The Bank of America cash advance fee is either 3% or 5% of the amount withdrawn, with a $10 minimum. Whether you get charged a 3% or 5% BofA cash advance fee depends on how you get your cash. If it’s from an ATM, for example, you pay 5%. But if you get it as a direct deposit to your bank account in 1-3 business days, you pay 3%.
In addition to the Bank of America cash advance fee, you’ll owe interest at a variable rate of 17.99% to 26.99%, depending on your creditworthiness and income. This interest compounds daily. So each day you’ll owe interest on both the original balance and any interest charged on your cash advance in previous days.
Between the high interest rate and big fee, a BofA cash advance clearly is not good for your wallet.
Bank of America Cash Advance Fee by Transaction Type:
Withdrawing money from an ATM: 5% cash advance fee
Getting cash from a bank teller: 5% cash advance fee
Same-day direct deposit to your bank account: 5% cash advance fee
Buying cash equivalents like money orders or casino chips: 5% cash advance fee
1-3 business day direct deposit to your bank account: 3% cash advance fee
Cash advance check that uses your card’s credit line: 3% cash advance fee
Bank of America cash advance fees are similar to what other credit card companies charge. Chase, Citi, Discover and Wells Fargo have 5% cash advance fees, for example. American Express, Capital One and U.S. Bank charge 3%. No matter who issues your card, cash advances will always be expensive.