Review of Bank of America 2022
Review of Bank of America :
- Checking: 3.5/5
- Savings: 3/5
- CD rates: 1.5/5
- Banking experience: 4.5/5
- Overdraft fees: 2.5/5
The bottom line:
Editor's Note: As of the date of publication, some of the information on this page may be out of date.
Bank of America, like many other national banks, provides free access to a large network of ATMs and branch locations. The banking experience is complemented by well-designed online and mobile banking solutions.
However, simple access and a great digital experience come at a cost: high fees and low savings rates.
Best for: Those who value access to branches and ATMs to maximize interest and are unlikely to overspend their accounts.
Pros:
- About 4,100 branches and 16,000 free ATMs for bank of America.
- Strong savings tools and mobile app.
Cons :
- Certificates of deposit and savings accounts have low-interest rates.
- Up to four times each day, a $35 overdraft fee can be charged.
- Transportation restrictions are low.
Full review of Bank of America :
Bank of America's Advantage Plus checking account is the standard choice for convenient checking account features like check writing and overdraft programs, as well as relatively simple ways to avoid the $12 monthly fee, such as receiving monthly direct deposits of at least $250 or maintaining a minimum daily account balance of at least $1,500.
The Advantage SafeBalance account from Bank of America can aid regular overdrafts. If the account holder doesn't have enough funds, the bank simply denies transactions rather than collecting overdraft penalties. However, the account has drawbacks, such as the inability to write checks and a $4.95 monthly cost that is difficult to waive.
Advantage Relationship Banking, Bank of America's only interest-bearing checking account, requires at least $10,000 in the bank to avoid a $25 monthly fee and yields modest interest.
You can avoid monthly fees on all three checking accounts by enrolling in the Preferred Rewards program.
For opening any of the three accounts, you can get a $100 incentive. Visit Bank of America's offer website for additional information.
All checking customers are charged a $2.50 fee when using non-Bank of America ATMs in the United States, and a $5 cost when doing so abroad. It also costs $3-$10 for sending transfers to other banks' accounts (depending on transfer speed) and restricts clients to sending $1,000 per day, which is significantly less than some other banks' limits.
The annual percentage return on Bank of America savings is 0.01 percent. Customers who participate in Preferred Bonuses (which require a three-month average daily balance of at least $20,000 across deposit and/or investment accounts) can get better rates, but they only go up 0.04 percent. Deposit $100 to open the account. It has a Keep The Change feature that automatically rounds debit card transactions from your linked Bank of America account to the nearest dollar and deposits the difference into your savings account.
Customers who maintain a minimum daily balance of $500, link to a Bank of America Advantage relationship bank checking account, or link to a Bank of America Advantage relationship checking account are exempt from the $8 monthly maintenance fee on the savings account.
Neither Bank of America CDs come close to matching the rates offered by other high-yield CDs or savings accounts.
For $1000, you can unlock the Standard Range CD. Regardless of term or balance, the annual percentage return is a constant 0.03 percent.
Banking experience :
Bank of America stands out for its easy-to-use online banking and digital technologies. The site is easy to navigate, and information regarding fees and pricing is readily available. Its smartphone app allows you to deposit checks, pay bills, send money, track account activity, and balances, and communicate with Erica, the company's virtual assistant. Android and iOS phone users praised the bank app.
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The hours and channels for customer service are convenient. On weekdays, you can reach a live person from 8 a.m. to 11 p.m. ET, and on weekends, from 8 p.m. to 11 p.m. ET. For existing customers, the bank also offers live chat help and answers inquiries on Twitter.
Overdraft fees :
Bank of America charges a $10 overdraft fee that can be collected up to twice daily. There is no charge for a persistent negative balance, as other banks do.
Balance Connect®, the bank's overdraft protection service, is available for a fee of $12 per day for any transfer from a Bank of America-linked savings account or secondary checking account. Other financial institutions offer this service for free.
Our evaluation system :
BankingZoom's overall ratings for banks and credit unions are weighted averages for several categories, including checking, savings, certificates of deposit or credit union stock certificates, banking experience, and overdraft fees. Pricing and fees, branch and ATM access, account features and limits, user-facing technology, customer service, and innovation are all factors we consider, depending on the category. Stars refer to ratings ranging from one to five stars (five stars). The stars are rounded to the next half of the stars.