Advertiser Disclosure

Pros

Nearly 5,000 branches and about 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, two of the things banking customers want to avoid the most.

Ratings methodology | Verified Feb. 10, 2017

Checking

4.0

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 an average 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, Banks 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
Fair
Website / app
Fair
Rates
Poor
Fees
High
Overdraft Fraud
They will do ANYTHING it takes to overdraft you. They postponed a payment going into my account, just so that I would be -$2 in my account, then charged me a $35 overdraft fee, only after the payment went through. Which overdrafted me AGAIN to -$13. Think an item has been posted to your account? NOPE, they move around items that have already been posted, to make sure you are overdrafted as much as possible, and once you overdraft once, you will NEVER get out of the hole. They make it absurdly difficult to actually pay off the fee. -$13 in your account so you move over $10 from a different account? OH THAT's CONSIDERED AN ITEM, so then they charge you $35 for PUTTING MONEY INTO THE ACCOUNT. I'm so done with this bank. Will very soon be a past customer.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Money Held Hostage
I sent in a claim form I was told to only send by mail. After doing so, about 2 months later i get an email telling me my claim will be reversed because they didn't receive the paper. I had to call, get another form sent which was gonna take 3-5 days to reach me. Then was told the next day after calling back for a faster solution, to go to a bank. I sat at the bank for almost an hour dealing with this. Sent the form in, called back in 2 days like i was told. They told me they were a 3rd party company that had nothing to do with BofA accounts. I waited another week before calling again for my money. Just to be told something might happen in another 3-5 business days. Then when I'd ask a question, they'd read the same standard answer to me over and over not actually answering my questions.
Some of the reviews on the NerdWallet site were purchased through a third party provider. Users who post a review directly on the NerdWallet site will not be compensated in any way. Please see our Terms of Use and Posting Guidelines for more information.