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

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YouTube video
Bank of America Advantage Plus Banking checking account

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.

Overdraft Advantage Plus Banking
Overdraft Advantage Plus Banking

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.

ATMS fee Advantage Plus Banking
ATMS fee Advantage Plus Banking

Summary table

Here is a summary table with all features:

FeatureDetails
FeesMonthly 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 DepositNo required minimum balance, but a $100 deposit is needed to open the account
Overdraft ServicesOverdraft services available with a $10 fee per overdraft (maximum of two charges per day)
Detailed overdraft conditions provided in an accompanying image
ZelleConvenient money transfer service for sending and receiving funds using Zelle
ATMsWithdrawals 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
Bank of America Advantage Plus Banking summary table

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:

Fees Advantage Plus Banking
Fees Advantage Plus Banking

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.

Logo Chase
  • It is very easy to avoid monthly commissions
  • Welcome bonus of 200 dollars fulfilling conditions
  • More than 16,000 ATMs in the United States
  • $25 minimum deposit
  • Very low interest rates
Bank of America logo
  • It is very easy to avoid monthly commissions
  • More than 16,000 ATMs in the United States
  • $100 minimum deposit
  • No welcome bonus
  • High interest rates if you have a lot of savings
Wells Fargo logo
  • It is very easy to avoid monthly commissions
  • Nearly 12,000 ATMs
  • $25 minimum deposit
  • Welcome bonus of 300 dollars fulfilling conditions
  • High interest rates on CDs
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • No fees no direct deposits
  • More than 50,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs and Savings
Citibank-logo
  • Commissions of $10 if you do not meet requirements
  • No fees at Citibank ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs

Video with the best checking accounts

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

Best checking accounts in 2023

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:

YouTube video
Bank of America checking accounts

Other Bank of America Products

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

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:

InformationDescription
Websitehttps://www.bankofamerica.com/
Facebookhttps://www.facebook.com/BankofAmerica
Linkedinhttps://www.linkedin.com/company/bank-of-america/
Twitterhttps://twitter.com/BankofAmerica
Phone number1 (800) 432-1000
Information about Bank of America

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

Updated the day 1 September, 2023 by Alfredo Barandiarán

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