Bank of America Advantage Relationship Banking

Do you want to know all the features and requirements of Bank of America Advantage Relationship Banking? Alfredo Barandiarán analyzes Advantage Relationship Banking for Responsible Economy and compares it with the best bank accounts you can open in the United States. Welcome!

Features

In this section we explain in detail each of the characteristics of Bank of America’s Advantage Relationship Banking.

Fees

You have a commission of $25 per month unless you meet one of these two requirements:

  • Maintain a combined balance of $10,000 in eligible linked accounts.
  • Are enrolled in Preferred Rewards.

Minimum deposit

It is not necessary to have a minimum deposit but to open the account you will need to deposit at least 100 dollars

Overdraft Services

It has a bank overdraft service but remember that in most cases you will have to pay commissions.

Zelle

You can send and receive money instantly thanks to the Zelle application.

ATMs

At Bank of America ATMs you will not have to pay anything for cash withdrawals. In the rest of the ATMs you will have to pay 2.5 dollars per withdrawal plus any commission from the ATM itself. Outside the United States, the commission for each withdrawal is 5 dollars plus any commission that the ATM may charge.

Requirements

To open Advantage Relationship Banking you must meet the following requirements:

  • Reside in the United States
  • Be over the age of 18 (those under 18 must have another adult account holder)
  • Have a US phone number
  • Have a Social Security number

Documents

We will be asked for one of the following documents to open the bank account:

  • State-issued or U.S. territory driver’s license
  • State-issued or U.S. territory ID card
  • Passport
  • U.S. Armed Forces ID
  • Permanent resident card
  • Employment authorization card
  • Tribal identification issued by a federally recognized U.S. tribal government

Fees

Although we have already mentioned it before, Advantage Relationship Banking has a commission of $25 per month unless you meet one of the following requirements:

  • Maintain a combined balance of $10,000 in eligible linked accounts.
  • Are enrolled in Preferred Rewards

Pros

In the following list you have all the advantages of Advantage Relationship Banking:

  • High interest rates because you can access CDs with an interest rate of more than 3%
  • Bank of America has one of the best mobile banking apps
  • Bank of America has more than 16,000 ATMs and nearly 4,000 branches in the United States

Cons

Now is the time to show you the disadvantages in the following list:

  • It is difficult to avoid monthly commissions
  • You need to contract Cds to have high interest rates

How to open Advantage Relationship Banking

This bank account can be opened both online and in person at a branch. If you have any questions about the account, we recommend that you make an appointment at a branch.

Frequent questions

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

Updated the day 21 January, 2023 by Alfredo Barandiarán

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