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Bank of america advantage plus checking account fees


bank of america advantage plus checking account fees

Both the Chase Business Complete Banking and Bank of America Business Advantage Fundamentals Checking accounts are designed for small and. "Bank of America Advantage Plus" fromBank of America to open this account. $; Monthly Service Fee $/per use; International ATM Usage Fee. With a checking account, you'll enjoy no monthly fees and the ability to deposit checks online if you qualify. Learn more about USAA Bank's checking.

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Bank bank of america advantage plus checking account fees America Reviews: Savings, Money Markets and CD

Bank of America offers savings accounts, CDs and IRAs. This Bank of America Reviews can help you decide if it's the right place for your money.

Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.

Bank-of-America

When deciding where to keep your savings, it&#;s important to compare banks carefully. Ideally, you should choose a bank that offers the best combination of interest rates for savers, low fees, and convenient access to bank of america advantage plus checking account fees money.

Bank of America is one option you might consider if you&#;re interested to save with a brick-and-mortar bank.

But is Bank of America a good bank?

Keep reading to learn more about how it compares to other banks or credit unions.

What Is Bank of America?

Bank of America is a global bank serving customers in the U.S. and its territories, as well as 35 countries around the world.

In the U.S. alone, Bank of America has over 66 million consumer and small business clients. Created in through the purchase of BankAmerica by NationsBank, the bank operates more than 4, retail financial centers and offers access to accounts via more than 17, ATMs.

As a brick-and-mortar bank, Bank of America offers a variety of personal banking products and services, including checking accounts, savings accounts and certificates of deposit. The bank also offers a variety of credit card options, as well as home loans, auto loans and investment services.

Popular Bank of America Accounts

How Bank of America Works

Bank of America offers several savings options, including Bank of America Advantage Savings Accounts, Child Savings Accounts, certificates of deposit and Individual Retirement Accounts. Here&#;s a closer look at how Bank of America works:

Monthly maintenance fees

Bank of America, like other traditional banks or credit unions, does charge a monthly maintenance fee for savings accounts. The fee for the Bank of America Advantage Savings Account, for example, is $8 but you routing number rockland trust ma waive this fee by:

  • Maintaining a minimum daily balance of at least $ OR
  • Linking your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts) OR
  • Becoming a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)

Compared to other brick-and-mortar banks, the monthly maintenance fee is typical of what you can expect. But you can save money on the fee by meeting any of the conditions outlined above.

Account minimums

When you plan to open an account at any bank, it&#;s important to consider whether there are minimum balance requirements or minimum deposit requirements.

If you&#;re interested to open a regular savings account with Bank of America, you&#;ll need at least $ to get started.

The minimum deposit requirement for CD accounts is $1,

And you&#;ll need $25 to open an account for minors unless you&#;re opening a custodial account which requires $

Compared to online banks, Bank of America has a higher minimum deposit requirement. For example, Ally Bank offers savings accounts with a $0 minimum deposit.

Can you open multiple accounts?

Bank of America does allow you to open multiple regular savings accounts, child savings accounts and CD accounts. You need to meet the minimum deposit requirement and minimum balance requirements for each account you open.

Account access and customer support

When you open an account with Bank of America, you have access to it via:

  • Online and mobile banking
  • Bank of America branches and ATMs
  • Phone banking
  • Bank of America customer support

Customer service is available via Bank of America&#;s Client Resource Site but you can also get help via private Facebook message or through Twitter. And if you need to talk to a person, you can either visit a branch or call Bank of America at Customer service for lost or stolen debit and credit bank of america advantage plus checking account fees is available 24 hours a day, 7 days a week.

Online and mobile banking experience

Bank of America offers online and mobile banking access to help you manage your account. When you visit Bank of America online or via your mobile device, you can:

  • Check balances
  • Transfer funds between accounts
  • Schedule bill payments
  • View electronic statements
  • Set up recurring payments, deposits or transfers

You can also use mobile banking to deposit checks with remote deposit capture.

Bank of America Advantage Savings Account

Bank of America interest rates for savings are typical of other traditional banks or credit unions. It did not rank in the top 10 in the America&#;s Best Rates Survey, which saw online banks offering the best savings rates overall.

Bank of America Advantage Savings AccountAmountNotes
Monthly Maintenance Fee$8Waive this fee by maintaining a $ minimum daily balance OR linking your account to a Bank of America Advantage Relationship checking account OR becoming a Bank of America Preferred Rewards Client
Excess Withdrawal Fee$10 per excess withdrawalWaived when you maintain a minimum daily balance of $20, or more OR enroll as a Bank of America Preferred Rewards Client
NSF Returned Item Fee$35 per returned item

Bank of America Savings Account Review

Bank of America Money Market Accounts

At this time, Bank of America doesn&#;t offer money market accounts to new customers. But you could get something similar if you open a Bank of America Advantage Relationship checking account. This is an interest checking account that offers check-writing abilities along with other perks, such as fee waivers and the option to set up overdraft protection.

Current money market account rates

Bank of America CD Rates

Bank of America offers numerous CDs to help you reach your short-term or long-term financial goals.

  • Standard Term CDs range from 28 days to 10 years.
  • Featured CDs offer terms from seven months to 37 months.
  • (The minimum balance required for Standard Term CDs is $1,; it increases to $10, for Featured CDs.)

As far as Bank of America CD rates go, rates and APYs are the same across all balances and terms.

Raise-your-rate CDs aren&#;t an option. You get the same APY whether you save for a shorter period of time or a longer one.

Remember that an early withdrawal penalty may apply if you take money out before your CD matures.

Bank of America 1-Year CDAmount / APY

1-Year CD APY &#; 12 months

May depend on your zip code, opening balance and term

Early Withdrawal Penalty

Not specified

Renewal

CDs renew automatically unless you specify otherwise
Bank of America 1-Year CDAmount / APY

5-Year CD APY &#; 60 months

May depend on your zip code, opening balance and term

Early Withdrawal Penalty

Not specified

Renewal

CDs renew automatically unless you specify otherwise

Current CD rates

Bank of America Checking Accounts

In addition to savings options, Bank of America reviews can also cover checking accounts. Bank of America Advantage Bank includes three types of checking accounts:

  • Advantage SafeBalance
  • Advantage Plus
  • Advantage Relationship

All three accounts charge a monthly maintenance fee unless you&#;re a Bank of America Preferred Rewards client. Advantage SafeBalance and Advantage Plus are basic checking account options. Advantage Relationship is an interest-bearing checking account.

Compare current checking account offers

Bank of America Personal Loans

Like many large banks, Bank of America does not offer personal loans. If you&#;re interested to get a personal loan, however, take a look at some of the best loan rates available now.

Compare current personal loan rates

Bank of America Gap visa signature credit card login &#; Cons

When deciding where to open an account for savings, checking or any other banking need, it&#;s helpful to look at both the pros and the cons. Here are some of the most important advantages and disadvantages bank of america advantage plus checking account fees opening an account with Bank of America:

Pros

  • Open a Bank of America savings account online in minutes
  • Easily access your savings account online, via mobile banking, at an ATM or branch
  • Multiple ways to avoid the monthly maintenance fee
  • Get an interest rate boost if you&#;re a Bank of America Preferred Rewards client
  • Open multiple savings and CD accounts if you have more than one financial goal you&#;re working toward
  • Saving with Bank of America could make sense if you already have a checking account or credit card with the bank

Cons

  • Compared to online banks, Bank of America savings accounts and CDs have higher minimum deposit requirements
  • You could earn better interest rates on savings at other banks or credit unions
  • While you can open an interest-bearing checking account, Bank of America doesn&#;t offer money market accounts
  • You have to look elsewhere if you need a personal loan

Locations &#; Branches &#; ATMs

Bank of America has over 4, retail locations. The bank&#;s ATM network includes more than 17, locations.

About Author

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Rebecca Lake

Rebecca Lake joins MoneyRates as a contributor writing about banking, credit and debt, home-buying, investing, youtube video embed responsive code business, and other personal finance topics. Rebecca brings her expertise as a personal-finance journalist to mynewextsetup.us, having written about money for over five years. Her work has appeared online at U.S. News and World Report, Life + Money by Citi, mynewextsetup.us and Bankrate.

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A checking account is the cornerstone of most people's personal finances, which is why it's important to find one that works for you, not against you. That might mean easy access to bank branches and ATMs, or the ability to earn interest on your deposits.

Your checking account should not only help you pay your bills and manage your spending. It should also have overdraft protection, integrate easily with your other bank accounts and have no surprise fees. If you're shopping around for a new checking account, here are some of the best options available right now.

Read more:Best savings account for

Best overall checking account

LendingClub Rewards Checking Account

LendingClub
  • Monthly fee: None
  • Minimum opening deposit: $
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: Unlimited
  • In-network ATMs: 35,+ (MoneyPass and SUM)
  • Direct deposit funds available early: Yes
  • Mobile check deposit: Yes
  • Cash deposits: MoneyPass ATMs
  • APY: Earn % APY on balances between $2, and $99,; % APY on balance $, or higher

LendingClub checks all of the boxes, bank of america advantage plus checking account fees it our choice for best checking account overall: unlimited ATM reimbursement, support for mobile check deposits and transfers and no monthly or out-of-network ATM transaction fees. It's an excellent checking account -- and with its modest APY and decent cash-back reward structure (for a checking account), it could suitably serve as a one-size-fits-all account to cover all of your savings, spending and checking needs. Also, you can link up to three accounts to your checking account for overdraft protection.

It's worth noting that LendingClub will never charge you for using an ATM outside of its partner networks (MoneyPass and SUM) -- and it will provide unlimited reimbursements if another financial institution charges you for using its ATM. That's an unparalleled level of protection from ATM fees. Another nice feature: If you have direct deposit set up, LendingClub will make your funds available a few days early.

You can also earn up to 1% cash back on everyday purchases, if you maintain an account balance of at least $2, The % APY is a higher rate than most checking accounts, but probably not high enough to make a difference in your overall financial picture. Still, even without the APY or rewards, the LendingClub account stands out above the rest for traditional and mobile banking checking account services. 

Best overall checking account, runner-up

NBKC Bank Everything Account

nbkc
  • Monthly fee: None
  • Minimum opening deposit: None
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: $12 per month
  • In-network ATMs: 34, (MoneyPass)
  • Direct deposit funds available early: No
  • Mobile check deposit: Yes
  • Cash Deposits: MoneyPass ATMs
  • APY: % on all balances 

This bank shares our distaste for fees. As such, there are no minimum balance fees, overdraft fee penalties, maintenance fees, foreign transaction fees or out-of-network ATM fees. Aside from a few esoteric international wire fees, when NBKC says it doesn't charge fees, it means it. 

The NBKC Everything account offers a % APY on all balances. For a checking account, that's a decent interest rate. And in contrast to most other banks, who ask you to jump through hoops -- like making a number of monthly debit card purchase transactions, signing up for direct deposit or maintaining a certain account balance -- to earn interest, NBKC takes a simpler, unconditional approach with no minimum deposit required. And like LendingClub, NKBC will provide early access to your paycheck if you sign up for direct deposit. You get $12 in monthly ATM reimbursements -- which is good, though not as great as LendingClub's unlimited offer of unlimited ATM fee rebates.

We also like NBKC's mobile banking app, which offers useful money-management features. The "virtual piggy bank" mobile banking app can help you save for specific items and the financial snapshot, which allows you to link external accounts, provides a complete financial picture in one place.

Best for in-person banking

Chase Total Checking

JPMorgan Chase
  • Monthly fee: $12
  • Requirements to avoid monthly fee: Monthly direct deposit of at least $; or $1, daily balance; or $5, combined average balance
  • Minimum opening deposit: None
  • Out-of-network ATM fees: $
  • Out-of-network ATM reimbursements: None
  • In-network ATMs: 16, ATMs, 4, branches
  • Direct deposit funds available early: No
  • Mobile check deposit: Yes
  • Cash deposits: Branches and ATMs
  • APY: None

Large traditional banks like Chase (and Bank of america advantage plus checking account fees of America and Wells Fargo) are more likely to charge fees -- for nebulous purposes like "monthly maintenance" or an out-of-network ATM fee -- than newer players. That noted, if you're able to maintain a significant balance in your checking account and can stick to using in-network ATMs, the big banks offer national branch access, in-person customer service and online and mobile banking tools that are both sophisticated and easy to use. 

Chase has nearly 4, branches in the US, second only to Wells Fargo, and 16, ATM locations, more than any other US bank. If branch access is a priority -- whether for making transactions or speaking with someone -- Chase, a traditional bank, is a great option. But you'll want to make sure you can easily meet the requirements (listed above) to waive that pesky $12 monthly maintenance fee. 

It's also worth noting that the Chase Total Checking account offers a $ account bonus when you fund a new account with direct deposit. Fine art america phone cases that those checking accounts offering the highest APY likely won't yield $ in interest over years, this one-time standard checking account cash bonus incentive goes a long way. 

Highest Annual Percentage Yield

Consumers Credit Union Rewards Checking

Consumers Credit Union
  • Monthly fee: None
  • Minimum opening deposit: $5
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: Unlimited
  • In-network ATMs: 30, (CO-OP)
  • Direct deposit funds available early: Yes
  • Mobile check deposit: Yes
  • Cash deposits: No
  • APY: % tiered system on balances up to $10,

If earning interest is your top priority, Consumers Credit Union's Rewards Checking account offers the highest APY -- though it comes with some hefty bank account requirements. To qualify for the category-high % APY, you'll need to: sign up for electronic monthly statements (instead of paper statements); make at least 12 debit card purchases per month; and receive at least $ in direct deposits or mobile check deposits every month. To qualify bank of america advantage plus checking account fees a % APY, you need to meet all those requirements and spend at least $ with a Consumers Credit Union credit card each month. And to qualify for %, you need to spend at least $1, with a Consumers Credit Union credit card each month. 

And yet, interest aside, this account has a lot going for it: CCU doesn't charge monthly fees and it offers unlimited ATM reimbursements, mobile check deposit and early access to direct deposits. If the APY requirements aren't daunting to you, this could be a great checking account. Otherwise, if earning cash back is your priority, you're better off with a dedicated cash-back credit card. 

Another good choice

Alliant Credit Union High-Rate Checking

Alliant Credit Union
  • Monthly fee: None
  • Minimum opening deposit: None
  • Out-of-network ATM fees: None
  • Out-of-network ATM reimbursements: $20 per month
  • In-network ATMs: 80,+ (AllPoint)
  • Direct deposit funds available early: No
  • Mobile check deposit: Yes
  • Cash deposits: Select AllPoint ATMs
  • APY: %, as long as you opt-in to eStatements and receive one DD per month

This free checking account is exclusive to members of the Alliant Credit Union (and its partners), most of which are based in the Chicago area. That noted, you can become a member of the organization's "partner charity" with a $5 donation. Once you've joined, there's quite a bit to like: up to $20 in ATM reimbursements a month (sufficient to cover one cash withdrawal outside of AllPoint's ATM network per week) and a % APY -- if you set up direct deposit and forgo monthly paper statements. There is no minimum balance requirement. That noted, unlike some other banks, the Alliant Credit Union doesn't provide early access to direct deposits and there are no cash-back offers for using the debit card. 

Best checking accounts compared


Best overall checking account Best overall checking account (runner-up) Best for in-person banking Highest APY Another good choice
Bank/institution LendingClub NBKC Bank Chase Consumers CU Alliant Credit Union
Account Rewards Checking Everything Account Total Checking Rewards Checking High-Rate Checking
Branch access No Limited (4 locations) Yes Shared Branching No
ATMs (number/network) 35,; MoneyPass and SUM 34,; MoneyPass 16, ATMs; 4, branches 30,; CO-OP 80,; AllPoint
Out-of-network ATM fee reimbursement (monthly) Unlimited $12 None Unlimited $20
Overdraft fee $25
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Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A.; Members FDIC

Chime Home

Bank of America, like most of the top banks in the US, charges fees for its accounts. These charges include Bank of America overdraft fees, monthly maintenance fees, checking account fees, savings account fees, wire transfer fees, foreign transaction fees, and ATM fees for using a non-Bank of America machine. Find out what bank fees and charges you are paying or going to pay when you open an account.

Banking the way it should be.

✓ No hidden fees.

✓ Grow your savings automatically

✓ 38,+ fee-free ATM&#;s

Signing up is free and takes less than 2 minutes.

Monthly Maintenance Fees

$0

$12

Minimum Deposit Requirement

$0

$25

Card Replacement Fee

$0

$5

Foreign Transaction Fee

$0

3%

ATM (out-of-network)

$

$3

Minimum Deposit Requirement

Bank of America offers three checking accounts – Core Checking, Interest Checking, and Safe Balance Banking each with a different monthly maintenance fee:

  • Bank of America Core Checking Account has a $12 Monthly Maintenance fee which is waived with at least 1 direct deposit of $ each month or maintain a minimum daily balance of $1, or more.
  • Bank of America Interest Checking Accounthas a Monthly Maintenance fee of $25 which is waived if the balance of all linked accounts is above $10,
  • Bank of America Safe Balance Banking comes with a Monthly Maintenance fee of $ which cannot be waived.

 

Bank of America Savings account fees come with a number of restrictions on the maximum number of free withdrawals and restrictions against making payments directly from the account. The three levels of savings accounts are Rewards Savings,  a Minor Savings Account (owned and maintained by an individual under 18), and a Custodial Savings Account which is similar to the Minor Savings account but is managed by a custodian such as a parent.

  • Rewards Saving Account has a monthly fee of $8 which is waived with a minimum daily balance of $
  • Minor Savings Account has no monthly maintenance fee but is only available to those under 18 and converts to a Rewards Savings Account once the holder turns
  • Custodial Savings Account is $5 per month which is waived with a minimum balance of at least $

Bank of America overdraft fees are broadly similar to other banking providers and are standard across their accounts at $35 for each payment authorized or returned item, with a maximum of four charges per day. Overdraft Protection is available for linked Bank of America accounts. If there is not enough money in one account to pay for the transaction the money will be automatically transferred from the linked account to cover the amount. There is a $12 fee per transaction to use this service.

Should the account holder need to have a copy of their bank statements or printable check images, perhaps due to loss or needing to send to a third party, then they are able to request a copy of their bank statement. The charge is $3 per request.

ATM transactions at Bank of Americas ATM network are free for account holders. Use of a Domestic non-Bank of America ATM will result in $ fee per transaction. This is in addition to any charges that the ATM operator may add. For foreign non-Bank of America ATMs there is a fee of $5 per transaction. In addition, there is an “International Transaction Fee” of 3% for each ATM withdrawal converted into local currency. The issuing bank may also charge a transaction fee.

Ordering checks for a personal account costs on average $If a customer requires a cashier’s check, usually needed for real estate purchases or brokerage transactions, these carry a fee of $10 per check. Account holders are able to place a “stop payment” on any checks they have issued. Each request carries a charge of $

Wire transfer fees with Bank of America depend on a number of factors such as whether it is incoming, outgoing, is it a domestic or foreign transfer and what currency the wire needs to be sent in. These are outlined in detail below.

  • Incoming domestic wire transfer fees are $15 per transaction.
  • Incoming foreign wire transfer fees are $16 per transaction.
  • Outgoing domestic wire transfer fees are $30 per transaction.
  • Outgoing foreign wire transfer sent in foreign currency fees are $35 per transaction.
  • Outgoing foreign wire transfers sent in U.S. Dollar fees are $45 per transaction.

Customers should be aware that other banks may also charge additional fees for both incoming and outgoing foreign transfers made in any currency. If a deposited transfer is returned there is a fee ranging from $12 to $

To replace a lost, damaged or stolen debit card that has not expired, Bank of America charges $5. Rush delivery incurs an extra $15 charge.

There are ways to reduce the overall amount of fees associated with Bank of America accounts.

  1. Open only the appropriate type of account.
  2. Use online banking.
  3. Avoid overspending.
  4. Only use Bank of America ATMs.

  5. Link checking and savings accounts.

  6. Sign bank of america advantage plus checking account fees for paperless statements.

 

 

Applying for an account is free and takes less than
2 minutes with no impact to your credit score.

Let's Go!

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Information Current as of September 21,

© Chime. All Rights Reserved.

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Compare checking accounts.

This handy comparison chart can help you compare checking account fees, features and benefits to find the best checking account for your needs.

All of our checking accounts include:

Choose the checking accounts you want to compare.

Have combined monthly direct deposits totaling $1,+.

Keep an average account balance3 of $1,

The account holder(s) is age 65 or older.

Have an open U.S. Bank personal loan, line or credit card.4

Have $25, in combined personal deposits, credit balances5 with U.S. Bank and/or investments* through U.S. Bancorp Investments.

Maintain a personal trust relationship with U.S. Bank Wealth Management.

There’s no monthly maintenance fee.

The monthly maintenance fee can’t be waived.

No ATM Transaction fees on 2 Non-U.S. Bank ATM Transactions2 per statement period

No ATM Transaction fees on Non-U.S. Bank ATM Transactions2

No ATM Transaction fees on 4 Non-U.S. Bank ATM Transactions2per statement period

No overdraft protection transfer fee when a transfer is made from a linked deposit account.

Nooverdraft protectiontransfer fee when a transfer is made from a linked deposit account.

Reduced fees when transfer is made from a linked credit account.7

Nooverdraft protectiontransfer fee when a transfer is made from a linked deposit or credit account.7

No overdraft protectiontransfer fee when a transfer is made from a linked deposit account.

Account can't be overdrawn.

$2 paper statement fee8 applies unless enrolled in e-statements

$2 paper statement fee8 waived for account holders age 65 or greater

$2 paper statement fee8is waived9

$2 paper statement fee8 is waived9

$2 paper statement fee8applies unless enrolled bank of america advantage plus checking account fees e-statements

First box of U.S. Bank logo checks free or 50% discount on all other personal designs. 50% discount on any re-orders (U.S. Bank logo or personal.10)

First box of Student Checking logo checks free or 50% off your first order of all other personal designs.10

Up to 2 Easy checkingaccounts with no monthly maintenance fee as long as you’re a co-owner of the account.11

No limit on additional Easy checking accounts with no monthly maintenance fee as long as you’re a co-owner of the account.11

No specified savings account

Open aPackage Money Market Savings account with no monthly maintenance fee.12

Open a Platinum Select Money Market Savings account with no monthly maintenance fee.13

No specified savings account

No specified savings account

Yes
Yes
Yes

Prefer a checking account recommendation?

Answer a few questions and we’ll help you decide.

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Bank of America Advantage SafeBalance Banking® &#; Bank of America Advantage Plus Banking®: Great Checking Options For Students

Contents

Bank of America Advantage SafeBalance Banking® and Bank of America Advantage Plus Banking® are great options for students seeking a low-cost checking account. The bank offers a monthly maintenance fee waiver for eligible students under 25 years of age. Keep reading for more on Bank of America Advantage Banking. See all current Bank of America promotions here.

See our bank offers page for more offers. Top offers can be found from TD Bank, Chase Bank, HSBC Bank,Aspiration and many more.

Our Current Top Promotions

Bank Of America Advantage Banking $ Bonus Offer

Bank Of America Bonuses
  • What you’ll get: $ bonus offer
  • How to earn it:
    • The offer is for new checking customers only
    • Offer expires 6/30/
    • To qualify, open an account through the promotional page and set up and receive qualifying direct deposits of $ or more into that account within 90 days of opening.
    • Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • Member FDIC

Bank of America Advantage SafeBalance Banking® & Bank of America Advantage Plus Banking® Features

Bank of America Advantage Banking is a checking account with three different settings. Members can switch from one setting to another as their lifestyle and financial needs change. Advantage SafeBalance Banking and Advantage Plus Banking, in particular, are great for eligible students as they offer a monthly maintanance fee waiver for those under the age of

Advantage SafeBalance Banking

Advantage SafeBalance Banking offers a monthly maintenance fee waiver for eligible students under the age of 25*, or pay $ synchrony gap bank login month. You can also get a monthly maintenance fee waiver if you&#;re a Preferred Rewards member.

This Advantage setting is worth consideration if you&#;re looking for a low-cost checking account with a few bells and whistles. There is no overdraft option &#; therefore, no overdraft fees. The account offers checkless banking with flexible ways to pay &#; pay with a debit card, Mobile or Online banking. There is no paper check writing with this account setting.

To open an Advantage SafeBalance Banking account, all you need is an initial deposit of at least $25, a Social Security Number and a permanent US address.

Advantage Plus Banking

The Advantage Plus Banking offers a monthly maintenance fee waiver for eligible students under the age of 25*; you can also get the monthly maintenance fee waived if you have at least one qualifying direct deposit of $ or more, maintain a $1, minimum daily balance, or if you’re a Preferred Rewards member. Otherwise, the monthly fee is $

With Advantage Plus Banking you can purchase paper checks and set up Balance Connect&#x; for overdraft protection. Bear in mind, Bank of America charges $35 every time you overdraft.

To open an Advantage Plus Banking account, you&#;ll need an initial deposit of at least $, along with a Social Security Number and a permanent US address.

*Effective February 18, the student waiver will no longer be available to be applied to an Advantage Plus account.For Advantage Plus accounts with a Student waiver applied prior to February 18, this monthly maintenance fee waiver will apply until the Student turns 25, ceases to be an owner of the account, or notifies Bank of America that they are no longer enrolled in school or an educational or vocational program.


Bottom Line

Bank of America Advantage SafeBalance Banking® and Bank of America Advantage Plus Banking® are worthy considerations if you&#;re a student that&#;s currently enrolled in school and are under the age of The Advantage SafeBalance setting doesn&#;t provide Balance Connect&#x; for overdraft protection or checks, while the Advantage Plus setting gives you the option for both.

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Filed Under: Bank Of America Promotions, Bank PromotionsTagged With: advantage plus, advantage safebalance, bank of america, student checking

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Most despicable bank scam ever? How you may be paying them checking fees for following the law!

It seems that everyone has such low expectations of Wall Street, that when they rip off consumers slightly less than before, it’s cause for celebration. Witness the reaction, for example, to Bank of America’s new “Safe Balance” accounts, designed specifically for low-income customers.

BofA announced the account last Friday as a pilot program in five states bank of america advantage plus checking account fees the District of Columbia. They call it a “checkless” checking account. It comes with no paper checks, so customers will have to pay bills online or use their debit card for purchases. The key feature of Safe Balance, according to the bank, is that it will not charge overdraft fees when customers try to draw more funds than they have. Instead of incurring charges up to $35 per incident, overdrawn transactions won’t go through.

This sounds like a nice enough idea, until you realize that it’s the law. rules from the Federal Reserve included a provision requiring banks to ask customers if they want overdraft protection. If the customer declines to opt in, the system would work exactly as with Safe Balance, with overdrawn transactions stopped before purchase. Safe Balance extends that protection bank of america advantage plus checking account fees recurring transactions like gym memberships or monthly bills, but since there are no checks and that’s one of the only ways for people to use the account, it’s not much of an advance.

Though often misunderstood, overdraft “protection” itself is an Orwellian concept that merely gives the bank the chance to hit you with high fees they otherwise couldn’t capture. Federal regulators have already tried to curtail the practice, so Safe Balance represents no real difference from any other bank account.

Only customers will have to pay $ a month for it.

That’s right, an account with fewer features than a normal checking account (without the checks, for example) – and with a core “feature” that is free on every other account –  will cost customers $60 a year. That’s not a lot, of course, but consider that the product is designed for low-income customers, who are typically on the knife’s edge with their finances. According to statistics from the U.S. Bankruptcy Court, the average individual in bankruptcy in was just $26 a month short on their expenses. So even small amounts count, especially when you’re paying for what should be free services. In essence, customers will give Bank of America $5 a month for the right to not be charged more.

Far from giving low-income customers a break, “Safe Balance” represents Bank of America’s evolution toward money-siphoning with a happy face. That’s certainly how the Wall Street Journal pitches it in their story, “Bank of America Seeks a Lift From Flat-Fee Checking.” Pay my att wireless bill article explicitly states that the bank wants to raise revenue off a basic product “without alienating customers and lawmakers.” I guess it’s better to take defined, regular fees from people for services that add no value instead of random, variable fees.

Bank of America has tried for years to charge fees for everyday products like debit cards and checking accounts, but consumer backlashes stopped them every time. Safe Balance is nothing bank of america advantage plus checking account fees than a kinder, gentler fee extraction opportunity. And the bank obviously needs to find more ways to make money off their customers; that $13 million a year for their CEO won’t pay for itself.

The most depressing part of all of this is the praise that has been laden on Bank of America this time for targeting low-income, unknowledgeable consumers with a flat-fee account that gives them nearly nothing of value. In a statement, Martin Eakes of the consumer advocacy group Self-Help said that Safe Balance “is exactly what civil and consumer rights advocates have been requesting for years from the nation’s largest banks,” calling it “perhaps the best product available in the market today.” He adds that “customers have repeatedly told us that they want to be able to spend only the funds that they have in their accounts.” Apparently Eakes didn’t tell customers that they could do that right now, without having to pay $5 a month for a checking account that “gives” them such safety. Eakes gives the game away when he casually mentions that Self-Help consulted with Bank of America on the design of Safe Balance. In fact, BofA worked with several consumer advocates on the account, which says more about the consumer advocates than it does the bank.

The germ of an idea that makes sense here is doing away with paper checks. The fact that we still have people write on a piece of paper to make payments, in a world of online connections and smart phones, is silly. And fewer and fewer people write checks, with the Philadelphia Federal Reserve predicting they could go away entirely within 12 years. Of course, this account targets the community least likely to have broadband or mobile access. But walmart eye center mexico mo that expands, the big banks should hop aboard with more options for online banking and mobile payments, allowing people to make purchases simply by texting.

What they shouldn’t do is charge extra for the privilege, which actually saves them billions in processing fees. Big banks think they charge fees because they have name recognition and a large footprint, creating the impression that customers have nowhere else to go. But free checking can still be free. The website Simple, for example, offers all the same features as Safe Balance, and the ability to write checks, with no fees at all. They havecustomers in the U.S. in less than two at&t billing of operation, and recently sold to Spanish bank BBVA for $ million (Simple will keep the name and all the features of their product).

If banks truly feel they can’t offer free access to simple accounts for low-income, underserved communities – and the fact that they have pulled their branches out of such areas is a pretty powerful indicator in that direction – then policymakers have the responsibility to deliver other options. One of them is to allow the U.S. Postal Service, a nonprofit government agency, to offer the same kinds of products, which would have multiple positive effects for society. Your annual income should not be a barrier to admission to the financial system, and the poor should not be a profit center for Wall Street.

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