Bank of America Advantage Plus Banking

Would you like to see a comprehensive review of the Bank of America Advantage Plus Banking checking account? Responsible Economy has conducted an analysis of all its features, including fees, interest rate, welcome bonus, requirements, and everything you need to know. Additionally, we provide a comparison of the best checking accounts available for opening in the United States in 2023. Welcome!

Explanatory video

We have made a video with everything you need to know about Bank of America Advantage Plus Banking checking account. If you like our content, subscribe to support us and receive videos every day.

Features

Now we will present each of the features one by one.

Fees

The account has a monthly fee of $12, unless you meet one of the following three conditions:

• Have at least one qualifying direct deposit of $250.
• Maintain a minimum daily balance of $1,500.
• Enroll in Preferred Rewards.

Minimum deposit

There is no required minimum balance, but to open the account, you will need to deposit $100.

Overdraft services

You have the option to choose overdraft services, but they come with fees. Each overdraft will incur a $10 fee (with a maximum of two charges per day). We will provide you with an image outlining all the overdraft conditions.

Zelle

You can easily send and receive money using Zelle.

ATMs

Withdrawals at Bank of America ATMs are fee-free, while withdrawals at other ATMs have a $2.5 fee. If you withdraw money outside the United States, there is a $5 fee.

Summary table

Here is a summary table with all features:

Feature	Details
Fees	Monthly fee of $12, unless one of the following conditions is met:
	– Qualifying direct deposit of $250 or more
	– Minimum daily balance of $1,500 or more
	– Enrolled in Preferred Rewards
Minimum Deposit	No required minimum balance, but a $100 deposit is needed to open the account
Overdraft Services	Overdraft services available with a $10 fee per overdraft (maximum of two charges per day)
	Detailed overdraft conditions provided in an accompanying image
Zelle	Convenient money transfer service for sending and receiving funds using Zelle
ATMs	Withdrawals at Bank of America ATMs are fee-free
	Withdrawals at non-Bank of America ATMs have a $2.5 fee
	Withdrawals made outside the United States incur a $5 fee

Fees

As mentioned earlier, there is a monthly fee of $12, unless you meet one of the following conditions:

• Have at least one qualifying direct deposit of $250.
• Maintain a minimum daily balance of $1,500.
• Enroll in Preferred Rewards.

Additionally, we will provide you with an image displaying all the fees for various operations within the checking account:

Requirements

The requirements to open Bank of America Advantage Plus Banking are as follows:

• You must be over 18 years old. Those under 18 years old must have an adult as the account holder.
• Reside in the United States.
• Have a U.S. phone number.

Documents

These are the documents that may be requested when opening the checking account:

• Passport (for non-U.S. residents).
• Driver’s license.
• Social Security number.

Pros

Here is a list of all the advantages of Advantage Plus Banking:

• High interest rates, as you can access CDs with interest rates of over 3.5%.
• Bank of America has one of the best mobile banking apps.
• Bank of America has over 16,000 ATMs and nearly 4,000 branches across the United States.

Cons

Now let’s discuss the disadvantages in the following list:

• It can be challenging to avoid monthly fees.
• Fees for incoming and outgoing bank transfers.
• High-interest rates require the purchase of CDs.

How to open Advantage Plus Banking

You can open this checking account online or at a branch. We recommend visiting a branch if you have any questions, as a banker can assist you with any inquiries.

Best banks to open a checking account in 2023

Here is a comparison of Bank of America Advantage Plus Banking checking account with the best banks to open a checking account.

Video with the best checking accounts

We have made a video with the best checking accounts you can open in the United States:

Video with all bank of America checking accounts

We have made a video with the characteristics of the checking accounts that you can open with Bank of America:

Other Bank of America Products

Here we present a list of all Bank of America products:

• Bank of America checking accounts
  • Advantage Plus Relationship: In this account you need an average balance of $10,000 to avoid having monthly commissions of $25.
  • SaFeBalance Banking.
• Bank of America savings account.
• Bank of America certificates of deposit.

Conclusion

After conducting the review, our opinion is that Bank of America’s Advantage Plus Banking is not a competitive checking account option. It requires you to meet certain requirements to avoid fees (monthly fee of $12), and the interest rate it offers is very low. However, it’s worth noting that Bank of America is one of the major banks in the United States.

Frequent question

Here we answer all the questions you may have about Advantage Plus Banking:

Learn more about Bank of America

Here you have information of interest about Bank of America:

Information	Description
Website	https://www.bankofamerica.com/
Facebook	https://www.facebook.com/BankofAmerica
Linkedin	https://www.linkedin.com/company/bank-of-america/
Twitter	https://twitter.com/BankofAmerica
Phone number	1 (800) 432-1000

Content related

Finally, we show you related content from Bank of America and checking accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán