topic Re: Bank of America Advantage Plus Banking ACH Question in Personal Finance

Bank of America Advantage Plus Banking ACH Question

Wavester64 — Sat, 11 Apr 2020 20:48:04 GMT

The requirements to avoid fees are the following (I draw your attention to the hightlighted area)

It's been said on reddit that you can ACH $250 back and forth to avoid this fee.

However, I have only seen that one person mention this.

Can anyone confirm that making a $250 ACH back and forth each month qualifies to avoid and fees with opening this account? Its a much better option than having $1500 dead in the account.

Re: Bank of America Advantage Plus Banking ACH Question

DaveInAZ — Sun, 12 Apr 2020 18:25:41 GMT

Heck if I know, but sure interested in the answer - BoA is very strict on the type of direct deposits for a bonus, but not sure about to avoid fees. I just opened a BoA checking in late March, I got the targeted email of $300 bonus for $4k in direct deposits within 90 days. I'm good until end of June on fees as it will take me that long to get $4k in payroll DDs into the account. In checking Doctor of Credit "Methods Banks Count as DDs" I see a note that an ACH from Discover savings worked for avoiding fees but not for a bonus, so may be possible.

Re: Bank of America Advantage Plus Banking ACH Question

Anonymous — Mon, 13 Apr 2020 17:04:17 GMT

Well since my severance stops April 20th, it means I'll need to DD from somewhere starting in May. So I plan to test this DP very soon!

I sure hope so as I don't really want to close an account I've had this long. I was trying to figure out which FI to use, so as per this thread I'll try Disco first.

I'm guessing check deposits via the app will not work either?

Re: Bank of America Advantage Plus Banking ACH Question

coldfusion — Tue, 14 Apr 2020 00:45:19 GMT

DoC has a page with data collected from readers as to whether any of a number of different bank/CUs would treat ACH deposits pushed from other banks/CUs as DD. You might want to look up that page and check.

Re: Bank of America Advantage Plus Banking ACH Question

AllZero — Tue, 14 Apr 2020 02:16:11 GMT

@Anonymous wrote:
Well since my severance stops April 20th, it means I'll need to DD from somewhere starting in May. So I plan to test this DP very soon!
I sure hope so as I don't really want to close an account I've had this long. I was trying to figure out which FI to use, so as per this thread I'll try Disco first.

I'm guessing check deposits via the app will not work either?

@Anonymous @Wavester64 Navy ACH will count as DD $250.

Re: Bank of America Advantage Plus Banking ACH Question

Wavester64 — Mon, 04 May 2020 13:58:40 GMT

@AllZero wrote:
@Anonymous wrote:
Well since my severance stops April 20th, it means I'll need to DD from somewhere starting in May. So I plan to test this DP very soon!
I sure hope so as I don't really want to close an account I've had this long. I was trying to figure out which FI to use, so as per this thread I'll try Disco first.

I'm guessing check deposits via the app will not work either?
@Anonymous @Wavester64 Navy ACH will count as DD $250.

So just to confirm/clarify : Your saying if I dump $500 in my Navy account, and then in 2 successive bi-weeks I send $250 from that Navy account to my BOA that would qualify me for that bonus, correct?

Re: Bank of America Advantage Plus Banking ACH Question

AllZero — Mon, 04 May 2020 15:43:53 GMT

@Wavester64 wrote:
@AllZero wrote:
@Anonymous wrote:
Well since my severance stops April 20th, it means I'll need to DD from somewhere starting in May. So I plan to test this DP very soon!
I sure hope so as I don't really want to close an account I've had this long. I was trying to figure out which FI to use, so as per this thread I'll try Disco first.

I'm guessing check deposits via the app will not work either?
@Anonymous @Wavester64 Navy ACH will count as DD $250.
So just to confirm/clarify : Your saying if I dump $500 in my Navy account, and then in 2 successive bi-weeks I send $250 from that Navy account to my BOA that would qualify me for that bonus, correct?

Minimum one monthly ACH should suffice.

Per BoA website below for Advantage Plus Checking:

We'll waive the monthly maintenance fee each statement cycle that you:

Have at least one qualifying direct deposit of$250+

Maintain a $1,500 minimum daily balance

Are enrolled in Preferred Rewards4

Re: Bank of America Advantage Plus Banking ACH Question

Wavester64 — Mon, 04 May 2020 16:03:01 GMT

@AllZero wrote:
@Wavester64 wrote:
@AllZero wrote:
@Anonymous wrote:
Well since my severance stops April 20th, it means I'll need to DD from somewhere starting in May. So I plan to test this DP very soon!
I sure hope so as I don't really want to close an account I've had this long. I was trying to figure out which FI to use, so as per this thread I'll try Disco first.

I'm guessing check deposits via the app will not work either?
@Anonymous @Wavester64 Navy ACH will count as DD $250.
So just to confirm/clarify : Your saying if I dump $500 in my Navy account, and then in 2 successive bi-weeks I send $250 from that Navy account to my BOA that would qualify me for that bonus, correct?
Minimum one monthly ACH should suffice.

Per BoA website below for Advantage Plus Checking:

We'll waive the monthly maintenance fee each statement cycle that you:

Have at least one qualifying direct deposit of$250+
OR
Maintain a $1,500 minimum daily balance
OR
Are enrolled in Preferred Rewards4

OK, I am going to give this a whirl. (2) $250 ACH from Navy to BOA and hopefully that qualifies me for the $100 bonus.

I gotta get something outta putting $1500 dead there and not getting the CC I wanted

Re: Bank of America Advantage Plus Banking ACH Question

Wavester64 — Thu, 16 Jul 2020 18:24:08 GMT

@AllZero wrote:
@Wavester64 wrote:
@AllZero wrote:
@Anonymous wrote:
Well since my severance stops April 20th, it means I'll need to DD from somewhere starting in May. So I plan to test this DP very soon!
I sure hope so as I don't really want to close an account I've had this long. I was trying to figure out which FI to use, so as per this thread I'll try Disco first.

I'm guessing check deposits via the app will not work either?
@Anonymous @Wavester64 Navy ACH will count as DD $250.
So just to confirm/clarify : Your saying if I dump $500 in my Navy account, and then in 2 successive bi-weeks I send $250 from that Navy account to my BOA that would qualify me for that bonus, correct?
Minimum one monthly ACH should suffice.

Per BoA website below for Advantage Plus Checking:

We'll waive the monthly maintenance fee each statement cycle that you:

Have at least one qualifying direct deposit of$250+
OR
Maintain a $1,500 minimum daily balance
OR
Are enrolled in Preferred Rewards4

Just to update for anyone following this thread - so far I have NOT gotten the bonus. BofA's site mentions in the fine print that it should be within 60-days of the 2nd deposit - 60-days will be July 25th, which is coming soon. Hopefully it still happens. I wish they had a chat or email feature to check up on this - not in the mood to call and be online for any extended amount of time just to find out the CSR doesn't know any more than I do

Re: Bank of America Advantage Plus Banking ACH Question

randomguy1 — Mon, 20 Jul 2020 04:24:16 GMT

Very recent DPs:

6/20 - Opened

7/9 - DD (legit)

7/9 - DD (legit, my consulting gig)

7/17 - Bonus post

Re: Bank of America Advantage Plus Banking ACH Question

DaveInAZ — Mon, 20 Jul 2020 14:50:03 GMT

@Wavester64 wrote:
Just to update for anyone following this thread - so far I have NOT gotten the bonus. BofA's site mentions in the fine print that it should be within 60-days of the 2nd deposit - 60-days will be July 25th, which is coming soon. Hopefully it still happens. I wish they had a chat or email feature to check up on this - not in the mood to call and be online for any extended amount of time just to find out the CSR doesn't know any more than I do

A $250 ACH deposit might work to waive the monthly fee, but BoA is one of the most strict in requiring legit DDs for a SUB bonus. I opened my BoA checking March 30 with targeted $300 bonus, hit the $4k in DDs 6/24 with payroll & Social Security DDs, bonus posted 7/3.

Re: Bank of America Advantage Plus Banking ACH Question

Wavester64 — Fri, 11 Sep 2020 13:05:34 GMT

@Wavester64 wrote:
@AllZero wrote:
@Wavester64 wrote:
@AllZero wrote:
@Anonymous wrote:
Well since my severance stops April 20th, it means I'll need to DD from somewhere starting in May. So I plan to test this DP very soon!
I sure hope so as I don't really want to close an account I've had this long. I was trying to figure out which FI to use, so as per this thread I'll try Disco first.

I'm guessing check deposits via the app will not work either?
@Anonymous @Wavester64 Navy ACH will count as DD $250.
So just to confirm/clarify : Your saying if I dump $500 in my Navy account, and then in 2 successive bi-weeks I send $250 from that Navy account to my BOA that would qualify me for that bonus, correct?
Minimum one monthly ACH should suffice.

Per BoA website below for Advantage Plus Checking:

We'll waive the monthly maintenance fee each statement cycle that you:

Have at least one qualifying direct deposit of$250+
OR
Maintain a $1,500 minimum daily balance
OR
Are enrolled in Preferred Rewards4
Just to update for anyone following this thread - so far I have NOT gotten the bonus. BofA's site mentions in the fine print that it should be within 60-days of the 2nd deposit - 60-days will be July 25th, which is coming soon. Hopefully it still happens. I wish they had a chat or email feature to check up on this - not in the mood to call and be online for any extended amount of time just to find out the CSR doesn't know any more than I do

An update to anyone following this thread - still nothing after several phone calls, Tweets, emails. Looks like its not going to happen. I never seem to have good luck when it comes to BoA.

Re: Bank of America Advantage Plus Banking ACH Question

Anonymous — Thu, 11 Feb 2021 23:07:04 GMT

Going to give this a try. Thx

Re: Bank of America Advantage Plus Banking ACH Question

Anonymous — Thu, 11 Feb 2021 23:08:41 GMT

Hi wanted to ask if this actually worked for you? I know it's an old post but I'm in same scenario-thx!

Re: Bank of America Advantage Plus Banking ACH Question

Wavester64 — Thu, 11 Feb 2021 23:51:56 GMT

@Anonymous wrote:
Hi wanted to ask if this actually worked for you? I know it's an old post but I'm in same scenario-thx!

Hey @Anonymous , nope unfortunately this never panned out.

Re: Bank of America Advantage Plus Banking ACH Question

Anonymous — Fri, 12 Feb 2021 03:36:27 GMT

Darn. Thanks for letting me know.