Bank of America Advantage Plus Banking® review
- Fee
- $12 per month
- APY
- N/A
- Minimum deposit to open
- $100
Our verdict
A middle-of-the-road checking account with a high monthly fee.
Bank of America's Advantage Plus Banking is best for those who prefer a more traditional banking experience and existing Bank of America (BofA) customers. This simple checking account provides multiple ways to access your money, and you can sign up for Balance Connect, BofA’s overdraft protection service. However, the account lacks any other unique features, making it difficult to recommend, given the cost. It has a $12 monthly fee, which can be waived, and a $100 opening deposit requirement. The 15,000 ATM network is also smaller than other banks of its size.
Best for: Current BofA customers and Preferred Rewards members.
Pros
-
Balance Connect overdraft protection
-
Unlocks Preferred Rewards membership
-
3,900+ branch locations
Cons
-
Limited ATM network
-
$12 monthly fee (waivable)
-
$100 opening deposit
-
Fined millions by regulators
Who is Advantage Plus Banking best for?
This no-frills checking account is best suited for existing Bank of America customers. However, even if you can waive the $12 monthly maintenance fee, you still have the $100 opening deposit requirement, and there aren’t many perks to be had.
What we like about Advantage Plus Banking
In business since the 1920s, Bank of America has a long history in the US and is considered one of the Big Four banks. It’s the second-largest bank in the US by assets and one of the largest companies in the world. It has an extensive branch network of around 3,900 nationwide and operates in over 30 countries.
Three ways to waive the fee
There’s a $12 monthly fee that can be waived in one of three ways:
- Receive direct deposits of at least $250 per month.
- Maintain a balance of $1,500 per month.
- Become a member of the Preferred Rewards program.
Joining the Preferred Rewards program doesn’t come with any other monthly fees, but it requires maintaining a minimum balance of at least $20,000 across your BofA accounts for three months.
Unlocks Preferred Rewards membership
The Preferred Rewards membership is Bank of America’s reward and discount program for eligible customers. It requires maintaining a three-month average daily balance, and you must have a Bank of America checking account — which includes the Advantage Plus Banking account.
Additionally, joining the rewards program lets you waive the monthly maintenance fee for the Advantage Plus account, making it a win-win.
The program has four tiers, separated by balance requirements:
| Gold tier | Platinum tier | Platinum honors tier | Diamond tier |
|---|---|---|---|
| $20,000 to $50,000 balance | $50,000 to $100,000 balance | $100,000 to $1 million | $1 million to $10 million |
While becoming eligible for the program does take a high daily balance, it can offer great perks, such as:
- Interest Rate Boosters on BofA’s money market account
- Home loan origination fee discount
- Reward bonuses on select BofA credit cards
- HELOC interest rate discounts
- Auto loan rate discounts
- Waive up to four monthly maintenance fees on four accounts
Overdraft protection
Bank of America’s overdraft protection service is called Balance Connect. It’s completely optional and lets you connect up to five eligible accounts to help prevent overdrafts.
It works like this: If you attempt to purchase something with your Advantage Plus Banking account but lack sufficient funds, BofA transfers money from the linked backup accounts to the checking account to cover the transaction. There are no transfer fees for this service, either.
Where it falls short
The $12 monthly fee and $100 opening deposit are a little steep, considering the account is rather barebones. Plenty of no-deposit and no-fee checking accounts come with tangible perks, such as SoFi® Checking and Savings, which earns interest on checking and savings and includes budgeting features.
Despite having around 3,900 branches nationwide, Bank of America has only around 15,000 ATMs — significantly fewer than other competitors of similar size. For example, American Express® has over 37,000 nationwide, while PNC Bank has over 60,000.
Ultimately, the Advantage Plus Banking account simply lacks that little something extra and isn’t worth the cost if you can’t waive the monthly fee.
Bank of America Advantage Plus Banking’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $12 (can be waived)) |
| Opening deposit | $100 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $10 |
| Wire transfers |
|
| Other fees |
|
Compare Advantage Plus Banking to other checking accounts
Narrow down top checking accounts by monthly fees, APYs and perks. For a better comparison, tick the Compare box on up to four accounts to see features side by side.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer experience
Bank of America’s reputation isn’t ideal. On Trustpilot and the Better Business Bureau (BBB), it has thousands of negative reviews. The majority of customers report issues with being double-charged fees, problems resolving fraudulent charges and identity theft issues, along with other typical bank-related problems. However, BofA attempts to resolve these issues, resulting in a decent A- rating with the BBB.
Bank of America also lacks 24/7 customer service, which is unusual for a bank of its size. Top competitors such as American Express and Wells Fargo both offer 24/7 customer support.
And unfortunately, Bank of America has violated several acts meant to protect consumers. In July 2023, it violated the Consumer Financial Protection Act, the Truth in Lending Act and the Fair Credit Reporting Act for repeatedly charging nonsufficient funds fees, opening unauthorized customer accounts and issuing misleading information about its credit card rewards.
In 2022, it was also fined for unlawful garnishments and mishandling the disbursement of unemployment benefits during the COVID-19 pandemic. In the last few years alone, Bank of America has paid millions of dollars in fines.
| BBB accredited | No |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.1 out of 5 stars, based on 1168 customer reviews |
| Trustpilot score | 1.3 out of 5 stars, based on 2,301 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 4,700,000 customer reviews |
| Google Play Score | 5 out of 5 stars, based on 1,120,000 customer reviews |
| Customer reviews verified as of | 19 November 2024 |
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Your reviews
Bethany Finder
Editor, Banking
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Jhez Finder
August 21, 2019
Hello Jill,
Thank you for your comment.
You can avoid the Bank of America Advantage Plus Banking Monthly Maintenance Fee, when you do ONE of the following each statement cycle:
• Make at least one qualifying Direct Deposit of $250 or more
• Maintain a minimum daily balance of $1,500 or more, OR
• Enroll in the Preferred Rewards program (first 4 checking accounts)
Regards,
Jhezelyn
Show more Show less
Jill
August 21, 2019
To qualify for the monthly fee waiver with a direct deposit of $250 or more, what are the qualifying ways?