A Bank of America cash advance lets you borrow money from your credit line, via ATM withdrawal, paper check or direct deposit to a bank account. But there’s a high cost. Bank of America’s balance transfer fee is 3% or 5% of the transaction amount, and interest immediately starts accruing at an annual rate of 17.99% to 26.99%. The exact fee depends on the type of transaction you choose, but there’s a minimum charge of $10 in all cases. Your exact cash advance APR is based on both your creditworthiness and the type of cash advance.
The cash advance APR applies immediately and interest compounds daily. So each day you owe interest on all past interest plus your principal balance. That’s why it’s best to avoid cash advances except in emergencies.
To get a Bank of America cash advance at an ATM, you’ll need to request a PIN. You can do this through your online account or by calling the number on the back of your card. With other methods, you won’t need a PIN since you’ll confirm your identity in person, online or through a check you were issued. But before you take out a cash advance, you should make sure you know all of the potential fees and interest rates.
Bank of America Cash Advance Info:
Cash advance from an ATM: 5% fee ($10 min.), 17.99% to 26.99% APR
In-person cash advance (from a bank teller): 5% fee ($10 min.), 26.99% APR
Same-day transfer to BofA bank account: 5% fee ($10 min.), 26.99% APR
1-3 business day deposit into bank account: 3% fee ($10 min.), 17.99% to 26.99% APR
Cash advance check: 3% fee ($10 min.), 17.99% to 26.99% APR
Cash equivalents (money order, traveler’s check, etc.): 5% fee ($10 min.), 26.99% APR
As you can see, there are lots of different ways to get a Bank of America cash advance. But they’re all extremely costly, with high fees and interest. So you should really avoid them unless you have absolutely no choice.