Based in North Carolina, Bank of America offers financial solutions for customers who are looking to manage their money. Bank of America offers services and products whether they’re for personal needs, small businesses, wealth management or businesses and institutions. Bank of America seeks to give back to the community through its partnership with Habitat for Humanity. It also offers retirement planning services.

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The Good

Great Services
Habitat for Humanity Partnership
Online and Mobile Banking

Great Services

Have been in business for over 200 years with $2 billion in total assets. They offer services to personal, small businesses, wealth management, as well as business and institutions. They are a developed bank that provide many services for customer needs:

banking for checking, saving, and CD accounts
Loans for mortgage, refinance, home equity, and automobiles
investments with retirement, IRA and 401k, 529 and college savings, and other investment products
consumer and commercial finance services
learning with budgeting and saving, managing credit, home buying, and retirement planning

They are a global bank with more than 5,000 retail banking offices in the U.S. alone. Only bank where they provide a "Learning" tab for customers to learn more about finances.

Habitat for Humanity

As part of its goal to give back to the community, Bank of America has a partnership with Habitat for Humanity. Bank of America launched a first-ever global multi-city build in 41 communities. This effort was made possible by a $6 million investment from the Bank of America Charitable Foundation.

Online and Mobile Banking

For the on the go customer, Bank of America also provides online banking and mobile banking. Its mobile is available for Apple and Android users. Customers who use mobile banking can take advantage of different factors including:

Mobile check deposits
Money transfers
Manage accounts

Bank of America's mobile app has been recognized as having the Best Overall Identity Safety in Banking by Javelin Strategy and Research.

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The Bad

No Student Loans
Banking Fees
Opening Fee

No Student Loans

College students who need help with funding will not find student loans available at Bank of America. They will have to choose another bank to receive a loan that will help them achieve a higher education.

Banking Fees

There are banking fee's for their two checking accounts. Some examples are:

Opening fee, depending on the type of account there is a minimum opening fee of $25 or $100
Maintenance fee of either $12, $14, or $25 which can be avoided by meeting banks criteria
Overdraft and returned items fee $35
Overdrafts Extended Overdrawn balance $35
Overdraft protection service each transfer $10
Other common fees are check and deposit ticket orders, consulate letter fee, returned item chargeback fee, legal process fee, stop payment fee ($30), and wire transfers

Opening Fee

For the 3 saving account there is an opening fee of $25 and 2 of the 3 have a .01% Annual Percentage Yield (APY). If requirements are not met there will be a $5 or $12 monthly maintenance fee.

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The Bottom Line

Bank of America has proved themselves to be a secure bank to open an account for personal, small business, wealth management, or business and institutions. Their many services provide an excellent source for financial needs as well as the opportunity to learn more for yourself. This is the only company where they provide an option where you can learn about finances. Consumers can reach their customer service line during business hours or get automated support 24/7. Our recommendation: If you're a student and in need of a loan, it may be best to look elsewhere. For everyone else, consider Bank of America for your banking needs.

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User Reviews

Star Rating

3.7

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141 Reviews

Review Breakdown

5 grade

42%

4 grade

23%

3 grade

13%

2 grade

1 grade

13%

Sentiment Criteria

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Quality

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Ivan S. Houston, TX

After 3+ years of having my account, always active and always in good standing I changed my phone number thru their app. This immediately got my account locked. So I tried calling the number they gave me to call, after being transferred 4 times (1 hour on phone later) they tell me it can only be unlocked in person. So I go to the bank, there I have to wait 1.5 hours just to be seen at their Fondren Rd location in Houston. I tell the guy who I was assigned to I'm there to unlock my account so I can pay my bills due today. He asks all the questions he could come up with to verify it's me (even tho I handed him my driver's license and bank of america debit card for the locked account), 30 more minutes later he supposedly had unlocked the account. But I get home and to add insult to injury the login was unlocked but my debit card was removed from the account and both my ability to use Zelle and/or to link the account to my CashApp were still blocked. So now I have 3 different late fees all because I changed my phone number on the account. Save yourself and DON'T use bank of america, go anywhere else; even a squirrel under a bridge will take care of your money better.

8 months ago Edited March 15, 2024

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NANCY Malone San Antonio, TX

I’ve been with BOA for 15 years. They have protected my accounts through security breaches on two occasions. I very much appreciate them being on top of that. On one of those breaches, they were aware of it before I was. I’ll keep my money safe with them.

9 months ago

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larry Greeneville, TN

have been a loyal customer of Bank of America for 2 years, and their service has consistently exceeded my expectations. From their user-friendly online banking platform to their responsive customer support, I couldn't be happier with my banking experience.

1 year ago

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Chad Edgar Wentzville, MO

A very good bank they've never let me down once my direct deposit was always there if anybody tried to put something in my account without my knowing they've called me immediately and lock my account very responsible very courteous very kind and they keep my money safe

2 years ago

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carole abel Palm Coast, FL

have been with Bank of America just about 4 years and cannot think of a thing that we're unhappy with. We do need to watch our transfers between accounts of the bank will impose a charge but they contact you BY MAIL first and give you time to finalize your transactions. Othwerwise they have been efficient, honest and a pleasure to work with .

3 years ago

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Makayla Holland Gaithersburg, MD

I’ve been a loyal customer with BOA since college. They’ve notified me of miscellaneous charges, rushed debit cards, and helped with any customer service request I’ve needed. The online system is super easy to use. I’ve never needed to switch banks.

3 years ago

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rcb15D Tallahassee, FL

Bank of America was the first bank my family ever used. They are very reliable and certainly have great customer service. Transparency of their fees was refreshing since most banks throw random fees at you. Especially their loan policies are amazing considering my mother is Cuban-American; Bank of America is very inclusive. My mother even opened an account for me.

4 years ago

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Eddie Rios Ogden, UT

Very happy with Bank of America as they always provide competitive rates for loans. My family has always found the number of branches to be very helpful. This full service bank is a great financial partner. I use it daily for my business purposes. Bank of America is as professional as they come. No better bank!

4 years ago

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Asadullah Plano, TX

We opened a Bank of America account last year. I had a fraud incident where someone tried to use my debit card online. I received a text message alerting that the PIN number entered was invalid. I followed up by calling the number on my debit card and started the process of reporting the activity. Bank of America sent me a new debit card however they did not inform me that they had frozen my bank account! A month or so later I initiated an online property tax payment which appeared to have gone through immediately but a few days later I received an email that i did not have enough funds (which i did, it was just that my account was frozen and no funds could leave my account; this i was later informed by my a bank rep over the phone); and the payment was reversed as a result of which a encountered a penalty from my county for the property taxes. All of this due to lack of proper communication from Bank of America! I had to pay the penalty out of pocket despite no fault of mine. The account was unfrozen eventually after an arduous wait at a local BOA. They never accepted the electronic check despite that i did have enough funds. I had to do my property tax payment all over again with a penalty for a returned check as well as a delay in payment. This was a very disappointing experience and I feel Bank of America’s should reimburse the penalty that i had to pay due to their oversight. I also dont think my money is safe there as my debit card number somehow got into the hands of a fraudster despite that i had never used that debit card anywhere!!

1 year ago

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Mario Martin Montgomery, TX

I've been banking ai Bank of America for my convenience for many years. Throughout the years there have been many technical changes that allow customer service conveniences, but for me nothing beats good banking reliability, personal support, and trust that has been consistent with Bank of America.

2 years ago

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Nyla C. Edison, NJ

Banking with Bank of America was pretty straightforward. The cash-back benefits were good too. I use this credit card pretty much whenever I need gas for the car or small groceries, and I haven't had much issues.

3 years ago

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Rhona Leffler Olney, MD

Bank of America has many locations, therefore access is convenient. The ability to deposit checks using the app is very helpful. The low balance fees are high and my branch closed their drive-through window before COVID ever hit. My impression was that that really don't want you to come into the branch, therefore the goal was to make it inconvenient.

3 years ago

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Beverly Schacher Long Beach, MS

We banked here for many years before moving to a small town with no B of A branch nearby. We always received excellent service and free checking. We would definitely recommend them!

4 years ago

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Lisa Hrycyk

i use bank of america for one of my most used credit cards through allegiant airlines. i earn points for purchases which go towards flights with allegiant. they could improve by offering cheaper interest rates for regular purchases. maybe base it off monthly spending amounts.

4 years ago

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Tanner Cook Gilbert, AZ

I’ve been banking with Bank of America my whole life. They offer good rewards if you have enough in savings, and the credit card perks like it with them are great. I’ve never had a problem with them, and anytime I go into a branch they’re always very helpful.

5 years ago

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Thomas Hullinger Pleasant Grove, UT

I have used Bank of America in the past and they were easy to work with. Provided the checking and savings accounts that I needed and the services that go with them were great. They also are very modern and I like their internet capabilities.

6 years ago

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John

I leave my review for Bank of America because after being with them for 20 years and owning two separate businesses they still do not help me when I need money. They are lending practices are to stringent and the policies that they follow do not help a hard-working small businessman in the beginning of starting his business. I no longer need alone , But I still remember when I did need a credit line Bank of America turned me down. I do all my business through Bank of America and for being his customer as long as I have someone upstairs just doesn't get it.

6 years ago

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Joe Rasper

The website is great for transferring money, checking balances and using bill pay. In addition, the customer support is very accessible and does a great job answering all your questions.

6 years ago

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Connie Mayer South Jordan, UT

Banks are banks. Credit unions are better to me, but Bank of America is just fine. I talked to a customer service rep and compared services, and even though banks are pretty similar, Bank of America just wasn't the right fit for me.

7 years ago Edited September 14, 2021

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Mark

We have used Bank of America for about 30 years. Their website is easy to use, and we appreciate the options available for paying bills, transferring funds, and managing our money. Their interest rate is rather on the low side for their savings program, but they have been a good company to work with otherwise.

7 years ago

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Kenneth Okerlund Orem, UT

I love using Bank of America, they were always consistent with their billing. The online site and the mobile app were really well done and user friendly. I never even needed to see a representative because everything was so easy to figure out and do myself.

7 years ago

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Heather H Sanford, FL

Bank of America has branches that are conveniently located basically everywhere, but their fraud protection and fees need improvement. When your account is hit with fraudulent charges, they don't rush ship a replacement debit card. Bank of America's customer service has room for improvement as well.

1 year ago

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J. R. Alexander Fleming Island, FL

My wife and I had been banking with BofA for a number of years without any problems whatsoever. When she passed away, I chose to move from the home she passed away in to a different part of the same County. As a long time advocate for Credit Unions since my days in the military, I decided to dump BofA for a local CU recommended by family. I opened an account at the CU including establishing direct deposit for my retirement checks. After being assured everything was in its' proper order, I drove back to BofA to close out my accounts. As the manager reviewed my records, he remarked he noticed I did not have "direct deposit" for my retirement checks. I informed him that was correct; that I had stopped the direct deposit to BofA because it (direct deposit of my Government checks) had to be in effect at the CU so I would be certain my money would be where I wanted it to go. For that I was charged a $12.00 fee for NOT HAVING direct deposit established at BofA; a bank I was at that moment closing my accounts in. I received the Royal BofA rip-off, a message I passed on to that manager in the presence of customers.

3 years ago

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Larry Hawker

Have used them for years but the bank is somewhat difficult to work with. Have random holds placed on deposits. Not what customers want to deal with today. Also, they tend not to have enough tellers during peak periods.

4 years ago

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Amanda Montebello, CA

My primary checking account is with Bank of America and I’ve had great experience with customer service. Also, I enjoy being rewarded for shopping at certain stores.

4 years ago

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Zoey

They are difficult to reach on the telephone. Their walk-in "mini-banks" are frustrating because greeters are sometimes aggressive and when no greeters are there, it's a puzzle to know where to find a teller. The "hole-in-the-wall" where you can deposit or withdraw malfunctions about once a month.

4 years ago Edited September 14, 2021

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Preston Ingalls

I have banked with BOA even before they became BOA and were Nations Bank and then before that NCNB. Good service and I have had one small issue with them in years.

4 years ago

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Alex Nee Centerville, MA

Customer service needs some work... But their services and products are top tier. Bring in the know with my money is important and they make it easy. But if there is a problem expect to be irritated... Unless you go into a branch office.

5 years ago

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Eugenia Lee

Never have had a problem with them. They even reversed some fees when I was charged for something I didn't order. Friendly customer service reps also. Always ready to help!!

6 years ago

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Hannah Pleasant Grove, UT

Bank of America's website is not my favorite. It is complicated and not easy to use. It is not user friendly. This is a huge company. You think they would fix this. But as a bank, they are fine.

6 years ago

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Tom Pleasant Grove, UT

I have used Bank of America for a deposit account, and also credit cards. They are easy to work with, have great customer service and are very convenient. I like that they have a national presence and use their ATM's. Good on low fees.

6 years ago

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Amanda George IL

Literally one of the worst banks anyone could bank at. Run. Run far away. They charge you for every little thing, even if you didn't sign up for it. If you don't choose paperless billing they charge you $3.99 a month, if you only have a checking and not savings they charge you $5 for that, and so on and so forth. They also charge a yearly fee to have the account.

1 year ago

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Thomas Bekey Scottsdale, AZ

Payroll check was not credited to my account onemonthafter it was deposited. As a result my checks for rent and groceries were returned as NSF. Met with banker who apologized profusely for their mistake. Same thing occurred the following month so I requested a letter from the bank explaining their mistake, that I could provide to my landlord and grocer. I immediately removed all of my funds from BofA.

4 years ago

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Yordan Urrutia Orlando, FL

I currently bank with Bank of America and they are great! Whenever I’ve have an issue they are always there to help. Highly recommend!

4 years ago

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Deborah integlia Bedford, NH

Been a member since 2000 when we moved to Maine. Never have I had a complaint that they couldn’t fix and send me off satisfied.

4 years ago

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Tori smith Mesa, AZ

Bank of America is always so helpful with my account problems and they are always to willing to help me figure things out

4 years ago

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A Craw Draper, UT

I appreciate how many ATM's they have available and the incentives associated with opening accounts. Customer service is excellent.

5 years ago

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Alicia Holman Gilbert, AZ

Their customer service isn't up to speed. They seem to be too big to care about the smaller accounts, so if there are any issues, they don't really take the time to try to rectify the problem. Their managers don't seem to have enough power to be able to make changes for people when needed.

6 years ago

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Jason

Amazing applications, Saturday Banking, Seamless connection to Merrill Lynch accounts. However, transfer fees are high; additional fees are too high. Poor in-bank customer service.

6 years ago

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luis galan

they are good when you have good credit, their checks for balance transfer are all kept all year long(as long as your credit is good)

6 years ago

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Anne Beaty

I have had excellent service with B of A, for many years now. No, they're not perfect, but of all the big banks, I think they're the best.

6 years ago

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Michael Howard

They make lot's of mistakes and it takes forever to resolve the problems. When I go to the branch it is rare that there is ever more than one teller window open even when there are 10 or more people in line.

6 years ago

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Pam Coleman

Charging overdraft fees on top of over draft fees is my biggest issue with them. I know that the goal is to stay in the positive, but to charge a $35 fee, for being in the negative by $.10 Is excessive. I feel thst customers should at least be given a day to rectify the problem before fees are implemented.

6 years ago

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Nana Asiata Herriman, UT

Bank of America is a great bank to bank with. Bank of America is welling to help their customers out with stolen card and unknown transactions. The process only one or two day long to get your money back.

6 years ago Edited September 14, 2021

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B. A Messina-Gates Royse City, TX

We have had accounts at Bank of America for decades. The service at our local branch has always been good. We have had no problems till now. Bank of America announced In April 2018 they will no longer make loans to arms manufacturers. Short term business loans are typically the way business operates. This will be a huge hardship and may possibly put them out of business. This is a way to strangle our second amendment rights. I am in the process of switching banks because of this.

6 years ago

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Alaina Gull Falmouth, ME

I was a longtime customer of Bank of America. When the economy collapsed in 2008, although I continued to pay my loan on time, and the full amount due each month, they rewarded me by lowering my credit amount each month to match what I owed. This hurt my credit report because it made it look like I had maxed out my credit card, which I did not. I started with $11,000 of available credit which they reduced to my amount owed immediately after the collapse. Each time I paid on my loan, they again reduced my available credit. Nothing changed in my status, but they were punishing their loyal customer for their own bad lending habits. If this is how they reward loyal customers, I don't ever want to be one again. I haven't used them since.

6 years ago

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Sandy Seaside, OR

We've been with them for many years. Their customer service has been great to work with. Getting to the representative to help is a bit annoying though. Way to long on the phone.

6 years ago

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scotty Saint Paul, MN

I had a debit account with Bank of America for a short period of time I did everything online but when it came to closing an account that they made it very difficult to even get someone to just work with me to the point where I had to contact the better Business bureau and have them help me close my account with Bank of America. Pretty

2 years ago

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Kyana Jackson

The Customer Service is always great!! They treat me as if they were on the receiving end themselves!!!

4 years ago

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Alana S Orlando, FL

This is a trustworthy bank. Late fees are reasonable and I never feel like they are over charging me

4 years ago