Bank of America

Bank of America Reviews

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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

Pros
  • Savings, checking and investing options
  • Accounts for students
  • AI virtual assistant
Cons
  • Account fees might apply
  • Low APYs
  • Required account minimums for checking accounts

Featured Reviews

Verified
Las Vegas, NV

“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...

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Verified
Broken Arrow, Oklahoma

“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...

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What 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

ConsumerAffairs has collected 5,062 reviews and 2,901 ratings.

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Page 1 Reviews 0 - 6
Staff

Reviewed March 17, 2024

I went to get my statements. I had been told that it takes a week to complete the process but I needed it urgent so the lady leaves everything on side and did my work first. I am so grateful for the lady who helped me. I am so satisfied with her service! Thank you again!

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Reviewed March 1, 2024

I am going to throw in my 2 cents. Ready? I am so happy at this bank. I am a student at DeVry and whenever I need extra cash, they always give me a balance assist loan to help me out. I just spent my last dime on an exceedingly state-of-the-art laptop, and here is BofA ready to spare me the humiliation of going broke mid-month. Some people don't like them because they are a little hyperactive when it comes to dealing with fraud. They may often lock an account for having strange transactions. Overall, they are probably the best bank in the USA. I just want to let people know that at BofA, your money is safe, and at BofA, they help the little guy.

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    Punctuality & SpeedStaff

    Reviewed Feb. 8, 2024

    Bank of America in Hillsborough, NJ is such an awesome place! I always love going there because I usually always get my issues resolved promptly and completely. One of the employees who is the Relationship Banker, Adeba ** assisted me with a security issue and did such a wonderful job. She made sure that I understood everything that she said and that I understood also what I had to do at my end. I felt so much better and relieved when I left Bank of America and Adeba ** regarding my security. Please let Adeba know how much she is appreciated and please hold on to her. Thank you.

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    Verified purchase

    Reviewed July 8, 2023

    I was helping my 87 yrs old injured home bound mother to pay her bill before due date. I went to Merritt Island, Florida Bank of America and Jacob did a great job helping me pay my mother’s bills. THANK YOU!

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    Reviewed April 20, 2024

    Unbelievable that nobody at BOA has idea about a bank letter for a customer.. Waste of time. Still can not have that letter for weeks. Crazy unbelievable.. BOA should put some training classes for employees.

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    Customer Service

    Reviewed April 20, 2024

    Bank of America did not attempt to rectify a charge from my account where they did not return $641.00. Customer service was not helpful as they only read the numbers and provided an explanation that did not explain anything. No one has money to lose or throw away. I am disgusted and dismayed. I have no intent on continuing to bank with a business that practices business in such a manner.

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    Staff

    Reviewed April 19, 2024

    I opened a CC Master upon an offer received via mail. I was unable to activate my card since the card was blocked due to #suspicious charges# with a card that was never used. I spent a long time online and the issue was resolved. I paid some restaurant bills and tried to pay my airline tickets today I received a security code however the transaction was declined (having plenty of credit available). I called customer service and they sent me a new code, passed. The employee put me several times on hold but was unable to resolve the issue and direct me to go in person to a branch. I decided to close my account. This Bank is not reliable nor professional

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    Reviewed April 19, 2024

    The worst banking website. I have been trying to log in for the last 2 days. The page just sits there without loading. So frustrating and this is not the first time either. Such a big bank and such poor online access.

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    Customer Service

    Reviewed April 18, 2024

    The customer service has always been awful but it has declined so much that after 30 years of banking we are now moving both personal, business and children's accounts to another bank. Hope someone can suggest a proper bank that still values customer service. In addition to the worst customer service their AI/automated service is also incompetent. Shame.

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    Reviewed April 18, 2024

    It’s incredible how they always find a way not to help, I have been banking with them for over 30 years. I have applied for 3 mortgages and they never loan the money to me, but 3 times I have gotten the loans with other banks no problem, wire transfer always an excuse not to give you funds. Excuses such as regulatory reviews but they already took the money from the person sending it. Today I am closing all my accounts

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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