Bank of America is headquartered in Charlotte and is the largest bank in the state of North Carolina. It is also the 2nd largest bank in the nation. It was established in 1904 and as of March of 2014, it had grown to 157,297 employees at 5,292 locations. Bank of America has a A health rating.
I was very excited to open my new checking and savings accounts through Bank of America. I had just started a job in Tacoma, wa that used B.O.A. as their bank and if I had an account there I could deposit my checks with no fees. For the first few months, I loved B.O.A. I was young and trying to start financially "building a life" for myself so I decided to open a credit card through B.O.A. BAD IDEA!! I was hoping to build up good credit as I had no credit record at this point in my life. The account's only fee mentioned was that of a single late fee if the payment was not made on time. This seemed reasonable. Over the next few months, I started to notice charges on my account that were incorrect. Each time I found one, I called B.O.A and, after long debate, they usually corrected these errors. After I charged a hospital bill to my card and the balance was closer to the limit, things got ugly. I always made my payments in full and on time. B.O.A, however, began adding more and more fees for various reasons that had NOT been part of the initial contract. Every time I contacted them, I was given an ear full of stories that NEVER gave any real explanation. If I continued to question them about this they would put me on hold for 20 minutes or longer and then disconnect the line. If this had happened once or twice, I would be willing to assume it was an accident but EVERY time??? Come on, now. I also began noticing false charges to my account supposedly made in places I had never even been. After doing the dance with B.O.A several more times over this, I finally became so fed up that I borrowed the money from a family member and paid off the account. I asked that ALL of my accounts be frozen as I knew no more charges or transactions were due to come through and I would most definitely NOT be banking with Bank of America again. I choze to freeze my accounts because a B.O.A. adviser said it would effect my credit negitively if I just closed the account right away. I confirmed this with other agentcies. The employee I spoke with argued to the best of her ability but finally gave in, accepted the payment and froze my accounts...OR DID SHE? Four months later, I recieved a statement in the mail. Everything looked as though no transactions had been made to my checking or savings accounts. Now, might I remind you these statements are ALWAYS seperate from the credit card statement. However, on this statement, in very small print at the bottom was a notice stating that a charge had been made to my credit card and that I had failed to make my payment on time. Funny...my card had been cut up, my checks burned...how is this possible? I called B.O.A once again for our ritual song and dance of complete disrespect...they informed me that this had been a mistake and that they would "take care of it right away". WRONG! EVERY YEAR I do a credit check on my self and EVERY YEAR it shows up that B.O.A closed my account for failure to make payments on time. EVERY YEAR we argue, it gets corrected and we continue on until the next credit check. This year, 2010, I checked my credit and once again my dear friends at B.O.A have reported that my account was closed for failure to pay on time. This year's song and dance lasted for close to an hour with multiple holds and transfers to different departments ending with...care to guess?...a transfer to a closed department that disconnected the line. Thank you, Bank Of America, for the never ending nightmare of harassment and complete disrespect. See you in court.
I have been a long time banker at BOA...very long.
I had some great experiences with the bank. There were times when I would overdraft and they would take my overdraft charge away at request. They made my credit card payment easy to pay by lowering my interest rate and allowing small payments to be taken out of my account each month. It wasn't until recently that we had problems.
I was given a check for $250. I cashed the check and took out $50. Two days later I get a call from BOA and am told without a reason that I am no longer allowed to bank with them. They kicked me out quicker then hobo in the Trump tower. When I called to find out why they said that my the check I had cashed was from a fake account and that I was putting the bank at risk....!!!
So there I was with no source of income since they pretty much told me I would have to wait up to 2 weeks to recieve the money I had in my account. Not to mention it was the end of the month meaning bills had to be paid. After I spoke to about 4 rude customer service reps who told me to just go to another bank and that they were sorry because there was nothing they could do I headed over to Chase. Now I am responsible person and my credit is decent so when I was told that I was not able to join Chase I wanted answers.
Turned out BOA blacklisted me. I was and still am not able to join any bank for up to FIVE YEARS!!! I even showed proof to them that the check had no connection to me and it was given to me for graphic work I had done for a client. I made a lawsuite out of it and that is still pending because the client is no where to be found...and I am stuck with this mess. BOA may seem great in their commercials and may offer perks here and there but when I say they will leave you high and dry...I mean seriously they will leave you without care in the world and ruin you while they are at it so you don't want to bank with anyone but them...
I have been banking with BofA for many many years, from Baybank to Bank of Boston, then BofA. I have to admit that, in addition to the amazing numbers of ATMs everywhere, they also offer superb customer service (although I have to say that I am their premier member).
The bank is a good bank only when situation arises: Recently I made an error on their BillPay and paid twice (at $2,000) to one of my BofA credit card accounts. This error, in turn, created insufficient funding in my savings account. They sent me an e-mail within a day, paid the double amount even though there is insufficint fund in my account, and did not charge me a cent on the overdraft.
When I called the BofA credit card department, they initiated an ACH and returned the second (double) payment to my savings account within two business days.
And this was just one example of their excellent customer service that I enjoyed over the years! BTW, I also have their fee-free HELOC (with a huge amount), at a rate of 2.24%.
I know that BofA is well-known for their poor customer service and greediness in charging customer fees after fees. But this customer has been a long-term loyal customer and continue to be one. So far, I have only good things to say about them.
I recently opened a student account with Bank of America after having an account with my small-town, local bank since age 12. Overall, I am very satisfied with the new account and all of the online and mobile banking capabilities that go along with the Bank of America experience. It is now much easier to manage and transfer funds between my accounts on the go, a priority for a frugal college student.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Bank of America had $20.07 billion in non-current loans and owned real-estate with $191.44 billion in equity and loan loss allowances on hand to cover it. This gives Bank of America a Texas Ratio of 10.48% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Bank of America decreased dramatically from 21.21% as of March 31, 2013 to 10.48% as of March 31, 2014, resulting in a positive change of 50.57%.This indicates that the balance sheet and financial strength for Bank of America has improved dramatically in recent periods.
In the past year, Bank of America has increased its total deposits by $16.54 billion, resulting in 1.49% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Bank of America has shown is above average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Bank of America has $1457.86 billion in assets with $191.44 billion in equity, resulting in a capitalization level of 13.13%, which is excellent.
|FDIC Certificate #||3510|
|Assets and Liabilities|
|Equity Capital||$180.10 billion|
|Loan Loss Allowance||$11.34 billion|
|Unbacked Noncurrent Loans||$18.41 billion|
|Real Estate Owned||$1.66 billion|
|Historic Data - March 2013|
|Equity Capital||$179.33 billion|
|Loan Loss Allowance||$15.68 billion|
|Unbacked Noncurrent Loans||$18.41 billion|
|Real Estate Owned||$2.97 billion|
|Profit Margin - Quarterly|
|Net Interest Margin||2.55%|
|Return on Assets||0.81%|
|Return on Equity||6.51%|
|Interest Income||$8.28 billion|
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|0.01%||-||-||UTMA/UGMA Custodial Savings Account|
|0.20%||$1m||-||Analyzed Business Investment Account|
|0.15%||$100k||-||Money Market IRA|
|0.15%||$100k||-||Money Market CESA|
|0.15%||$100k||-||Money Market Roth IRA|
|0.10%||$100k||-||Platinum Money Market Savings|
|0.04%||$500k||-||Business Interest Maximizer|
|0.04%||$250k||-||Personal Money Market Savings|
|0.02%||-||-||Business Investment Account|
|0.03%||$100k||-||Bank of America Interest Checking|
|0.01%||-||-||Business Interest Checking|
|0.15%||$1k||-||48 - 59 Month CD - Platinum Rate|
|0.15%||$1k||-||60 - 119 Month CD - Platinum Rate|
|0.15%||$1k||-||120 Month CD - Platinum Rate|
|0.13%||$1k||-||48 - 59 Month CD|
|0.13%||$1k||-||60 - 119 Month CD|
|0.13%||$1k||-||120 Month CD|
|0.13%||$1k||-||Business 48 - 59 Month CD|
|0.13%||$1k||-||Business 60 - 119 Month CD|
|0.13%||$1k||-||Business 120 Month CD|
|0.12%||$1k||-||36 - 47 Month CD - Platinum Rate|
|0.10%||$1k||-||36 - 47 Month CD|
|0.10%||$1k||-||Business 36 - 47 Month CD|
|0.10%||$1k||-||24 - 35 Month CD - Platinum Rate|
|0.08%||$1k||-||24 - 35 Month CD|
|0.08%||$1k||-||Business 24 - 35 Month CD|
|0.08%||$10k||$25k||12 Month Featured CD - Platinum Rate|
|0.07%||$1k||-||18 - 23 Month CD - Platinum Rate|
|0.06%||$10k||$25k||12 Month Featured CD|
|0.05%||$5k||-||9 Month Risk Free CD - Platinum Rate|
|0.05%||$1k||-||12 - 17 Month CD - Platinum Rate|
|0.03%||$5k||-||9 Month Risk Free CD|
|0.03%||$1k||-||12 - 17 Month CD|
|0.03%||$1k||-||18 - 23 Month CD|
|0.03%||$1k||-||Business 12 - 17 Month CD|
|0.03%||$1k||-||Business 18 - 23 Month CD|
|0.03%||$5k||-||Business 9 Month Risk Free CD|
|0.03%||$1k||-||28 - 179 Day CD - Platinum Rate|
|0.03%||$1k||-||6 - 11 Month CD - Platinum Rate|
|0.01%||$1k||-||28 - 179 Day CD|
|0.01%||$1k||-||6 - 11 Month CD|
|0.01%||$1k||-||Business 28 - 179 Day CD|
|0.01%||$1k||-||Business 6 - 11 Month CD|
|0.15%||$500||-||48 - 59 Month CESA - Platinum Rate|
|0.15%||$1k||-||48 - 59 Month IRA - Platinum Rate|
|0.15%||$500||-||60 - 119 Month CESA - Platinum Rate|
|0.15%||$1k||-||60 - 119 Month IRA - Platinum Rate|
|0.15%||$500||-||120 Month CESA - Platinum Rate|
|0.15%||$1k||-||120 Month IRA - Platinum Rate|
|0.13%||$1k||-||48 - 59 Month IRA|
|0.13%||$1k||-||60 - 119 Month IRA|
|0.13%||$1k||-||120 Month IRA|
|0.13%||$500||-||48 - 59 Month CESA|
|0.13%||$500||-||60 - 119 Month CESA|
|0.13%||$500||-||120 Month CESA|
|0.12%||$500||-||36 - 47 Month CESA - Platinum Rate|
|0.12%||$500||-||36 - 47 Month IRA - Platinum Rate|
|0.10%||$1k||-||36 - 47 Month IRA|
|0.10%||$500||-||36 - 47 Month CESA|
|0.10%||$500||-||24 - 35 Month CESA - Platinum Rate|
|0.10%||$1k||-||24 - 35 Month IRA - Platinum Rate|
|0.08%||$1k||-||24 - 35 Month IRA|
|0.08%||$500||-||24 - 35 Month CESA|
|0.08%||$2k||-||12 Month Featured IRA - Platinum Rate|
|0.07%||$500||-||18 - 23 Month CESA - Platinum Rate|
|0.07%||$1k||-||18 - 23 Month IRA - Platinum Rate|
|0.06%||$2k||-||12 Month Featured IRA|
|0.05%||$500||-||12 - 17 Month CESA - Platinum Rate|
|0.05%||$1k||-||12 - 17 Month IRA - Platinum Rate|
|0.05%||$2k||-||9 Month Risk Free IRA - Platinum Rate|
|0.03%||$2k||-||9 Month Risk Free IRA|
|0.03%||$1k||-||12 - 17 Month IRA|
|0.03%||$1k||-||18 - 23 Month IRA|
|0.03%||$500||-||12 - 17 Month CESA|
|0.03%||$500||-||18 - 23 Month CESA|
|0.03%||$500||-||6 - 11 Month CESA - Platinum Rate|
|0.03%||$1k||-||6 - 11 Month IRA - Platinum Rate|
|0.03%||$100||-||18 - 23 Month Variable Rate IRA - Platinum Rate|
|0.02%||$100||-||18 - 23 Month Variable Rate IRA|
|0.01%||$1k||-||6 - 11 Month IRA|
|0.01%||$500||-||6 - 11 Month CESA|