Yes, Advantage Plus is a checking account, but it comes with monthly fees and limited features unless you meet specific balance requirements

Advantage Plus Banking is Bank of America's basic checking account. It functions like a standard checking account — you get a debit card, online banking, bill pay, and the ability to write checks — but it charges a $12 monthly maintenance fee unless you maintain a minimum balance or set up direct deposit. The account does not include overdraft protection by default, and you will pay $35 per overdraft transaction if you go negative.

The account is designed for people who want straightforward checking without the higher balance requirements of Bank of America's premium accounts. However, the monthly fee makes it more expensive than many checking accounts at other banks, so whether it makes sense depends on what you already have with Bank of America and whether you can avoid the fee through direct deposit or balance thresholds.

Key Takeaways

  • Advantage Plus is a checking account with a $12 monthly fee that you can waive by setting up direct deposit or maintaining a $500 minimum daily balance.
  • The account includes a debit card, online banking, bill pay, and check writing, but does not automatically include overdraft protection.
  • Overdraft fees are $35 per transaction if you do not enroll in overdraft protection, which you must request separately.
  • Bank of America offers other checking accounts with different fee structures and features, so comparing them matters if you are deciding whether to open an account.

How the monthly fee works and when you can avoid it

The $12 monthly maintenance fee posts on the same day each month unless one of two conditions is met. The first is direct deposit — if you have at least one recurring direct deposit (paycheck, government benefit, pension) set up to the account, the fee is waived that month. The second is a $500 minimum daily balance, which means your account balance must stay at or above $500 every day of the month.

Many people choose the direct deposit route because it is simpler than maintaining a specific balance. If you receive a paycheck or benefit payment by direct deposit, you satisfy the requirement automatically. If you do not have direct deposit income, the $500 balance threshold is the only way to avoid the fee — and that balance sits in your account doing nothing, since Advantage Plus does not pay interest on checking balances.

What Advantage Plus includes and what it does not

The account comes with standard checking features: a debit card, online and mobile banking, bill pay, check writing, and access to Bank of America's ATM network. You can deposit checks through the mobile app and set up automatic payments. You also get access to Bank of America's customer service by phone, in branch, or through chat.

What it does not include is overdraft protection by default. If your account goes negative, you will be charged $35 per overdraft transaction. You can request overdraft protection separately, which links the account to a savings account or credit line so that overdrafts are covered automatically — but that is a separate step you have to take. Bank of America also does not pay interest on Advantage Plus checking balances, so the account is purely for spending and bill payment, not for saving.

Overdraft fees and how to avoid them

Without overdraft protection, each transaction that would take your balance below zero costs $35. If you make three purchases that overdraft your account on the same day, that is three separate $35 fees — $105 total. Bank of America will typically decline transactions once your balance is negative, but debit card transactions sometimes post after other transactions, which can create overdrafts you did not expect.

To avoid these fees, you can enroll in overdraft protection, which automatically transfers money from a linked savings account or credit line to cover overdrafts. You can also straightforward monitor your balance closely through the mobile app or online banking. If you frequently run low on funds, a checking account with no overdraft fees (available at other banks) might be a better fit than paying $35 per incident.

How Advantage Plus compares to other Bank of America checking accounts

Bank of America offers three main checking accounts: Advantage Plus, Advantage, and Premium. Advantage Plus is the lowest tier and carries the $12 monthly fee. The Advantage account has a $15 monthly fee but includes some additional features like higher ATM limits and slightly better customer service access. The Premium account is for customers with higher balances and includes wealth management services.

Outside Bank of America, many banks and credit unions offer checking accounts with no monthly fees at all — Chase, Wells Fargo, and most online banks have free checking options. The choice depends on whether you value Bank of America's branch network and whether you can waive the fee through direct deposit. If you cannot waive the fee and do not need Bank of America specifically, a free checking account elsewhere will save you $144 per year.

How to open Advantage Plus and what you need

You can open Advantage Plus online, in a Bank of America branch, or by phone. Online, the process takes about 10 minutes and requires your Social Security number, date of birth, address, and a government-issued ID. You will need to fund the account with an initial deposit — Bank of America does not specify a minimum, but most banks require at least $25 to $100 to open.

If you already have a Bank of America account, you can open Advantage Plus as an additional account without reapplying for everything. If you are new to Bank of America, the bank will run a soft credit check and verify your identity through ChexSystems, which is a checking account history database. The account is usually active within one business day, and your debit card arrives in 7 to 10 business days.

When Advantage Plus makes sense and when it does not

Advantage Plus makes sense if you already bank with Bank of America, receive direct deposit, and want a straightforward checking account without switching banks. The $12 fee disappears if direct deposit is set up, so the account costs nothing. It also makes sense if you value having a physical branch nearby and are willing to pay for that convenience.

Advantage Plus does not make sense if you do not have direct deposit and cannot maintain a $500 balance, because you will pay $144 per year in fees. It also does not make sense if you frequently overdraft, because the $35 per transaction fee adds up quickly. In those cases, a free checking account at an online bank or credit union is a better financial choice.

Frequently Asked Questions

Can I waive the monthly fee with a savings account balance instead of checking?

No. The $500 minimum balance requirement applies only to the Advantage Plus checking account itself. A savings account balance at Bank of America does not count toward waiving the checking fee. Direct deposit is the easiest way to avoid the fee if you do not want to keep $500 in checking.

What happens if I do not set up overdraft protection and my account goes negative?

Each transaction that overdraws your account costs $35. Bank of America will typically decline further transactions once you are negative, but the fee still posts. You can request overdraft protection at any time to prevent future overdrafts, or you can straightforward monitor your balance through the app.

Can I convert an existing Bank of America account to Advantage Plus?

If you have a different Bank of America checking account, you can close it and open Advantage Plus, or you can keep both accounts open. You cannot straightforward change the account type — you have to open a new account. Talk to a Bank of America representative in branch or by phone if you want to understand the implications of switching.

Does Advantage Plus come with a savings account?

No. Advantage Plus is checking only. If you want a savings account, you open that separately. Bank of America offers savings accounts with their own monthly fees and balance requirements, which are waived under similar conditions (direct deposit or minimum balance).

Is there a student or youth version of Advantage Plus with lower fees?

Bank of America offers a Student Banking account for customers under 25, which has no monthly fee and no minimum balance requirement. If you are under 25, that account is a better choice than Advantage Plus. Once you turn 25, the account converts to Advantage Plus with the standard $12 fee unless you meet the waiver conditions.