How do Ally and Bank of America compare?
- Choose this lender for clear time estimates
- Not ideal if you’re looking for in-person support
- A good option for first-time homebuyers
- Consider Bank of America if you value its nationwide footprint and like the idea of having your mortgage and banking under one roof.
- Choose something else if reputation and customer experience is your top priority.
Neither of these seems the right fit?
Not available in: AK, HI, MD, MA, MN, NV, NH, NY, VT, VA, WY
- Clear timeline
- Customer discount
- First-time buyers guide
- Low interest rates
- Alternative credit data
- Discounts for existing clients
- No government-backed loans
- No branch locations
- No home equity line of credit (HELOC) options
- High volume of consumer complaints
- Limited coverage in the Midwest
- History of irresponsible mortgage lending
- Less personalized approach
Reviews across Trustpilot and the Better Business Bureau (BBB) are overwhelmingly negative. But they number relatively fewer compared to bigger-name financial institutions — with only 82 and 274, respectively.
As of January 2021, Ally is not accredited with the BBB and has a D- rating for failing to respond to complaints. The average customer rating is 1.25 out of 5 stars.
Complaints generally focus on poor customer service experiences, misinformation and mishandling of funds. While the reviews are mostly negative, keep in mind that people generally aren’t as likely to go out of their way to leave positive reviews.
Bank of America has been accredited with the Better Business Bureau (BBB) since 1949, boasting an A+ rating for its operations after closing over 6,000 customer complaints over the last three years.
However, it falls short in the customer service department, earning slightly over a one-star rating from 475 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.3 rating based on 844 reviews as of August 2021. While customers praised the savvy online experience and diversity of mortgage products, many were frustrated with the service they received.
It’s worth noting that these consumer reviews are for Bank of America as a whole — and not for its mortgages specifically.
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