Bank Of America Review

Bank of America Review 2022 [Pros, Cons, and Fees]

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Bank of America Review

Bank of America (BoA) is one of the leading national banks in the US. Most consumers prefer traditional banking services due to the extensive availability of physical branches and the latest security and digital capabilities.

The next sections offer an in-depth review of Bank of America to help you decide whether it is a suitable choice for your financial needs.

 Onto our bank of America review!

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Bank of America Review

Features

Bank of America, as a leading financial institution in the United States, provides its customers with some interesting financial features, such as lending products and investment options. Some are listed below.

Checking Accounts

One advantage of the bank is that all three of its checking accounts can be opened with as little as $100. These accounts are described in detail below.

  • Advantage SafeBalance: This checkless account with a debit card assists customers in staying within their reserve. Overdraft fees are not charged with this account, and the $4.95 monthly subscription is dismissed if you are a student under the age of 24.
  • Advantage Plus: This checking account also has its own set of advantages. The monthly fee of $12 is waived if you make a qualifying direct deposit of $250 or more or maintain a daily balance of $1,500.
  • Advantage Relationship: This account offered by Bank of America allows customers to have the $25 monthly fee deferred if they maintain a balance of $10,000 in linked accounts that are eligible for such a benefit. This account also waives fees for additional checking or savings accounts, incoming domestic wires, and standard check purchases. If you meet the terms and conditions, you can also earn interest on your balances.

Savings Accounts

Savings accounts with Bank of America are only available as an option. Bank of America Advantage Savings provides customers with interest rates that increase as the customer’s relations with the bank grow.

This account requires a $100 deposit, which must be made at the time the account is opened. The monthly fee on this account can be waived if you maintain a minimum daily balance of $500, link the account to your Bank of America Advantage Relationship Banking checking account, or become a Bank of America Preferred Rewards customer. Waivers are also granted to new accounts for up to six months from the date of creation, as well as accounts of students under the age of 24 who are enrolled in school.

CDs

Bank of America provides standard term Certificates of Deposit (CDs) with a $1,000 minimum deposit. Standard CDs with terms ranging from one month to ten years are available, with annual percentage yields (APYs) ranging from 0.03 percent to 0.05 percent. There are featured CDs, which are promotional CDs that provide enhanced benefits to customers but need a $10,000 minimum deposit. Customers have few term options, but they will be offered a higher promotional APY.

Typically, CDs renew at the end of their term, and after seven days, customers are penalized if they do not cancel the renewal and withdraw. The penalties imposed differ depending on the term of the CD. Additionally, if you close the CD before it matures, you will not be penalized.

Bank Of America Joint Account

The applications for joint accounts are as smooth as individual ones. All requests can be submitted online without having to go to a physical branch. Applicants must provide the social security number, residential address, email address, and all personal information regarding each applicant. 

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Bank of America Withdrawal Limit

Bank of America allows a maximum of $1,000 or 60 bills to be withdrawn simultaneously.

However, this limit may differ based on how many funds are available and what type of account you have.

For example, if you want an advance withdrawal that you set up using the mobile banking app, you are restricted to only $800. 

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Bank Of America Debit Card

Bank of America Debit Card

The Bank of America debit card is an affordable, easy-to-use option to satisfy your banking needs, but you must ensure that you have enough funds in your account.

Unlike credit cards, the BoA debit card allows you to avoid interest payments and other fees.

They also offer a $0 liability guarantee in case of fraudulent transactions, and there is a 24/7 monitoring service that keeps track of your card to avoid any potential fraud.

Other features of their debit card include:

  • The program called “Keep the Change” rounds up the sum to the nearest dollar, and then the extra is transferred to a savings account, helping you save money as you do your daily shopping. 
  • Numerous cashback deals are available in the Bank of America app. These offer you cashback once you enroll, and the money is sent automatically to your debit account. 
  • The debit card can be added to any digital wallet, including Google Pay, Apple Pay, Samsung Pay, PayPal, and others. 

Most of these services can be easily accessed via the Bank of America app.

Their award-winning application for mobile phones is used for protection purposes as you can lock or unlock your cards in case you misplace them, order new cards, or even have a digital card stored in a safe digital wallet.

This can be used just like your physical card by placing the phone over the contactless symbol on all compatible card readers. 

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Bank of America Transfer Limit

You can use your checking or savings BoA account to transfer money to someone else’s account.

The bank has a maximum limit of $3,500 per day (24 hours) and up to $10,000 per week. The cut-off time for this service is 10:45 P.M. (ET).

However, if you plan to transfer money between your own accounts at the same bank, there is no limit.

For transfers between your Bank of America account and another account you own at a different bank, the limits are as shown below:

  • Up to $9,999,999.99 from your checking/savings account to another checking/savings account.
  • Up to $9,999,999.99 from your checking/savings account to your investment account.
  • Up to $100,000 per day or $250,000 per week from your investment account to your checking/savings account. 

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Bank of America Online Banking

BoA online banking services are award-winning as they have been rated #1 in Dynatrace’s Banker Scorecard for nine years.

As you might expect, they offer maximum convenience, are intuitive and user-friendly. The mobile app is the easiest way of accessing online banking, but you may also do all of your banking via a tablet or computer. 

Users can manage their online accounts with ease. You may use online banking to check your balance, transfer money, deposit checks, review your statements, and even select cashback deals on-the-go.

Furthermore, the pay & transfer function allows you to pay bills or schedule payments at any time, while the spending and budgeting tool is an excellent feature that will enable you to control your finances. 

Finally, Bank of America online banking is extremely secure, and they provide specific security settings and measures, including fingerprint sign-in.

If you need help, you can chat with Erica at any time, a user-friendly and knowledgeable virtual financial assistant that helps customers with a wide range of inquiries. 

Bank of America Pros and Cons

Here are some of the key pros and cons of working with BOA

Pros

  • Unrivaled accessibility: With approximately 17,000 ATMs, Bank of America has the most widespread access of any financial institution in the country. It is also a bank with one of the largest branch networks in the United States, with 4,300 locations. Customers can be confident that they will be able to access their funds and banking services regardless of where they travel.
  • Minimum balances for opening checking and savings accounts are low: You don’t have to spend a lot of money to open a bank checking or savings account. The bank emphasizes that such accounts can be opened with them for as little as $100, making it easier for customers to switch banks.
  • Discounts on loans: Bank of America rewards customers who have a longer relationship with the bank with higher rates and discounts on lending products. Certain credit cards are also redeemed for rewards by the bank.

Cons

  • There are no high-yield savings account options: Due to the lack of a high-yield savings account, customers are missing out on opportunities to earn competitive interest rates.
  • Exorbitant ATM fees: Bank of America has approximately 17,000 ATMs spread across the country, making it easy for customers to find one nearby. However, as a customer, using another bank’s ATM incurs a $2.50 fee in addition to payment of the other bank’s fees. These charges are not deferred or paid back with a checking account from the bank.
  • Certificates of deposit (CD) rates are low: Bank of America offers CDs with terms ranging from one month to ten years. However, interest rates are 0.05 percent or less, limiting customers’ ability to earn a handsome return on their money.
Bank of America Logo

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Frequently Asked Questions (Faq)

Is Bank of America FDIC Insured?

Similar to other national banks, Bank of America is FDIC insured. In other words, each depositor benefits from the insurance of up to $250,000 per insured bank per each type of account.

This applies to deposits in savings accounts, CDs (Certificate of Deposit), money market savings account, and savings accounts.

Finally, retirement accounts benefit from separate insurance of $250,000 per owner. Anything exceeding this sum is not insured by FDIC (Federal Deposit Insurance Corporation). 

Is it safe to use Bank of America?

To protect customers and their assets, Bank of America, like every other long-standing banking institution, employs cutting-edge encryption technology and a slew of other security measures.

Is it possible to get a loan from Bank of America?

Yes, Bank of America offers home and auto loans, and they have reasonable terms.

How do I get in touch with a Bank of America representative?

If there are no unforeseen circumstances, you can contact Bank of America customer service at 1-800-432-1000. This should be done between the hours of 8 a.m. and 11 p.m. ET Monday through Friday, and 8 a.m. to 8 p.m. ET on Saturday and Sunday.

Bank of America Alternatives & Competitors

Chase: Bank of America and Chase are two banks that have some similarities but also some distinct differences. While Chase offers an additional level of luxury checking, Bank of America SafeBalance® Banking automatically drops all overdrafts, implying that Bank of America’s checking options are tailored toward account holders with lower deposits. Furthermore, because of the strength of Chase’s credit card rewards program, it is a satisfactory bank for credit card options than Bank of America.

Capital One: Capital One, another strong competitor to Bank of America, is comparable to the latter. The bank doesn’t match up with Bank of America’s geographical reach, but it gains a competitive advantage online by offering online checking and savings accounts in addition to traditional brick-and-mortar accounts. The Capital One 360 Checking Account has an annual percentage yield (APY) of at least 0.1 percent on all balances. This improves upon the value obtained from Bank of America. In comparison, Bank of America’s Rewards Money Market Account offers only 0.06 percent APY and is only available to customers with balances of at least $100,000.

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Customer Service

The Bank of America phone number is 1 (800) 432-1000. They may also be contacted via social media, such as Facebook and Twitter.

Bank of America customer service representatives are available Monday to Friday from 8 A.M. to 9 P.M. (ET), Saturday from 8 A.M. to 8 P.M. (ET), and Sunday from 8 A.M. to 5 P.M. (ET).

If you prefer to visit their physical branches, the Bank of America opening hours are usually from 9 A.M. to 6 P.M. from Monday to Friday.

Some branches might be closed on Saturday and Sunday or may only open until 2 P.M. 

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Summary

Overall, if you are looking for the peace of mind that a well-established banking institution offers you, Bank of America is an excellent option.

They have numerous financial products and services to choose from, and you do not need to schedule appointments anymore.

All of the necessary transfers, transactions, and even budgeting can be done on-the-go using the Bank of America app or other means of accessing their online banking services.

This award-winning feature saves time and ensures that your finances are always secure and protected from fraud.

The FDIC insurance applies to each customer with a maximum of $250,000 per type of account ownership.

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