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Bank of America

Bank of America

 3.7/5 (1163 ratings)
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About Bank of America

Bank of America offers mortgage loans nationwide and has lending specialists available online and at branch locations. If you’re searching for a mortgage loan, loan refinancing or a home equity loan, visit Bank of America’s website to apply.

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    Bank of America Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 11, 2022

    I opened up an account at Bank of America 11 months ago and did not receive a debit card. I call customer service 2 days in a row and waited on line for over 2 hours. When I finally spoke to a person, she acted as if I was bothering her. I then went to a site to complain and it said that filing a complaint would impact my credit score. I will be closing my account and moving to another bank.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Jan. 7, 2022

    My sister died of COVID in November. Mom and I went to the bank in December because we have POD on her accounts. The bank canceled our appointment and made us go to another bank some miles away. When we got there, the person who we had made the appointment with Yolanda, was not there. Some other guy Eduardo helped us. He told us, they would send the paperwork to their Main Office, and we'd get the money in a couple of days. This was a lie. When the money didn't arrive by the following week I called estate services. I was on hold for 45 minutes. I was told it would be 2-14 business days. I waited again. The money did not arrive. I called a third time. I got another person who said the money would be there by Friday. It was not.

    I have tried calling several more times, but since the call center is only open when I work, I Cannot be on hold 45 minutes to speak to someone. Further, I can't get an appointment locally since all the banks are closed. I received a letter in the mail with a form that needs to be notarized and sent to the bank. It has been nearly a month now. All the local banks are closed to in-person service. I don't get if the banks think it's too dangerous to be open because of Covid, how I am supposed to go in and get this notarized. Why can't the bank modernize and use DocuServe or something? Why did not Eduardo do this initially? I will pack my 90 year old mother in the car and go to UPS which is open while Bank of America is closed. I have since tried to call the bank, and still cannot get through to the Estate Department to find out when the money will arrive.

    This is crazy. I never had this much issue when my father died and I had POD on my account. If they are closing banks to in person help, they need to have more staff on the phones. 45 minutes on the phone to speak to a rep is excessive. Also sending out forms to be notarized, during a pandemic, when they themselves aren't open for in person service, is a double-standard. I want to know why Bank of America won't release the money. It's been nearly a month now.

    Be the first one to find this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 1, 2022

      On Thursday, December 30, 2021, my husband deposited a check for $4700.00 into my Bank of America account at 5:00 am. The check cleared the Chase account instantly. My online Bank of America account stated funds from this deposited check would not be available for withdrawal until January 5, 2022, but would cover any items posting December 30th and beyond. No problem, I have had this happen in the past where I wasn’t able to withdraw funds but any pending or electronic items were covered. The next day, I get an email stating I was charged two $35 nonsufficient fund fees and my house payment was returned, along with a $500 credit card payment! Mysteriously, the message about items being covered starting December 30 had disappeared (I have photos/screenshots of everything, including proof the funds cleared Chase Bank almost instantly).

      I called to speak to a representative, who was unable to help me, so I asked for a manager, and was told there was nothing they could do, that they were holding my $4700.00 until January 5th, and I couldn’t touch those funds until that day. I don’t need those funds, but my house payment was returned for no reason when they have my money. I have perfect credit and now I have to call US Bank and my credit card company to try to smooth this out and make sure they don’t also charge me fees for something I didn’t do wrong, or put negative marks on my credit report. When I asked the “manager” where my money was, since it cleared my Chase bank instantly, I couldn’t get an answer and was just told it hadn’t cleared Bank of America yet. I was in the financial industry for 10 years, so I know how EFT, ACH, all of that works.

      We can send money instantly nowadays via Zelle, PayPal, Venmo, but money from Chase to Bank of America just magically disappears for a week and can’t be confirmed? My husband and I just opened our Chase accounts not very long ago so they are not set up to send or receive electronic funds yet, otherwise I would’ve just done that. So in summary, Bank of America charged me fees while in possession of MY money, returned two of my bills, including my house payment, and basically told me there’s nothing they can do.. I have been with Bank of America for almost 30 years and I have never had this happen before. The whole reason I am switching to Chase Bank is because the Bank of America branch in this area is always closed and always out of money; well this is just the candle on the cake. I am filing a complaint with the OCC immediately. Heed my warning and stay away from this bank. There is some shady stuff going on!

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 31, 2021

      I hate gave 1star. No notice given withdraw by online something new been able to view due to setup by them. Told by CSR 12/31 funds were removed same day. Poor Policy. I will never refer them to any of family or friends. Close acct if you have Bank of America. Shady business.

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 27, 2021

      I opened an account through Bank of America via mobile web in the mobile app. I opened it with a insurance check over $1,000. The app Said it would take two to three days to clear or the next business day. The morning that my check was supposed to clear around 9:00 a.m. my account was put in the closure at 6:00 a.m. due to not being able to verify my identity.

      I could not go to the bank with any form of ID to verify my identity because they would not allow me to since the account was already put into closure. They told me that I would have to wait until the check cleared and 10 to 15 days later they would send me a cashier check to the address on file. Therefore the check that I just got and tried so hard to deposit and needed for living expenses I am no longer able to have access to for another 2 weeks at least. They waited until the last minute to close my account and then held my check without releasing it to me or the funds. I went to the physical Bank to try to cash the physical check and they said it was "Redboxed" because it was still pending in the account that they had in "closure".

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 23, 2021

      We have a Bank of America card that we are cancelling. We had it for 4 months. During that time period we moved from MA to CO. As a result the bill did not get to us in a timely manner. The balance on the account was $164.00 which we paid as soon as we received the forwarded bill. I called them and talked to a representative to tell her why our payment was late. She put it in the notes. We immediately requested a check from our bank to be sent to Bank of America. It was sent within two days. Unfortunately, Bank of America did not receive it until 3 weeks later. As a result they charged us a $75 late fee. They were unwilling to refund the fee even though we were able to show them when our bank sent the check. In addition our first home loan was with Bank of America. They took our house in error. They sent us a letter after the fact that they would pay us $600 for a $300,000 house. This is the worst bank that we have ever had to work with.

      6 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 22, 2021

      Hi. This is quite a long story about my experiences with your banks. I received a check from my boss, written from your bank. I went into a location to cash it and they said they couldn't verify it. So I went to a second location with the same check and they gave me zero problems cashing it. I get my second check, written from your bank so I go in to cash it and they can't, because a number was faded (totally understandable) so I have it rewritten… I go back the next day to the same location, apparently the check is now too large for them to cash because I do not have an account…

      So I go home, go online, I open an account. I can't log in so I call right away. They said I need to go into a location and give them verification of my identity and have them call. So I go into the location, I explain this to the teller. She takes my ID and says “I see your account right here there is no issue” so I say okay great the person on the phone said you needed to call and confirm my identity.

      So I hand her my check… She refuses to cash it unless I do a deposit. So I deposit some money, well today I get a letter in the mail stating you've closed my account. So I call to find out that my accounts been closed and ill receive my check in 10-15 business days. So throughout ALL OF THIS I can't even receive my money that I left in the bank because your teller was adamant that I had to make a deposit & now I can't afford to pick up my inhalers or finish my holiday shopping because I left that money in a bank where it should have been safe.

      I'm extremely upset with every interaction with this bank. I should have never been able to deposit money into an account that was being closed, I should never have had to deal with all of this. The only reason I ever even used this bank was because the checks are written from this bank and this should have been the easiest route. Turns out you all are the absolute most difficult people to deal with and I highly suggest redefining your regulations and your employees' training. If I can take this check to a grocery store and have it cashed without a problem there's no reason your bank whose name is on the check cannot do the same.

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 9, 2021

      This bank was my first bank I ever had an account with in my young adult life. First, they locked my account within TWO DAYS of me making it, made me make a new account and gave me a new debit card only for them to LOCK my debit card. And when I asked them about it they just had a "whoops" kind of response, saying they accidentally closed it because they thought it was the card from my other account which debit card had COMPLETELY different numbers, now I can't buy ANYTHING, no food, no transportation because of their lazy, unprofessional, and downright DISGUSTING branches. And the best part is, I haven't even been banking with them a whole month and major problems like these are happening. This whole bank needs to be shut down ASAP.

      4 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Dec. 8, 2021

      This happened to me and I am wondering how many people this happening to: I lost my debit card and had 3 fraud transaction, BOA reversed the fraud, and a week later issues an additional credit for the fraud transactions. Later when I had limited funds designated for auto pay bills the same day my bills came out they decide to reverse the duplicate credit they issued. I don't notice until the next day when they sent me the balance low notification, but by then already charged a reversal fee, and overdraft fee. I fix my balance that day, and they say no the $105 in fees is valid. I felt this was done on a fixed system, since they know exactly when my bills are due.

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      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 7, 2021

      We were given PPP loan and BOA has denied full forgiveness claiming that as an S-Corp we are not eligible for health insurance expense paid by our company. The SBA rules clearly state that health insurance is a forgivable expense and various CPAs who reviewed our paperwork have confirmed that we are eligible. Bank of America refuses to read the particular, applicable paragraph to the end of the sentence and has blocked us from applying for full forgiveness. It is beyond frustrating that BoA is getting away with playing by its own rules instead of being aligned with SBA guidelines.

      I am happy to provide more information if anyone wants to pick this up and help us create a solutions. It's not just about our company. There are thousands of small businesses that received their PPP loans through Bank of America who are in a similar situation. The SBA established a portal for direct forgiveness. Bank of America is not participating in that portal and hence small businesses like ours have no way to appeal the Bank's decision with the SBA. Congress needs to get involved to resolve this by holding BoA accountable to honor the rules established by SBA. Furthermore, a lot of PPP loans (I have been told by other affected business owners) look like they were forgiven - according to the SBA - while the business owners are getting collection letters from the Bank of America. I can't explain that.

      3 people found this review helpful

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        Bank of America author review by Barbara Friedberg

        For 200 years, Bank of America has helped their customers, client’s and the community meet their financial goals. Bank of America prides itself in its competitive financial offerings and strong investment in the community.

        • Services: The banks services span general banking, credit cards, loans and investment products. Their services cater to individuals and business customers.

        • Convenient locations: Bank of America’s global reach serves 47 million consumers and small businesses with 4,700 financial centers and 16,000 ATMs.

        • Financing options: The Bank of America loan products includes mortgage, refinancing, home equity, auto, business and more.

        • Credit card products: Bank of America has a suite of credit card choices including cash rewards, travel, low interest rate, small business and cards designed to repair damaged credit.

        • Banking services: In addition to the standard checking and savings accounts the company has offerings for students, online and mobile banking customers.

        • Investment and insurance offerings: The company offers a variety of wealth management opportunities to help customers save for their children’s college or their own retirement. Bank of America also offers insurance products.

        • Financial education: Bank of America is committed to helping its customers understand their finances and provides resources on budgeting and financial planning on its website.

        • Mobile banking: Bank of America's mobile app gives customers 24/7 account access with fingerprint sign-in. Consumers can deposit checks, receive mobile alerts, receive cash back deals and more.

        by Barbara Friedberg Personal Finance Advisor

        Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

        Bank of America Company Information

        Company Name:
        Bank of America
        Company Type:
        Public
        Ticker Symbol:
        BAC
        Year Founded:
        1992
        Address:
        100 North Tryon St
        City:
        Charlotte
        State/Province:
        NC
        Postal Code:
        28255
        Country:
        United States
        Website:
        www.bankofamerica.com