What's Happening With Bank of America Right Now

Recent changes and what they mean for your account

Bank of America has made several operational and policy changes in recent months that affect how you bank, what you pay, and how you access your money. These changes range from fee adjustments to new security requirements to shifts in how the bank handles certain account types. Understanding what has changed and why helps you decide whether your current account still fits your needs.

The bank does not announce all changes equally — some appear in account statements, others in emails, and some only show up when you try to do something you've done before. This guide walks through the major changes that have affected most customers, what triggered them, and where to find the official details for your specific account.

Key Takeaways

• Bank of America has raised fees on several checking and savings account types, with changes taking effect on different dates depending on your account.
• The bank now requires additional identity verification for certain transactions and account access, particularly for online and mobile banking.
• Minimum balance requirements have changed for some account tiers, affecting which accounts may have access to for fee waivers.
• Customer service wait times have increased, and some branches have reduced hours or closed entirely in certain locations.
• Your account statement and the Bank of America website show the specific changes that explore to your account type.

Fee changes across checking and savings accounts

Bank of America raised monthly maintenance fees on several account types. The Advantage SafePass Checking account increased from $12 to $15 per month, and the Advantage Plus Checking account went from $20 to $25 per month. These changes took effect on different dates depending on when your account was opened, so check your most recent statement to see if the new fee applies to you yet.

The bank also adjusted what it takes to waive these fees. Previously, you could waive the fee by maintaining a minimum balance or setting up direct deposit. Now the balance threshold is higher on some accounts, and the direct deposit amount required has increased. If you currently have a fee waived, log into your online account or call the number on the back of your card to confirm whether the waiver still applies under the new rules.

Savings account fees have shifted as well. The Advantage Savings account now charges $4 per month instead of $3, though the waiver requirements remain the same. Accounts with higher minimum balances, such as the Premium Rewards Savings, have not seen fee increases but have raised their minimum balance thresholds.

New identity verification and security steps

Bank of America has rolled out additional security checks for online and mobile banking, particularly when you log in from a new device or location. You may now see a prompt asking you to verify your identity using your phone number, email, or a security code sent to your registered device. This is separate from your regular password and is designed to prevent unauthorized access.

If you have not updated your phone number or email address with the bank recently, these verification steps may fail or be delayed. Before you need to log in urgently, go to your account settings online and confirm that your contact information is current. The bank also recommends setting up a security key or biometric login (fingerprint or face recognition) if your phone supports it, as these bypass some of the additional verification steps.

For customers who use Bank of America's business banking platform, the security changes are more extensive. Business accounts now require two-factor authentication for all logins, and some transaction types require additional approval steps that can add time to your process.

Changes to branch hours and availability

Bank of America has reduced hours at many branches and closed locations in some areas. The bank has not published a complete list of closures, so the best way to check your nearest branch is to visit the Bank of America website, enter your zip code, and look at the hours listed. If a branch you use regularly is no longer showing hours, it has likely closed.

The bank has shifted toward encouraging customers to use ATMs, mobile banking, and phone support instead of visiting branches. However, some services — such as depositing cash, getting a cashier's check, or discussing account options — still require a branch visit. If your nearest branch has closed or reduced hours, you may need to travel further or use alternative methods for tasks you previously did in person.

Wait times at remaining branches have increased, particularly during lunch hours and on Fridays. If you need to visit a branch, calling ahead to ask about current wait times can help you plan your visit.

Changes to overdraft and NSF policies

Bank of America changed how it handles overdrafts and non-sufficient funds (NSF) fees. The bank now allows a grace period of up to one business day before charging an overdraft fee, giving you time to deposit money or transfer funds before the fee applies. However, this grace period only applies to debit card transactions and checks — ACH transfers and bill payments do not receive the same courtesy.

The overdraft fee itself remains $35 per occurrence, but the bank limits you to a maximum of four overdraft fees per day. This means if multiple transactions overdraw your account on the same day, you will not be charged more than $140 in overdraft fees that day, even if more than four transactions would have triggered fees.

If you have overdraft protection linked to another account or a savings account, those transfers now happen automatically without a fee, but they may take up to one business day to process. During that time, your checking account remains overdrawn, and the grace period clock is running.

Updates to savings account interest rates and terms

Bank of America's savings account interest rates have changed multiple times in the past year as the Federal Reserve adjusted its benchmark rates. The bank's Advantage Savings account currently earns interest at a rate that varies by location and account balance tier. You can see your specific rate by logging into your account or calling customer service.

The bank also introduced a new tiered rate structure for some savings accounts, meaning the interest rate you earn depends on how much money you have in the account. Higher balances earn higher rates, but the difference between tiers is small — usually less than 0.10 percent. If you keep a large balance in savings, you may earn slightly more interest, but the difference amounts to a few dollars per year on most account sizes.

Money Market accounts have seen similar rate adjustments. If you have a Money Market account with Bank of America, check your statement or account dashboard to see your current rate, as it may have changed since you opened the account.

How to find out what changed for your specific account

The easiest way to see what has changed for your account is to log into your online banking portal or mobile app and look at your account details and recent statements. Your most recent statement will show your current monthly fee, any new fees that have been added, and the date the changes took effect.

If you want to understand the full list of changes Bank of America has made, visit the Bank of America website and look for the "Updates and Notifications" or "Account Changes" section. The bank also sends notifications by email and mail when major changes take effect, though these notifications sometimes arrive after the change has already happened.

You can also call the customer service number on the back of your card and ask a representative to walk you through any changes that explore to your account. Have your account number ready, and be prepared to verify your identity before they discuss your account details.

Frequently Asked Questions

Can I avoid the new monthly fees by switching account types?

Yes. Bank of America offers several account types with different fee structures. Some accounts have no monthly fee if you meet certain requirements, such as maintaining a minimum balance or setting up direct deposit. Compare the account types on the Bank of America website to see which one fits your banking habits and balance level. Switching accounts is free and can usually be done online or at a branch.

What should I do if I can't pass the new identity verification steps?

First, make sure your phone number and email address are current in your account settings. If you still cannot verify your identity, call the customer service number on the back of your card and explain the problem. A representative can help you set up alternative verification methods or temporarily disable the extra security step while you update your contact information.

Will my interest rate go back up if the Federal Reserve lowers rates?

Savings account interest rates at Bank of America move up and down based on what the Federal Reserve does with its benchmark rate. If the Federal Reserve lowers rates, Bank of America will likely lower its rates as well, though the timing and amount of the decrease are not may provide. The bank is not required to pass along rate cuts at the same speed it raises rates.

What happens to my account if my nearest branch closes?

Your account remains active and fully functional. You can continue to use your debit card, transfer money online, and access your account through the mobile app or phone. For services that require a branch visit, you will need to travel to the next nearest Bank of America location or use a different bank's branch if you have a Bank of America account that allows it.

Are these changes happening at all banks or just Bank of America?

Fee increases and security changes are happening across the banking industry, though the specific amounts and timing vary by bank. Bank of America's changes are similar to what other large banks have done, but the exact fees and requirements differ. If you are considering switching banks, compare the fee structures and features of accounts at other banks to see how they compare to your current Bank of America account.