Bank of America Advantage Plus Banking Checking Account
Regular checking account solution with several ways to waive the monthly fee!
The Bank of America Advantage Plus Banking is a regular checking account, one of the three Advantage checking account offers by Bank of America.
It comes with various features that will definitely simplify daily banking for you, but also help you learn how to bank better and smarter. Bank of America's Better Money Habits are online resources you can use to learn about personal finances, money management, and budgeting - free of charge.
You can use Bank of America's Spending & Budgeting tool to help you make better financial decisions. The tool is available in Online Banking, as well as on the Mobile Banking app. Thanks to interactive charts displaying different purchase categories, and long-term spending insights, you'll be able to track your spending habits, and stay on top of your finances.
Customizable email, text, and mobile app alerts will help you monitor your Bank of America Advantage Plus Banking checking account 24/7. By setting up these notifications, you'll always know how much money you've got in your balance, which reduces the risk of overdrawing your balance and being charged a $35 overdraft fee. Also, you'll be able to keep an eye on your debit card usage, as you can choose to receive alerts each time your debit card is used, so you can immediately block it in case you notice suspicious activity. If you're interested in BankAmeriDeals, which are offers provided through Bank of America's cashback rewards program, you can also choose to receive notifications when there are new deals or when some of them are about to expire.
With the help of Erica, an in-app virtual financial assistant, managing your Advantage Plus Banking gets even easier. You can ask Erica to check your balance for you, to give you a weekly snapshot of your month-to-date spending, send you bill reminders, find past transactions, and even make money transfers, and bill payments in your name! You can learn more about Erica directly on the Bank of America's website, and see what else she can do for you.
In addition to BankAmeriDeals, which is a cashback rewards program, there is also another Bank of America's rewards program, designed specially for Bank of America customers who manage to reach and maintain a certain amount of money in their three-month combined average balance. If you qualify for Bank of America's Preferred Rewards, you will receive a bunch of exclusive benefits, such as loan discounts, fee waivers, and more! Besides, one of the ways to have the monthly fee on the Bank of America Advantage Plus Banking waived is to be enrolled in the Preferred Rewards - but there are other options that might be more doable for some!
Overall, the Bank of America Advantage Plus Banking checking account is a fairly decent checking account offer. However, given the minor differences between this one and the Bank of America SafeBalance Banking checking accounts, we'll have to vote for the latter. The Bank of America Advantage SafeBalance Banking comes with a lower monthly fee, no overdraft fees, and no checks, so if you don't mind a checkless checking account solution, and would like to avoid overdraft fees without additional overdraft protection, maybe it'd be better to open an Advantage SafeBalance Banking.
Checking account details
- Monthly fee can be waived if you have at least 1 qualifying direct deposit of $250+ OR keep a $1,500 minimum daily balance OR are enrolled in the Preferred Rewards program OR if you're a student enrolled in high school or college, and aged 24 or younger.
- A free Bank of America debit card with $0 Liability Guarantee, digital wallet, and card controls.
- Online and Mobile Banking with SafePass, and Online and Mobile Banking Security Guarantee.
- Custom alerts.
- Spending and Budgeting tool.
- Virtual banking assistant.
- 24/7 protection with Total Security Protection®, fraud monitoring, safer sign-in, and card locking features.
- Optional Overdraft Protection.
- Optional Preferred Rewards.
- Optional Keep the Change®.
Checking account fees
Monthly Fee$12 (can be waived)
Minimum Deposit to Open$100
Out-of-Network ATM Transaction Fee$2.50
Out-of-Network ATM Withdrawal Fee$2.50
Non-Sufficient Funds Fee$35
Foreign Transaction Fee3%
Bank of America Advantage Plus Banking Checking Account FAQ
Unless you're a student aged 24 or younger, in which case, the monthly fee on the Bank of America Advantage Plus Banking will be automatically waived, there are several other ways to avoid the $12 monthly maintenance fee:
1. If you make 1 or more qualifying deposits of $250+ to your Advantage Plus Banking.
Qualifying direct deposits include any incomes, whether it be your payroll, pension or Social Security benefits, made by your employer or government agency or some other third party. Teller deposits, wire transfers, Online and Mobile Banking transfers, account-to-account or ATM transfers and deposits don't qualify for the waiver.
2. If you keep a $1,500 minimum daily balance in your Advantage Plus Banking checking account.
3. If you are enrolled in the Preferred Rewards program.
So, each month you meet any of these requirements, you'll avoid the monthly fee!
You can enroll in the Bank of America Preferred Rewards program for free if you meet a certain minimum balance requirement. More precisely, the Preferred Rewards is a tier-based program that is available to Bank of America's customers who reach a balance threshold that qualifies them for the program.
Currently, there are 3 tiers that comes with exclusive benefits that are more valuable as you move up higher to the next rewards tier:
- Gold, for balances between $20,000 and < $50,000.
- Platinum, for balances between $50,000 and <$100,000.
- Platinum Honors, for balances of $100,000+.
To qualify for Gold, for example, you'll need an eligible Bank of America personal checking account, and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill investment accounts. The same applies to the other two tiers, only the balance requirement changes.
Whether you're a Gold, Platinum or Platinum Honors tier member of Bank of America's Preferred Rewards program, you'll get:
- savings rate interest boosters,
- credit card rewards bonuses,
- free non-Bank of America ATM Transactions (not available for Gold),
- Merrill Guided Investing program fee discounts,
- Priority member service,
- reduced origination fees on Bank of America's mortgages,
- home equity discounts,
- auto loan discounts,
- no monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America,
- no fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more (the "more" depends on your tier),
- foreign currency exchange rate discounts.
Once you've qualified for a certain rewards tier, you get to keep those benefits for full 12 months. If you no longer meet the balance minimum required to maintain your Preferred Rewards Status, whether it be Gold, Platinum or Platinum Honors, you'll be given 3 months to reach it again. If you fail to do so, you'll either lose your Preferred Rewards benefits completely (if you used to be Gold) or be moved to a lower tier.
BankAmeriDeals is a cashback rewards program that enables you to earn cashback when you shop at your favorite merchants.
While no enrollment in the program is required, to view and select available BankAmeriDeals, you need to enroll in Online and Mobile Banking. When you access your account through Online Banking or the Bank of America Mobile Banking app, you'll be able to browse offers automatically. Once you've chosen one or more offers, you should use your Bank of America debit card to pay for your purchase(s), and earn cash back. Your cash-back rewards will be credited to your Advantage Plus Banking checking account within up to 30 days following redemption.
Bank of America's Keep the Change is a savings program, a solid, good way for you to put some money aside each time you spend some!
To start saving, you need to have a Bank of America checking account with a debit card, as well as a Bank of America savings account. Then, simply enroll your Bank of America debit card in the savings program, and use the card for purchases. Bank of America will then round up each transaction amount to the nearest dollar, and transfer it from your checking to your savings account.
If your Bank of America debit card has been lost or stolen, we recommend that:
1. You report it immediately to your bank by calling 800.432.1000 (Mon-Fri 8 a.m.–11 p.m. or Sat-Sun 8 a.m.–8 p.m., all times ET). If outside the U.S. call 1.315.724.4022.
You can also report a lost or stolen card on Bank of America's website or from your mobile device.
2. Order a new debit card (same contact information and options as above).
3. Temporarily lock your Bank of America debit card to help prevent unauthorized purchases and/or withdrawals. You can do it online or from your mobile phone, using the Bank of America Mobile Banking app.
4. Order a digital debit card, which you can request through the Bank of America Mobile Banking app while you’re waiting for a replacement debit card to arrive. You can use this one just as you would use a regular debit card, whether it be for ATM transactions or in-store and online purchases. It will have the same debit card number as your new debit card, with a temporary CVV and expiration date. You can access it by selecting Get my Digital Card on the Manage Card Settings page in the Bank of America Mobile Banking app. Just tap the card's image to get its information. You can also add it to a digital wallet, and use for all cardless/contactless transactions.
Do note there's a debit card replacement fee of $5 ($15 if you request rush delivery).
Bank of America's Overdraft Protection is an optional service you can choose to include in your Advantage Plus Banking checking account. With Overdraft Protection, you'll be able to link your Bank of America Advantage Plus Banking to another Bank of America account of yours, whether it be a second checking account, savings account or a credit card. This way, in case you don't have enough funds in your Advantage Plus Banking checking account balance to cover a transaction, money will be automatically transferred from your linked account to your Advantage Plus Banking.
While you won't pay anything to enroll in Overdraft Protection, you will pay when you use the service. There's a $12 transfer fee per each transfer, unless you overdraft your account by $1 or less, when you won't be charged anything.
You should know that with the bank's Standard Overdraft Protection, Bank of America won't authorize any ATM withdrawals or debit card purchases if you don't have enough money in your balance, to help you avoid overdraft fees altogether. To determine how other transactions, such as checks or scheduled payments, should be processed, you can choose to either complete transactions or decline them, but you'd still be charged a $35 fee.
Just like with any other bank, Bank of America lets you manage your account at your convenience, wherever you are, 24/7.
You can access your Bank of America checking account online or through the Bank of America Mobile Banking app using your device to:
- check your balance, and view statements,
- make check deposits (but Advantage SafeBalance Banking is a checkless checking account, so this feature might not be relevant),
- transfer money between your accounts, and send money to other people or businesses,
- pay bills,
- set up account alerts,
- browse BankAmeriDeals cashback deals,
- use Bank of America's Spending and Budgeting tool,
- chat with Erica (available in the Bank of America Mobile Banking app), and more!
Bank of America uses different routing numbers for wire transfers and ACH transactions. Also, in Florida, Illinois, Missouri, and Texas, the bank has several routing numbers, which vary from location to location.
In Online Banking, you can find your account and routing number when you sign in to your Bank of America bank account, and go to the Information and Services tab.
If accessing your account through Bank of America's Mobile Banking app, the information is available under "Account Details" after you've selected your account from Accounts Overview.
7 Best Checking Accounts for 2021
Featured Checking Accounts
|Bank||Monthly Service Charge||Minimum Deposit to Open||APY|
|Bank of America Advantage SafeBalance Banking Checking Account||$4.95 (can be waived)||$25||0.00%|
|Bank of America Advantage Plus Banking Checking Account||$12 (can be waived)||$100||0.00%|
|Bank of America Advantage Relationship Banking Checking Account||$25 (can be waived)||$100||0.01% / 0.02%|
|Bank||Monthly Service Charge||Minimum Deposit to Open||APY|
|Comerica Bank Rich Rewards® Checking Account||$18 (can be waived / reduced)||$50||0.01%|
|Comerica Bank Premier Checking Account||$22||$50||0.01%|
|Comerica Bank Comerica Platinum Circle Checking®||$0||$50||0.10% / 0.25%|