at Bank of America,

Member, FDIC

Pros

About 4,300 branches and 16,600 free ATMs.
Monthly fee on basic checking account is easy to avoid.
Strong savings tools and mobile app.

Cons

Up to 0.06% APY on savings account; better rates available elsewhere.
Low rates on certificates of deposit.
$35 overdraft fee can be charged up to four times daily.

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Overall

3.5

Like many national banks, Bank of America 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.

 

Ratings methodology | Updated August 1, 2019

Checking

3.5

Of its three checking account options, Bank of America’s Advantage Plus option is the standard choice to get a full suite of services — including check writing and overdraft programs — with fairly easy ways to avoid the $12 monthly fee. You can receive monthly direct deposits of at least $250 or maintain a minimum daily account balance of at least $1,500, among other options.

 

Bank of America also offers the Advantage SafeBalance account, which can help frequent overdrafters. In lieu of charging overdraft fees, the bank simply declines transactions if the account holder doesn’t have enough funds in checking. But the account comes with downsides, such as the inability to write checks and a $4.95 monthly fee that’s hard to waive for non-students. The only interest-bearing checking, Advantage Relationship Banking, requires at least $10,000 at the bank to avoid a $25 monthly fee. Being enrolled in the Preferred Rewards program also helps you dodge the fee. Interest is minimal.

 

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.

Rewards Savings Account
APY
0.03%
Min. balance for APY
$1

at Bank of America,

Member, FDIC

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
High
Treated like criminal
I am an attorney and have held bank of america accounts for more than 15 years. Made a large check deposit at a stand-alone ATM (past regular branch hours). Only AFTER deposit was completed, receipt informed me that the check funds were being held for TWELVE (12) days, with NO portion being made available to me prior to the expiration of the hold. Check was preprinted, having all latest security features, and, was drawn from one of the larger insurance conglomerates in the country--likey having hundreds of thousands of dollars on deposit in the operating account from which check had been issued. Upon calling customer service immediately after reading the receipt and becoming aware of the hold, the rep robotically advised me that, since the ATM was a standalone (and not attached to an actual branch), it was not possible for them to reverse the deposit and to return the physical check to me. Of course, the rep also informed me that he could not manually modify the length of the hold which was placed upon the funds by the ATM automatically. Frustrated by the indifference that was exhibited by the rep, I visited a branch two days ago and explained the issue to a manager there. The manager stated she had no ability to assist me. After asking the manager if she could please get in contact with a superior or someone who did have the ability to assist me, she claimed that the only method for her getting in contact with the "Market Manager" for the region (the boss of the branches in the region) was via e-mail. Today, two days after my visit, I received a phone call from the manager relating that the Market Manager simply said there was, likewise, nothing he could do to help. Just made an appointment for the same date and time that the hold is scheduled to be released, and, I will then gladly be taking all of my banking business elsewhere...
Overall
Customer service
Fair
Website / app
Fair
Rates
Fair
Fees
High
Hidden fees
Bank of America charges certain checking accounts for not keeping a minimal balance, but they don't make customers aware of it and once they start charging you, they will charge you for years without every notifying you. They took 100s of dollars from me using this tactic but never did the system trigger even an email or a curtesy call, because they just want to make money, not take care of their customers. It's been an incredibly disappointing experience banking with them.
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