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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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.

5 months 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.

3 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.

1 year 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.

2 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.

3 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.

3 years ago

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Gonzalez Carmichael, CA

They are established in the financial market and services. However they carry lots of hidden fees, some I dont understand.

1 year ago

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Anonymous Stratford, CT

They did help me with a balance transfer. I don't understand why when I have to call them people answering phones are hard to understand.

1 year ago

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Sylvia Horner

If you don't have much money in the bank they want to penalize you by making you pay fees. The more money you have the less penalties you pay.

3 years ago

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Rosemary Segelhorst

No Drive up Window have to go inside to conduct transactions that can't be completed at ATM. Long lines inside and not very friendly staff.

3 years ago

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Sandra lowe Los Angeles, CA

the Service is average and the bank is average, some policies are poor, as they relate to the costumer

3 years ago

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Janice Tezack

I've had this Bank forever and they will not work with me on auto refinance or credit cards

3 years ago

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Ms. K. May

They nickel and dime you for every little thing.

3 years ago

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Marv1959

Big and impersonal. Large footprint. Many locations

3 years ago

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Craig

Not user friendly when it comes to customer service

3 years ago

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