Consumers exercising their legal right to stop a payment — for example, to prevent fraud or cancel a disputed transaction — are charged a fee to do so, creating a financial barrier to exercising that right.
This fee schedule directly affects consumers' finances by detailing charges that can be assessed on their bank accounts, including potentially significant overdraft fees, monthly maintenance fees, and transaction charges. Consumers who do not meet balance minimums or eligibility criteria for fee waivers may incur recurring costs that reduce their account balances. You can avoid many fees by maintaining minimum balance requirements, enrolling in qualifying direct deposit programs, or switching to accounts with lower or no monthly fees through Bank of America's online banking portal.