Bank of America Reviews 2022: Features & Alternatives

Bizreport - Kellan Jansen
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Reviewed by Randolph Vialva, MBA
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Bank of America Business Advantage Fundamentals Banking
Editor Rating:
4.5
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  • Cost Value
  • Customer Service
  • Ease of Use
  • Included Features

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  • Leading financial institution
  • Offers savings, checking, and loans
  • Large network of physical branches

Pros

  • 24/7 customer support
  • Low overdraft fees
  • Helpful tools for budgeting
  • Award-winning mobile app

Cons

  • Decreasing physical branches
  • Savings yields are low
  • Customer service is hit or miss
  • Digital banking
  • Mobile app
  • Plenty of ATMs
  • Wide variety of account options
  • Founded in 1998
  • More than 200,000 employees
  • Headquartered in Charlotte, NC
bank of america review

Bank of America is one of the world’s leading financial institutions. It offers savings accounts, preferred rewards systems, checking bank accounts, direct deposit, and more. You can set up a business account or personal account to take advantage of these features.

Bank of America has a wide variety of checking account options to choose from and does a good job of watching out for fraudulent activity. It’s also easy to contact customer service and the bank’s fraud department whenever you need to do so.

No matter what your banking needs are – from home loans to balance transfers and auto loans, you can find the banking services you need from Bank of America. Bank of America offers Bank of America’s mobile app as well, which is one of the best out there.

Read more: Best online banks

Bank of America  Advantages

There are a few reasons why you’d choose Bank of America over other financial institutions and open up other accounts. Here are some of the biggest benefits of this provider.

About 4,100 branches and 17,000 free ATMs

Bank of America has a very large network of physical branches and ATMs. No matter where you’re at, you should always be able to find one, so you can deposit checks, get a bank reference letter, or set up a qualifying direct deposit.

Excellent Tools and Mobile app

Among online banks with checking accounts, Bank of America has some of the best digital banking technology – which you can access regardless of whether you’re an America preferred rewards client or not. These tools make it even easier to get as much value as possible from eligible linked accounts.

Bank of America Review: Products & Prices

Now that we’ve covered some high-level information about Bank of America, let’s start looking more closely at its products. Here’s what you need to know.

Bank of America Checking Account

Bank of America Advantage Banking For Personal

Advantage SafeBalanceAdvantage PlusAdvantage Relationship
Monthly fees$4.95 or 0$$12 or $0$25 or $0
Minimum Opening Deposit$25$100$100
Overdraft0$Option to set up Balance Connect for overdraft protectionOption to set up Balance Connect® for overdraft protection
APYNot includedNot included0.01% Standard, 0.02% Gold, 0.03% Platinum, 0.04% Platinum Honors

Bank of America offers several checking account options, but the only interest-bearing checking account is its Advantage Relationship Banking. As you think about which plan is right for you, remember that your combined balance requirements go up as you choose higher-tier plans.

You can avoid the monthly fees associated with these checking accounts by setting up a direct deposit.

Bank of America Business Advantage Banking

Business Advantage Fundamentals™ BankingBusiness Advantage Relationship Banking
Monthly fees$16 or $0$29.95 or $0
Cash depositsUp to $7,500 per statement cycle are free (then 30 cents per $100)Up to $20,000 per statement cycle are free (then 30 cents per $100)
Incoming wire transfer feeDomestic: $15/transfer International: $16/transfer$0

The company also offers business banking accounts. These will help you separate your personal finances from your company’s income statements.

Bank of America Saving Account

Advantage Savings AccountBusiness Advantage Savings Account
Monthly Fee$8 or $0$10 or $0
Required Opening Deposit$100$100
Transaction LimitMake a total of 6 transfers and withdrawals each monthly statement cycle. A $10 fee applies for each withdrawal or transfer exceeding 6 in a monthly statement cycleMakeup to 6 transfers and withdrawals each monthly statement cycle

You can also open one of these savings accounts through this bank. But America’s Advantage Savings doesn’t offer as good of a yield for a savings account as you should be able to find elsewhere.

Bank of America CDs

Featured CD accountFixed Term CD account
Minimum opening deposit$10,000$1,000
TermChoose from multiple options:
7 months to 37 months
See available terms and rates
Choose from multiple options:
28 days to 10 years
See available terms and rates
APY0.05–2.00% depending on balance and term0.03–0.03% depending on balance and term

A CD gives you a set APY for a certain amount of time. It’s a good way to earn a little extra cash if you plan on being a loyal customer with the bank. But, again, the company’s rates aren’t as good as you will find elsewhere.

Bank of America Credit Card Service

The company also offers several credit cards to choose from, but you need to have excellent credit to qualify for them. If you do qualify, you’ll typically be able to get a 0% APR for the first 21 months. But after that, your variable APR could be as high as 25%.

The good news is that this company’s preferred rewards credit cards don’t have an annual or monthly fee. The only thing you’ll need to worry about is paying enough funds into the new account to avoid late fees and overages.

Other Bank of America Features

Bank of America also offers investment products and has a keep-the-change program. This program automatically rounds up your purchases and invests the leftover amount. 

That way, you’re able to save money with each debit card purchase you make without needing to send money to your oldest accounts or three accounts that are different from one another to do so.

Whether you need branch-called customer service or relationship banking accounts, there’s a high chance you’ll be able to find what you’re after here.

Bank of America Quick Overview

Bank of America Business Advantage Fundamentals Banking

4.5 stars

Best Overall Value

  • Excellent mobile app and online banking tools
  • Wide variety of account options
  • Large network of physical branches and ATMs

Open Account

Bank of America Customer Reviews

Before you commit to using this bank, it’s helpful to look at some reviews from previous customers. Here are four that should be helpful.

Bank of America has the poorest customer service. The wait time to speak to an agent is just ridiculous, and they are rude…

Merline of Hollywood, FL

I have been a Bank of America customer for about 10 years. I have my checking, savings, auto and personal loans with them. They have always notified me when there was any abnormal charges on any of my accounts. They have also immediately refunded any money that was taken out of my account.

Rusty of Broken Arrow, Oklahoma

I had many different types of accounts with the Bank of America since opening my first account in year 2008. To date, all accounts operate and have always operated exactly as advertised.

Gabriela of Seattle, WA

Pros: Recently got fraud alert about suspicious credit card activity… BoA is 5 stars here. When I finally got through to a Representative, David was professional … another 5 stars.

Raymond of Fort Mills, SC

Bank of America Service Review

Review of Bank of America

Overall Pricing and Value
90%
90%
Cost Value
90%
90%
Customer Support
80%
80%
Ease of Use
100%
100%
Included Features
90%
90%

Is Bank of America  Right For You?

The answer to this question depends on what you want in a bank. If you value a sophisticated mobile app and an excellent branch network, then Bank of America could be perfect for you. But if you’re looking for high-interest rates and consistently excellent customer service, then you may be better off with another bank.

Cost Value 

The cost value for this bank is solid. You can get set up with debit cards and a simple reference letter without having to pay much of anything. Bank of America offers access to some excellent tools and keeps its overdraft fees reasonable as well. Your account requires a small deposit to get started, but that’s it.

Customer Service

Customers are split when it comes to this bank’s service. Some say that it’s the worst customer service they’ve had, and reference fees incurred with no warning whatsoever that a new rep told them nothing about – either suddenly yesterday or seven months ago.

But there are also those who say they’ve had no problem getting in touch with the back office and a branch manager. It may just depend on which calling bank you’re using in the company’s network.

Ease of Use

This bank is among the easiest to use of any financial institution. That’s true regardless of whether you need a car loan or a checking account for your small business. Customers enjoy the wide network of banks and ATMs. They also get a ton of value from the company’s online and mobile banking tools.

Included Features

  • Automatic savings program available
  • Budgeting tools
  • Debit card shopping rewards
  • Access to physical branches
  • Mobile apps available

Overall

Overall, Bank of America offers helpful banking tools, a wide variety of accounts, and nice add-on features with its expansive network. It’s a solid choice that could only be made better by raising its interest rate offers and getting more consistent at helping customers.

2 Top Bank of America  Alternatives

Chase BankCapital OneBank of America 
Basic Checking Account$12 per month, (waivable in three ways)Not includedFrom $4.95/mo (waivable)
Basic Savings Account$5 per month, (waivable in four ways)No maintenance feesFrom $8/mo (waivable)
Non-bank ATMs in the U.S$2.50 per transaction (waivable in three ways)Not included$2.50 per transaction (waivable)
Overdraft$34$35From $0
DetailRead Review Read Review Read Review
Link

Open Account

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Chase Bank

Chase Bank is another world-leading bank that does some things better than Bank of America. It’s a superior choice if you’d like a lower initial deposit and daily cash balance requirement for your new account.

Capital One

Capital One offers much higher interest rates than Bank of America. But it doesn’t have any physical locations, which makes it a good fit for certain customers and a poor one for others.

Conclusion

Bank of America offers a wide variety of account options, impressive digital banking technology, and a large network of physical branches and ATMs. It’s a solid bank with lots to offer to many different types of customers.

However, the bank doesn’t offer a good interest rate on most of its products. It also has hit-or-miss customer support that may give you the same answer multiple times even if it’s the wrong one.

You should pick this bank if you don’t care about interest rates and don’t typically rely on customer support. But if those factors matter greatly to you, then there are other banks that may be a better fit.

Frequently Asked Questions (FAQs)

Is Bank of America a good bank?

Yes, this is a solid bank with great digital technology and a wide network of ATMs and physical branches.

What are the pros and cons of this bank?

Bank of America does mobile banking incredibly well, but its interest rates are not very good.

Bank of America or Chase: Which is better?

Chase offers lower daily balance requirements and a lower initial funding fee. But Bank of America offers superior digital banking technology.

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ABOUT THE AUTHOR

Bizreport - Kellan Jansen
Kellan Jansen
Business Writer
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Kellan works with businesses of all sizes to help them achieve their growth goals and has won several awards for his work in the space. He is especially focused on the fields of business finance and the developing cryptocurrency industry, regularly writing about both for audiences across the globe.

ABOUT THE REVIEWER

He is an organized and creative thinking sales management professional with experience in outside and inside sales in various markets. Working as freelancer in the Greater Boston Market, he moved to St. Louis and became an Account Executive, then a Sales Manager managing and coaching 12 sales reps covering a nationwide territory. He has developed his team with a combination of consultative selling and value before price coaching mindset which has won him a President’s Cup and many other financially rewarding awards at RICOH. His most recent role as a Continuous Improvement Manager provided insight into the importance of delivering a quality product in alignment with the value and reputation of his organization. It further enhances the aspect of selling on value as opposed to price.

+ 3 sources

Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.

  1. Top 1,232 Bank of America Reviews. www.consumeraffairs.com. Accessed October 28, 2022. https://www.consumeraffairs.com/finance/bofa.html#sort=recent&
  2. Bank of America. Bank of America – Banking, Credit Cards, Home Loans and Auto Loans. Bank of America. Published 2017. Accessed October 28, 2022. https://www.bankofamerica.com/
  3. Credit Card, Mortgage, Banking, Auto | Chase Online | Chase.com. Chase.com. Published 2019. Accessed October 28, 2022. https://www.chase.com/