Bank of America

Bank of America

 4.0/5 (1424 reviews)
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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.

Overall Satisfaction Rating

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Pros

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

Cons

  • 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.

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Rated with 5 stars
Verified

“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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Rated with 5 stars
Verified

“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
Rated with 1 star
Verified Reviewer
Original review: March 16, 2023

I deposited $20,000 by cashier's check on March 13th. The teller said the funds would be available the following day. I then received an email saying the fund would be held until March 22nd. If I didn't mind for BOA to hold my money for 10 days. I would have written a personal check, but based on 1/2 century of experience, I have never had any institution hold funds on a cashier's check because they are always treated the same as cash. Not first issues I've had with BOA and only reason I keep account open is because of widespread ATM access in case of emergency while traveling, but I'm considering closing anyway.

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Rated with 1 star
Verified Reviewer
Original review: March 14, 2023

I've dealt with many companies (I'm old), but none, in any industry, sink to the level of BofA. My wife and I were customers in excellent standing (my FICO is 819) for more than two decades, with a CD, a checking account, a savings account, and a MasterCard (she was/is primary on the card). A few years ago, something so trivially procedural arose in our banking relationship that I've forgotten it. But I remember that after WEEKS of talking to one rep after the other, ALL of whom contradicted one another, we gave up and liquidated the CD and checking & savings accounts, and transferred them to other banks. We kept my wife's credit card: a mistake.

A few days ago, I wanted to go into the website for some CC information we needed for our taxes. I was locked out. Forgetting momentarily how unflinchingly awful BofA is, I assumed it was a technical glitch and spoke with a "customer-service" rep (a gigantic misnomer). The helpful rep simply barked at me over the phone that I could NEVER get in to the CC information because I was merely a "registered user," not the primary cardholder. This was news to me, but I offered to put my wife on the phone to give her permission for me to go on line about the card. "NO!" replied my friend the "service" rep. "You CAN'T EVER go on that site, and I won't speak to your wife or anyone. It's Bank of America POLICY!!"

Far be it from me to try to worm my way around BofA POLICY. But you know, my wife and I have been customers for 20 years+ at this point, my wife still maintains a business account with them (which I've urged her to transfer), and we were about as non-obstreperous customers as any bank could want. None of this mattered or even matters to BofA. They're not interested in providing their customers with service--only in IMPEDING customers from dealing with them. Never once in my phone call with the rep did he even hint at a hint of an apology, let alone even say "I'm sorry, but...," or (God forbid) try to expedite a potential solution. Now my wife and I are (strongly) considering canceling the BofA CC. To customers of BofA, my advice is, GET OUT WHILE THE GETTING IS GOOD. To those considering beginning a relationship with BofA, my advice is, RUN IN THE OPPOSITE DIRECTION!

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    Rated with 1 star
    Verified Reviewer
    Original review: March 10, 2023

    I deposited a check for $2500, they told me 300 of it would be available the next morning, they even gave me a printout showing me when my money would be available to me. The money never showed up and they deposited the check $300 short. They stole $300 from me. Do not bank with this company. The way they stayed alive is by stealing money. Yes I will be getting lawyers.

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    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 16, 2023

    If NO stars were an option that is what I would be selecting. Bank of America was fully aware about an issue with members being scammed through Zella in recent articles I have read. Where was their consideration in sharing this information?! It is alarming to me that on a text thread bearing the BANK OF AMERICA NAME AND LOGO a scammer can access just like the bank does! How are we supposed to know who the bank is and who the scammer is?! Even before this, I can't begin to tell you how many debit cards were compromised, and a new one had to be issued. One was in the mail and got hacked before it was even received. I'll be taking my business of 28 + years elsewhere along with everyone else I know. I will never recommend Bank of America again! BANKERS BEWARE!

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 15, 2023

    I had Bank of America pay a bill for us monthly through Bill Pay. I assumed it was getting done because it was being deducted from my account statement. Two months later a get a notification from the company that I owed two months worth of bills. I contacted Bank of America (which was a nightmare in itself) and they said, "Yeah, you're right. The checks were never received." That's it! I was on the verge of a collection agency at my door and they had no explanation for it. I will not be using Bank of America to pay my bills anymore. I cannot trust that they are going to do it.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 7, 2023

    I had an account with them for over 2 years. Someone attempted to commit fraud on my account. BOA caught and froze my account. They closed the claim but are refusing to release my money. That is in the account I have called multiple times a day for 7 days and after being told it will be 3-5 business days I still don't have my money! They are liars and thieves!

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 2, 2023

    When I noticed a fraudulent transaction on my account, I called customer service right away, and all they did was transfer the call to the appropriate division. I've been contacting them for more than a week, and they're continuously transferring the calls. Damn, no decency, no compassion. I lost a significant amount of money due to their insensitivity, and I am confident that they are so callous that they won't bother to contact me again.

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 24, 2023

    I paid my credit card bill with Money Order through ATM machine. Bank of America lost the money order or their system error and did not credit to my account. They say the check is returned but money order can't be returned. (They did twice to my account.) BOA never admit their mistake and shift the responsibility onto customer.

    9 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Jan. 23, 2023

    I linked my cash app card with my B of A acct and noticed that cash app was attempting to charge my BOA acct. which was fraudulent. And I informed called BOA I was told they would block it and it was not.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 18, 2023

    Bank of America Has to be the worst bank I have ever been with. They have zero customer service. It says if they are put out that you have even walked into the bank. Would you call the 800 number you do not get to talk to a live person. It is nothing but a computer that can’t understand a single word you have to say to the point I am done after 10 years I have already went to a new bank and opened a new account. I will never bank with bank of America again.

    13 people found this review helpful
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    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