How to avoid Bank of America $12 monthly maintenance fee?

Outsmarting the Bank of America $12 Monthly Fee: Three Simple Strategies

Bank of America’s Advantage Plus banking account offers a range of features, but it comes with a $12 monthly maintenance fee that can quickly eat into your savings. Fortunately, there are several straightforward ways to avoid this charge. This article outlines three proven methods to keep your money where it belongs – in your account, not paying unnecessary fees.

1. Maintain a Healthy Balance: The most straightforward way to escape the $12 monthly fee is to maintain a daily minimum balance of $1,500 or more in your Advantage Plus account. This requires careful budgeting and financial planning. Consider setting up automatic transfers to ensure you consistently meet this threshold. While this method requires a higher level of financial commitment, it’s a reliable way to avoid the monthly fee indefinitely.

2. Embrace Direct Deposit: For those who receive regular paychecks or other income, utilizing direct deposit is a simple and convenient solution. By setting up a direct deposit of $250 or more into your Advantage Plus account each month, you automatically waive the monthly maintenance fee. This method is particularly attractive for individuals who already receive their income electronically. Contact your employer or benefit provider to ensure your direct deposit is properly configured.

3. Unlock Benefits with BofA Preferred Rewards: Bank of America’s Preferred Rewards program offers a range of benefits, including the waiver of monthly maintenance fees on eligible accounts like the Advantage Plus. This program is tiered, with higher balances unlocking greater rewards. While eligibility requirements vary, joining the program can significantly enhance your banking experience beyond simply avoiding the $12 fee. Research the program’s specifics and tiers on Bank of America’s website to determine if it aligns with your financial goals.

Choosing the Right Strategy: The best method for avoiding the $12 monthly fee depends on your individual financial situation. If you consistently maintain a significant balance, the minimum balance method is ideal. For those receiving regular income, direct deposit is the most convenient. And for those seeking broader banking benefits beyond fee waivers, the BofA Preferred Rewards program is worth exploring.

Important Note: Always refer to Bank of America’s official website or contact their customer service for the most up-to-date information on fees and requirements. Program details and eligibility criteria are subject to change. By understanding these options, you can confidently navigate your Bank of America banking and keep more of your hard-earned money.