Does Bank of America Waive Annual Fees? (2024)

FAQs

How can I get Bank of America to waive a fee? ›

You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account, OR • Ask us to link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered ...

Reportedly, long-time customers who have consistently paid on time are more likely to get a refund on a BofA annual fee. To find out whether you'll get a refund on the annual fee, call Bank of America credit card customer service at 1 (800) 732-9194.

In addition, SafeBalance Banking clients can still waive their monthly maintenance fee if they are enrolled in Preferred Rewards and qualify for the Gold, Platinum or Platinum Honors tier(first 4 checking accounts) or Diamond or Diamond Honors tier (unlimited).

Contact your card issuer

The number can usually be found on the back of your card or on your monthly statement. Politely explain that you would like to have your annual fee waived. Explain your history as a reliable customer and emphasize that you would like to remain one. In the best case, they might simply say yes.

The Bank of America annual fee is $0 to $550, depending on the card. For comparison, the average credit card annual fee among credit card offers on the market right now is $22.22.

Account holders can tend to get out of their monthly fees by opening both a checking and a savings account at the same bank or by maintaining a minimum balance in your account. Sometimes, setting up a monthly direct deposit is enough to waive the monthly fee.

Call your issuer

Call the customer service number on your statement or the back of your card, and provide identifying information like your name and account number. Then, ask if you can have a waiver for your annual fee. If this is successful, you're done.

Yes, usually. Many card issuers will refund an annual fee if you close the account and request a refund quickly enough. You usually have about 30 days after an annual fee is incurred—sometimes more, sometimes less. It varies highly by issuer and is not always guaranteed.

Many card issuers will refund you if you cancel or downgrade within 30 days of the annual fee posting. You can wait 12 months to fulfill any terms, keep the card issuer happy, and avoid it clawing back the welcome offer.

Monthly maintenance fees at Bank of America — and other banks — are fees that the bank charges account holders to use their account. These fees help increase the bank's revenue.

What is the minimum balance for a BofA checking account? ›

Maintain a $1,500 minimum daily balance. Have at least one eligible direct deposit of at least $250. Enroll in BofA's Preferred Rewards program.

Open or switch to a new account

If you have an existing Bank of America Advantage Banking Checking account, you can switch to another setting and keep the same account number and debit card. If you are interested in switching your setting, please schedule an appointment with one of our specialists or call 800.432.1000.

Annual fees might be justified if you're getting enough benefits out of your card, but if not, you have options. Call your issuer and see if they'll waive or reduce the fee. Consider a no annual fee card or downgrading to another product with your issuer with a smaller fee.

Contact Your Card Issuer Before It Charges the Fee

Explain why you want to keep the card and how you're going to use it, then ask if there's anything the person can do about the card's annual fee. You might ask for a fee waiver directly, or ask them to look for any retention offers on your account.

Having a no-annual-fee card can help you earn more points, improve your credit and save on interest fees. Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more. Credit cards are an excellent way to build credit and get rewarded for everyday spending.

Minimum monthly balance requirements: If you keep a minimum amount in your chequing account, most banks will waive the monthly fee. If you can't keep a minimum monthly balance, a low-cost chequing account with less transactions is another option.

Log in to Online Banking and select the account with the transaction you'd like to dispute. 2. Select the transaction, then select the Dispute this transaction link and follow the instructions. Once your claim has been submitted, you can check the status of your claim in the mobile app or on your computer.

Stop Payment Fee

All accounts included in the Business Advantage Relationship Banking solution and members enrolled in the Preferred Rewards for Business qualify for a waiver of this fee.

I am writing to respectfully request a waiver for the bank charges that have been recently imposed on my account. I believe that I have valid justification to request this waiver and I kindly seek your consideration in this matter.