Basic Checking
Bank of America Advantage Plus Banking
Bank of America Advantage Interest Checking
Bank of America Advantage Savings
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Understanding Bank of America Account Fees
Bank of America (BofA) offers a variety of checking and savings accounts, each with its own fee structure and opportunities for fee waivers. Understanding these potential fees is crucial for managing your finances effectively and avoiding unnecessary charges. This calculator helps estimate potential monthly maintenance fees based on common account types and balance requirements.
Monthly Maintenance Fees Explained
Most BofA checking and savings accounts have a monthly maintenance fee. However, BofA provides several ways to waive these fees, often based on maintaining certain balance thresholds or having qualifying relationships with the bank.
Fee Waiver Scenarios:
Preferred Relationship: Linking a qualifying BofA savings account to your checking account can waive fees. This often requires a minimum balance in either account.
Combined Balance: Maintaining a minimum combined daily balance across all your eligible BofA accounts (checking, savings, CDs, IRAs, etc.) can waive monthly maintenance fees.
Automatic Transfers: Some accounts may offer fee waivers if you set up automatic monthly transfers from a BofA savings account to your checking account.
Student Status: Certain accounts may waive fees for students under a specific age.
Specific Account Features: Some premium accounts might have higher fees but offer other benefits, or have specific waiver requirements related to investment balances.
How the Calculator Works
This calculator estimates potential monthly maintenance fees for common Bank of America account types. It considers:
Checking Account Balance: Your current balance in your checking account.
Savings Account Balance: Your current balance in your linked BofA savings account.
Preferred Relationship: Whether you have established a Preferred Relationship, which often helps waive fees.
Account Type: The specific BofA account you hold (e.g., Basic Checking, Advantage Plus, Advantage Interest Checking).
The calculator applies BofA's general fee waiver rules. For instance, many checking accounts have their monthly fee waived if you maintain a minimum balance (e.g., $1,500 for Advantage Plus, $10,000 for Advantage Interest). Savings accounts also have waiver thresholds (e.g., $500 for Advantage Savings). Having a Preferred Relationship can sometimes adjust these requirements or offer additional waiver benefits.
Example Scenario:
Let's say you have:
A Checking Account Balance of $2,100
A Savings Account Balance of $6,500
You Do have a Preferred Relationship with BofA.
You hold the Bank of America Advantage Plus Banking account.
In this case, the Advantage Plus Banking account typically has a $12 monthly maintenance fee, waived if you maintain a $1,500 balance OR have a Preferred Relationship. Since you have a Preferred Relationship and your checking balance exceeds $1,500, the monthly fee would likely be waived. The savings account balance of $6,500 also exceeds the $500 threshold for the Advantage Savings account, waiving its potential $8 fee. Therefore, the estimated monthly fee is $0.00.
Disclaimer: This calculator provides an estimate based on publicly available information and common fee structures. Bank policies and specific account terms can change. Always refer to your official account agreement or contact Bank of America directly for the most accurate and up-to-date information regarding your account fees.
function calculateFees() {
var checkingBalance = parseFloat(document.getElementById("checkingAccountBalance").value);
var savingsBalance = parseFloat(document.getElementById("savingsAccountBalance").value);
var hasPreferred = document.getElementById("hasPreferredRelationship").value;
var accountType = document.getElementById("accountType").value;
var monthlyFee = 0;
// — Fee Definitions (Typical Values – subject to change by BofA) —
var fees = {
basic: { name: "Basic Checking", fee: 0, waiverBalance: 0, waiverPreferred: true }, // Typically no fee or waived by simple relationship
convenience: { name: "Advantage Plus Banking", fee: 12, waiverBalance: 1500, waiverPreferred: true },
interest: { name: "Advantage Interest Checking", fee: 25, waiverBalance: 10000, waiverPreferred: true },
savings: { name: "Advantage Savings", fee: 8, waiverBalance: 500, waiverPreferred: true }
};
var checkingFeeConfig = fees[accountType] || fees.basic; // Default to basic if type is unknown
var savingsFeeConfig = fees.savings; // Assume we're checking savings fee if savings balance is provided
// — Calculate Checking Account Fee —
var waiveCheckingFee = false;
// Check waiver conditions for the selected checking account type
if (checkingFeeConfig.fee > 0) {
if (hasPreferred === "yes" && checkingFeeConfig.waiverPreferred) {
waiveCheckingFee = true;
} else if (checkingBalance >= checkingFeeConfig.waiverBalance) {
waiveCheckingFee = true;
}
}
if (!waiveCheckingFee && checkingFeeConfig.fee > 0) {
monthlyFee += checkingFeeConfig.fee;
}
// — Calculate Savings Account Fee (if applicable and not already covered by preferred relationship waiver) —
var waiveSavingsFee = false;
if (savingsFeeConfig.fee > 0) {
if (hasPreferred === "yes" && savingsFeeConfig.waiverPreferred) {
// If preferred relationship waives ALL fees, and checking was potentially waived, savings is also waived.
// For simplicity in this estimator, we assume preferred covers both if configured to.
// In reality, BofA might have specific conditions.
waiveSavingsFee = true;
} else if (savingsBalance >= savingsFeeConfig.waiverBalance) {
waiveSavingsFee = true;
}
}
// Add savings fee ONLY if it wasn't waived and it's a different account type than the checking selected
// (This avoids double-counting if user selects "Savings" as accountType and has savings balance)
if (accountType !== "savings" && !waiveSavingsFee && savingsFeeConfig.fee > 0) {
monthlyFee += savingsFeeConfig.fee;
} else if (accountType === "savings" && !waiveCheckingFee && checkingFeeConfig.fee > 0) {
// If the selected account is savings, and its fee wasn't waived based on its own rules
// (this condition is less likely given savings waiver logic above, but for completeness)
monthlyFee += checkingFeeConfig.fee; // Add the savings fee
}
// — Display Result —
var resultDiv = document.getElementById("result");
if (isNaN(checkingBalance) || isNaN(savingsBalance)) {
resultDiv.innerHTML = "Invalid Input";
} else {
resultDiv.innerHTML = "$" + monthlyFee.toFixed(2) + " / month";
}
}