Bank of America is truly a pathetic corporation. They charge a $12 a month ‘maintenance’ fee when you go below $25 which is totally unacceptable. Granted I only keep my checking account to pay off my credit card so that I can be totally done with BoA, I usually only keep $25 in the account. I do have a few autopay apps/services that are low in price that come out of my checking but I generally try to keep a close eye on my account balance to keep the $25 minimum balance and avoid the $12 fee. Yes, I signed up knowing this would happen but after being out of work for a while and having to spare my money, it was a nousiance to have $12 taken from my account when I would drop even 1 cent below $25 (mind you, I did cancel autopay services during my time of unemployment- I’m not totally bad with my finances). And let’s not talk about overdrawn fees. My gosh, if you overdraw and don’t fix it within 20 minutes BOOM -$35 plus whatever you’re overdrawn. Could it be possible that they’re digging someone deeper into an accidental hole they just dug trying to buy gas just so that the can get more money out of us because all the fees they charge for OUR money isn’t enough??? Gasp. And not to go all out on a complete BoA bash session, but… I recently had my car broken into and my checkbook was stolen. Yes, I should’ve had my account canceled and started a new one but I didn’t because I do not live anywhere near a Bank of America; incidentally these banks are not placed all over America like one would assume. Bank of Certain States in America is more appropriate. Anyway. The customer service rep was not helpful or friendly! (Go figure) She told me I could cancel my account or basically be S.O.L. to which I replied that I would like to have those certain checks stolen cancelled and unredeemable. She did cancel them but she said that’s all she/they could do. I could not claim fraudulence to my account. All unauthorized activity would be at my expense. Maybe I am being wreckless by keeping the account, but luckily that was over 2 months ago and I have not seen any identity theft, missing monies that were unexplainable, or fishy account activity. I can only assume it is possible that the checkbook is in an old purse of mine that I have not looked through yet. Regardless, I have not had a great experience with BoA in the 5 years I’ve been with them. It is also worth mentioning that their cards are constantly getting compromised. I have had more new cards with this bank in 5 years than I have with my other large corporation bank that I’ve been with for 3. Within the first year I had already received 2 new cards. This could be a tactic to protect customers’ identity and accounts but 2 in 3 years?? Please be advised that BoA is just not a great first choice bank. They have a lot of inconvenient and burdensome hoops you have to jump through to make your experience and use of their business remotely pleasant.
I have not taken a loan out with BoA so I am not totally familiar with their rates but credit card APR is pretty normal. Overall, I decided to invest my money in USAA since I am grandfathered into that system anyway and I have had nothing short of success with USAA. It was the best decision I have ever made.
Ps. It takes like 2 days before you have access to any deposited checks no matter if they are direct, mobile deposit, or deposited right at the business through teller. (USAA is instant just saying)