Pros

About 4,500 branches and 16,000 free ATMs.
Monthly fee on basic checking account is easy to avoid.
Strong tools and mobile app.

Cons

0.06% APY on highest-yield savings account; better rates available elsewhere.
Only two checking accounts, fewer than most major banks.
$35 overdraft fee can be charged up to four times daily.

Overall

3.5

Bank of America, like many of its jumbo-bank competitors, 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, both of which are a drain on your finances.

Ratings methodology | Updated September 15, 2017

Checking

3.5

Bank of America has a basic checking account and one that bears a minimal amount of interest. There’s nothing especially wrong with either one — in fact, it’s fairly easy to avoid the monthly fees for both, which isn't true for every big bank's checking accounts. Receiving monthly direct deposits of at least $250 or maintaining a minimum daily account balance of at least $1,500 will allow you to avoid the $12 fee on the basic account. But you’d think that one of the country’s largest financial institutions would throw more resources toward creating more attractive checking products.

Along with those two general accounts, Bank of America offers the SafeBalance Banking account, which is tailor-made for frequent overdrafters. In lieu of charging overdraft fees, Bank of America will simply decline transactions if the account holder doesn’t have sufficient funds in his or her account. But the account comes with significant downsides. It has a $4.95 monthly fee that can’t be waived, and there’s no provision for the use of paper checks.

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.

Core Checking
$12
Monthly fee
$1,500
Balance to waive monthly fee
Learn moreat Bank of America
Regular Savings Account
0.01%
APY
$1
Min. balance for APY
Learn moreat Bank of America
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
Good
Rates
Poor
Fees
Low
Money Hungry Policies
I just spent 20 minutes on the phone and was transferred 3 times to talk to the right person about stopping a duplicate transfer that Hadnt posted to my account yet. I was told they had to let it post in order to cancel it, which would overdraw my account. It doesn’t matter that the payment was made from one BofA account to another, or that I called them before the payment was processed. They’re going to let it post and charge me a fee because of an erroneous charge. I can’t imagine how they handle fraudulent activity and hope to god I never have to find out.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Worst Customer Service
Went to do Business banking at the Cape Coral, Del Prado FL Bank. Long lines and only 1 Teller. In line for an hour total. After 25 minutes in line I questioned the man standing around. It was the Manager and he actually said "Customers shouldn't be in line, you should use night deposit or use the picture/phone option." Will NEVER go back to that bank again.
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