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.
Bill pay is helpful because I can setup all of my bills to be paid either early or on the day they are due I know others offer this, but Bank of America even helped me with a dispute I had. One of my bills was saying they didn't receive my payment and thanks to Bank of America I was able to show them exactly how and when they were paid. The customer service person didn't act annoyed that they had to go out of their normal routine to help me either. So many companies will do only what they feel like they absolutely have to do for customers. Sometimes you just feel like a number and a bank balance. But not to Bank of America, I felt important.
I like Bank of America's service in overall. They have a relatively fast act on any problems related to fraud and hacking. For instance, I called their customer service after finding out that I lost $500.00 out of blue from my checking account. Their personnel responded me by asking a series of question to identify myself related to my personal information. Then, they figured that the their ATM machine in my town got manipulated by someone who put a card reader on top of the their ATM card reader so that they could scan my card information and was able to create a copy of my debit card. They immediately refunded $500 to my account back and started an investigation on this incident. I was surprised how quick they acted on this type of incident and was happy to be a part of them.
I frequently use Bank of America for banking for my business. Bank of America has been great since we switched over from "Meta Bank." The transaction fees are much, much smaller. The online banking system is great and makes life easy on the go. The online sign up is very secure, requiring a password, and often additional security questions. After logging on through a secure system I can easily check my balance, transfer funds, and view statements online without any hassle at all. Bank of America has is a very reputable bank who has high standards for security, yet is very simple and user friendly. Their customer service has been sub-par over the years and the customer service people are not the friendliest. However, if your self reliant and like to check up on your balance and need online control, this is a great bank to use.
As a small business man B of A really stinks. Not only did they close the branch where I work, they closed almost every branch in Northern California. When I returned home after a couple months leave, they closed half my bank in Chico and got rid of almost all the senior clerks and managers. They turned my business line of credit into a damn credit card. They sold off my mortgage like I was a piece of meat. I can't wait to take my 33 year old business else where
|FDIC Certificate #||3510|
|Return on Assets - YTD||1.19%|
|Return on Equity - YTD||9.49%|
|Annual Interest Income||$44.77B|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$1,677.5B$1,639.3B|
|Loans||Q4 2016vs Q4 2015||$879.2B$867.8B|
|Deposits||Q4 2016vs Q4 2015||$1,334B$1,291.2B|
|Equity Capital||Q4 2016vs Q4 2015||$206.2B$201.5B|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$11.02B$11.96B|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$8.71B$10.32B|
|Real Estate Owned||Q4 2016vs Q4 2015||$382.0MM$409.0MM|
Rates for Bank of America are currently being reviewed.