Navigating bank fees can feel like walking through a minefield, especially when you're trying to save every penny. If you're a Bank of America Advantage Plus Banking customer, you might be familiar with that $12 monthly maintenance fee. But what if I told you there are multiple ways to avoid it? Wouldn't that be a game-changer for your budget?
Let's dive in and unlock the secrets to keeping that $12 in your pocket every month!
A Comprehensive Guide to Avoiding Bank of America Advantage Plus Banking Monthly Fees
The Bank of America Advantage Plus Banking account offers a balance of features, but its $12 monthly maintenance fee can quickly eat into your savings. The good news is that Bank of America provides clear pathways to waive this fee. By understanding and implementing these strategies, you can enjoy the convenience of your account without the recurring charge.
Step 1: Understand the Enemy – The $12 Monthly Fee
Before you can conquer the fee, you need to know exactly what triggers it. The Bank of America Advantage Plus Banking account typically charges a $12 monthly maintenance fee. This fee is automatically assessed unless you meet specific criteria during each statement cycle. Knowing these criteria is your first line of defense.
Step 2: Identify Your Fee Waiver Strategy
Bank of America offers several common methods to waive the Advantage Plus Banking monthly fee. You only need to meet one of these requirements during each statement cycle. Let's break them down:
Sub-heading A: The Direct Deposit Method
This is one of the most popular and often easiest ways to avoid the fee, especially if you have a regular income.
- What it entails: You need to have at least one qualifying direct deposit of $250 or more made to your account during the statement cycle.
- What counts as a qualifying direct deposit? This typically includes regular monthly income like your salary, pension, or government benefits (e.g., Social Security). These deposits are made by your employer or other payer using your account and routing numbers.
- What doesn't count? Be aware that transfers from other Bank of America accounts, ATM deposits, person-to-person payments (like Zelle), or non-payroll deposits generally do not count as qualifying direct deposits for this waiver.
Sub-heading B: The Minimum Daily Balance Method
If you consistently keep a certain amount of money in your account, this option is for you.
- What it entails: You must maintain a minimum daily balance of $1,500 or more in your account for the entire statement cycle.
- Important consideration: This means that on every single day of your statement cycle, your balance must not dip below $1,500. If it does, even for a moment, you could be charged the fee. This method requires diligent monitoring of your account balance.
Sub-heading C: The Preferred Rewards Program
For those with a broader financial relationship with Bank of America and Merrill, this can be a very beneficial waiver.
- What it entails: An account owner must be a member of the Preferred Rewards program and qualify for the Gold, Platinum, or Platinum Honors tier (fee waiver applies to the first 4 checking and 4 savings accounts). For Diamond Honors tier clients, the fee waiver is unlimited.
- How to qualify for Preferred Rewards: This program requires you to have an eligible Bank of America personal checking account and maintain a combined average daily balance of at least $20,000 (for the Gold tier) across your qualifying Bank of America deposit accounts (checking, savings, CDs) and/or Merrill investment accounts. Higher tiers require higher balances.
- Benefits beyond fee waivers: Preferred Rewards offers a host of other benefits, including interest rate boosters on savings, discounts on loans, and credit card rewards bonuses. If you meet the balance requirements, this is a powerful way to maximize your banking relationship.
Sub-heading D: The Under 25 Waiver (for SafeBalance, but worth noting)
While this post focuses on Advantage Plus, it's crucial to know that Bank of America's Advantage SafeBalance Banking account offers a direct fee waiver for those under 25. If you're currently an Advantage Plus customer and under 25, it might be worth considering if SafeBalance better suits your needs, as it also has no overdraft fees. For Advantage Plus, while being under 25 might be a factor for certain other accounts, the primary waivers for Advantage Plus remain direct deposit, minimum balance, or Preferred Rewards.
Step 3: Implement Your Chosen Strategy
Now that you know the options, it's time to put your plan into action.
Sub-heading A: Setting up Direct Deposit
- Contact your employer's payroll department: This is usually the easiest way to initiate direct deposit. They will provide you with a form to fill out.
- Gather your banking information: You'll need your Bank of America account number and the ABA routing number for direct deposit. You can usually find this on your checks, in your online banking portal, or by contacting Bank of America customer service.
- Submit the form: Provide the completed direct deposit form to your employer's payroll office.
- Verify the deposit: After your next payday, check your Bank of America account online or through the mobile app to ensure the direct deposit of $250 or more has been successfully credited.
Sub-heading B: Managing Your Minimum Daily Balance
- Monitor your balance regularly: This is key. Use Bank of America's online banking or mobile app to check your balance frequently, especially if you have variable expenses.
- Set up balance alerts: Bank of America allows you to set up custom alerts. Configure an alert to notify you if your balance drops below, say, $1,600 or $1,700, giving you time to transfer funds if needed.
- Avoid large, unexpected withdrawals: Be mindful of large purchases or withdrawals that could cause your balance to fall below the $1,500 threshold.
- Consider a linked savings account: If you have a Bank of America savings account, you might consider linking it for overdraft protection (though this won't necessarily waive the monthly maintenance fee for Advantage Plus itself, it can help prevent overdraft fees if your checking balance dips). However, maintaining a combined balance across accounts might be part of the Preferred Rewards strategy.
Sub-heading C: Enrolling in Preferred Rewards
- Assess your total assets: Calculate your combined average daily balance across all your eligible Bank of America deposit accounts and Merrill investment accounts.
- Check eligibility online: Log in to your Bank of America online banking. There's often a section dedicated to Preferred Rewards where you can see if you qualify and enroll.
- Consider consolidating assets: If you're close to a Preferred Rewards tier but not quite there, consider moving funds from other institutions to Bank of America or Merrill to meet the balance requirement.
- Understand the benefits: Once enrolled, familiarize yourself with all the benefits you receive, not just the checking account fee waiver. This can help you maximize your banking relationship.
Step 4: Verify and Adjust
- Review your monthly statements: Always review your Bank of America statements each month. Look for the "Monthly Maintenance Fee" line item. If it's $0, you've successfully avoided it! If you see a charge, you'll know you need to adjust your strategy for the next cycle.
- Contact customer service if needed: If you believe you met the waiver requirements but were still charged a fee, don't hesitate to contact Bank of America customer service. Explain your situation and politely request a fee waiver or clarification. Sometimes, a one-time waiver might be granted if it's your first instance of not meeting the criteria.
- Stay informed: Bank policies can change. Periodically review Bank of America's website or your account's "Personal Schedule of Fees" for any updates to fee waiver requirements.
By diligently following these steps, you can effectively manage your Bank of America Advantage Plus Banking account and ensure that the $12 monthly fee becomes a thing of the past. It's all about being proactive and understanding the rules of the game!
10 Related FAQ Questions
How to check my Bank of America Advantage Plus fee waiver status?
You can check your monthly statement, which will show if a fee was charged. Alternatively, log in to your online banking or mobile app and look for details on your account's monthly fees and qualifying activity.
How to set up direct deposit for my Bank of America Advantage Plus account?
You can set up direct deposit by providing your employer's payroll department with your Bank of America account number and routing number. You can usually find a pre-filled direct deposit form in your Bank of America online banking or by asking Erica (their virtual assistant).
How to find my Bank of America Advantage Plus routing number?
Your Bank of America routing number can typically be found on your checks (the first set of numbers at the bottom), within your online banking portal under account details, or by using Bank of America's routing number lookup tool on their website.
How to easily monitor my Bank of America Advantage Plus daily balance?
Use the Bank of America mobile app or online banking to check your balance frequently. You can also set up low-balance alerts to notify you if your account drops below a certain threshold.
How to qualify for Bank of America Preferred Rewards?
To qualify for Preferred Rewards, you need an eligible Bank of America personal checking account and a three-month combined average daily balance of at least $20,000 across your qualifying Bank of America deposit accounts and/or Merrill investment accounts.
How to avoid overdraft fees on my Bank of America Advantage Plus account?
While separate from the monthly fee, avoiding overdrafts is crucial. You can do this by monitoring your balance, setting up alerts, or considering Bank of America's Balance Connect for overdraft protection (though this may have its own fees).
How to switch from Advantage Plus to a no-monthly-fee Bank of America account?
If you're under 25, consider the Bank of America Advantage SafeBalance Banking account, which has no monthly fee for those under that age and also no overdraft fees. You can typically initiate an account change by contacting Bank of America or visiting a financial center.
How to get a fee waiver if I temporarily dipped below the minimum balance?
Contact Bank of America customer service. While not guaranteed, they may offer a one-time fee waiver, especially if you have a good banking history and it's your first time falling below the requirement.
How to confirm if my direct deposit is a "qualifying" one for the fee waiver?
Qualifying direct deposits are generally regular income payments from an employer or government entity. If you're unsure, contact Bank of America customer service to confirm if your specific direct deposit source will count.
How to review the specific fee waiver terms for my Bank of America Advantage Plus account?
Always refer to your "Personal Schedule of Fees" document provided by Bank of America when you opened your account, or find the most current version on their official website. This document contains the definitive terms and conditions for your account's fees and waivers.