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How Do I Get a Fee Waived At Bank Of America?

Ever wondered why banks charge so many fees and if there's any way to get around them? Let’s dive into how you can potentially get those pesky fees waived at Bank of America.

1. How do I get a fee waived at Bank of America?

Getting a fee waived at Bank of America can seem like a daunting task, but it’s definitely possible with the right approach. One of the primary ways to avoid the monthly maintenance fee on an Advantage Relationship Banking account is by maintaining a combined balance of $10,000 or more in your account each statement cycle. This combined balance can include other Bank of America accounts, such as savings, checking, and investment accounts, which means if you consolidate your funds within the bank, you might easily meet this requirement.

Another effective strategy is enrolling in the Preferred Rewards program. This program offers multiple tiers—Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors—each with its own set of benefits. To qualify for the Preferred Rewards program, you need to have a three-month average combined balance of $20,000 or more across your Bank of America and/or Merrill Lynch investment accounts. As you move up the tiers, the benefits, including fee waivers, become more substantial, making it a great incentive to keep your funds within the bank.

If you don’t meet these requirements, don’t worry; there’s still hope. Sometimes, simply asking a bank representative for a fee waiver can yield results, especially if it’s your first fee or you have been a long-standing customer with a good account history. Bank representatives have the discretion to waive fees, and being polite but firm can sometimes get the job done. Just be prepared to explain your situation and why you think the fee should be waived.

2. Can you ask a bank to waive a foreign transaction fee?

Yes, you can ask, but it’s not always guaranteed. Waiving a foreign transaction fee often requires a bit of negotiation and persistence. Your first step should be contacting your credit card company’s customer service department. Be prepared to explain why you think the fee should be waived. Maybe you’re a frequent traveler, a long-time customer, or perhaps you made an unexpected purchase abroad. Whatever the reason, it’s important to articulate it clearly and politely.

When you make your request, timing can be crucial. If you’ve just returned from a trip and were hit with a series of foreign transaction fees, that’s a good time to call. Customer service representatives are often more sympathetic when they can see a pattern or a specific incident that led to the charges. Additionally, mentioning your loyalty to the bank or your intention to increase your business with them if they waive the fee can sometimes tip the scales in your favor.

Persistence is key. If your first request is denied, don’t be discouraged. Ask to speak with a supervisor or try calling back at a different time. Sometimes a different representative might have more flexibility or be in a better mood to help. While it’s not guaranteed, demonstrating your loyalty and the inconvenience the fees cause can sometimes lead to a positive outcome. Plus, having a clear record of being a responsible cardholder can strengthen your case.