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
$1
Min. balance for APY
Learn moreat Bank of America
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
When i get my hands on my money im out!!!
I set up a checking account they told me 25$ wont be seen for 3-5 days witch was fine but they told me any transfers after would be instant waited 3 hours nothing called help line in alabama they said it would take 24 hours wasnt mad so i waited nothing called back got someone im new york they told me 2-3 more days so now that i got my money in my account i went to the atm to take some out says invalid pin how ?? I called back up the service line they said that someone could help me activate it at an atm so as i waited 19 mins i drove to the atm i explained what happened with my temp card he told me he cant even see the temp card on my record (so whats the point of giving them out )the only way they could help me is by mail me my pin (4-5) business days im coming from captial one the only thing bad about them is the wait atleast they dont lie
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
just opened an account on line they sent my debit card and all of my account information then closed the account when i tried to activate the debit card
this bank is horrible they closed my new account without warning or any reason they said it was boa decision and they dont have to explain worst bank ever i will stay with wells fargo forever
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