What Is Adv Plus Banking?
Adv Plus Banking is the Bank of America Advantage Plus Banking checking account, a middle-tier, non-interest-bearing account designed for everyday banking with a digital-first approach. This account carries a $12 monthly maintenance fee, but you can avoid it by meeting specific balance, direct deposit, or rewards program requirements.
Adv Plus Banking Monthly Fee and How to Waive It
The Advantage Plus Banking account charges a $12 monthly maintenance fee for each statement cycle. However, Bank of America provides three straightforward ways to have this fee waived, so you can keep more of your money in your pocket.
Option 1: Maintain a $1,500 minimum daily balance. If your account balance stays at or above $1,500 every single day of the statement cycle, the $12 fee is automatically waived. This is the simplest option if you can comfortably keep that amount in your checking account at all times.
Option 2: Receive a qualifying direct deposit of $250 or more. You can waive the fee by having at least one direct deposit of $250 or more posted to your account during the statement cycle. This includes payroll deposits, government benefits, pension payments, or other electronic deposits that meet the threshold. Many employers offer direct deposit, making this an easy way to avoid the fee.
Option 3: Enroll in BofA Rewards at the Preferred Plus tier or higher. If you have combined balances of $30,000 or more across your eligible Bank of America deposit and investment accounts, you can qualify for the Preferred Plus tier of the BofA Rewards program (formerly Preferred Rewards). Being enrolled at this level or above waives the monthly maintenance fee for up to four checking and savings accounts. Note that simply enrolling in the free Member tier of BofA Rewards does not waive the fee, you must reach at least the Preferred Plus level.
Additionally, if you are a student under age 24 and enrolled in high school, college, university, or a vocational program, you may also qualify for a fee waiver. This student benefit provides an extra path to avoid the monthly charge while you complete your education.
How to Open an Adv Plus Banking Account
Opening an Advantage Plus Banking account requires meeting specific eligibility criteria and providing the necessary documentation. The process is straightforward, but you should prepare the following items before you begin.
Age requirements: You must be at least 18 years old to open an account on your own. If you are under 18, you can open the account with a co-owner who is an adult. For children under 13, you must visit a Bank of America financial center in person to set up the account.
Initial deposit: You will need to make a minimum opening deposit of $100 to fund your new account. This can be done using a debit card or by providing your account information from another bank for an electronic transfer.
Required documentation: You must provide your Social Security number, date of birth, phone number, and email address for all account holders. You also need a physical U.S. address, post office boxes are not accepted. If you have a limited credit history, have had issues with checking accounts in the past, or plan to deposit more than $100,000, Bank of America recommends applying at a financial center rather than online.
Overdraft Policies and Balance Connect Protection
The Advantage Plus Banking account has a clear overdraft fee structure designed to be manageable while still encouraging responsible account management. If you overdraw your account, you will incur a $10 fee per item, with a maximum of two fees per day, capping your daily overdraft charges at $20. This is significantly lower than many competing banks that charge $30 or more per overdraft.
Bank of America also offers a small grace buffer: you will not be charged an overdraft fee if your account is overdrawn by $1 or less. Additionally, everyday non-recurring debit card transactions and ATM withdrawals that cause an overdraft do not incur a fee, giving you some protection for routine purchases.
To further protect yourself from overdrafts, you can enroll in the optional Balance Connect® service. This free service links up to five eligible Bank of America accounts to your checking account. When a transaction would overdraw your account, Balance Connect automatically transfers funds from your linked accounts to cover the shortfall. There is no transfer fee for this service, making it a cost-effective way to avoid overdraft charges entirely. You can link savings accounts, other checking accounts, or a line of credit to provide a safety net for your finances.
ATM Access and Other Transaction Fees
ATM access is a key consideration for any checking account, and Advantage Plus Banking offers a tiered fee structure depending on where you withdraw cash. Using Bank of America ATMs is completely free, giving you access to thousands of machines nationwide without any charges. However, if you use an out-of-network ATM within the United States, you will pay a $2.50 fee per transaction, plus any additional fees charged by the ATM operator itself. International out-of-network ATM withdrawals cost $5.00 each, plus operator fees, so it is wise to plan ahead when traveling abroad.
The account also has a limit on certain types of transfers and withdrawals. You can make up to 6 transfers or withdrawals per monthly statement cycle without incurring extra charges. If you exceed this limit, a $10 Withdrawal Limit Fee applies to each additional transaction. This limit primarily affects electronic transfers and certain types of withdrawals, so be mindful of how many transactions you make in a given month.
Other fees to be aware of include a card replacement fee if you lose your debit card and need a new one issued. While this is a standard fee, it is worth noting so you can take care of your card and avoid unnecessary charges.
Digital Banking Features and Security
Adv Plus Banking is built around a robust digital banking platform that puts account management at your fingertips. The mobile banking app and online banking portal allow you to view balances, transfer funds, pay bills, and track transactions from anywhere at any time. This digital-first approach means you can manage your finances without visiting a branch, making it ideal for busy individuals who value convenience.
The account includes access to Zelle for fast person-to-person payments, allowing you to send and receive money quickly with just an email address or phone number. You also receive a debit card that can be locked or unlocked instantly through the mobile app if you misplace it, providing immediate protection against unauthorized use. Customizable alerts keep you informed about account activity, including low balance notifications, large transactions, and deposit confirmations, so you can stay on top of your finances in real time.
Electronic statements are provided by default, reducing paper waste and ensuring your account information is always accessible online. Bank of America prioritizes security with encryption technology and multi-factor authentication to protect your financial data. The bank also offers resources on how to use mobile banking safely, how to protect your online banking credentials, and how to prevent fraud in banking, helping you stay informed about potential threats and best practices for safeguarding your account.
For those who prefer a hybrid approach, Bank of America maintains physical branches and ATM networks, so you can still access in-person services when needed. This combination of digital convenience and physical presence makes Advantage Plus Banking a versatile option for a wide range of banking needs.
