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
Poor
Rates
Poor
Fees
High
Bank of america sucks
Before I started using bank of america I was using my prepaid card and that were my checks was deposited every month never had a problem soon as I get with bank of america it total bullshit from high overdraft fees to charging me now 25 dollar maintenance fee to now hear the big one Fraud on my account now my account is frozen no one notfied me and now I get paid on Friday and I can't withdraw from my account I can deposit but not take out what a load of shit then every person I talk to oh someone will get back with u in 72hrs never get a call I work at a call center and this is the worst customer service ever do not I repeat do not let bank of america manage your money ever in this lifetime because they simply do not care about you well being Sincerely, A pissed off customer
Overall
Customer service
Poor
Website / app
Good
Rates
Poor
Fees
High
Self-Serving Bank
Avoid like the plague! I found out recently I was being billed $12 a month since 2013 for an account they converted without notifying me. They deny not sending documents, as they would be in trouble with the Federal Government, but I received no such warnings. They called them "Legitimate charges" and would not back down, or refund me. The man helping me told me he could do the last month, but not the others while someone else told me he could try to refund up to a years worth. In the end, I got the last month back, but have been billed for the last few years...as if the bank couldn't afford to give me my money back for an honest mistake on THEIR part. Crooked, and disheartening. I've banked with Bank of America for more than 10 years, and it feels like breaking up with an abusive partner. Looking for a new bank!
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