Payments

Bank of America expands maintenance fee waivers

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September 25, 2023

Bank of America has expanded its monthly maintenance fee waiver criteria for its SafeBalance account. Accounts that maintain a minimum daily balance of $500 or more will be able to waive the $4.95 monthly fee beginning in November 2023, according to a press release.

The fee will also be waived on accounts with an owner under the age of 25, regardless of their educational status.

"This milestone reflects our commitment to providing simple and transparent solutions to our clients at every stage of their financial journey, and to helping them achieve financial wellness," Mary Hines Droesch, head of consumer and small business products at Bank of America, said in the release.