Bank of America Logo

Bank of America

Is This Your Business?
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127 User Reviews

6.7

Overall Score

LAST UPDATED: July 8th, 2021
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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Star Rating

3.9

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127 Reviews

Review Breakdown

5 grade

45%

4 grade

24%

3 grade

12%

2 grade

9%

1 grade

11%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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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.

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.

1 year 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.

3 years ago

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Jarrett Ingram Baltimore, MD

Bank of America's hidden fees were enough to make my take my business elsewhere. The tellers at various BOA branches in the Baltimore area displayed poor customer service at different times. All in all, I was completely dissatisfied with my time as a BOA customer, and I would not recommend them to anyone who really pays attention to their money.

1 year ago

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Kimsreview Olney, MD

Fees, fees and more fees. I was a loyal BOA costumer and finally got frustrated a few years ago when they started adding fees for everything. I was a loyal banker for over 20 years and finally gave up and switched to USAA which has minimal fees and very good customer service.

1 year ago

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Richard Beckham

Embezzling thousands from my mortgage payments. Buying my home equity line of credit without my written permission. Not applying my home equity payments to my account as servicer. Adding the home equity amount to the interest on my mortgage.

3 years ago

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Royal A. Brown III

Refused loans to firearms manufacturers & dealers. Misused TARP funds. Charged my Sr Economy ckg account a maintenance fee. Dropped them after 25 yrs.

1 year ago

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G. Goodrich

Poor customer service. They are quick to offer new products and open new accounts, but slow and make excuses when you have a problem with an account.

3 years ago

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Cristine Gonzales Tallahassee, FL

So trash I had to rate them twice. Probably got charged thousands in hidden fees.

11 months ago

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Denise

Charged me an account transfer fee. I needed the service during the hurricane. Gee thanks Bank of America.

2 years ago

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Sharon Carter

Bank of America charges a monthly Service charge on my savings account if I don't have a balance of $300.

3 years ago

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Anonymous

High maintenance fees, horrible phone reps, willing to "write-off" a Visa debt instantly, damaging credit'

3 years ago

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Patty Miles

in bank service sucks. they don't care about the little guy any longer..

3 years ago

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Adam B

slow, unresponsive, changing to the wrong direction

3 years ago

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Dorothy Axtell

Long wait times in line and few tellers.

3 years ago

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