Bank of America Advantage Plus account full review
Easily avoid monthly fees and gain access to a broad ATM network in all 50 US states, with a minimum opening deposit starting at $100.
Discover the Benefits of the Bank of America Advantage Plus Account
The Bank of America Advantage Plus account offers convenient checking account features, including check writing and overdraft programs, along with various ways to waive the monthly fee. It is one of the three options available under Bank of America Advantage Banking checking accounts.
Benefits of the Bank of America Advantage Plus Account
The Bank of America Advantage Plus checking account allows you to have the monthly maintenance fee waived each statement cycle by meeting any of the following criteria:
- Have at least one qualifying direct deposit of $250+
- Maintain a $1,500 minimum daily balance
- Are enrolled in Preferred Rewards
This account requires a minimum opening deposit of $100. With the Advantage Plus account, you have multiple options to make payments, including debit chip card, Zelle®, digital wallet, and paper checks (if purchased). These payment options add convenience to your life.
Bank of America Advantage Banking offers three account options with several common features. Let’s take a closer look at them:
Easy, Anytime Access
Visit thousands of financial centers and ATMs or access the virtual banking assistant, Erica, for quick assistance.
24/7 Security
Benefit from Total Security Protection® and fraud monitoring features. Enjoy safer login, card locking options, and more.
Convenient Ways to Pay
Utilize your debit card, digital wallet, or securely pay friends through Zelle® directly from your phone.
Smart Money Management Tools
Set personalized alerts and savings goals. Gain access to cashback deals and rewards tailored to your preferences.
Overdraft Policy and Fees
Q: “What happens if I don’t have enough money to cover a transaction?”
When opening an account, choose an Overdraft Setting to determine how Bank of America handles transactions when you have insufficient funds. Another option is to use the Balance Connect® for Overdraft Protection, which allows you to link an eligible Bank of America account to cover transactions that exceed your balance. While there is no transfer fee for this option, other fees and charges may apply. You will be charged an Overdraft Item fee of $10 for each item paid into overdraft.
An overdraft item fee is charged to a bank customer when they withdraw more money from their account than is available. It is typically charged for each overdrawn item.
Advantages and Disadvantages of the Bank of America Advantage Plus Account
Considering the Bank of America Advantage Plus account? Here are some pros and cons to help you decide:
Pros
- Multiple ways to waive the monthly fee
- Fraud protection
- Option to purchase paper checks
- No fees on ATM transactions within Bank of America’s network
- Access to physical branches
Cons
- Does not earn interest
- Higher than average wire transfer fees
- $12 monthly fee if minimum requirements are not met
- Higher than average fee for out-of-network ATM transactions*
*Please refer to the table below for details on ATM fees:
| Bank of America ATMs | No ATM fee | For deposits, withdrawals, transfers, or balance inquiries |
| Non-Bank of America ATMs | $2.50 | In the U.S., plus any fee charged by the ATM’s operator |
| $5.00 | Outside the U.S., plus any fee charged by the ATM’s operator |
Requirements to Open the Account
To expedite the application process, ensure you have the following information ready:
- Your Social Security number
- Your current residential address
- Your email address
- Your account number or debit card number for the opening deposit
- Co-applicant’s personal information, if applicable
If you are missing any of these details, you can schedule an appointment with an associate at your local financial center for assistance. The minimum deposit required to open an Advantage Plus account is $100.
Learn How to Apply for an Advantage Plus Account
In addition to having the ability to waive the monthly fee, the Bank of America Advantage Plus account is a suitable option for customers who prefer in-person banking. To take the next step towards opening an Advantage Plus account, click the button below and learn more about the application process.
