BofA Rewards enrollment and tier benefits may be terminated or downgraded without further notice if, following an Annual Review, the account holder fails to meet qualifying checking account or minimum average balance requirements within a grace period of not less than three months.
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This provision establishes that fee waivers, ATM fee refunds, overdraft fee waivers, and other BofA Rewards benefits linked to tier status may be discontinued or reduced immediately without additional notice at the conclusion of the grace period, affecting the ongoing operational cost structure for enrolled customers who rely on tier-based fee waivers.
Under these terms, if a BofA Rewards member fails to restore a qualifying checking account or meet the minimum average balance threshold for their current tier within the grace period following an Annual Review, the program will terminate or reduce tier benefits immediately and without further notice, which may result in monthly maintenance fees, ATM fees, and other charges resuming for accounts that had previously been waived.
Cross-platform context
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Compare across platforms →"If you do not open and maintain a qualifying checking account within the Grace Period, your enrollment in BofA Rewards will be terminated, and your benefits will be discontinued immediately without further notice. If you do not increase the Average Balance of your Qualifying Accounts to the minimum amount required for your current tier during the Monthly Balance Checks conducted within the Grace Period, you will be moved to the appropriate tier for the Average Balance of your Qualifying Accounts. Your benefits will be changed to those of the lower balance tier without further notice.Excerpt from Bank of America's Fee Schedule
(1) REGULATORY LANDSCAPE: This provision does not directly implicate a specific consumer financial protection regulation beyond general CFPB UDAAP oversight of loyalty and rewards program terms.
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This provision establishes that fee waivers, ATM fee refunds, overdraft fee waivers, and other BofA Rewards benefits linked to tier status may be discontinued or reduced immediately without additional notice at the conclusion of the grace period, affecting the ongoing operational cost structure for enrolled customers who rely on tier-based fee waivers.
Under these terms, if a BofA Rewards member fails to restore a qualifying checking account or meet the minimum average balance threshold for their current tier within the grace period following an Annual Review, the program will terminate or reduce tier benefits immediately and without further notice, which may result in monthly maintenance fees, ATM fees, and other charges resuming …
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