Bank of America Advantage Relationship Banking review

Would you like to read a comprehensive review of the Bank of America Advantage Relationship Checking Account? Responsible Economy has conducted a thorough analysis of its features, including fees, interest rates, welcome bonuses, requirements, and all the essential details you need to know. We also provide a comparison of the top checking accounts available for opening in the United States in 2023. Welcome!

Video Bank of America Advantage Relationship

We have created a video covering all the important information about the Bank of America Advantage Relationship Checking Account. If you find our content valuable, we encourage you to subscribe to our channel to show your support and receive daily videos:

Features

In this section, we will provide a detailed explanation of each feature of Bank of America’s Advantage Relationship Banking.

Fees

The account comes with a monthly fee of $25 unless you meet one of the following requirements:

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

Minimum deposit

There is no minimum deposit requirement, but you will need to deposit at least $100 to open the account.

Overdraft Services

The account offers overdraft services, but please note that there may be associated fees in most cases.

Zelle

You can enjoy the convenience of instant money transfers through the Zelle application.

ATMs

Withdrawals made at Bank of America ATMs are fee-free. However, for withdrawals made at other ATMs, a fee of $2.5 per transaction, plus any additional fees charged by the ATM itself, will apply. For international withdrawals, there is a $5 fee per transaction, in addition to any ATM fees.

Summary table

Here is a summary table with all features:

Feature	Description
Fees	$25 per month, unless requirements are met
	– Maintain a combined balance of $10,000
	in eligible linked accounts
	– Enroll in Preferred Rewards
Minimum Deposit	No minimum deposit requirement, but $100 to open
Overdraft Services	Available with associated fees in most cases
Zelle	Instant money transfers through Zelle
ATMs	Fee-free withdrawals at Bank of America ATMs

Requirements

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

• Reside in the United States.
• Be at least 18 years old (minors under 18 require an additional adult account holder).
• Have a US phone number.
• Have a Social Security number.

Documents

When opening the account, you will need to provide one of the following documents for identity verification:

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

Fees

As mentioned earlier, Advantage Relationship Banking has a monthly fee of $25 unless you meet one of the following requirements:

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

Pros

Here are the advantages of Advantage Relationship Banking:

• Access to high interest rates through Certificates of Deposit (CDs) with rates exceeding 3%.
• Bank of America offers one of the best mobile banking apps.
• Bank of America has a vast network of over 16,000 ATMs and nearly 4,000 branches across the United States.

Cons

Now let’s discuss the disadvantages:

• It can be challenging to avoid monthly fees.
• To access high interest rates, you need to invest in Certificates of Deposit (CDs).

How to open Advantage Relationship Banking

You can open this account online or in person at a branch. If you have any questions, we recommend scheduling an appointment at a branch to speak with a banker.

Comparison of the best checking accounts in 2023

Here is a ranking of the best banks to open a checking account in The United States in 2023:

Video with the best checking accounts

You can see our complete video with the best checking accounts in the United States:

Video with Bank of America checking accounts

Here is an explanatory video with all the features of Bank of America checking accounts:

Frequent questions

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

Conclusion

After conducting the review, our opinion is that Bank of America’s Advantage Relationship Banking is not a competitive checking account option. It requires you to meet certain requirements to avoid fees (monthly fee of $25), 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.

Other Bank of America financial products

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

• Bank of America checking accounts
  • Advantage Plus Banking.
  • SaFeBalance Banking.
• Bank of America savings account.
• Bank of America certificates of deposit.

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

Related content

Finally, we show you related post from Bank of America:

Updated the day 1 September, 2023 by Alfredo Barandiarán