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
Horrible customer service
I don't even bank with Bank of America and I am sure glad. I went to cash a check. It was a gift. I waited 20 min in line to find out that I have to sit and meet with a banker first. Well after standing there for 10 min I finally spoke with a banker. She said that this is their way of dealing with some fraud. I understand that but there has to be a better way to handle fraud than to waste a potential new customers time. She said I was all set and that I may get into line. So here I stand in line for a second time. My lunch break is over and I am now late. Just a heads up for all who may be like me and just trying to run in and out real quick. I WILL NEVER BANK HERE.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Sorry bank
Had money in the bank they close my account and told me it would be may 15 before I can have my money and than had to change my direct deposit I lost my job cause of this will Bank of America pay my bills
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