In 2023, the Consumer Financial Protection Bureau (CFPB) reported that its actions had contributed to the widespread, but not total, elimination of non-sufficient funds fees, saving bank customers billions of dollars. The following year, the CFPB announced that it closed a loophole to reduce overdraft fees, netting another $5 billion in savings for fed-up account holders.
The moves were part of a years-long trend to eliminate or reduce universally loathed, but all-too-common industry fees, spurred by widespread consumer outrage and the arrival of digital rivals offering fee-free banking.
However, some of the biggest banks, most notably Bank of America, still charge a laundry list of fees — but the good news is that customers can avoid many of them and negotiate away some of those they can’t.
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Start by Knowing the Rules and Choosing the Right Account
Bank of America ties different fee structures to different account types, each with its own unique standards that customers can follow to avoid charges. Therefore, the first step is for Bank of America customers to choose the account that aligns with their spending habits, savings goals and typical balances.
Consider the following examples.
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Regular Checking
Bank of America will waive the $14 monthly maintenance fee for customers with regular checking accounts who meet any one of the following minimum daily balance requirements:
- $1,500 in a checking account
- $2,000 in a linked savings account
- $5,000 in a linked money market account
- $5,000 combined in linked money market, savings, individual retirement account (IRA) and certificate of deposit (CD) accounts
Bank of America also waives the fee for the first four checking accounts owned by Gold or Platinum honors tier Preferred Rewards members, or unlimited accounts for Diamond members.
Interest Checking
You’ll pay a $25 monthly maintenance fee for Bank of America Interest Checking accounts unless you maintain a combined minimum balance of $10,000. Combined balances include linked money market, savings and checking accounts, linked IRAs and CDs, and eligible linked Merrill Lynch investment accounts.
Advantage Savings
You’ll avoid the $8 monthly maintenance fee on an Advantage Savings account if you meet any one of the following requirements:
- Maintain a daily balance of at least $500 or more in your account.
- Link your account to your Relationship Banking, Advantage with Tiered Interest or Advantage Regular checking account.
- Earn membership in the Preferred Rewards program.
Bank of America also waives the fee for account holders younger than 25.
In Many Cases, a Polite Phone Call Can Get Your Fees Refunded
Bank of America does not address customer fee negotiation anywhere in its published policies, and it offers no guarantee or even implies that customers can have fees waived by calling and asking.
However, publications like CNBC and U.S. News & World Report find that many customers have had success in doing just that with Bank of America and virtually all other big banks.
The fees you’re most likely to negotiate away are:
- Overdraft fees
- Monthly maintenance fees
- Out-of-network ATM fees
- Non-sufficient funds fees
- Stop-payment fees
Success is most likely for loyal customers with long account histories, and those who have made just one or two mistakes that triggered a charge. The keys are to be calm, courteous, persistent and polite. Earlier is always better, as old charges are harder to reverse than recent ones.
If they refuse, remember that you hold the ultimate leverage — you can always just take your business elsewhere.
Bank of America knows all too well that many digital rivals offer truly fee-free banking, often with lower rates, higher yields and greater convenience. If all else fails, make sure they understand that you know, too.
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This article originally appeared on GOBankingRates.com: Bank of America Customers: 5 Fees You Can Negotiate Away
