It’s dependable and accessible, but monthly maintenance fees can be high.Bank of America is financially stable, has a vast network and offers a variety of saving and checking account options. But its APYs aren’t the highest, and you’ll need to be careful to avoid monthly maintenance fees.
What banking products does Bank of America offer?
- Bank of America Advantage SafeBalance Banking. A checking account that’s designed to prevent overspending by rejecting your card if your balance is low. It costs $4.95 per month unless you’re enrolled in Preferred Rewards.
- Bank of America Advantage Plus Banking. Optional overdraft protection and more ways to waive the $12 monthly fee on this checking account. Do so by scheduling a direct deposit of $250 or more, keeping a $1,500 minimum daily balance or enrolling in Preferred Rewards.
- Bank of America Advantage Relationship Banking A checking account that earns interest. The $25 monthly fee is waived if you keep a balance of $10,000 in linked accounts or are enrolled in Preferred Rewards.
- Bank of America Rewards Savings The more you save, the higher your APY. Plus, you’ll qualify for BankAmeriDeals and Keep the Change.
- Bank of America Minor Savings. Meant for kids, but parents have joint ownership. No fee until the child is 18 and requires a minimum opening deposit of $25.
- Bank of America Custodial Savings. Also for kids, but parents are custodians and there’s a minimum opening deposit of $100. The $8 monthly fee can be waived with a minimum daily balance of $500.
- Bank of America Featured CD account. Requires an initial deposit of $10,000, but rates are guaranteed and it offers term lengths of 13, 25 or 37 months.
- Bank of America Standard Term CD account. Open with at least $1,000 and choose a term length from between 28 days to 10 years. Rates vary by term.
- Bank of America Business Fundamentals Checking. Meant for business owners, the $15 monthly fee is waived if you spend $250 on new purchases, maintain an average monthly balance of $5,000 or a minimum daily balance of $3,000, or enroll in the Business Advantage Relationship program.
- Bank of America Business Advantage Checking. There’s a monthly maintenance of $29.95, but you can waive it with a $2,500 debit card purchase, average monthly balance greater than $15,000 or enrollment in the Business Advantage Relationship Program.
Extra benefits you can tap into as a Bank of America account holder include:
- Bank of America Keep the Change Savings Program. Bank of America rounds up to the nearest dollar amount on every purchase you make with a debit card and transfers the difference into your savings account.
- Bank of America Preferred Rewards. Earn benefits to help your banking and investment accounts grow. You’ll need $20,000 to qualify.
- BankAmeriDeals. Earn cash back on eligible purchases when you have a Bank of America credit or debit card.
- Credit cards. Choose from four different credit card options, each with their own perks and rewards.
- Home loans. Take out a mortgage or home equity loan, or refinance your house.
- Auto loans. Get coverage on your vehicle with quick approval.
- Investing. Prepare for retirement, college or other investment goals with its Merrill Edge account.
How does Bank of America compare to other banks or services?Bank of America has 4,475 offices nationwide and receives more total domestic deposits than any other bank. Its product offerings are similar in scope to direct competitors, but customer service isn’t available 24/7 like it is for Wells Fargo or Chase.
Why should I open an account at Bank of America?
Benefits of working with Bank of America include:
- Trustworthy and established banking. It’s been on the Fortune 500 list for 24 years, has 209,376 employees and is financially stable.
- Automatic savings. Bank of America Keep the Change Savings Program helps you build savings without thinking about it, rounding every purchase you make up to the nearest dollar to deposit directly into your account.
- Easy accessibility. Due to the sheer volume of branch locations, it’s likely that there will be a brick and mortar spot near you. Bank online or through its mobile app.
What should I look out for?
Before signing the dotted line, consider the potential drawbacks:
- Account fees. All checking accounts require account holders to meet certain requirements to waive the monthly fees. If the balance of your account gets low, you could be charged.
- Low interest rates. Compared with Goldman Sachs’ Marcus Savings account or Ally’s equivalent, the APYs on Bank of America‘s savings accounts aren’t the most competitive out there.
- Service may not be personalized. Lines to speak with a teller can be long.
Bank of America reviews and complaints
It has an A+ rating from the BBB and has been accredited since 1949, but customer reviews average out to one star. Most of the complaints are about muddled customer service experiences or unexpected fees, likewise on the CFPB complaint database.
The FFIEC has given Bank of America‘s branch locations either an “Outstanding” or “Satisfactory” rating, and it’s financially backed by the FDIC. In 2019, it received awards for “Outstanding Customer Service” by J.D. Power, and also got ranked highest in customer satisfaction for retail banking advice by the same research company.
Bank of America customer service
Get support from Bank of America‘s customer service by reaching out in one of these ways:
- Phone: Call 800-432-1000. Spanish speakers can call 800-688 6086.
- Account messaging: Log into your account to send a note securely online or through the app.
- Branch: Get face-to-face service at one of its 4,475 branch locations.
- Mail: If regular mail is more your thing, send a letter to:
Bank od America
PO Box 25118
Tampa, FL 33622–5118
If close proximity to branch locations is important to you, Bank of America may be appealing. But if you’re trying to open an account with the highest APY available, compare other bank accounts, especially online-only options.