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.
It is a great bank. The truth is I am very happy with your service, offers security, many opportunities, facilities in transactions, possibilities regarding the credit issue. I really have several years with this bank and I can catalog it as the best. Always alert. The web platform is great and easy to use, the physical venues are comfortable and coherent with the operation of the site, transparent, which is the most important thing in a bank, transparency. This bank has never been bad for me.
I've had my account with them since 2009 with no problems at all. Their basic savings account pays one penny per month in interest, and you have to maintain it at $500 per month, or you get charged a fee. I kept BofA for my basic checking, and switched to Vio for savings. It seems to be a really good fit for me so far.
For many years I had an account with BoA without any problems. On a visit about a CD the clerk "upgraded" my account. I thought he was talking about the CD, because I that was the only reason I was there. Months went by, then I was charged a fee because my checking account balance had dropped below $5000. Previously my balance only needed to exceed $2500. I immediately began to transfer CDs to other financial institutions as they matured. When I told them I was closing my account, they got all concerned. Assuring me that they would somehow make it up to me without offering any specifics.
After my father died I became PoA on my mother's account at BoA. The bank was supposed to have also set me up as beneficiary, and assured me they had done so before we left their office. After my mother died, I went in to close her account. I was told I wasn't listed as beneficiary. Thankfully, my mom had a will, but I had been lied to. While the people at the counters were always friendly, they are not always knowledgeable. That's management's fault.
I have had a checking account since 1976 with this bank.This bank has been my fnancial lifeblood,The checking account is great,I do most of my paying bills online using Bank of America's websit,I have never experienced any problems at with with the checking account.I have opened 2 credit cards both more than 15 years ago.One is a Visa cash back card with a good rate and a high balance limit of$19,500 on the visa car,Themastercard ha a $10,000 limit.The bank does a good job with fraud protection,One time about 12 years ago they caught a fraudulent charge,closed the card immediately and sent me a new card,Customer service has always been excellent,New cards are easy to activate online,The ATM's always work with no problems I hgjlu recommend this bank.
|FDIC Certificate #||3510|
|Return on Assets - YTD||1.63%|
|Return on Equity - YTD||13.92%|
|Annual Interest Income||$15.19B|
|Assets and Liabilities|
|Assets||Q1 2019vs Q1 2018||$1,775.4B$1,765.2B|
|Loans||Q1 2019vs Q1 2018||$925.5B$911.2B|
|Deposits||Q1 2019vs Q1 2018||$1,439.8B$1,410.4B|
|Equity Capital||Q1 2019vs Q1 2018||$210.1B$205.7B|
|Loan Loss Allowance||Q1 2019vs Q1 2018||$9.51B$10.11B|
|Unbacked Noncurrent Loans||Q1 2019vs Q1 2018||$6.26B$7.53B|
|Real Estate Owned||Q1 2019vs Q1 2018||$349.0MM$321.0MM|
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Rates for Bank of America are currently being reviewed.