5 Fees That Can Be Negotiated for Bank of America Customers

In 2023, the Consumer Financial Protection Bureau (CFPB) reported that its interventions contributed significantly to the elimination of insufficient funds fees. This situation saved bank customers billions of dollars. In the following year, CFPB achieved another $5 billion in savings by closing a loophole to reduce overdraft fees.

These steps were part of a trend to eliminate or reduce fees that have been commonly hated in the industry for years but are often encountered. This movement was triggered by widespread consumer anger and the emergence of digital competitors that do not charge fees.

However, some of the largest banks, like Bank of America, still demand a wide range of fees; but there is good news that customers can avoid most of these fees and negotiate some away.

Bank of America ties different fee structures to different account types. Therefore, the first step for Bank of America customers should be to choose an account that aligns with their spending habits, savings goals, and average balances.

For example, Bank of America waives the $14 monthly maintenance fee for customers with regular checking accounts who meet any of the following minimum daily balance requirements:

• $1,500 in the checking account
• $2,000 in the linked savings account
• $5,000 in the 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 this fee for the first four checking accounts held by Gold or Platinum Honors level Preferred Rewards members.

For Bank of America Interest Checking accounts, you will need to pay a $25 monthly maintenance fee if the combined minimum balance of $10,000 is not maintained. Combined balances include linked money market, savings, and checking accounts along with linked retirement accounts and investment accounts.

To avoid the $8 monthly maintenance fee on the Advantage Savings account, you need to meet any of the following conditions:

• Maintain a minimum daily balance of at least $500 in your account.
• Link your account to Relationship Banking, Layered Interest with Advantage, or Advantage Regular Checking account.
• Enroll in the Preferred Rewards program.

Bank of America also waives this fee for account holders under the age of 25. The bank does not address the topic of fee negotiation in its published policies and does not even imply that customers can guarantee fee waivers by requesting them.

However, publications like CNBC and U.S. News & World Report have found that many customers have successfully done this with Bank of America and nearly all major banks. The fees you have the highest chance of negotiating are:

• Account overdraft fees
• Monthly maintenance fees
• Out-of-network ATM fees
• Insufficient funds fees
• Payment stop fees

Your chances of success are higher with loyal customers who have a long account history and have made only one or two mistakes. The keys are to be calm, kind, persistent, and polite. Old fees are often harder to get back than new ones, so it's best to act early.

If there’s no response, remember that as a last resort, you can switch to another bank. Bank of America is aware that many digital competitors offer truly free banking; so feel free to bring this up as a last resort.