PSA: Bank of America adding $5 monthly service fees to savings accounts
Quote :The monthly maintenance fee on your account will no longer be automatically waived, but there are ways to avoid the fee.
We want to let you know about an important change to your savings account. Beginning with your statement cycle that starts on or after September 26, 2016, the $5 monthly fee will no longer be automatically waived unless you meet one of the account requirements below. All your other account benefits remain the same.
Here's how you can avoid the monthly fee
You can avoid the monthly fee by meeting any ONE of the requirements below during each monthly statement cycle. Otherwise, the $5 monthly fee will be deducted from your savings account each statement cycle.
Keep a minimum daily balance of $300 or more in this account;
Link your savings account to an existing Bank of America Advantage® account or to a Bank of America Interest Checking® account (only applies to your first four savings accounts);
Enroll in the Preferred Rewards program (only applies to your first four savings accounts). Learn how to qualify for Preferred Rewards or visit your local financial center; OR
Make combined monthly automatic transfers of $25 or more from your Bank of America checking account to your savings account. Please note: The automatic transfers must occur during the immediately preceding statement cycle.
Thank you for the opportunity to serve your financial needs. If you have any questions or would like to discuss other account options, you can give us a call at 800.432.1000 or stop by one of our financial centers. If you'd like, you can make an appointment to meet with a specialist.