Bank of America


Overview / Commentary
800-900-9000
100 N Tryon St
Charlotte, NC 28202

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.

Related Posts

SINCE THIS FORUM IS STILL BROKEN AND DOES NOT ALLOW COMMENTS PLEASE POST ANY DEALS IN THE MISC FORUM INSTEAD OF HERE. DO NOT POST DEALS HERE. - 5/7/2024

Since this forum is still broken and does NOT allow people to add any additional important information here, please DO NOT POST DEALS HERE! Until this forum gets fixed: PLEASE POST ALL DEALS IN THE "MISCELLANEOUS" FORUM. Please put in the Subject Line Example: (post in the Miscellaneous Forum, not here): 7% 4-month CD at NavyFed Until DA's new owners take this website seriously and fix it like they've promised, it's going to be up to us to make it useful again.

Bank Of America $1,000 Business Checking Bonus - 4/7/2024

Open a BOA business checking account by 7/31, deposit $30k in the account within 30 days of opening it, maintain the balance from day 31 through day 90 and receive a $1k bonus. The fine print states that you must receive the offer directly from BOA so YMMV. https://promotions.bankofamerica.com/offers/sbbt016?promoCode=BSDCIS&source_id=10001SCK0329242&cm_sp=SB-Checking-_-BT016_00SBCheckingDDAIncentiveOffer-_-SCE1HV4E01_SB_Hero_NH_SB_Checking_Incentive_SBHP_Mar24_mastheadCta

Bank Of America 10 Year Bond @ 6.55 - 10/18/2023

BOA has a 10 year bond paying 6.55% paid semi annually. The bond is rated S&P A-. CUSIP is US06055JCN7.

View all posts from:

5/21/19 - 13-Month Promotional CD
5/1/15 - $200 Checking Bonus For Boa Mortgage Holders
11/6/14 - BofA Triples Third-Quarter Loss Due To Forex Legal Expense
10/23/14 - Bank Of America Apologizes For Double Charging On Apple Pay
10/20/14 - Bank Of America Account Closure Question
9/19/14 - U.S.: BofA Bid To Void $1.27 Billion Fraud Verdict Defies Common Sense
4/29/14 - How Bank Of America Lost Billions And Forgot To Tell Regulators
4/9/14 - BofA Paying $772M Over Selling Credit Card Extras
4/4/14 - Bank Of America Close To Settling On Credit Cards With U.S. Regulator
3/27/14 - Bank of America To Pay $9.3 Billion To Settle Mortgage Bond Claims
3/7/14 - Bank Of America Rolling Out New Fee Checking Account With No Overdraft
1/26/14 - Bank Of America's Trading Practices Have Been Probed, Filing Shows
1/18/14 - Bank of America To Shutter More Branches, Mobile Banking Grows
1/15/14 - Bank Of America Q4 Profit Beats Estimates
12/2/13 - BofA Employees Picket Video Teller Technology
10/12/13 - Bank Of America Posting Order Change - Unknown Effective Date
8/27/13 - Judge Tosses BofA Lawsuit Vs. FDIC
8/7/13 - US Government Sues Bank Of America
6/15/13 - BofA Gave $500 Bonuses To Foreclose On Clients, Suit Claims
5/8/13 - Ruling Clears Way For $7 Billion A.I.G. Suit Against Bank Of America
4/19/13 - BofA Rolls Out ATMs With Live Teller Video Chat
4/17/13 - Bank of America Profit Quadruples As Expenses, Provisions Fall
2/1/13 - Bank Of America Website Has Been Down Since 10Am ET
8/29/12 - BofA Joins Chase, Citibank In Simplifying Checking Disclosures
6/20/12 - Detroit Man Gambles Away $1.5 Million Accidentally Given By ATM
5/31/12 - 3 Years After Taxpayer Bailout, Bank Of America Ships Jobs Overseas
4/24/12 - Checking Bonus
3/1/12 - Bank Of America Considers Revamping Checking Accounts
12/23/11 - CD's For A Organization..
10/28/11 - Bank Of America Is Revamping Debit Card Fees
10/3/11 - Bank Of America, Chase, And Citibank Bonuses
8/5/11 - Bank Of America Starts Overdraft Rebate Outreach
8/5/11 - Bank Of America Online System Experiencing Problems
7/14/11 - Bank Of America Paying Out $410 Million For Reordering Your Transactions To Maximize Overdraft Fees
7/12/11 - Bank Of America's Handling Of Blunder Is Troubling
7/7/11 - Woman's Accounts Frozen After $3M Overdraft
3/22/11 - Credit Limits
3/21/11 - New Fee At Bank Ofamerica
9/21/10 - $150 Promo From Bank Of America
9/8/10 - New Myaccess Checking Fees
8/27/10 - Bank Of America Online Banking Outage - Nationwide - Resolved

Reviews (396)

Check Deposited

Posted by: |

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

Many Years Using Their Credit Cards, Also A Checking Acct.

Posted by: |

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.

"Free" Check Re-Order, I Think Not!

Posted by: |

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"?

Does Not Care About You, Bank Elsewhere

Posted by: |

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.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #3510
Year Established1904
Employees137557
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.01%
Return on Equity - YTD10.83%
Annual Interest Income$26.91B
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2,550.4B$2,518.3B
LoansQ1 2024vs Q1 2023$1,034.3B$1,030.4B
DepositsQ1 2024vs Q1 2023$2,048.2B$2,015.4B
Equity CapitalQ1 2024vs Q1 2023$237.3B$232.5B
Loan Loss AllowanceQ1 2024vs Q1 2023$13.17B$12.5B
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$7.69B$5.1B
Real Estate OwnedQ1 2024vs Q1 2023$187MM$283MM
Rates
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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.

Bank of America Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.04%$0-Preferred Rewards - Platinum Honors
0.04%$0-Business Advantage Relationship Rewards - Platinum Honors
0.04%$0-Preferred Rewards - Diamond
0.04%$0-Preferred Rewards - Diamond Honors
0.03%$0-Preferred Rewards - Platinum
0.03%$0-Business Advantage Relationship Rewards - Platinum
0.02%$0-Preferred Rewards - Gold
0.02%$0-Business Advantage Relationship Rewards - Gold
0.01%$0-Business Advantage Savings
0.01%$0-Bank of America Advantage Savings

Bank of America Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.02%*$50k*-Bank of America Advantage Relationship Banking
OTHER TIERS: 0.01% $0 - $50k

Bank of America CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$0-7 Month CD Special
4.75%$0-13 Month CD Special
4.25%$0-12 Month CD Special
4.00%$1k-90 - 179 Day CD
3.20%$0-25 Month CD Special
0.05%$0-37 Month CD Special
0.05%$0-10 Month CD Special
0.03%$1k-28 - 179 Day CD
0.03%$1k-6 - 11 Month CD
0.03%$1k-12 - 17 Month CD
0.03%$1k-18 - 23 Month CD
0.03%$1k-24 - 35 Month CD
0.03%$1k-36 - 47 Month CD
0.03%$1k-48 - 59 Month CD
0.03%$1k-60 - 119 Month CD
0.03%$1k-120 Month CD

Bank of America IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$0-7 Month IRA Special
4.75%$0-13 Month IRA Special
4.25%$0-12 Month IRA Special
3.20%$0-25 Month IRA Special
0.05%$0-37 Month IRA Special
0.05%$0-10 Month IRA Special
0.03%$100-18 - 23 Month Variable Rate IRA
0.03%$1k-6 - 11 Month IRA
0.03%$1k-12 - 17 Month IRA
0.03%$1k-18 - 23 Month IRA
0.03%$1k-24 - 35 Month IRA
0.03%$1k-36 - 47 Month IRA
0.03%$1k-48 - 59 Month IRA
0.03%$1k-60 - 119 Month IRA
0.03%$1k-120 Month IRA
Locations

Availability

Boston Area

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