Bank of America (BofA) was established in 1904. Since then, through the ups and downs of financial growth and crises, it has grown to become one of the “big four” banks in the United States (the others are JPMorgan Chase, Citigroup, and Wells Fargo). Headquartered in Charlotte, North Carolina, Bank of America has operations in more than 35 countries around the world.
Bank of America offers a full range of financial products and services. Its personal depository banking products include checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). Its checking accounts, both interest bearing and non-interest bearing, feature online banking, mobile banking, debit cards, and available overdraft protection. BofA’s savings accounts can be used as overdraft protection for BofA checking accounts. Furthermore, the bank provides Health Savings Accounts (HSAs), which can be used to pay for qualified medical expenses.
Bank of America’s money market accounts offer higher interest rates to customers as a relationship banking reward. At the time of this writing, enrollment in the relationship banking program requires both a BofA personal checking account and a certain 3-month average combined balance in BofA banking accounts and/or Merrill Lynch or Merrill Edge investment accounts.
As for CDs, the terms range from 28 days to 10 years, with higher interest rates for longer terms. For the standard CDs, BofA does not allow any additional deposits until the CD matures, and there is an early withdrawal penalty. However, the bank also offers a short-term CD with no early withdrawal penalty, for customers looking to keep their funds relatively liquid.
BofA provides both Traditional and Roth IRA products, available as IRA money market accounts or IRA CDs , as well as brokerage IRAs through Merrill Edge. The bank also offers a variable rate CD IRA, to which deposits can be made at any time, and a short-term CD IRA with no early withdrawal penalty.
For business customers, BofA offers business checking accounts, business savings accounts (including business HSAs), business CDs, business IRA options (provided through Merrill Edge), and relationship banking benefits to higher-balance business customers. The bank’s business checking accounts vary by account balance and transaction volume, and they offer access to BofA’s business savings accounts, which are money market accounts with varied interest rates, depending on the account balance. Finally, as for business CDs, BofA offers terms from 7 days to 10 years, including a short-term business CD without an early withdrawal penalty.
I started a new job and didn’t have my checking information so I used one of the credit union for direct deposited,Idrove 45 miles to find a BOA to deposited my rent by using my CU debit card to redraw and deposited my rent because Land lord using Zelle 3200.00 deposited 5/1 and said fund available May 2.I get up to Zelle my rent money, it say fund was available until 5/8 extended delay before available.My late charged 100 a day starting on 5/5. I would’ve stopped to check if I was told that it was gonna be a seven day delay, but I was told that it was available the next day
We have used BoA for many credit cards for years, starting out with bonus offers and 0% interest rate offers. Recently have simplified our finances and now have two credit cards with combined credit limit of $59,000. However I am philosophically preferring smaller banks and credit unions so am using the credit cards infrequently.
***Today I discovered that since my last automatic full payments in July and August, the bank had "forgotten" my outside checking account for automatic payments so that one automatic payment didn't happen, and the other one was about to not happen. One of the two accounts "remembered" an old checking account that had last paid BoA in 2009 and which I had closed in 2015. I paid both accounts by phone and customer service refunded a $1.68 interest charge, and moved to cancel an impending late fee.
We had a BoA basic checking account for a long time but only needed it to occasionally order Euros to take on trips to Europe, got tired of maintaining $1500 balance to avoid monthly fees, so I closed it.
It makes me nervous that their system "forgot" an autopay setup which had worked 5 months ago while "remembering" an account that had last been used 14 years ago - which makes me feel unsafe about their other storage of our data.
Went on-line to order new BOA checks that were advertised as "Free". However, when I checked out, I was assessed a $15.91 "shipping" fee. Who spends almost $16 to ship a 12 Oz package through the mail? I could ship the same weight through the USPS fo less than $3. The reality is these checks are not, and never were, "free". The shipping charge is mearly a surrepticious way to make additional money off of customers, by inflating shipping costs way out of proportion to what it actually costs them to ship the item. Can you say "Deceptive Advertising"?
This is a warning to anyone interested in doing service with Bank of America. I am frustrated on how I was treated as a customer banking over 30 years. I am a PREFERRED HONORS PLATINUM client.
My credit cards were closed this April with ZERO notice. I have lost over $700 in accumulated rewards. Customer Service was unhelpful at the branch I went to as well as over the phone. I had called over the phone and interacted with various representatives several days after closing my account and experienced ZERO help. All they kept saying was “Sorry for the inconvenience”. If they were actually apologetic about the matter, they would immediately help me resolve the issue the same day and NOT close my credit card accounts with my hard earned money. I also find it difficult that I had to call 3 different customer service numbers to try to understand what happened with my account.
The representatives told me that they sent me emails and sent post mails about them trying to verify me through KYC. I have NOT received emails or post mails regarding them closing my credit card accounts. I have specifically requested that I received post mails regarding my accounts.
I also have a credit card with another bank. I had a fraud charge on my account. I called the number as soon as I found out about the charge and they resolved my concern within 10 minutes.
I had fraud on my Bank of America account in May 2023 and I had to jump through multiple hoops to resolve that problem. If I say there was an issue, it should be treated seriously. I couldn’t believe I had to wait 3 months with multiple phone calls with frustration of spending hours to get that fixed. I had to go to the police station to create a case.
If I received this treatment as a PREFERRED HONORS PLATINUM client, I can only imagine how clients who are in Preferred or lower tiers are dealt with. This is seriously horrific. I advise clients use a different bank to do their business.
Overall | |
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FDIC Certificate # | 3510 |
Year Established | 1904 |
Employees | 135461 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.16% |
Return on Equity - YTD | 12.48% |
Annual Interest Income | $97.05B |
Assets and Liabilities | ||
---|---|---|
Assets | Q4 2023vs Q4 2022 | $2,540.1B$2,418.5B |
Loans | Q4 2023vs Q4 2022 | $1,036.8B$1,029.7B |
Deposits | Q4 2023vs Q4 2022 | $2,031.8B$2,042.3B |
Equity Capital | Q4 2023vs Q4 2022 | $236.2B$225.4B |
Loan Loss Allowance | Q4 2023vs Q4 2022 | $13.28B$12.65B |
Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $6.92B$4.85B |
Real Estate Owned | Q4 2023vs Q4 2022 | $192MM$296MM |
Always verify rates and promotions with the bank or credit union. We are not Bank of America; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
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0.02%* | $50k* | - | Bank of America Advantage Relationship Banking | ||
OTHER TIERS: 0.01% → Up to $50k |