How do TD Bank and Bank of America compare?
- Choose this lender for down payments as low as 3%
- Choose another lender if you’re not on the East Coast
- A good option for borrowers with an atypical schedule looking to sit down with a loan specialist
- 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?
CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
- Online process
- Low down payment programs
- Guides and resources
- Low interest rates
- Alternative credit data
- Discounts for existing clients
- East Coast only
- Online customer service limited
- Unclear loan availability
- High volume of consumer complaints
- Limited coverage in the Midwest
- History of irresponsible mortgage lending
- Less personalized approach
TD Bank is accredited with the Better Business Bureau (BBB) and receives an A+ rating. The customer reviews on its BBB profile are sparse — slightly under 130 as of September 2019 — and what few are there average to barely over 1 out of 5 stars.
Negative reviews focus on poor customer service, and complaints are overwhelmingly categorized as issues with product and service or billing and collections. Out of the more than 950 complaints lodged through the BBB, all have either been answered or resolved.
In contrast to the poor ratings on its BBB profile, TD Bank received a 2019 award from J.D. Power for its retail banking customer satisfaction in the Southeast.
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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