Bank of America Review 2022: Pros, Cons, Alternatives

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

Bank of America has a variety of checking account options to choose from and is great at keeping an eye out for fraud. It also makes it easy to contact customer service or your bank’s fraud department whenever you need it.

Whatever your banking needs, you can find the banking services you need from Bank of America, from mortgages to direct debits to auto loans. Bank of America also offers a Bank of America mobile app and this is one of the best apps he has.

read more: best online bank

Advantages of Bank of America

There are several reasons to choose Bank of America over other financial institutions and open other accounts. Here are some of the biggest advantages 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 are, you should always be able to find it so you can deposit a check, get a bank reference letter, or set up an eligible direct deposit.

Great tools and mobile apps

Among online banks with checking accounts, Bank of America has some of the best digital banking technology. This is accessible whether or not you are a Preferred Rewards Client in the United States. These tools make it easy to get as much value as possible from your targeted linked accounts.

Bank of America Reviews: Products and Prices

Now that we’ve covered high-level information about Bank of America, let’s take a closer look at its products. Here’s what you should know:

Bank of America checking account

Bank of America Advantage Personal Banking

	Advantage Safe Balance	advantage plus	Advantage relationship
monthly fee	$4.95 or 0$	$12 or $0	$25 or $0
Minimum deposit amount	$25	$100	$100
Overdraft	0$	Option to configure Balance Connect for overdraft protection	Option to configure Balance Connect® for overdraft protection
APY			0.01% Standard, 0.02% Gold, 0.03% Platinum, 0.04% Platinum Honors

Bank of America offers several checking account options, but the only checking account with advantage is Advantage Relationship Banking. When considering which plan is right for you, remember that choosing a higher tier plan will result in a higher total balance requirement.

By setting up direct deposit, you can avoid the monthly fees associated with these checking accounts.

Bank of America Business Advantage Banking

The company also offers business bank accounts. They help separate personal finances from the company’s income statement.

Bank of America Savings Account

Through this bank, you can also open one of these savings accounts. But America’s Advantage Savings doesn’t offer savings account yields that you might find elsewhere.

bank of america cd

CD sets APY for a period of time. If you plan to become a loyal bank customer, it’s a good way to earn a little extra cash.

Bank of America Credit Card Services

The company also offers several credit cards to choose from, but you must have good credit to qualify. increase. But then the variable APR can be as high as 25%.

The good news is that this company’s Preferred Rewards credit card has no annual or monthly fees. The only thing you need to worry about is paying enough funds into your new account to avoid late fees and overages.

Other Bank of America Features

Bank of America also offers investment products and has a program to keep your change. The program automatically rounds up the amount of your purchase and invests the remaining amount.

That way, you can save money every time you make a purchase with your debit card without having to transfer money to your oldest account or three different accounts.

Whether you need customer service calling a branch or an affiliated bank account, you’re more likely to find what you’re looking for here.

Overview of Bank of America

best overall value

• Great mobile apps and online banking tools
• Wide range of account options
• Large network of physical branches and ATMs

open account

Bank of America Customer Reviews

It would be helpful to see some reviews from previous customers before using this bank. Here are four that will help.

Bank of America customer service sucks. The waiting time to speak to an agent is ridiculous and they are disrespectful…

Marline in Hollywood, Florida

I have been a Bank of America customer for about 10 years. I have checks, savings, car loans, and personal loans. They have always notified me if there were any unusual charges on my account.

Rusty in Broken Arrow, Oklahoma

Since opening my first account in 2008, I have had many different types of accounts with Bank of America.

Gabriella in Seattle, Washington

Pros: I recently received a fraud alert regarding suspicious credit card activity. BoA is 5 stars here. When I finally reached out to a representative, David was a professional…an extra 5 stars.

Raymond, Fort Mills, South Carolina

Bank of America Service Review

Is Bank of America Right for You?

The answer to this question depends on what you want from your bank. If you value sophisticated mobile apps and an excellent branch network, Bank of America is for you. But if you’re looking for high interest rates and consistently good customer service, you might want to look elsewhere.

cost value

The cost value for this bank is solid. You can set up a debit card and a simple reference letter without paying anything.Bank of America gives you access to some great tools and keeps overdraft fees reasonable too. A small deposit is required to start the account, but that’s it.

customer service

Customers are divided when it comes to the services of this bank. Some say it was the worst customer service they have received and that the new rep did not say anything and without any warning there was a reference charge – all of a sudden yesterday or 7 months ago.

However, some say they had no problems communicating with the back office or branch managers. This may vary depending on the calling bank used by your company’s network.

ease of use

This bank is easier to use than any financial institution. This is true whether you need a car loan or a small business checking account. Customers enjoy an extensive network of banks and ATMs. We also get a lot of value from the company’s online his banking tools and mobile his banking tools.

Features included

• There is an automatic savings system
• budgeting tools
• Debit card shopping benefits
• Access to physical branches
• Mobile apps available

whole

Overall, Bank of America offers convenient banking tools, a wide variety of accounts, and great add-on features with its vast network. This is a solid choice, and can only be improved by raising interest rate offers and being more consistent in helping customers.

2 Top Bank of America Alternatives

	chase bank	capital one	bank of america
Basic checking account	$12/month (waiveable in 3 ways)		From $4.95/month (waiveable)
savings account	$5 per month (waivable in 4 ways)	No maintenance fee	From $8/month (waiveable)
US non-bank ATMs	$2.50/transaction (waiveable in 3 ways)		$2.50 per transaction (waivable)
Overdraft	$34	$35	from $0
detail	read reviews	read reviews	read reviews
Link	open account	open account	open account

chase bank

Chase Bank is another of the world’s leading banks that does some things better than Bank of America. This is a great option if you want a low initial deposit and daily cash balance requirement for your new account.

capital one

Capital One offers much higher interest rates than Bank of America. However, the lack of physical location makes it suitable for certain customers but not others.

Conclusion

Bank of America offers a variety of account options, impressive digital banking technology, and a large network of physical branches and ATMs. A solid bank that can offer a lot to different types of customers.

However, banks do not offer good interest rates on most products. There is also haphazard customer support who may return the same answer over and over again, even if it is incorrect.

If you don’t mind interest rates and don’t usually rely on customer support, you should choose this bank. However, if these factors are very important to you, another bank may be a better choice.

Frequently Asked Questions (FAQ)