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Bank of America Banks Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Bank of America is a leading multinational investment corporation and the second largest bank in the United States. Founded in 1904 in San Francisco, the bank now has its headquarters in Charlotte, North Carolina, and offers personal and commercial banking products and services, including bank accounts, credit cards, loans, and investing products through their Merrill Edge service.
 
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How is Bank of Ameirca rated?

Breakdown

4.0/5
Availability/Customer Service
4.0/5
Accounts Performance and Fees
4.0/5
Financial Strength

Overall Rating: 4 / 5 (Very good)

Bank of America is a great banking option for individuals and business owners due to its financial stability and longstanding reputation. The company offers a wide variety of banking and investment services to consumers, so there is always an option available if you are interested in becoming a customer. For online banking, Bank of America offers standard yet useful features like money transfers, person-to-person payments, appointment scheduling, and spending and budgeting tools. Their mobile app is also useful, allowing customers to deposit checks and even check for local branches and ATMs. However, Bank of America's savings and checking accounts come with various fees, and they have one of the lowest interest earnings for their banking accounts. Therefore, customers looking for a bank with competitive APY ratings will find better options elsewhere.

Bank of Ameirca General Banking Services

Availability/Customer Service - 4 / 5

Bank of America provides a wide variety of banking services to individuals and businesses. Checking accounts are available in simple or premium options, the latter including perks like earned interests, fewer fees, and overdraft protection. For savings, Bank of America has three options. Also, Rewards Savings Account comes with, BankAmeriDeals®, which means customers get up to 15% cash back on selected businesses. However, customers will not find competitive APY ratings with Bank of America, since its rates are one of the lowest available. Also, these accounts come with various fees, so it's important for customers to inform themselves before committing to any of the bank's accounts. Bank of America also offers a full range of home loans and auto loans, as well as investment options like retirement planning, IRAs, and college saving plans.

Savings Accounts

Savings Account
Rewards Savings, Bank of America Minor Savings account (under 18), Custodial Savings Account (UTMA)
Savings Account APY (Annual Percentage Yield)
0.03%-0.06%
Savings Account Fees
Maintenence
Insufficient Balance Fee
Overdraft Fee
Out of Network ATM Fee

Checking Accounts

Checking Account
Core Checking, Interest Checking, SafeBalance Banking, Business Fundamentals Checking, Business Advantage Checking
Checking Account Fees
Maintenence Fee
Incoming Wire Fee
Replacement Card Fee
Expedited Delivery for Replacement Card Fee
Insufficient Funds Fee

Additional Services

Cards
Credit Cards
Debit/ATM Cards
Loan Products
Mortgages
Mortgage Refinance
Home Equity Loans
Auto Loans
Physical Branches
4,400 financial centers across the United States.
Rewards Programs/Special Offers
BankAmeriDeals®

Other Bank Accounts

CDs
Money Market Accounts
Brokerage Accounts
Retirement Accounts
IRA
Roth IRA
Accounts for Children
Sweep Accounts
Student Accounts
Joint Accounts

Bank of Ameirca Digital Banking Services

Accounts Performance and Fees - 4 / 5

Bank of America offers everything customers should expect of their digital banking and mobile services. Through online banking, consumers can check on account balances, pay bills, schedule payments, transfer funds, and keep track of their spending. Bank of America's mobile app lets customers do their online banking on the go, while also letting users deposit checks, set app alerts and notifications, and send or receive money from other people through Zelle®. The app also lets customers find ATMs and financial centers, reach a bank representative to answer querries, or schedule an in-person appointment. The app provides security to a customer's account, offering passcode, finger print sign-in and a mobile Banking Security Guarantee that protects from fraudulent transactions.
Mobile App
Yes
Mobile Features
Photo Check Deposit
Digital Wallet Synching
Transfer Funds
Bill Pay
Online Banking Features
Direct Deposit
Online Bill Pay
Transfer Funds
Account Alerts (Text/Email)
Resources/Additional Features
Budgeting Tools

Bank of Ameirca Financial Strength and Reputation

Financial Strength - 4 / 5

Bank of America has been accredited with the Better Business Bureau since 1949 and currently holds an A rating on their website. The company has a large sum of complaints, but the majority have been resolved by the bank directly. Trustpilot gives Bank of America an average rating of 4.8, with the majority of the complaints noting problems with representatives and charged fees. When it comes to financial ratings, Bank of America holds strong scores, with a Standard & Poor's rating of A- and an A3 rating with Moody's.
Year Founded
1904
Standard & Poor's Financial Rating
A-
Moody's Financial Rating
A3
Live Help 24/7
No
Customer Support Hours
Mon-Fri: 8:00 a.m.- 11:00 p.m. ET. Sat-Sun: 8:00 a.m.- 8:00 p.m.
Contact Methods
Phone
Email
Chat
Social Media
BBB Rating
A
BBB Total Complaints
5,933
BBB Resolved Complaints
5,121
Trustpilot Rating
4.8 out of 10
Consumer Financial Protection Board (CFPB) Complaints
77,512
Date Collected
2018-09-18

Company Profile

Full Name
Bank of America Banks
Company Website
https://www.bankofamerica.com/
Headquarters
100 North Tryon Street, Charlotte, NC, 28255

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Top Rated
  • $0 minimum starting deposit
  • Checking account—earn 1% cash back on up to $3,000/m in debit purchases 
  • No monthly fees
  • Access to 60,000 free ATMs nationwide
  • High-yield money market and CDs
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