Written by Ali Cybulski | Published on 10/11/2024
Bank of America, based in Charlotte, N.C., operates about 3,800 financial centers, or branches, and 15,000 ATMs nationwide. The second-largest U.S. commercial bank holds consolidated assets of $2.55 trillion, according to the most recent Federal Reserve data.
The bank offers checking and savings products as well as certificates of deposit (CDs). If you’re in the market for a checking account, Bank of America Advantage Banking provides several options for your needs. You’ll also find student banking and business checking accounts.
Advantage checking accounts have a monthly fee but multiple ways to waive it, and Advantage Relationship Banking earns interest with no fees on select services. Bank of America has one traditional type of savings account: Advantage Savings. The account requires a $100 opening deposit and charges an $8 monthly maintenance fee unless you qualify for a waiver. The annual percentage yield (APY) for this account is 0.01%.
Members of Bank of America’s Preferred Rewards program — which delivers benefits based on your banking and investing balances — can earn more based on a tiered system. The Gold Tier APY is 0.02%, the Platinum Tier APY is 0.03%, and the Platinum Honors and Diamond tier APY is 0.04%. Program benefits such as discounts and bonuses are also available on select everyday banking services, deposits, home and auto loans, credit cards and currency exchange services, as well as the Merrill Guided Investing Program.
If you want to grow your savings faster, you may want to consider a CD rather than a traditional savings account. The bank offers three CD account options: Featured CD, Fixed Term CD and Flexible CD. The minimum opening deposit for these accounts is $1,000, and terms range from 28 days to 10 years. APYs vary from 0.03% to 4.80%, depending on the CD’s balance and term.
No matter the type of account you select, you can manage it on your own schedule with online and mobile banking features on your electronic devices. Make deposits, set up alerts, schedule or pay bills, secure transfers, use Zelle to set up exchanges of money between family members and friends, and more. Use the bank’s spending and budgeting tool to help you stay on course with your financial goals.
For checking and savings accounts, live customer service is available by phone from 8 a.m. to 11 p.m. Eastern time Monday through Friday and from 8 a.m. to 8 p.m. ET Saturday and Sunday. Customer service for CDs is available from 8 a.m. to 9 p.m. ET Monday through Friday and from 8 a.m. to 8 p.m. ET Saturday.
Bank of America pros and cons
Pros:
• Large bank with about 3,800 branches and 15,000 ATMs nationwide
• Free overdraft protection
• Special benefits, including preferential rates, for members of Preferred Rewards program
Cons:
• Low rates on savings accounts and some CDs
• Monthly account fees, though waivable
• Fees for using non-Bank of America ATMs
Check Deposited
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
"Free" Check Re-Order, I Think Not!
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"?
Widow Can't Use Bofa Funds
My father passed away over a year ago. Even though I have a power of attorney for my mom, Bank of America won't honor it. Her other banks had no problem honoring the POA document. Mom is not able to manage her affairs so she can't use her BofA funds for expenses. Bank of America is by far the worst bank I have ever dealt with.
Good Bank - Nice Clerks Here In CA
Good Bank - Nice Clerks Here In CA
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 3510 |
| Year Established | 1904 |
| Employees | 137857 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.06% |
| Return on Equity - YTD | 11.31% |
| Annual Interest Income | $109B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $2,589.1B$2,540.1B |
| Loans | Q4 2024vs Q4 2023 | $1,084.4B$1,036.8B |
| Deposits | Q4 2024vs Q4 2023 | $2,055.5B$2,031.8B |
| Equity Capital | Q4 2024vs Q4 2023 | $245.5B$236.2B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $13.22B$13.28B |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $8.27B$6.92B |
| Real Estate Owned | Q4 2024vs Q4 2023 | $184MM$192MM |
