Bank of America Advantage SafeBalance Banking Checking Account
A checkless banking solution with no overdraft fees!
If you're looking for a checking account that comes equipped with everything you need to manage your money, but that can also help you do it better, the Bank of America Advantage SafeBalance Banking is what you need.
This checking account is a great way to learn how to be more responsible with your money, without being penalized in case of insufficient funds. If it happens that you don't have enough money to cover a transaction, Bank of America won't charge you any overdraft fees, but it also won't allow you to complete the transaction. These situations should serve you as a reminder to keep an eye on your balance regularly by setting up account alerts to notify you whenever your balance is low or a transaction unsuccessful. Do note that merchants might still charge you a penalty fee, but this is not something Bank of America can control.
There to help you make better financial decisions is Bank of America's Spending & Budgeting tool, available in Online Banking, as well as on the Mobile Banking app. With interactive charts broken down into categories, and long-term spending insights and trends, you'll be able to track your money habits, and stay on top of your finances.
You'll also be able to set up customizable email, text, and mobile app alerts, so you always know what your current available balance is, when your debit card is used online, whether there were some suspicious account activity, but also when there are new BankAmeriDeals available or when some of them are about to expire. These notifications will help you keep a closer eye on your account 24/7.
You can also count on Erica's help to help you better manage your Advantage SafeBalance Banking checking account. Erica's your virtual financial assistant, there for all your questions or requests. Erica can help you with everyday banking tasks and inquiries, and a lot more!
In case you ever want to further develop your personal finance knowledge, you can explore Bank of America's Better Money Habits, which includes plenty of resources available for you to use, and learn how to build better money habits!
Finally, in addition to all these unique features and services you get to enjoy with the Advantage SafeBalance Banking checking account, if you qualify for Bank of America's Preferred Rewards, you will receive even more benefits! The Preferred Rewards is an exclusive program through which Bank of America rewards customers who manage to keep a certain amount of money in their eligible Bank of America accounts. There are 3 tiers based on qualifying combined balances: Gold, Platinum, and Platinum Honors. With each of these comes a set of benefits that you get to enjoy 12 months upon qualification!
Enrollment in the Preferred Rewards program is also required to have the monthly fee on the Advantage SafeBalance Banking checking account waived, so you get to benefit in more ways than one! However, even if you can't manage to avoid the $4.95 monthly fee, it's not that bad, when you look at all the advantages you get. That said, if you do want a free checking, then check out other checking account offers we have on our website!
Checking account details
- Monthly fee can be waived if you enroll 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 Preferred Rewards.
- Optional Keep the Change®.
Checking account fees
Monthly Fee$4.95 (can be waived)
Minimum Deposit to Open$25
Out-of-Network ATM Transaction Fee$2.50
Out-of-Network ATM Withdrawal Fee$2.50
Non-Sufficient Funds Fee$0
Foreign Transaction Fee3%
Bank of America Advantage SafeBalance Banking Checking Account FAQ
With BankAmeriDeals, you'll earn cash back when you use your Bank of America debit card to pay for purchases offered through the program. Cash back deals are available in Bank of America Online Banking as well as on the Bank of America Mobile Banking app. Once you've enrolled in Online and Mobile Banking, you'll be able to view offers automatically, and select the deals you want.
Your cashback rewards will be credited to your Advantage SafeBalance Banking checking account within 30 days following redemption.
If you don't have money in your Advantage SafeBalance Banking checking account, any transaction will be declined and returned unpaid. Bank of America won't charge you any overdraft fees, but do note that the merchant or any third party could charge you a fee, a penalty fee, for example, in case you're late with your dues.
You can always set up account alerts, so you stay on top of your money, and know when your balance is low or when there are unpaid items due to insufficient funds.
Your Advantage SafeBalance Banking checking account can also go negative if your debit card is authorized for one amount, but the final is greater (such as adding a tip at a restaurant); or when there's a scheduled bill payment that's been deducted even though you didn't have enough money in your account; or if you are charged a fee by Bank of America (for example, a monthly maintenance fee), but you don't have enough to cover it. However, even in these cases, you won't be charged overdraft fees! (Which is not to say you should not monitor your balance, and be responsible with your money.)
With the Bank of America Advantage SafeBalance Banking Checking Account, check writing is not possible. You simply can't write checks. So, even if you do write a check, it will be declined, and returned unpaid, no matter whether you have enough money in your Advantage SafeBalance Banking balance or not.
While you can't write checks, there are many other ways you can make payments as an Advantage SafeBalance Banking checking accountholder.
You can pay people and businesses using:
- your Bank of America debit card (you can also link it to a digital wallet),
- Online and Mobile Bill Pay, through Online Banking or Bank of America's mobile banking app,
- Online and Mobile Banking transfers, including Zelle®, to securely send money to family, friends or colleagues.
Bank of America's SafePass is a security feature that adds an extra layer of protection to your account. It helps verify your identity by sending you a one-time, 6-digit code to your mobile device, which is required to authorize certain transactions in Online and Mobile Banking.
You can set it up in Online Banking, by choosing "Manage SafePass" from "Profile & Settings", and selecting one or more mobile phone numbers to receive your SafePass code. Then, you'll need to enter your debit card details.
You'll be able to set limits for certain transfers, and each time you increase those limits, you'll need to confirm the modification, by hitting "Send code" to receive a confirmation code.
SafePass also works when you want to add transfer recipients to your account.
To receive exclusive benefits through Bank of America's free Preferred Rewards, 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. That money can be transferred from checking accounts you might have with other banks or financial institution, from a savings fund or a retirement account - literally from anywhere!
Once you've qualified, you need to enrolled in the Preferred Rewards program in Online Banking to get started. You can then track your program balance summary Online Banking or in the Mobile Banking app.
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.
As you can see, there are plenty of great perks, especially fee waivers on select products and services. And, in case you need more debt, with all these loan discounts, Bank of America's offering you the lesser evil through its Preferred Rewards program!
Bank of America's Keep the Change is a way for you to save some money while spending it!
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.
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.
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|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%|