at Bank of America,

Member, FDIC

Pros

About 4,300 branches and 16,600 free ATMs.
Monthly fee on basic checking account is easy to avoid.
Strong savings tools and mobile app.

Cons

Up to 0.06% APY on savings account; better rates available elsewhere.
Low rates on certificates of deposit.
$35 overdraft fee can be charged up to four times daily.

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Overall

3.5

Like many national banks, Bank of America offers access to a wide network of free ATMs and branch offices. Well-designed online and mobile banking tools complete the banking experience.

 

But easy access and a solid digital experience come at the price of hefty fees and weak savings rates.

 

Ratings methodology | Updated August 1, 2019

Checking

3.5

Of its three checking account options, Bank of America’s Advantage Plus option is the standard choice to get a full suite of services — including check writing and overdraft programs — with fairly easy ways to avoid the $12 monthly fee. You can receive monthly direct deposits of at least $250 or maintain a minimum daily account balance of at least $1,500, among other options.

 

Bank of America also offers the Advantage SafeBalance account, which can help frequent overdrafters. In lieu of charging overdraft fees, the bank simply declines transactions if the account holder doesn’t have enough funds in checking. But the account comes with downsides, such as the inability to write checks and a $4.95 monthly fee that’s hard to waive for non-students. The only interest-bearing checking, Advantage Relationship Banking, requires at least $10,000 at the bank to avoid a $25 monthly fee. Being enrolled in the Preferred Rewards program also helps you dodge the fee. Interest is minimal.

 

The bank charges all checking customers a $2.50 fee for using non-Bank of America ATMs in the U.S., and a $5 fee when doing so abroad.

Rewards Savings Account
APY
0.03%
Min. balance for APY
$1

at Bank of America,

Member, FDIC

NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
I would have given no stars but that not an option
As an attorney in estate planning I deal with banks all the time. Bank of America's personnel at the branch are totally oblivious -- have absolutely no knowledge of anything. Waiting time can be hours and then hours on the phone. They have to make a lengthy phone call to give an answer on anything and everything. When you call the legal department, you receive different instructions every time you call. So very disappointing.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Really deserve NO STARS
I can't even begin to tell you how fast you need to RUN from this company. I've had my car paid off since the beginning of June, have called there 9 times as of today, sitting on hold for at least 20 minutes each time only to be transferred to someone else and sitting on hold another 20 minutes - I am waiting for my title to be released and in the process of buying a new car. I have been told a different story EVERY time I call in there. Finally spoke with a supervisor last time and he guaranteed my electronic title would be at the DMV by Monday Sept 16 - Tuesday at the latest. Since I have to hold for so long when I call, I decided to wait until Tuesday and, OF COURSE, the title has not been released. Called back today-holding for another 20 minutes only to find out he was not in the office yet. Called him back this afternoon and held for another 20 minutes for him to get back to his desk. He was surprised to hear he had told me the title would be at the DMV on the 16th-he said the very earliest it would be there would be the 20th since it takes 7-10 business days. I reminded him that I said I was going to call him on the 16th before we hung up on the 11th. He didn't know why I would think it was the 16th. I said I wanted to speak with his supervisor and he said he would need to put in a request for that and they would call me back. What a joke...in this process, this is the third time I've been told I'd get a call back and never have! They can never find me in their system because my car is paid off so I can't even get into my account! I am so furious right now I'll be going to the Better Business Bureau next to write another review and anywhere else so that no one else has to practically take vacation time from work to get their title released 3 months after its paid for!
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