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
TERRIBLE!!!!!
I wanted to withdraw 100 dollars from an atm, no money comes out, I call and I am told you have to call during business hours....... so I wait 3 hours, and then call. I deal with an ANNOYING automated system, and while on hold I had to listen to this constant message about their mobile app I should use it. Terribly annoying, and I have been hold for over 30 minutes! I am looking at my account and am getting angrier and angrier...... I have direct deposit so I admit I haven't left because I didn't want to deal with the hassle, but this greedy , money grabbing bank is so bad now, they clearly is no benefit to using this bank...... their only goal is to screw money out of you with fees and red tape. Stay away from bank of America! They suck!!!!!!!!!
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Lies and deceit
They will flat out lie to you, say anything they think will appease you while doing every thing to hold funds deposited for as long as they feel they can get away with it. Starts with the recept from the atm stating that for a “ SPECIFIC REASON” the check maybe returned. In talking with opperation analysis / president office she flat out told me that it did not state that. The reps try to convince you that paper checks are handle and processed differently than electronic funds. They make it sound like the horse pulled wagon is utilized to move the documents. Their major response when asked a question they do not want to respond to is read your deposit agreement. The are glad to provide you the page numbers to read. Their agreement stats they are intitled to hold your funds a few days. Wow since when is a third of a month considered a few days? Want to be led to believe either yourself or your client is trying to commit fraud. Simply deposit a larger than normal check which you have deposited from the same client in the past and watch BOA play their game. Customer service has no problem telling you to hold off doing business with the client until after they release the funds, They start will telling you that the check may be returned , has been sent to the Federal Reserve Bank for processing, all of the normal things for clearing a check FRB states most checks are cleared in one day so BOA why 11 days to fund my account or being able to tell me if the check is on its way back to me. My regret ever trusting Bank of America to handle my banking needs
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