14 Mistakes Bank of America Account Holders Make That Cost Them Money

Uncover the costly errors Bank of America account holders often make.
Updated Dec. 5, 2023
Man using laptop seeking a solution to a problem.

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With various financial institutions to choose from, it can be difficult to decide where to do your banking. 

Bank of America (BoA) offers several financial products, including checking and savings accounts, CDs, loans, and credit cards.

Credit cards offered through Bank of America can earn you travel or cashback rewards and have a $0 Liability Guarantee if your card is lost or stolen, helping to lower your financial stress.

If you’re a Bank of America bank user, here are 14 mistakes you could be making that are costing you money.

Resolve $10,000 or more of your debt

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Paying a fee to transfer money

prima91/Adobe The Zelle mobile app on the iPhone screen.

With Bank of America's Zelle, you can send, request, and receive money with family, friends, or vendors — free of charge!

Zelle can help you pay your rent, gift a family member money, or split a bill between friends at a restaurant so you can avoid wasting money on fees.

Just link your bank account, enter the recipient's U.S. mobile number or email, and you can send money to their bank accounts within minutes.

Not locking your card to prevent fraud

adragan/Adobe Access to credit cards is restricted and blocked.

The BoA website and mobile app allow you to lock your card quickly if you lose it or see suspicious activity on your account. If the card turns up later, you can always log back in and unlock it to use it again.

Bank of America provides a $0 Liability Guarantee, meaning you're not liable for unauthorized debit or credit card transactions as long as you promptly report them.

Logging into your account manually

Kaspars Grinvalds/Adobe Woman securing her gadgets with two-factor authentication.

Time is money. You can simply use your face or fingerprint instead of fumbling with your password whenever you want to log in to the Bank of America mobile app.

To set it up, select Touch ID or Face ID for Apple devices and fingerprint login for Android in the mobile app. It will use the face or fingerprint data you've already stored on your device.

Don't let home repairs drain your bank account

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more. Not being able to make repairs could leave you in a bad situation — but a home warranty could protect you against surprise expenses.

Whether you’re a brand-new homeowner or you’ve owned your home for years, a plan from Choice Home Warranty could pick up the slack where homeowner’s insurance falls short.

If a covered system in your home breaks down, you can call their hotline 24/7 for assistance to get it repaired. They have a network of over 15,000 technicians that can assist you, making sure any issue can be taken care of swiftly — without breaking the bank.

Not sure if it’s for you? Rest easy: they were named one of the "Best Home Warranty Companies" by US News 360 Reviews and were awarded Best Company's 2020 Consumer's Choice Award. For a limited time, you can get your first month free when you sign up for a Single Payment home warranty plan.

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Depositing checks in person

Andrey Popov/Adobe A man capturing a cheque image for remote deposit.

Are you still driving to your local branch to deposit a check? You can deposit a check into your bank account in the BoA mobile app.

Just endorse the check, take a picture of the front and back, select the account where you want it deposited, and select “Submit Deposit.”

You should receive a confirmation message that the deposit is being processed. You can then save, print, or email a copy of the check.

Not setting up autopay

Prostock-studio/Adobe A lady is clutching a debit card for online shopping.

Setting up autopay is an excellent way to ensure you pay all your bills on time and avoid annoying late fees.

With Bill Pay, you can safely and easily pay your bills from the Bank of America website or mobile app.

You can choose to make a single payment or set up recurring payments. The payment may be processed as early as the next business day.

Not checking your account balance

monticellllo/Adobe The Bank of America logo on laptop screen.

With Bank of America's My Balance, the app's front page can show your account balance, so you can quickly see how much money you have left.

To enable it, select My Balance on the mobile app's homepage, then hit "Set Up Now." Read and accept the terms and conditions and choose the account you want to see on the homepage.

Paying overdraft fees

Srdjan/Adobe Woman got frustrated asshe had hit her account limit.

By signing up for Bank of America's Balance Connect, you may have fewer overdrafts, returned checks, or declined transactions.

You can connect up to five other bank accounts to your checking account. BoA will automatically transfer money if there aren’t enough funds to cover a transaction.

Not ordering personalized checks

Andrey Popov/Adobe A businesswoman is putting her signature on a check.

If you want personalized checks, you can easily order them through Bank of America.

Go to the mobile app or BoA website and choose the image, saying, and a custom font. The app and website also let you verify or change your address and check the status of your order.

Paying with your physical card

PhotoGranary/Adobe Mobile payment and digital wallet service by Apple.

A digital wallet makes transactions with participating merchants quick, easy, and secure. It also ensures you have all of your cards with you so you can maximize your rewards.

You can add eligible credit and debit cards from Bank of America to your digital wallet and still receive all the benefits and rewards from your cards. BoA is compatible with Apple Pay, Google Pay, and Samsung Pay.

Forgetting to set up direct deposit

New Africa/Adobe couple standing in bank depositing money

Whether you receive a paycheck, pension, or Social Security, you can get your monthly income deposited straight into your Bank of America account.

You can even pick where you want the deposit to go, including savings, checking, or a money market account. This can make it easier to manage your money and reach your financial goals. BoA will notify you once the deposit hits your account, and you can withdraw it that same day.

Missing out on travel rewards

wolterke/Adobe The Bank of America facade illuminated in evening.

Bank of America offers multiple credit cards that let you earn travel rewards. You can earn even more points if you’re a BoA Preferred Rewards member.

You can earn points on all purchases and redeem them as a statement credit. The statement credit can go toward vacation expenses, such as hotels, cruises, flights, or dining.

Getting mailed paper statements

peopleimages.com/Adobe Couple is gazing at a tablet with smiles on their faces.

Instead of receiving your account statements in the mail, you can go paperless. BoA will notify you via email when your statement is ready each month.

Paperless statements make it convenient to view, download, or print them when needed. It may also be more secure than mail because there's less risk of the statement getting intercepted on its journey to you, reducing the chance of identity theft.

Not earning cash back

georgii/Adobe A young woman is tallying her salary in cash.

Bank of America also has several options for cash back credit cards. It has cards that earn points in categories like dining, gas, travel, and more! Some even come with sign-up bonuses if you spend a certain amount within a given timeframe.

If you’re considering a cash back credit card through BoA, research all the options and choose a card that gives more rewards for your highest spending categories.

Paying high interest rates on credit card debt

fizkes/Adobe The lady's savings lost in a bank scam.

You may be struggling with astronomical interest rates if you have credit card debt.

Luckily, you can transfer your balance to a Bank of America credit card to save money on interest and crush your debt for good.

Once you transfer your balance, you won’t have to worry about compounding interest charges for a while, which may make it easier to pay off your debt.

Bottom line

Roman Tiraspolsky/Adobe The magnificent Bank of America structure.

There are many benefits to banking with Bank of America. It’s important not to overlook the bank’s many perks, such as travel and cashback rewards, custom alerts, and direct deposit.

If you’re not already a Bank of America member, you can apply on its website to open an account.

BoA is an excellent choice if you’re looking for an effortless banking experience that offers rewards on purchases and various financial products that can help build your wealth.

National Debt Relief Benefits

  • No upfront fees
  • One-on-one evaluation with a debt counseling expert
  • For people with $7,500 in unsecured debts and up

Author Details

Carley Clark Carley Clark is a personal finance writer from Michigan. She graduated from Spring Arbor University with a bachelor's degree in business. After graduation, she worked in finance as a revenue auditor at a casino. Carley strives to write informative content that will help readers meet their financial goals.

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