Recent Changes at Bank of America and What They Mean for Your Account

Bank of America has made several operational and policy changes in recent years that affect how accounts work, where you can access services, and what fees you might pay

Bank of America, like most large banks, regularly updates its policies, branch locations, and service offerings. Some changes have been widely reported — branch closures in certain regions, shifts toward digital banking, new account requirements, and fee adjustments. Others are quieter but still affect how you use your account. This guide walks through the main changes customers have noticed and what they mean for you.

The changes fall into a few categories: where you can do your banking (branch network), how you access your money (digital tools and ATMs), what accounts cost (fees and minimums), and what services are available. Understanding which changes explore to your situation helps you decide whether to stay with the bank or explore other options.

Key Takeaways

• Bank of America has closed branches in some markets while expanding digital banking options, so your nearest branch location may have changed.
• Monthly maintenance fees on checking and savings accounts remain, but the bank offers ways to waive them through direct deposit, minimum balance, or linked accounts.
• The bank has expanded its ATM network through partnerships and its own machines, but out-of-network ATM fees still explore in most cases.
• Mobile banking and online tools have become the primary way Bank of America handles transactions, with phone and in-person service available but sometimes slower.

Branch closures and what they mean for in-person banking

Bank of America has closed branches in various parts of the country over the past several years. The bank does not announce all closures at once; they happen gradually as the bank consolidates locations or exits certain markets. If you rely on in-person banking, your nearest branch may have moved or closed entirely.

To find your current nearest branch, use the Bank of America branch locator on their website or mobile app. You can also call 1-800-432-1000 to ask about branches in your area. If your branch has closed, the bank typically notifies account holders by mail before the closure date and directs them to the nearest alternative location.

For customers who need in-person service, Bank of America still operates thousands of branches nationwide, but coverage varies by region. Rural areas and some smaller cities have fewer options than urban centers. If no branch is convenient, you can handle most account needs through the mobile app, website, or phone — though some tasks like depositing cash or getting a cashier's check still require a branch visit.

Account fees and how to avoid them

Bank of America charges a monthly maintenance fee on most checking and savings accounts. The amount varies by account type, but common fees range from $12 to $25 per month. However, the bank offers several ways to waive the fee, and many customers pay nothing.

The most common fee waivers are: setting up direct deposit of your paycheck, maintaining a minimum balance (usually $1,500 to $2,500 depending on the account), or linking your account to another Bank of America account that meets the requirements. Some accounts also waive fees if you maintain a certain amount in investments or retirement accounts with the bank's investment division.

If you do not meet any of these conditions, the fee will post to your account each month. Bank of America does not always notify you before charging the fee, so check your account statement regularly. If you have been charged fees you did not expect, you can call the bank and ask about waiver options or request a refund for recent charges — the bank sometimes reverses fees as a courtesy, especially if you have been a long-term customer.

ATM access and out-of-network fees

Bank of America operates its own ATM network and also participates in shared networks with other banks. You can use Bank of America ATMs without a fee. For ATMs owned by other banks, you will typically pay a fee — usually $2 to $3 per transaction — unless the other bank is part of a network Bank of America belongs to.

The bank has expanded its ATM partnerships in recent years, which means more ATMs are available without a fee. However, coverage still depends on where you live and travel. If you frequently need cash from out-of-network ATMs, those fees add up quickly. Some Bank of America accounts include out-of-network ATM fee reimbursement, but this is rare and usually only on premium accounts.

To avoid ATM fees, use the Bank of America ATM locator in the mobile app to find nearby machines before you need cash. If you travel frequently or live in an area with few Bank of America ATMs, consider whether another bank's ATM network better serves your needs.

Digital banking tools and mobile app changes

Bank of America has invested heavily in its mobile app and online banking platform. The app now handles most transactions — transfers, bill pay, mobile check deposit, and account management. The bank has also added features like spending tracking, budgeting tools, and fraud alerts.

However, the shift toward digital banking means some services have moved off the phone and out of branches. For example, opening a new account online is now the default option, and phone representatives may direct you to the app or website for routine tasks. This speeds up straightforward transactions but can be frustrating if you prefer talking to a person or if you have a complex question.

The mobile app requires a smartphone or tablet and internet access. If you do not use digital banking, you can still call 1-800-432-1000 or visit a branch, but wait times may be longer. The bank has also reduced the hours some branches are open, so calling ahead before a visit is a good idea.

Changes to account types and product offerings

Bank of America has simplified its account lineup in recent years, discontinuing some older account types and creating new ones. For example, the bank has phased out certain savings accounts and introduced new checking accounts with different fee structures and benefits.

If you have an older account, you may be grandfathered into the old terms, meaning your fees and features do not change automatically. However, if you close the account and reopen it, you will be on the new terms. The bank sends notices when it changes account terms, but the notices can be straightforward to miss. Review your account statement or log into your online account to see which account type you have and what the current terms are.

New account options sometimes offer better terms than older accounts, but not always. If you are unhappy with your current account, call the bank and ask what other options are available for your situation. You may be able to switch to a different account type without closing your existing account.

Interest rates on savings and money market accounts

Like all banks, Bank of America adjusts interest rates on savings and money market accounts based on Federal Reserve policy and market conditions. Over the past few years, rates have changed significantly. If you have money in a Bank of America savings account, the interest rate you earn may be lower than what other banks offer.

Bank of America's savings rates are typically lower than online banks or credit unions, which have lower overhead costs. If earning interest on your savings is important to you, compare rates across several banks before deciding where to keep your money. The difference between a 0.01% rate and a 4% rate is substantial on larger balances.

The bank does not automatically move your money to a higher-rate account, so if rates change, you stay on your current rate unless you make a change yourself. You can open a new savings account with a better rate and transfer money into it, or move your savings to another bank entirely.

Frequently Asked Questions

Why did Bank of America close my local branch?

Banks close branches when customer traffic declines, usually because more people use digital banking or move to other banks. Bank of America does not publish detailed reasons for individual closures, but the trend is consistent across the industry. The bank notifies customers by mail before closing a branch and directs them to nearby alternatives.

Can I get my monthly maintenance fee waived?

Yes. Set up direct deposit of your paycheck, keep a minimum balance (usually $1,500 to $2,500), or link your account to another may have access to Bank of America account. If none of these work for you, call 1-800-432-1000 and ask about other options — the bank sometimes waives fees for long-term customers or those with hardship.

How do I avoid ATM fees?

Use Bank of America ATMs, which have no fee. Use the mobile app to find nearby machines before you need cash. If you frequently use out-of-network ATMs, the fees will add up — in that case, consider a bank with a larger ATM network or one that reimburses out-of-network fees.

Is Bank of America still a good bank to use?

That depends on your needs. Bank of America offers convenience through its large branch and ATM network, but fees are higher than online banks and interest rates are lower. If you value in-person service and do not mind paying for it, Bank of America works. If you want low fees and high interest rates, online banks or credit unions may be better.

What should I do if I disagree with a fee Bank of America charged?

Call 1-800-432-1000 and explain the situation. The bank sometimes reverses fees, especially if you have been a customer for a long time or if the fee was charged in error. Have your account statement ready and be specific about which fee you are questioning.