Yes, Advantage Plus is a checking account, but it works differently than a standard one

Bank of America Advantage Plus Banking is a checking account designed for people who are new to banking or returning after a gap. It functions like a regular checking account — you deposit money, write checks, use a debit card, and pay bills — but it has lower fees and simpler rules than Bank of America's other checking products.

The main difference is what happens when you spend more money than you have. With most checking accounts, the bank charges you an overdraft fee (usually $35) each time you go negative. Advantage Plus has a gentler approach: the bank declines the transaction instead of charging you, so you cannot accidentally rack up multiple fees in one day.

It is a real checking account with a routing number, account number, and all the tools you need to manage money. You get a debit card, online banking, and the ability to set up direct deposit. The trade-off is that it does not earn interest on your balance, and it requires you to maintain a minimum balance or set up a direct deposit to avoid a monthly fee.

Key Takeaways

  • Advantage Plus is a checking account that lets you write checks, use a debit card, and receive direct deposits just like any other checking account.
  • Transactions are declined rather than charged an overdraft fee if you do not have enough money, which prevents surprise fees from stacking up.
  • You must either keep a $500 minimum balance or set up a direct deposit of at least $250 per month to avoid a $12 monthly fee.
  • The account does not pay interest on your balance, so money sitting in the account earns nothing.
  • You can open one online, by phone, or in person at a Bank of America branch.

How Advantage Plus handles overdrafts differently

The overdraft protection in Advantage Plus is its defining feature. When you try to make a purchase and your balance is too low, the transaction straightforward does not go through. The merchant's register will show "declined," and you will not be charged a fee. This is different from Bank of America's other checking accounts, where overdraft fees can add up quickly if you are not careful.

This does not mean you have unlimited protection. If you write a check and the account does not have enough money when the check clears, the bank may still charge a fee — overdraft rules for checks are set by federal law and work differently than debit card transactions. But for everyday purchases with your debit card, you are protected from surprise charges.

The protection only works if you do not opt into overdraft coverage. Bank of America allows you to turn on overdraft protection if you want it, which would let transactions go through even when your balance is low. Most people new to banking should leave this turned off.

Monthly fees and how to avoid them

Advantage Plus has a $12 monthly maintenance fee, but you can avoid it in two ways. The first is to keep a minimum balance of $500 in the account at all times. The second is to set up a direct deposit of at least $250 per month — this means your employer or a government program (like Social Security) deposits money directly into the account.

If you do neither, the $12 fee comes out of your account every month. Over a year, that adds up to $144, so it is worth setting up direct deposit if your income allows it. Many employers offer direct deposit at no cost, and it is usually faster and safer than getting a paper check.

There are no other monthly fees built into the account. You will not be charged for using the debit card, making transfers, or checking your balance online. If you order checks, Bank of America charges for those, but many people now pay bills online and rarely use checks.

What you can and cannot do with Advantage Plus

Advantage Plus works like a standard checking account for most daily tasks. You can deposit checks by taking them to a branch, using the mobile app to photograph them, or setting up direct deposit. You can pay bills online through the Bank of America website, transfer money to other accounts, and use your debit card anywhere Visa is accepted.

You can also write checks if you order them, though this is less common than it used to be. The account comes with online banking and a mobile app so you can check your balance, see recent transactions, and set up alerts if your balance drops below a certain amount.

The account does not earn interest, so your money does not grow just by sitting there. It also does not come with overdraft protection that lets you go negative — transactions are declined instead. If you need a loan or a line of credit, you would have to open a separate product.

Who Advantage Plus is designed for

Bank of America created Advantage Plus for people who are building credit or managing money for the first time. It is also useful for people who have had banking problems in the past and want a fresh start with lower fees and less risk of overdraft charges.

If you receive government benefits like Social Security, unemployment, or SNAP, you can set up direct deposit into Advantage Plus. This counts toward the $250 monthly deposit requirement to waive the fee, so you may be able to avoid the monthly charge without needing a job.

The account is less useful if you regularly carry a large balance and want your money to earn interest, or if you need overdraft protection to cover unexpected gaps between paychecks. For those situations, Bank of America offers other checking accounts with different features.

How to open an Advantage Plus account

You can open Advantage Plus online at bankofamerica.com, by calling 1-800-432-1000, or by visiting a Bank of America branch in person. Online is usually the fastest option — the process takes about 10 minutes and you can start using the account the same day.

To open an account, you will need a government-issued ID (like a driver's license or passport), your Social Security number, and an initial deposit. Bank of America accepts deposits as small as $25, so you do not need much money to get your free guide. If you open online, you can fund the account from another bank account you own, or you can deposit money in person at a branch.

Once the account is open, you will receive a debit card in the mail within 7 to 10 business days. You can use your account online or through the mobile app right away, even before the card arrives. If you need a card sooner, you can visit a branch and ask for a temporary card or expedited shipping.

Advantage Plus compared to other Bank of America checking accounts

Bank of America offers several checking accounts, and Advantage Plus is the most basic. The main competitors are Advantage Banking (which requires a higher minimum balance but has lower fees) and Preferred Rewards Checking (which is designed for customers with larger balances and offers interest).

Advantage Plus stands out because it has the lowest barrier to entry and the gentlest overdraft rules. You do not need a large balance to open it, and you will not be hit with overdraft fees if you accidentally spend too much. The trade-off is that you do not earn interest and the monthly fee is higher than some competitors if you cannot meet the waiver requirements.

If you are just starting out with banking, Advantage Plus is a solid choice. If you later build up savings or want to earn interest, you can switch to a different account — Bank of America does not charge to move money between your own accounts.

Frequently Asked Questions

Can I use Advantage Plus to receive direct deposit from my job?

Yes. You can give your employer the routing number and account number from Advantage Plus, and they can set up direct deposit. This also helps you avoid the monthly fee if your deposit is at least $250 per month.

What happens if I go negative in my Advantage Plus account?

Debit card transactions will be declined, so you cannot spend money you do not have. If you write a check and the account does not have enough money when it clears, the bank may charge a fee — check overdrafts are handled differently than debit card transactions under federal law.

Can I get a credit card linked to my Advantage Plus account?

No. Advantage Plus is a checking account only. If you want a credit card, you would open that as a separate product with Bank of America. A credit card and a checking account are different tools that work independently.

Is there a limit to how many debit card transactions I can make?

No. You can use your debit card as many times as you want in a month. There is no limit on the number of transactions, though some banks do limit transfers between accounts — check with Bank of America about their specific rules.

What if I cannot maintain the $500 minimum balance?

You can avoid the $12 monthly fee by setting up a direct deposit of at least $250 per month instead. If you cannot do either, the fee will be charged each month, so you may want to explore other banks that offer no-fee checking accounts.