Bank of America’s simple tools and services help you stay on top of your accounts,
which in turn can help you prevent fees.
How to Help Prevent Fees
Here are some common fees associated with Bank of America checking, savings and credit card accounts—and how to help
prevent them.
Find It Quick:
> Call toll-free: 1.888.BUSINESS (888.287.4637)
>Online Business Suite® fees and service charges
| FEE | DESCRIPTION | HOW TO PREVENT THE FEE |
|---|---|---|
| Overdraft Item Fee and NSF: Returned Item Fee |
We may charge you a fee if you do not have available funds in your checking account to cover a check, Check Card transaction or other type of withdrawal. When Bank of America pays the check or withdrawal and then overdraws your checking account, you may be charged an overdraft item fee. When the check or withdrawal is not paid by Bank of America and instead we will return the item, you may be charged a returned item fee. |
Sign up for Alerts, Overdraft Protection and Mobile Banking to help you avoid these fees. |
| Monthly Maintenance Fee or Service Charges | For certain checking and savings accounts, Bank of America charges a monthly maintenance fee or service charge if certain balance or other requirements are not met. | The Business Schedule of Fees outlines the monthly maintenance fees for all checking and savings accounts, as well as ways you can avoid overdrawing your checking account. Ask your Bank of America representative to walk you through it. |
| Late Fee | If your credit card bill is not paid by the due date, you may be charged a late fee. |
|
| Over-limit Fee | When you do not stay within the credit limit for your credit card, you may be charged an over-limit fee. |
|
| Transaction Fees | When you exceed the number of transactions allotted for your checking or savings account, you are charged a transaction fee. (Examples of transactions include checks paid and deposited items.) |
Based on your volume of transactions, choose the account type that best meets your needs. The Business Schedule of Fees outlines the transaction fees for all checking and savings accounts. Ask your Bank of America representative to walk you through it. Sign up for Alerts to also help you avoid these fees. |
Did you know?
The new Business Fundamentals package: Open a Small Business Economy checking account, make a purchase with your free check card every month, and skip the monthly maintenance fee(3).
Learn more >>
Online Business Suite® Fees and Service Charges
Monthly Maintenance Fees and Service Charges Explained.
Find It Quick:
> Call toll-free: 1.888.BUSINESS (888.287.4637)
NEW ENROLLMENT: Monthly fees for new enrollment in any one or more of the Online Business Suite services are waived during the first three months of enrollment, after which standard monthly fees apply.
DIRECT PAYMENT: The fee for Direct Payments covers the first 20 payments to employees or vendors scheduled in any calendar month. Additional payments are subject to a small fee for each set of five payments. Each next-day payment has a fee in addition to the Direct Payment monthly fee. Three-day payments are included in the monthly fee.
EXPRESS INVOICING: The fee for Express Invoicing covers the first 20 invoices sent in any calendar month. Additional invoices are subject to a small fee for each set of five invoices. Fees may apply for additional services. To view an account from another financial institution, you must have online access set up with that institution. These fees will be withdrawn from the account to which your services fees are normally charged.
EASY ONLINE PAYROLL(1): Easy Online Payroll offers two service levels, Plus and Basic. Easy Online Payroll Plus Service is $36 per month. Easy Online Payroll Basic Service is $20 per month. With the Basic Service you will receive a $20 discount in any month you pay all your employees by direct deposit to a Bank of America account. For both the Plus and Basic Services, if you pay more than 20 employees, but not all are paid by direct deposit to a Bank of America account, an additional monthly fee of $2 will be charged for each employee over 20.
Alerts Can Help Prevent Fees
Alerts are timely text messages and email notifications regarding your checking, savings, credit cards and Online Banking accounts.
Find It Quick:
> Sign up for Free Online Banking Alerts(2)
> Sign In to Online Banking
They can help you to:
- Easily avoid late, overdraft and over credit limit fees
- Efficiently manage your finances by providing available balances, payment and transaction updates
- Stay informed of account activity and changes to your Online Banking account
Overdraft Protection
Be prepared by planning ahead. Help prevent bounced checks and save on Overdraft Item and Returned Item fees.
Find It Quick:
> Call toll-free: 1.888.BUSINESS (888.287.4637)
> Learn More about overdraft protection
With Overdraft Protection Service, available funds from your Bank of America business savings account or credit card are automatically transferred to your checking account to help protect you when you’re in an overdraft situation.
You can apply for overdraft protection by calling 1.888.287.4637.
(1): Easy Online Payroll® monthly payroll service fees are waived during the first 3 months of enrollment. Additional fees for exceptions processing and other special services may apply during your free trial period. If there is no activity on your Easy Online Payroll account for the first 60 days after opening your account, we reserve the right to terminate your payroll service. After your 3 month free trial is over, monthly fees are automatically charged until you cancel the service. The monthly payroll service fee applies each month you are enrolled, whether or not you use the payroll service. The maximum number of active employees being paid cannot exceed 50. Billing occurs on the last banking day of the month. Additional fees for exceptions processing and other special services may apply. Pricing does not include applicable sales tax. There is a waiting period of up to 5 business days before you can use direct deposit for the first time. All direct deposits must be approved 2 banking days before each pay day, by 11pm ET. Easy Online Payroll service requires Internet access, and Internet service provider fees may apply. Not available in Washington or Idaho.
Easy Online Payroll offers two service levels, Plus and Basic. Easy Online Payroll Plus Service is $36 per month. Easy Online Payroll Basic Service is $20 per month. With the Basic Service you will receive a $20 discount in any month you pay all your employees by direct deposit to a Bank of America account. For both the Plus and Basic Services, if you pay more than 20 employees, but not all are paid by direct deposit to a Bank of America account, an additional monthly fee of $2 will be charged for each employee over 20.
Direct deposit to banks other than Bank of America is only offered in the Plus level of service. An additional monthly fee of $12 per state applies for state tax filing and payment support for each state in addition to your primary state in which you (i) have a work location, (ii) withhold taxes, or (iii) pay reportable wages (even if no tax is withheld). The monthly fee for additional states applies for each month in which you meet these criteria, whether or not you use the payroll service in that month. Multi-state tax filing is only available with the Plus level of service and will be available March 2009.
(2)Alerts are not available in Washington or Idaho.
(3)Bank of America will waive the monthly maintenance fee on your Business Economy Checking account for each statement period in the month following a point-of-sale Bank of America Visa Check Card purchase. For example, if you make a point-of-sale check card purchase in the month of August, your monthly maintenance fee credit will appear on your September statement. The following transactions do not qualify as point-of-sale purchases: a) ATM transactions; b) credits, such as those for purchases that are cancelled or returned, or other adjustments related to point-of-sale purchases; c) purchases of cash-like items, such as money orders, traveler7’s cheques, foreign currency, cashier’s checks, gaming chips, and other similar instruments and things of value; d) account funding transactions, including transfers to open or fund deposit, escrow or brokerage accounts, and purchases of stored value cards. The account must be in good standing at the time of the purchase(s). For each month a point-of-sale Check Card purchase is not made, you will be charged your usual monthly maintenance fee if you do not meet the minimum balance requirement outlined in your Personal Schedule of Fees. We may, at our discretion and without notice to you, amend or cancel this offer at any time.
