How do I avoid $12 fees at Bank of America?

Dodging Bank of America’s $12 Monthly Fee: A Simple Guide

Nobody likes surprise fees, especially recurring ones. Bank of America’s $12 monthly maintenance fee for their Advantage Plus Banking account can be easily avoided if you know the tricks. Here’s a breakdown of the straightforward ways to keep your money where it belongs – in your pocket.

1. The Direct Deposit Route:

The most common way to sidestep the fee is by setting up a qualifying direct deposit. This doesn’t mean just any deposit; it needs to be a recurring direct deposit of at least $250 per month. This could be your paycheck, government benefits, or even regular transfers from another bank account. The key is consistency. Set it up and forget about that $12 fee.

2. Maintaining a Healthy Balance:

If regular direct deposits aren’t feasible for you, another option is to maintain a daily minimum balance of $1,500 in your Advantage Plus account. This requires a bit more attention as you’ll need to monitor your balance and ensure it doesn’t dip below the threshold. While this option offers flexibility for those with fluctuating income, it does tie up a portion of your funds.

3. Join the Preferred Rewards Program:

For those already banking with Bank of America in other ways, the Preferred Rewards program can be an attractive option. This program links your checking and savings accounts, as well as Merrill investment accounts, and offers various benefits based on your combined balance. One of these perks is waiving the monthly maintenance fee on your Advantage Plus Banking account. This option is particularly beneficial for those already utilizing multiple Bank of America services and can offer additional rewards beyond just the fee waiver.

4. Consider Alternatives (for students and those under 24):

If none of these options fit your financial situation, and you are a student or under 24, Bank of America offers alternative accounts with different fee structures or waivers. It’s worth exploring these options if you qualify. Contact Bank of America directly or browse their website for more information on accounts tailored to students and young adults.

Choosing the Best Option for You:

The best way to avoid the $12 fee depends entirely on your individual financial circumstances. Consider your income regularity, typical account balance, and whether you already use other Bank of America services. By understanding these options, you can make an informed decision and keep that $12 working for you, not the bank.