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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.
Pros & Cons
- Savings, checking and investing options
- Accounts for students
- AI virtual assistant
- Account fees might apply
- Low APYs
- Required account minimums for checking accounts
Featured Reviews
“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...
Read full review“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...
Read full reviewWhat 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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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