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A mid-range option with overdraft protection and four ways to avoid its monthly fee.
As the middle child of the three Bank of America checking accounts, this option offers more perks than the basic version and a lower monthly fee than the premium account. You’ll get the option for overdraft protection and the ability to write checks, but you won’t automatically earn interest or have fees waived.
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
What are the benefits of Advantage Plus Banking?
This account is covered by FDIC deposit insurance and issued by one of the Big Four banks, but besides security, you’ll also get:
Overdraft protection. Optional overdraft protection can help you cover purchases that would otherwise bring your account balance below $0.
Avoidable monthly fee. There are four ways to avoid the monthly fee.
Convenient access. This account comes with a Visa debit card and access to over 5,000 branches and 16,000 ATMs.
Preferred rewards. Join the Preferred Rewards program to get better interest rates, credit card bonuses, ATM fee waivers and more.
Money management tools. Use the budgeting tool to take control of your money by tracking your habits and creating budgets.
Bank of America ATM network and fees
When you sign up for this account, you’ll get a Visa debit card that allows you to shop almost anywhere. Plus, you’ll have access to over 16,000 fee-free ATMs and over 5,000 branches.
As an added bonus, you can use cardless ATMs to make transactions using only your smartphone or other contactless device.
If you use an out-of-network ATM, you’ll be charged the following fees:
Domestic ATM fee: $2.50 per transaction plus fees from the ATM owner.
Foreign ATM fee: $5 per transaction plus fees from the ATM owner.
What should I look out for?
This account comes with a suite of useful perks and an avoidable monthly fee, but there are still a few things to watch out for:
Monthly service fee. You’ll be charged $12 per month to keep the account open without one of the fee waivers.
Opening deposit. It takes a deposit of at least $100 to open the account.
No interest. Unlike some other checking accounts, you’ll earn zero interest on your balance.
Overdraft fees. While overdraft protection can be convenient, you’ll be charged $35 every time it’s used.
Case study: Jenn's experience
I’ve had a Bank of America Advantage Plus Checking Account for over 15 years now — this was the first checking account I opened when I was in high school. The reason I first chose BoA was because of how many ATMs it has around the country, which I’ve found convenient over the years.
However, I’ve recently been thinking of opening a checking account with a different bank because of how many times my BoA debit card has been “compromised.” Though I’ve thankfully never had my account hacked, I’ve gone through over five different debit cards over the years due to potential security risks. Between waiting days for my new debit card to arrive and having to change the payment information on a lot of my online accounts, it’s been a bit of a hassle.
Compare to other checking accounts
How do I apply?
You can open this account at a branch, by phone or online:
Visit the Bank of America website and click Checking, then Bank of America Advantage Banking.
Scroll down to Advantage Plus, click the down arrow, then click Open now.
Select any options that apply to you, then click Go to application.
Enter your personal information, then click Continue.
Set up and fund your account, review the details and Submit your application.
Advantage Plus Banking is a simple checking account that offers a handful of ways to access your money. You’ll also be able to sign up for overdraft protection and write checks, just be sure to watch out for the — avoidable — $12 monthly fee.
If you’re not sure if this account is right for you, compare your options to find out what might be a better fit.
Frequently asked questions
You can close your account by visiting a branch, calling 800-432-1000 or by sending a letter signed by all account holders.
Routing numbers vary by state, so you’ll need to contact customer service or visit the Bank of America website to get your routing number.
No. You’ll have the option to open and connect a Bank of America savings account when you apply for this product, but it isn’t required.
Yes. You can open an account at a branch and you’ll need a valid passport and US residential address to get approved.
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