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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!
Bank of America Review
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.
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Bank of America allows a maximum of $1,000 or 60 bills to be withdrawn simultaneously.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.
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.
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.
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.
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).
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.
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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Thanks for reading our Bank of America review.
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