new BofA Rewards program: current Gold and Platinum tier members will be changed to the Preferred Plus tier; current Platinum Honors members will be changed to the Preferred Honors tier; current Diamond Honors members will be changed to the Premier tier. Your current benefits will change following conversion to BofA Rewards.Excerpt from Bank of America's Fee Schedule
(1) REGULATORY LANDSCAPE: The automatic enrollment transition and change in fee waiver benefits may require evaluation under Regulation DD (Truth in Savings Act), which establishes disclosure requirements for changes in account terms including fee structures.
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This provision restructures the fee waiver eligibility criteria for monthly maintenance fees, ATM fees, overdraft item fees, wire transfer fees, stop payment fees, international transaction fees, and card replacement fees simultaneously, affecting customers who currently qualify for waivers under the Preferred Rewards Gold, Platinum, Platinum Honors, or Diamond Honors tiers.
Under this provision, customers currently enrolled in Preferred Rewards will be automatically transitioned to BofA Rewards tiers with different names and potentially different fee waiver benefits; the document states that current benefits will change following conversion, and customers should review the BofA Rewards benefit summary at bankofamerica.com/BofARewards to determine which specific fee waivers will apply to their account after May …
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