How do Chase Bank and Bank of America compare?
- Choose this lender for great in-person help at branches in 22 states
- Watch out for frustrating customer service online and over the phone
- A good option for borrowers who want a mortgage from a well-known bank.
- Choose this lender for low interest rates
- Watch out for bad customer reviews
- A good option for borrowers without much credit history
Neither of these seems the right fit?
- Flexible application process
- Online tracking
- Other banking products
- Member discounts
- Low interest rates
- Alternative credit data
- Discounts for existing clients
- Multiple fees
- Requires fair to excellent credit
- Limited branches for in-person service
- High volume of consumer complaints
- Limited coverage in the Midwest
- History of irresponsible mortgage lending
- Less personalized approach
As of October 2020, Chase Bank has an A+ rating with the Better Business Bureau, yet reviewers on the site have only rated it 1.18 out of 5 stars. The bank’s score is only slightly better on Trustpilot, where it’s currently rated 1.3 out of 5. However, it’s important to note that these reviews are for Chase Bank as a whole and not necessarily its mortgage products.
Satisfied customers praise Chase’s mobile app, online access and personal service in branches. Most of the negative reviews focus on frustrating customer service, with customers having trouble getting in touch with a helpful representative, being passed around on the phone or just never getting the help they need.
Bank of America has been accredited with the Better Business Bureau (BBB) since 1949, boasting an A+ rating for its operations after closing almost 5,500 customer complaints over the last three years.
However, it falls short in the customer service department, earning slightly over a one-star rating from 405 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.4 rating based on 438 reviews as of December 2020. 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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