Is Bank of America charging $12 fee?

Decoding Bank of America’s $12 Advantage Plus Checking Fee: Is It Avoidable?

Bank of America’s Advantage Plus checking account is a popular choice for many, but prospective customers often raise concerns about the advertised $12 monthly maintenance fee. While the fee is indeed a standard part of the account structure, it’s crucial to understand that it’s not necessarily an unavoidable cost. This article will dissect the fee, exploring the circumstances under which it’s levied and, more importantly, how to avoid it entirely.

The $12 monthly fee is a common hurdle for those considering the Advantage Plus account. This fee is applied if the account holder fails to meet the bank’s specified requirements for fee waiver. The primary condition for avoiding the $12 charge is maintaining a minimum daily balance of $1,500. This means that the balance in your account must remain at or above $1,500 every day of the month to ensure the fee doesn’t appear on your statement.

However, there’s more nuance to consider than just the daily balance requirement. While maintaining a high balance is the most straightforward method, Bank of America provides alternative pathways to waive the fee. These options aren’t always explicitly advertised, so it’s important to delve deeper into the account’s terms and conditions or directly contact a Bank of America representative for clarification. These alternative methods might involve linking the checking account to a Bank of America savings account, regular direct deposits, or participation in specific banking programs. The exact criteria for these alternative waivers can change, so it’s essential to stay informed about current policies.

For individuals who consistently maintain a balance below $1,500 and don’t qualify for alternative fee waivers, the $12 monthly fee can significantly impact their finances. It’s essential to carefully weigh the benefits of the Advantage Plus account, such as its features and accessibility, against the potential cost of the monthly fee. Before opening an Advantage Plus account, potential customers should thoroughly examine their financial habits and spending patterns to determine if they can consistently meet the minimum balance requirement or qualify for an alternative fee waiver.

In conclusion, while Bank of America’s Advantage Plus checking account does have a $12 monthly fee, it’s not an insurmountable barrier for many. By understanding the fee waiver conditions and exploring all available options, customers can significantly increase their chances of avoiding this charge and enjoying the benefits of the account without the added expense. Prospective customers are strongly encouraged to contact Bank of America directly or carefully review their website for the most up-to-date information regarding fee waivers and account requirements.