Minimum Daily Balance To Avoid Monthly Maintenance Fee: Fill & Download for Free

Can you get the fees refunded- in a word, yes, but this is not the norm , and this is not something that can be done on a regular basis, and of course, this will be done at the discretion of the bank. So here’s a way that can be done:Bank of America Overdraft Fee RefundMARCH 31, 2016 BY JONATHAN PING 260 COMMENTShe advises below on how to get a BofA overdraft fee refunded still works, as many positive e-mails and comments will attest. But you should also ask to turn OFF your overdraft protection as many people are confused on the actual meaning of the service. If you opt-out of overdraft protection and try to use your debit card with an insufficient balance, you will simply get denied with no fee. If you opt-in to overdraft protection and try to use your debit card with an insufficient balance, your purchase will go through but you will get charged a fee of roughly $35 on each instance. Now you know why I put quotation marks around “protection”.Just Ask!I was hit with an overdraft fee from Bank of America when I was trying to close out an account. Luckily, I was able to get it refunded to me. The answer is always no if you don’t ask, so don’t give up the opportunity to save hundreds of dollars with a 10-minute phone call! A few tips:Be nice but firm. Customer service reps are people. This is not the time to outline all the reasons why their overdraft system is unfair. The employee is never going to be able to admit “Yes, they are unfair!”, and you’re only going to put them on the defensive.Admit you made a mistake, and include your personal story. Perhaps you and your spouse had a miscommunication and lost track of the bank balance. Your contractor finally cashed a check from 8 months ago that you forgot about. A spokesperson from Bank of America said they “may waive unemployed consumers’ fees on a case-by-case basis.”Help them find a reason to help you. Are you a first-time offender? Are you a long-time customer? Do you have other accounts with Bank of America? Credit card, loans, or business accounts? Show them you are a profitable customer worth keeping.Try different communication avenues. I used to visit my local branch a lot, and have had some good success with going directly there. Your mileage may vary, but also try any combination of Live Chat, E-mail, and Telephone.“Hi, I was recently charged an overdraft fee when an old check got cashed. I totally forgot about it and it was my fault. However, I’ve been with BofA for X years, and this is my first overdraft fee. I am calling to see if I am able to get this waived.”Denied? Escalate!If you’re not satisfied with your response, it has paid off for many customers to escalate your request to the “Executive Customer Relations” division of Bank of America. Read the many relieved comments below.Call Executive Customer Relations:Executive Customer Relations general line: 704-386-5687E-mail a Bank of America Customer Advocate:Melissa RussellCustomer AdvocateOffice of the Chairman800-669-2443 Ext [email protected] R. PetersonCustomer AdvocateOffice of the CEO and [email protected] of America is converting all banking accounts into its Core Checking product, which includes a $12 monthly fee. There are a few ways consumers can avoid the $12 monthly maintenance fee. The first way to avoid the fee is to have a qualifying direct deposit of at least $250Bank of America and the End of Free CheckingWhen Bank of America announced that it was getting rid of its a free eBanking checking account, the social media backlash was both swift and furious, with thousands of consumers threatening to take their business elsewhere. Now's the time for community banks and credit unions to pounce.Bank of America has been phasing out its no-maintenance fee eBanking account for a while, but in January 2018 they finally decided enough was enough and pulled the final plug on the product.BofA’s banking account waived an $8.95 monthly maintenance fees if two main conditions were met: (1) customers had to receive eStatements, and (2) customers had to make deposits and withdrawals using self-service options. With eBanking, customers would have been charged the $8.95 fee if they went into a BofA branch to make a deposit or withdrawal, but once the customer incurred the fee, they could have made unlimited deposits and withdrawals within that month.Bank of America is converting all banking accounts into its Core Checking product, which includes a $12 monthly fee. There are a few ways consumers can avoid the $12 monthly maintenance fee. The first way to avoid the fee is to have a qualifying direct deposit of at least $250. The second is to maintain a minimum daily balance of $1,500 or more. The third is to prove you are a student younger than 24.“With a direct deposit of just $250 per month or $3,000 per year, customers will get full access to all of our financial centers, ATMs, mobile and online banking,” Bank of America spokesperson Betsy Riess told the Wall Street Journal. “That’s a great value and our client satisfaction scores are at all-time highs.”Is This The End of Free Checking?It’s true that it’s becoming more difficult for consumers to actually find free checking accounts, but they do exist. According to a MoneyRates survey, 28% of banks offer checking accounts without a monthly service fee. In contrast, more than two-thirds (70%) of digital banks have free checking. Digital banks also require a lower minimum deposit to start an account: $26.39 for digital banks versus $121.43 for traditional banks.Consumers looking to avoid monthly service fees on checking accounts tend to have more success at smaller institutions, with 40% of community banks providing some type of free checking account. Credit unions may be an even better bet than a small bank for consumers. Bankrate looked at banks and credit unions and found that 84% of the nation’s largest credit unions offer to check accounts with no monthly service fees.Another way you can handle this is to find ways to avoid paying the fees at the end of the month, and you can find them listed below:How to Avoid Bank of America Checking Account FeesBy John CsiszarBank of America is a full-service financial institution that offers customers a wide range of products and services. But many of those products and services — including Bank of America’s checking accounts — come with fees attached. Once you understand the types of fees involved, you can know how to avoid them. Here’s what you need to know about avoiding bank fees with a Bank of America checking account.Bank of America Checking Account FeesBank of America offers two checking accounts: Bank of America Core Checking and Bank of America Interest Checking. Its checking account fees fall into three main categories:Monthly maintenance feeOverdraft feeATM feeBank of America’s checking account fees differs slightly for the two accounts. Here’s a breakdown of the various Bank of America fees and how to avoid them.Checking Account Fees Comparison Chart: Best Banks for Free Checking AccountsHow to Avoid Bank of America’s Monthly Maintenance FeeBank of America’s Core Checking account comes with a $12 monthly maintenance fee and its Interest Checking account costs $25 per month. In addition, both accounts also have minimum opening deposit requirements of $25 and $100, respectively. Here’s how to avoid Bank of America monthly checking maintenance fees on both accounts:1. Maintain a Minimum BalanceYou must maintain the daily minimum balance to avoid the fee. If your account drops below the threshold levels, your bank statement will show you were charged that month.Core Checking: $1,500Interest Checking: $10,000 in total combined BofA accounts2. Sign Up for Qualifying Direct DepositsYou can also avoid Bank of America checking account fees by enrolling in qualifying direct deposits. Only the Core Checking account offers this option, though.3. Enroll In the Bank of America Preferred Rewards ProgramYou can enroll in the Preferred Rewards Program and if you qualify for the Gold, Platinum or Platinum Honors tier, your monthly fee will be waived for Core Checking and Interest Checking.The Gold Preferred Rewards tier requires a minimum three-month average combined balance of $20,000 across all your Bank of America accounts. For the Platinum tier, you’ll need a $50,000 qualifying balance, and the top Platinum Honors tier requires $100,000.4. Qualify as a StudentBank of America customers who are under 24 and enrolled in a high school, college, university or vocational program are eligible to have their Core Checking monthly fee waived.How to Avoid Bank of America Overdraft FeesThe easiest way to avoid an overdraft fee at Bank of America is to make sure you don’t overdraw your account in the first place. If you do, BofA charges a $35 fee. You can avoid the overdraft fee by signing up for overdraft protection, and the bank will cover your overdrawn checking account with money from your savings account — for a charge of $12 per transaction.How to Avoid Bank of America ATM FeesIn the U.S. you can avoid ATM fees simply by using Bank of America ATMs. If you use a non-BofA ATM in the U.S. you’ll incur a $2.50 charge, plus any fees the ATM operator charges.Customers at the Platinum tier of the rewards program can avoid this charge and get one ATM operator fee reimbursed per statement cycle. Platinum Honors tier members get unlimited operator fees reimbursed. Outside the U.S., you’ll pay $5 per withdrawal, plus a 3 percent currency conversion, in addition to any ATM operator fees, which are unavoidable.Say No to Bank of America Checking Account FeesBank of America checking accounts come with different fees, but you can easily avoid them most of the time. Because you have plenty of ways to avoid monthly maintenance, ATM and overdraft fees, there’s no reason you should part with your hard-earned money to pay them. Keep in mind, too, that elite membership in the rewards program can also shield you from some fees. Check out Bank of America online or visit your local branch for more specifics.So, these are the facts, and you can make up your mind as to whatever, steps you want to going forward

It’s pretty unlikely that the negative return on a saving account will be expressed as a negative APR. Instead, banks will keep doing what they’ve been doing for the last 30+ years; charge an account maintenance fee that exceeds the monthly interest payment.For example, I’m going to choose a savings account from a major bank that already has a significant negative effective interest rate. No particular research looking for a good or bad example, just picking a big bank.This morning Wells Fargo is offering their Platinum Savings Account (they advertise this as their highest yield account) with a 0.05% APR and a $12 monthly fee. If you maintain a $3,500 minimum daily balance they will waive the fee. Essentially, this turns the first $3,500 in the savings account into a really crappy 30day CD.Looking at Bankrate this morning, the going rate for a 30 day CD is 0.25% to 0.30%. Let’s compare these offers:Deposit $3,50030-day CD: Monthly interest: $0.88, early withdraw penalty: Loss of current interestWells Fargo Savings: Monthly interest: $0.15, early withdraw penalty: $12 + loss of current interestRegardless of the federal funds rate, the fees are what makes this savings account have a negative return. Changes in the rate at which banks can borrow overnight from the fed won’t have any effect on this.What should you do with your savings? Find a lower fee account than the first one I stumbled across at Wells Fargo. Fees are going to be a way bigger factor than APY. Keep the smallest amount you can in it to cover the case you need or have significant risk of needing in the next couple of months.The rest of your savings should either be tied up for a longer commitment (CDs, Government bonds), or invested with market risk to gain returns (corporate bonds, stocks).

I’ll be honest with you this does not happen at my bank, but years ago, there was a certain bank that I had opened an account at, and was pretty miffed-more like steamed, when my account was closed, and my $50 taken along with that close, all because I did not add any money during that period of time. Since then, I have been very careful as to where I invest my money. Still, I am a bit baffled as t why banks behave in this manner, so let's take a look as to why they do so:Avoid a Minimum Balance Fee at Your Bank With These Simple TipsFree checking is becoming a thing of the past and trying to get around the different fees banks charge these days is like navigating a financial obstacle course. One of the most annoying bank fees to contend with is the minimum balance fee.ByMyBankTracker, ContributorMinimum balance fees are designed to encourage bank customers to keep a set amount of money in their account. MyBankTracker explains why it's important to understand these fees and more importantly, how you can avoid them.It's estimated that the average person spends $151 a year on bank fees alone.Free checking is becoming a thing of the past and trying to get around the different fees banks charge these days is like navigating a financial obstacle course. One of the most annoying bank fees to contend with is the minimum balance fee.Also called monthly maintenance fees, these charges are added on when your balance dips below an amount specified by the bank. If you're tired of getting nickel and dimed just because your checking account runs a little low from time to time, there are a few things you can do to get out of paying the minimum balance fee.Understand when the fee is appliedWhen it comes to how much money you're required to keep in your account, every bank is different. For instance, you may have a set minimum balance that you're responsible for keeping in your account at all times. If your balance drops below the minimum at any time during the month, then the monthly service fee kicks in.If your account has a minimum daily balance requirement, the fee is assessed based on what you have in the bank at the end of the business day. As long as your withdrawals don't put your balance below the limit or you make a deposit before the day is over to bring it back up to the minimum, you won't have to worry about the fee.Many banks use the minimum combined balance to determine when the maintenance applies. Whether or not the fee applies is based on what your total balance is, from all of your accounts. Typically, this means your checking and savings but some banks will also consider money market or retirement accounts.Finally, some banks charge the fee based on your average monthly balance. Your balance for each day of your statement cycle is added together and divided by the number of days in the cycle to figure out the average. As long as you're above the limit set by the bank, your account is fee-free.Opt for direct depositHave you set up direct deposit yet?Having your paycheck deposited directly into your checking is convenient and it's one of the easiest ways to sidestep the monthly service fee even if you don't meet the minimum balance requirements. If you bank with Chase, for example, the Total Checking account requires a minimum daily balance of $1,500 to avoid the $12 maintenance fee but it's waived for customers who have at least $500 in qualifying direct deposits each month.Setting up direct deposit usually just requires filling out a form with your payroll department. Just keep in mind that it may take a few weeks before the first deposit goes through so you'll need to keep an eye on your balance until it takes effect.Tip: If you don't have access to direct deposit through your place of employment, you could try this direct deposit hack. (Scroll to the middle of the article where it says: "Take advantage of ACH credit transfers.")Link all of your eligible accountsOne way to avoid the minimum balance fee is to link up all of your accounts to your checking.When a direct deposit isn't an option, linking up all of your other accounts at the bank to your checking is the next best thing for avoiding the minimum balance fee. For example, SunTrust customers with a Balanced Banking account are normally subject to a $12 maintenance fee unless their combined daily balance for their linked accounts is $3,000 or more.If you just have a checking account, you may still be able to dodge the fee if your bank is also your mortgage lender. At Wells Fargo, the monthly fee for Preferred Checking customers is $15 if your combined account balance is less than $10,000 but the fee is waived if you link up your home loan to your checking.Pay your bills onlineMost banks offer online bill payment services and taking advantage of them is another way to get out of paying the minimum balance fee. Citibank customers who have the Basic Banking package are required to keep at least $1,500 in their checking account to avoid the $12 maintenance fee.They can, however, skip out on the fee if they have one direct deposit per month and pay at least one bill using Citibank's online or telephone payment system.Look into student accounts if you're still in schoolIf you're a broke college student, banks tend to be more forgiving when it comes to charging monthly maintenance fees. Generally, you'll need to show proof of enrollment for getting a student fee waiver and most banks enforce an age cutoff.Bank of America's Core Checking account comes with a $12 maintenance fee if your average daily balance is less than $1,500 but it's set aside for students who are under 23 years of age. Once you leave school or turn 23, the fee applies if you don't meet the balance requirement.Did you know? Student checking may get pricey after graduation. Here's how to avoid it.Consider an online bankOnline banks tend to have fewer overhead costs, which usually translates to fewer fees for their customers. If you already do the bulk of your banking online and you're comfortable making deposits using your phone or home computer, switching to an online bank makes sense when you don't want to worry about meeting minimum balance requirements.Here is MyBankTracker's list of the best online banks.Rebecca Lake is a writer for MyBankTracker. Follow her on Twitter @SeeMomWrite.I hope that this answer allays your concern, and bring clarity to you. Thanks for your question