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.
Been with this bank for well over a decade for both my personal and biz accounts. They have been consistently helpful with great customer service!
Until this year I've banked with Bank of America for many years. I once used this bank after inheriting $50,000. This is when I was first made aware of the many fees associated with using BOA. The inheritance was from a relative's death and I was too preoccupied to pay attention to my bank statement. I knew I had enough money in my checking/savings account to cover my expenses. However, one day I looked at the statement and was shocked that I was being charged a transfer fee from my savings to checking account. The bank offered a small token credit for the money they had deducted. Recently I closed an account because Bank of America started charging a $15 fee just to have an account. It outraged me to think of all the people faithfully deposited their hard-earned money into this giant money-making institution and being charged for the privilege. I was also charged if I went into the bank to speak to a teller instead of using the ATM service. Excuse me for asking a human about my money.
I had banked with BOA for many many years. Had fraud from AT&T somebody purchased 1,000.00 on my account. Georgia BOA took a few weeks to track it down, finally put the money back into my account. I was so happy. Meanwhile, I moved to Oklahoma. Went to the Tulsa, Oklahoma location to withdraw the money. They immediately placed a hold on my account. So, I went back another day, I didn't really understand what was happening. I'd been to Tulsa a month ago to buy a house as my family was relocating. I had a new "Oklahoma" drivers license and showed them my new and old documentation plus my divorce just to prove I am who I am... They just went silent, go security and said I was not welcome in their bank. I was so sad and started crying. I told them that this was basically all of the money I had and I was applying for unemployment but had not received any money yet. I wanted to do direct deposit, but I was afraid for them to take more money. I said ok, I'll close my account, they said you don't need to do anything except leave the building. I never did get my $1,000.00. I guess I will never ever use this bank and I will keep my money in my pocket and spend it before someone at another bank steals my money. This is not the first time I've had fraud from BOA, this was the first time I'd gotten my money back so I figured I'd leave it in there until I got moved to Oklahoma only to be ripped off. I don't know just how much I've lost over the years, but I stayed with BOA because in Georgia it seemed like BOA was the best choice (back a few years ago). Nowadays, nobody can afford to lose a dollar. I will not trust them again.
Horrible customer service, HOLDS YOUR CHECK DEPOSITS FOR A WEEK, due to the banking crisis I was told, how does BofA except any one to run a company that holds funds for a week?? I was told it's new policy due to the banking failures recently. What a joke!! They just want to make interest on your money and gamble it on investments, only looking out for themselves!!
Overall | |
---|---|
FDIC Certificate # | 3510 |
Year Established | 1904 |
Employees | 133221 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.93% |
Return on Equity - YTD | 10.03% |
Annual Interest Income | $24.92B |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2022vs Q2 2021 | $2,440B$2,350.3B |
Loans | Q2 2022vs Q2 2021 | $1,014.2B$903.6B |
Deposits | Q2 2022vs Q2 2021 | $2,075.4B$1,986.1B |
Equity Capital | Q2 2022vs Q2 2021 | $230.9B$225.3B |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $11.94B$14.08B |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $5.28B$5.81B |
Real Estate Owned | Q2 2022vs Q2 2021 | $313.0MM$374.0MM |
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 | |
---|---|---|---|---|---|
0.02%* | $50k* | - | Bank of America Advantage Relationship Banking | ||
OTHER TIERS: 0.01% → Up to $50k |