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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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.

3 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.

3 years ago

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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.

3 years ago

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Robert McDonald Harker Heights, TX

Card was cancel after I built up substance point. I receive a new card from BoA but not the same type of point advantage. Plus it was like starting over again

3 years ago

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Robert Parrillo

Fees are getting out of control. They changed the type of account I was using for many years from one with minimal fees to one with outrageous conditions!!!

3 years ago

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MissB

They really need to change their fees for withdrawals out of personal accounts after a certain number they charge you a fee to get your money

1 year ago

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Michelle Hawker Las Vegas, NV

I have had primarily bad experiences banking with Bank of America. They are not personable, have made some banking errors that took me months to rectify at my expense.

3 years ago

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Jones House Publishing Houston, TX

Watch your account yourself, don't rely on them. And they act like it's their money when you want to take some out.

3 years ago

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Sam Jankovich Tuolumne, CA

Horrible evperoence with on line service very undeniable service and professional service

3 years ago

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James McIntyre

Great employees all left . Not enough tellers . Long lines . Poor Service .

3 years ago

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Darrell Morgan

excessive fees, no value in the service fees

3 years ago

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