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.
america-mainamerica-checkingamerica-building

 

Rank Chart
Total Assets
Branches
Our Score
#1
$1.85
6,000+
7.9
#2
$2.185
4,861+
7.1
#3
$30.7
500+
6.9

The Good

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.

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.

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.

The Bad

College students who need help with funding with 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.

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

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.

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.

Time in Business

Bank of America was founded in 1784. Have provided business for over 200 years

 

Mobile Friendly

Yes. We have found Bank of America on Facebook, Instagram with no posts yet, and Twitter which they have 6 different accounts depending on what the user wants to follow with company. They respond to customers concerns and give updated information about the company on these social media. They also have an online banking app for mobile devices and keep their website up to date.

Profitability

Through their annual financial report which can be found online that their return of assets (ROA) is .23% and return of equity (ROE) is 2.92%.

Ref. http://media.corporate-ir.net/media_files/IROL/71/71595/AR2014.pdfpdf

Liquidity

Call

Fees:

Yes. There are different fees for different checking accounts. Those fee’s are listed in the bad. There are also deposit fee’s for saving accounts as well as a maintenance fee unless there is a minimum deposit in account.

Ref.  https://www.bankofamerica.com/deposits/checking/checking-accounts.go ; https://www.bankofamerica.com/deposits/savings/savings-accounts.go

Availability

Bank of America serve 49 million customers with  5,000 retail banking offices, 16,000 ATMs, 30 million online banking users and more than 15 million mobile users. Bank of America is across the world and consumers can go online to find the nearest location or atm in seconds. If there are other questions one can contact customer service during business hours or get automated support 24/7.

Services Available

Bank of America provide services as follows:

  • credit cards
    • travel rewards
    • cash rewards
    • points rewards
    • lower interest
    • no annual fee credit cards
    • how to manage credit card and to learn more about credit
  • everyday banking
    • checking
    • saving
    • CDs
    • debit cards
    • cashpay payroll cards
    • use apple pay
  • manage bank accounts
    • direct deposit
    • keep the change
    • order checks
    • overdraft protection

and this is only half check out more on this link

https://www.bankofamerica.com/sitemap/personal.go

Contact Information:

Address:

100 N Tryon St.

Mailcode Nc 1-007-18-01

Charlotte, NC 28255-0001

Phone:

(800) 432-1000

Hours:

business hours or automated support 24/7

 

Customer Service Call

1-888-550-6433

Monday-Thursday 8:30 a.m. – 7 p.m. ET

Friday 8:30 a.m.- 5 p.m. ET

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