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finder.com’s rating: 3.3 / 5.0
★★★★★
Bank of America Advantage Plus Banking account offer more perks than BofA’s basic account and a lower monthly fee than the premium option. You can enable overdraft protection and you get the ability to write checks, but you won’t automatically earn interest or have fees waived.
$12 per month
Fee
N/A
APY
$100
Minimum deposit to open
APY | N/A |
---|---|
Fee | $12 per month |
To waive the fee | · Make one qualifying direct deposit of $250 or more · OR maintain a minimum daily balance of $1,500 · OR sign up for Preferred Rewards · OR be under the age of 24 and enrolled in school |
Minimum deposit to open | $100 |
ATMs | Over 16,000 ATMs |
ATM transaction fee | $0 |
Out-of-network ATM fee | $2.50 |
Overdraft fee | $35 |
Nonsufficient funds fee | $35 |
Review by
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.
Bank of America’s Advantage Plus Banking is best for those who want to write checks and like banking at physical branches. This no-frills checking account offers a handful of ways to access your money, and you can sign up for Balance Connect, BofA’s overdraft protection service.
But it also has higher fees and a smaller ATM network than many other banks. And you’ll need to deposit at least $100 to open the account.
If you’re looking for a traditional bank that lets you meet with bankers face-to-face, this account is a decent option. But many online-only banks like Ally Bank offer more features and convenience, and they don’t make you satisfy certain criteria to avoid a monthly fee.
Bank of America Advantage Plus Banking is not currently available on Finder
Have you considered BMO Harris Smart Advantage Account?
Earn a $200 cash bonus after $4,000 deposits in the first 90 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs.
You can open this account at a branch, by phone or online:
Regardless of how you open this account, you’ll need to meet a few eligibility requirements:
During your application, you’ll need to provide the following information:
Bank of America Advantage Plus Banking is covered by FDIC deposit insurance and issued by one of the Big Four banks, but besides security, you’ll also get:
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 pay the following fees:
Bank of America Advantage Plus Banking comes with a few drawbacks to be mindful of:
If you’re searching for a checking account with low fees and a low minimum deposit, you’ll want to keep looking. As always, compare your options when choosing a checking account.
Jennifer Gimbel
Editor
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 similar checking accounts based on fees, ATM networks and minimum initial deposits.
If you need to speak to Bank of America customer service, here’s how you can get in touch with a representative:
Now that your account is open, here’s how you can access your money:
Bank of America has two other checking account options that are available through the Advantage Banking program:
How do I sign up for Balance Connect, Bank of America’s overdraft protection service?
You can activate Balance Connect via the bank’s app or website, or by calling the phone number on your account statement. You can also schedule an appoint at a BofA financial center in your area.
How do I close my account?
You can close your account by visiting a branch, calling 800-432-1000 or by sending a letter signed by all account holders.
What is Bank of America’s routing number?
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.
Do I need a Bank of America savings account to open this account?
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.
Can I open this account if I am not a US citizen?
Yes. You can open an account at a branch and you’ll need a valid passport and US residential address to get approved.
★★★★★ — Excellent
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★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Bank of America Advantage Plus Banking is not currently available on Finder
Have you considered BMO Harris Smart Advantage Account?
Earn a $200 cash bonus after $4,000 deposits in the first 90 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs.
2 Comments
August 21, 2019
To qualify for the monthly fee waiver with a direct deposit of $250 or more, what are the qualifying ways?
August 22, 2019
Hello Jill,
Thank you for your comment.
You can avoid the Bank of America Advantage Plus Banking Monthly Maintenance Fee, when you do ONE of the following each statement cycle:
• Make at least one qualifying Direct Deposit of $250 or more
• Maintain a minimum daily balance of $1,500 or more, OR
• Enroll in the Preferred Rewards program (first 4 checking accounts)
Regards,
Jhezelyn