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BofA > BofA Advantage Banking > Flashcards

BofA Advantage Banking Flashcards

1
Q

Three account setting

A

Advantage SafeBalance Banking
Advantage Plus Banking
Advantage Relationship Banking

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2
Q

Benefits of Advantage Banking

A

Enables associates and clients to spend more time discussing life priorities

Ability to switch account settings when clients financial needs change without changing the account number, debit card or login for online banking

Convenience, security and access to all of Bank of Americas products and services

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3
Q

Advantage SafeBalance Banking

A

-Ideal choice for students and clients who are concerned about over drafting their accounts
- helps clients avoid overdraft fees by limiting their ability to spend more than they have
- no overdraft or non sufficient funds fees
- trans. Are declined and returned unpaid when clients don’t have enough money in their account
- not eligible for paper checks
-Sole ownership for ages 16+
- not eligible for balance Connect or balance assist
Fee: $4.95

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4
Q

How do you waive the fee for Advantage SafeBalance Banking?

A

Preferred rewards

Account owner is under 25 and a student

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5
Q

Bank of America Advantage Plus Banking

A

Multiple ways to waive monthly fee

Option to set up balance connect for overdraft protection

Option to buy paper checks

Fee: $12

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6
Q

How to waive the fee for Advantage Plus Banking

A

Each statement cycle:

If you have at least a direct deposit of $250 +

Maintain a balance of $1,500

Preferred Rewards

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7
Q

Bank of America Advantage Relationship Banking

A 
No fees on select services and additional accounts
ATM debit card replacements
Rush replacement
Standard check orders 
Check copies
Stop payments
Incoming domestic wire transfers

Earn interest

Balance Connect for Overdraft protection

Paper checks available

Fee : $25

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8
Q

How to waive the fee for Advantage Relationship Banking

A

Maintain combined balance of $10,000 in electively linked accounts

Preferred rewards

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9
Q

What is balance connect?

A

Overdraft protection to help cover payments and purchases and prevent declined transactions

Automatically transfers funds from linked back up accounts

  • transfer from linked savings account counts towards six transactions your allowed each month from your savings account may lead to withdrawal fee
  • linked credit card, HELOC, business credit card, business line of credit are considered advances and amount advanced is subject to interest or finance charges
  • if all back up accounts are not enough to cover the amount needed, no transfer is made

Only time you have to pay a overdraft is when balance connect is used

  • $12 fee
  • – Waived if:
  • —- preferred rewards
  • —- BofA Advantage Relationship account setting
  • —- BofA Advantage with tiered interest and regular checking account
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10
Q

Balance Connect starting on August 20th

A

Conveniently enroll using online

Link up to five backup accounts to a single covered account and choose the order in which those backup accounts are accessed

Single $12 overdraft protection transfer fee

When overdraft protection transfer is made from credit card or line of credit the exact amount needed Plus $12 will be transferred from back up account

Savings accounts are no longer eligible -
Only used as back up accounts
Helps clients use savings account for intended purpose - save for financial goals

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11
Q

What are some of the features of the Advantage SafeBalance Banking setting?

A

Helps clients stay within their available balance
No overdraft fees
Cannot order checks

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12
Q

With the Advantage SafeBalance Banking setting, how can clients avoid the monthly maintenance fee?

A

Preferred Rewards member

Account owner is under the age 25 and is a student

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13
Q

What is the minimum opening balance requirement for Advantage SafeBalance Banking setting?

A

$25

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14
Q

What is the minimum age to open an Advantage SafeBalance Banking with out a co-owner?

A

Sole ownership for ages 16+

Under 16 needs a co-owner

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15
Q

How will clients make payments without paper checks?

A

Bill pay - enter company and amount

Online - debit card

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16
Q

What overdraft fees are charged with the Decline All overdraft setting?

A

$0

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17
Q

The account balance in Advantage SafeBalance Banking also counts towards the Preferred Rewards program’s balance requirements and reward tier qualifiers

A

True

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18
Q

What is the minimum opening balance requirement for the Advantage Plus Banking setting?

A

$100

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19
Q

With the Advantage Plus Banking setting, how can clients avoid the monthly maintenance fee?

A

Preferred Rewards
Direct deposit of $250+ each statement cycle
Maintain balance of $1500 daily

20
Q

List the features of the Advantage Plus Banking Setting

A

Balance Connect for overdraft protection
Option to buy paper checks
Variety of ways to waive the monthly fee

21
Q

What overdraft setting can a client select with the Advantage Plus Banking setting?

A

Balance Connect
Decline All non sufficient funds - does not get paid
Over Draft - does get paid

22
Q

When your accounts are linked the balance in Advantage SafeBalance Banking counts towards the combined balance amount needed to avoid a monthly fee in Advantage Plus Banking

A

False - combined balances do not apply

23
Q

What is the minimum opening balance requirement for the Advantage Relationship Banking setting?

24
Q

With the Advantage Relationship Banking setting, how can clients avoid the monthly maintenance fee?

A

Combined balance of $10,000 in eligible linked accounts

Preferred Rewards

25
Q

What are some of the features of the Advantage Relationship Banking setting?

A

Earn interest
Paper checks available
Balance Connect
No fees on select services and ATM, debit card replacement, stop payments, incoming domestic wire transfers, check orders, check copies and rush replacement

26
Q

Eligible students may qualify for a monthly maintenance fee waiver on the Advantage Relationship Banking setting if they meet the following criteria: “They are younger than 23 years old” and “They present a valid student ID”.

27
Q

A client can elect to change the Standard overdraft setting in the Advantage Plus Banking to the Decline All setting.

28
Q

What are the security features on all BofA debit cards?

A

PIN number
Online/mobile banking
Lock/unlock card
Numbers on Card are underneath

29
Q

What banking transactions can you do with your debit card at the ATM?

A

Withdraw, deposit, account balance, transfers between checking and savings of debit card is linked

30
Q

Overdraft Setting?

A

How Bank processes transactions when there are insufficient funds available

31
Q

Ways to avoid overdraft fees:

A
  1. Set up alerts
  2. Overdraft Protection (ODP)
  3. Advantage SafeBalance Banking
    - – clients can only spend what they have with no overdraft or returned items fee
  4. Decline All Setting
  5. Encourage use of Mobile/Online Banking
32
Q

Decline All Setting (Avoid Overdraft Fees)

A
  • Prevents transactions when funds are unavailable
  • possible returned item fees
  • -(checks, electronic payments, in-person withdrawals, other electronic payments)
33
Q

Balance Assist Overview

A
  • Low cost small dollar loan for eligible consumer checking clients that can help them manage unexpected expenses
  • affordable, easy-to-understand solution for clients short-term borrowing needs
  • alternative to overdrawing accounts
  • opportunity to build credit history
34
Q

How does Balance Assist Work?

A
  1. Up to $500 in $100 increments
  2. One time $ flat-fee
  3. Client pay back amount borrowed Plus $5 fee in three equal monthly payments
  4. Apply and make payments online
  5. Small business and safe balance accounts are not eligible
35
Q

Balance Assist Requirements

A

One Balance Assist loan at a time
- maximum of 6 Balance Assist loans in 12-month period

Application process includes credit check

Automatically set to “Decline All”
- Setting cannot be changed until Balance Assist loan is paid off

Checking open for one full year, positive balance in all accounts and history of regular monthly payments

36
Q

Balance Assist extra Info

A

Balance Assist is not a line of credit

Clients cannot draw on loan amount multiple times

Clients must apply each time they need a loan

Each time client is approved, they get new account and new account number

37
Q

What do Balance Transfers (BT) allow clients to do?

A
  • transfer non BofA balances to an eligible personal credit card
  • consolidate debt
  • transfer balances in 2-4 business days
38
Q

What do direct deposits allow clients to do?

A
  • transfer funds from an eligible personal credit card to a personal checking account at BofA or any bank
  • pay for planned or unplanned expenses
  • access funds in 1-3 business days
39
Q

Consolidate Debt

A

One monthly payment and Statement to save money - convenience

Save money by paying down higher interest rate debt faster

40
Q

Solution Pricing

A
  • Service that allows clients to link other eligible Checking and savings accounts to a primary account so that way balances can be combined
  • linking accounts provides clients the opportunity to waive the monthly maintenance fee (MMF) on the primary account
41
Q

Common Reasons Debit Card is declined:

A
  • card blocked due to suspicious fraud
  • debit card locked by client
  • low funds in account
  • multiple invalid PIN payments
  • card expired
  • card limits exceeded
42
Q

Debit Card Withdrawal Limits

A
  • No more than $1,000 daily
  • may customize a permanent increase in daily limit up to $1500
  • establish temporary limit over maximum default up to $2,500, for 14 calendar days
  • may customize a permanent decrease in daily limit down to $1
43
Q

Debit Card Daily Purchase Limits

A
  • purchase limit is linked checking accounts balance

- client can establish lower purchase limit maximum daily purchase limit is $10,000

44
Q

Safe Balance description

A

A deposit account with no overdraft fees. The monthly maintenance fee is waived for eligible students under the age of 25 as well as clients enrolled in preferred rewards

45
Q

Balance Assist

A

An affordable way for clients to meet short-term liquidity needs, borrowing up to $500 (in increments of $100) for a flat $5 fee regardless of the amount borrowed

46
Q

Balance connect for overdraft protection

A

Cover purchases and payments by automatically transferring money from up to 5 linked Bank of America accounts - now with no transfer fee

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