Direct Deposit Waiver Option For individuals who may not meet the high balance threshold, a direct deposit waiver offers a more accessible alternative. Understanding the Advantage Plus Monthly Fee The primary cost associated with the Bank of America Advantage Plus Banking is the monthly maintenance fee, which is currently set at $25.
How to Meet Advantage Plus Fee Waiver Requirements and Avoid the Monthly Fee
To waive the $25 charge, account holders must keep a combined minimum balance of $20,000 across all their eligible Bank of America accounts. Fee Category Standard Cost Advantage Plus Status Monthly Maintenance $25 Waived with balance or direct deposit Outgoing Domestic Wire $20 Waived Outgoing International Wire $35 Waived ATM Withdrawal Fees $2-$5 Refunded Potential Penalties and Considerations Despite the waivers, it is essential to remain vigilant about other potential charges.
The Bank of America Advantage Plus Banking package presents a suite of benefits designed for the active consumer, but it is crucial to scrutinize the associated costs to determine if the value proposition aligns with your financial habits. Customers who frequently travel, send international wires, or maintain high balances will likely find the account cost-effective.
How to Meet Advantage Plus Fee Waiver Requirements with Direct Deposit
Additionally, the account waives standard domestic wire transfer fees, which can otherwise accumulate quickly for individuals managing frequent bill payments or international transfers. Furthermore, while ATM fee refunds are a benefit, the bank may impose limitations on the frequency of refunds or specific network restrictions, so reviewing the official terms is always recommended.
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