Bank of America Logo

Bank of America

Is This Your Business?
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128 User Reviews

6.7

Overall Score

LAST UPDATED: November 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

3.8

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128 Reviews

Review Breakdown

5 grade

45%

4 grade

23%

3 grade

12%

2 grade

9%

1 grade

12%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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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.

1 year 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.

1 year 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.

2 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.

3 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.

4 years ago

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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.

4 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.

4 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.

1 year 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.

3 years ago

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Review Source

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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.

3 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.

3 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.

3 years ago

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Emiliano Galeano Elkridge, MD

I owned a bank/saving account since 2007, it has been a good experience so far. They have called me early the one time I had my card cloned/stolen

1 year ago

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Dave B

Online App is extremely good. In my city, they reduced the number of locations from 3 to 1 and closed the drive-thru. That hurt big time.

3 years ago

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Buyer Be Aware

There are Atm's in most of the areas I shop and close to my home. I've had 3 home and multiple vehicle loans with them with good loan rates.

3 years ago

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Joel Blackwell

Overall good service, but they need to stay out of politics. It makes me want to change banks due to that.

3 years ago

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james pettinelli

Satisfies my needs open on Saturday they recognize my wife and myself as preferred members of the bank

3 years ago

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Frank Ruffin

good overall service but they change staff & managers making it impossible to build a personal relationship.

3 years ago

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Review Source

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Kip Fowler Pleasant Grove, UT

My experience with Bank of America has been primarily with investment property mortgages. I have been pleased with the service we have received

3 years ago

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Richard Broad Fairfax, VA

no problems with them . They have managed my bill pay service well

1 year ago

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EDITH

Everything goes pretty well. I like getting a card copy of my statements.

3 years ago

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charles wilson

Not a local bank near my area i have to drive 24 miles one way to bank

3 years ago

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Joyce Davis

THEY SAVE MY HOME FROM FORECLOSURE AND HELPED ME RE-ESTABLISHED MY CREDIT

3 years ago

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Jamie Broussard

They closed the branch in my town. Now I need to drive 20 miles to do banking.

3 years ago

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Dan

Great customer service and experience and products.

1 year ago

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NYLE LAGRANGE North Branch, MN

Long term credit relationship and top customer service.

3 years ago

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Sunil D Chandler, AZ

Poor Fixed Income investment (aka CD) rates

3 years ago

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myron s krouse

i get treated like a customer not a number

3 years ago

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Deborah Harrison

Locations are limited and out of the way.

3 years ago

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Jose Argueta

My bank is very good they have a very understanding people

3 years ago