Exploring the Wonders of Bank of America: An In-Depth Analysis

The Giant Bank: Bank of America

Bank of America is a financial behemoth, holding a significant portion of deposits in the U.S. with over 4,300 branches across the country. While its convenience is unmatched, its accounts come with high fees and low interest rates.

What We Like

- Lots of branch locations

- Lots of financial products

- Mildly useful perks: round-up savings feature and cash-back program

What We Don't Like

- Poor interest rates

- Poor customer service ratings

- Most accounts come with high monthly fees

Who Is Bank of America Best For?

If you want a bank with a wide presence in the U.S., Bank of America is a good choice. It may suit you if you prefer banking with a well-known institution and are comfortable navigating complex rules and fees.

It's ideal for those less concerned with high savings rates and looking for a bank offering a variety of financial products.

What Does Bank of America Offer?

Bank of America provides a range of financial products, including various accounts like checking, savings, certificates of deposit, and IRAs. They also offer credit cards and services such as online and mobile banking.

Advantage SafeBalance Checking Account

The SafeBalance account has no overdraft fees, but to avoid a monthly fee, you need to enroll in the Preferred Rewards program with a minimum balance requirement.

However, the account offers zero interest and lacks check-writing capabilities.

Advantage Plus Checking Account

This account requires a $100 deposit to open and offers paper checks. To avoid the $12 monthly fee, meet specific balance or direct deposit requirements.

But be cautious, as overdraft and NSF fees can apply.

Advantage Relationship Checking Account

If you maintain a high balance, this account may be suitable as the $25 monthly fee is waived with a $10,000 balance or Preferred Rewards enrollment.

It offers minimal interest and perks like free checks and wire transfers.

Advantage Savings Account

The savings account provides minimal interest and charges an $8 monthly fee, which can be waived with a $500 minimum balance.

It's important to note the limit on electronic withdrawals to avoid additional fees.

Other Financial Products From Bank of America

Bank of America also offers mortgages, auto loans, investments, and business banking services in addition to credit cards and deposit accounts.

Bank of America Customer Service

While Bank of America offers standard banking services, customer service ratings are below average. Accessing support can be challenging, given limited call-in and chat support options.

How to Bank With Bank of America

You can apply for an account online or in-branch, but in-person visits are recommended for certain circumstances. Personal information will be required for account opening.

The Bottom Line

Bank of America offers convenience with numerous branches, but fees and low interest rates are significant drawbacks. For better rates and fee-free banking, exploring other options, especially online banks, may be more beneficial.