Bank of America

Bank of America

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Overall Rating2.6 out of 5
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About Bank of America

Headquartered in Charlotte, North Carolina, Bank of America is one of the largest banks in the U.S. and offers a range of banking products, such as checking and savings accounts and certificates of deposit (CDs). Customers can also use Bank of America for financing through various cash-back credit cards, personal loans and home and auto loans.

Pros & Cons


  • Savings, checking and investing options
  • Accounts for students
  • AI virtual assistant


  • Account fees might apply
  • Low APYs
  • Required account minimums for checking accounts

Bottom Line

With over 3,900 locations and 16,000 ATMs across the country, Bank of America is an easy bank to access and offers several account options. While account fees can be waived, they can also make banking with Bank of America expensive.

Featured Reviews

Las Vegas, NV

“Reloaded from payor on time every week. Card controls are excellent because you can stop any online or atm activity anytime. I feel my account is safe. You can only access accoun...

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Broken Arrow, Oklahoma

“I have been a Bank of America customer for about 10 years. I have my checking, savings, auto and personal loans with them. They have always notified me when there was any abnorma...

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What is Bank of America?

Bank of America is a full-service bank that offers several different savings and checking accounts, including special-rate student checking accounts. It gives customers the advantages of a traditional brick-and-mortar bank, with over 3,900 branches across America, as well as the digital advantages that online banks offer, such as a mobile banking app, online bill pay and automatic savings features.

Users can access their account via the mobile app, which allows them to pay bills, transfer money, monitor for fraudulent activity, create custom alerts for due dates or low balances and access a digital wallet. Bank of America accounts come equipped with Erica, an AI virtual assistant that can provide advice based on a customer’s spending habits and help them make better financial decisions.

How does Bank of America work?

You can apply for a checking or savings account or CD in person at a local branch. Each account has a minimum opening deposit; most are $100. The student checking account only requires a $25 opening deposit for students under 25.

You will need to have the following information on hand when you apply:

  • Your basic information, like name, residential address and email address
  • Your Social Security number
  • Account numbers of current Bank of America accounts or other financial institution accounts for the opening deposit
  • Co-applicant's personal information (if applicable)

Most accounts come with maintenance fees that can be waived. It is a good idea to set up your account in a way that allows you to avoid monthly fees and overdraft fees. Additionally, set up your account through the mobile app so that you don’t miss any perks like BankAmeriDeals, which allows you to sign up for cash-back rewards through your purchases.

Bank of America fees

Most Bank of America accounts come with a monthly maintenance fee between $4.95 and $25, depending on the account. However, there are multiple ways to have this account fee waived, including setting up a recurring direct deposit, maintaining a minimum balance or being a Preferred Rewards member.

Other traditional banking fees apply to most accounts, including:

  • Excessive transfer/withdrawal on savings accounts: $10 per transaction
  • ATM/debit card replacement: $5
  • Out-of-network ATM fee: $2.50 to $5 per transaction
  • Overdraft fee: $10 per transaction
  • Stop payment fee: $30

Some accounts do not charge all of these fees or might waive overdraft fees when you connect a backup account.

Bank of America FAQ

How does Zelle work with Bank of America?

Customers can send or receive Zelle payments through their online account or via the app. Zelle is free to use, but there is no protection program against authorized payments, so only send payments to people you know and trust.

What type of fraud protection does Bank of America offer?

Bank of America will not hold you liable for unauthorized transfers or bill payments made via online or mobile Banking if you report them promptly. It will also reimburse you for any late payment charges that occur because of fraud. You can lock and unlock your cards through the app if you misplace a card or suspect fraudulent activity.

Does Bank of America have good interest rates?

Bank of America has low APYs for its savings account and Fixed Term CD. At the time of publishing, the Advantage Savings account has an APY of 0.01%, and the Fixed Term CD has an APY of 0.03%.

Is Bank of America legit?

Bank of America is a household name in banking. Customers can open checking and savings accounts and have access to other products, including credit cards, home loans, auto loans and investing. If you are looking for a bank with a comprehensive list of offerings and both in-person and online services, Bank of America should be among the banks you’re considering.

Bank of America Reviews

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Page 1 Reviews 0 - 10
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Reviewed Sept. 16, 2023

9 months ago I got a pre-approval letter; I was approved and received card. Today I got a letter stating my card is canceled because I haven't used it yet. I've never had that happen before. Craziness

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Reviewed Sept. 12, 2023

How do you manage automatic payments on BofA website? Is your payment past due or up to date? Good luck figuring that out. This has got to be one of the worst banking websites to navigate in the history of mankind. May Citibank is worse.

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    Reviewed Sept. 1, 2023

    Will never use this bank anymore. I was on the phone with them on 6/19/2023. Incompetent people, they made a mess in my account. I was disconnected few times. It took hours and then they close my account without asking me if I want it to be close! My credit went down 70 points! Be careful from them.

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    Reviewed Sept. 1, 2023

    Bank of America is not equipped to deposit checks via their mobile app. I am aware of banking operations centers and risk fraud departments. I was a teller in High School in the 80's. I would venture to say that now in 2023, there is absolutely NO REASON to hold a check for 7 days except for the Bank of America systems to show or bloat deposits and hold larger amounts over the aggregate. And at the peril of customers who need the funds available. No matter the mode of depositing. Possibly fraudulent reasons on the Bank of America side. Who knows. I have deposited checks in large and small amounts where funds have been available next day. Bank of America simply needs to do what is needed to make the connection with the Check issuing party's bank, in a timely fashion, verify and pay the check to its customers.

    This isn't about check fraud. It is simply about Bank of America simply saying, we hold the funds in the case a check in a large amount gets returned after funds are made available. Sorry. That is a joke and a lie. In 1986 as a teen Bank Teller I can tell you operations departments would handle things for check deposits immediately and with timely and accurate effect with checks coming from around the world. This is not about some policy regarding "protecting" an account holder or Bank of America. This is about funny business and Bank of America's inability to do what is right for its customers.

    In DC the group of Bankers among a discussion group regarding these types of "risk" and "verifying funds" or "protection" for the customers and "fraud" are things simply that are not true. They are laughable. If it takes Bank of America 7 Days to release funds, check available funds on a deposited check, check for fraud while at it, check whatever they need to do that took a teenage bank teller with a supervisor and a phone call 5-10 minutes if that, then something is wrong. We will be doing our banking elsewhere where this isn't the first time the most simple things with Bank of America gets it wrong or underserves. Seriously. I would not be surprised by something absolutely advantageous to Bank of America by making mistakes rather than doing simple things like debits and credits on a balance sheet.

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    Reviewed Aug. 30, 2023

    Apparently Fraud was detected on my checking account so what did BANK OF AMERICA do? They just locked the account entirely WITHOUT my knowledge. No email, no phone call, no text just locked the account. So I call to find out why I cannot log onto my account. After waiting 45 minutes I get to talk to a snide condescending not so helpful person. He tells me I need to physically go into a branch with my license and fix the issue. So I go online to make an appointment for the first thing in the morning following my return home. I can’t make an appointment BECAUSE I'M LOCKED OUT OF MY ACCOUNT. The other banks that I use contact me if they detect fraud and I either confirm or deny the transaction.

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    Reviewed Aug. 29, 2023

    The people at the call center are are inexperienced and lack proper training not to mention snide and condescending. I have accounts with 5/3 Bank, Wells Fargo, Chase and our in house credit union. BOFA is the absolute worst.

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    Reviewed Aug. 27, 2023

    THE. WORST. BANK. EVER. They force their customers to use debit and credit cards with ZERO security! These cards are wide open and ready for someone to drain your accounts. Bank of America does not inform you of this nor give you any choice in the matter. They make these decisions for you, I assume, because they think they know better than their customers what is best for them. If you dare complain about this, they effectively tell you "Too damn bad, suck it." I have been waiting for a SECURE replacement credit card from them since MAY.

    We are now just a few days from SEPTEMBER and so far, NOTHING. THE. WORST. CUSTOMER. SERVICE. EVER! Think dealing with a government agency is a pain? What about the cable company? Combine those two, multiply by about 10X and that's what dealing with this bank is like. They have been fined HUNDREDS of MILLIONS of dollars by the government for their illegal and unethical ways of doing business. Look it up, I am not making this up! Avoid this bank at all costs!!! Your money would be safer and more secure buried in your backyard. Do not walk away from this bank, RUN!!!

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    Reviewed Aug. 20, 2023

    Called for a LOST card, pushed in information, WAIT 45 minutes on Hold - a bank balance could be wiped in that time. DO NOT get this card attached to bank account - rather, do not get this Card AT ALL!! So Finally, get a representative, I have pushed in the info - NOW she wants my cell number - NOPE - then she wants my license number - after decades -- they do NOT have that, and since it take AN HOUR to get anyone to DENY to do anything about a lost card... and THEY are the ones who get hacked - like I want them to have any additional information so a hacker can steal my identity - -NO THANK YOU.

    This card is my absolute WORSE - going to call DISCOVER - and just get a back-up/second one for different purposes. I wasted an HOUR, and the "customer Service Rep" told me I had to go to the bank. It is not like I am FORCED to have this card, other will approve me! It is why I have cancelled one and hardly ever use the one I have after decades. I guess I forgot how annoying this card "service" is because I did not use for a LONG time.

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    Reviewed Aug. 17, 2023

    I had an absolutely horrific experience trying to set up a Bank Of America merchant account for an ecommerce client of mine. We went on an endless goose chase in the branch in person, on endless phone calls, etc. Nobody knew what to do and kept shuffling us from person to person. I looked into a Paypal merchant account instead, and we were able to get one set up in about 10 minutes, after hours of goofing around with Bank Of America. Read the reviews of others! Avoid BoA at all costs! Take your money out and put it to better use elsewhere!

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    Reviewed Aug. 11, 2023

    Woke up to a new monthly charge on my "free" checking account. (No notice, btw.) Not free anymore! After 30 years, new $12 fee for basic checking account. They are constantly sneaking in new fees and you don't see it unless you are carefully scanning your account. I'm done. And during Covid when my business needed to apply for the PPP, they would not accept my application because I did not have a loan with them, even though I had been a loyal customer for 25 years with several accounts. I don't like to use the word "hate", but I really hate this bank.

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    Bank of America Company Information

    Company Name:
    Bank of America
    Company Type:
    Ticker Symbol:
    Year Founded:
    100 North Tryon St
    Postal Code:
    United States