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Bank of America Checking Account Review

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Headquartered in Charlotte, North Carolina, Bank of America is a trillion dollar financial institution established in 1874. Today, BofA operates throughout the nation and in more than 35 countries worldwide, including Europe, the Middle East and Africa, Asia Pacific, and the Americas. The institution offers both personal and commercial banking products and services that go from student banking and credit cards to home and auto loans and a full range of investment products.
 
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How is Bank of America rated?

Breakdown

4.5/5
Account Features
3.5/5
Fees and Restrictions
4.1/5
Support, Reputation, and Financials

Overall Rating: 4.1 / 5 (Excellent)

A Bank of America checking account is the right fit for those looking to benefit from the bank's many branch locations (over 4,000) and vast ATM network. The available checking accounts offer decent benefits for customers who want to combine the many financial products Bank of America offers. A bonus for art enthusiasts is the Museums on Us program that gives account holders a free monthly ticket to a museum or art gallery. In short, if you are looking for an interest-bearing checking account with a competitive APY and lower, predictable fees, there are better choices for you out there.

Bank of America Account Features

Account Features - 4.5 / 5

Bank of America Customers can choose from four different checking account products: Core Checking and Interest Checking for individuals, and Fundamentals Checking and Advantage Checking for businesses. For a $12 and a $25 waivable fee respectively, Core Checking and Interest Checking feature cash back deals and a savings program. Interest Checking, however, allows users to link additional BofA accounts, earn interest, without having to pay a fee for checks and incoming domestic wires. Safe Balance Checking has a non-waivable monthly service charge of $4.95 and can help customers avoid overdraft fees. This account, however, does not offer paper checks. All accounts offer fraud monitoring, mobile check deposit, and have a $0 liability guarantee. Also, customers can choose to be notified of account transactions.
Types of Checking Accounts
Online Checking Accounts
Interest Bearing Checking Accounts
Methods of Deposits
Mail Check
ATM Deposit
Mobile Check Deposit
Physical Branch
Wire Transfer
Integration with Other Online Accounts
Savings
Scheduled Withdrawals to Savings
No-Fee ATM
No-Fee at Branded ATMs
No-Fee at Network ATMs
ATM Locations
Over 16,000 ATMs all across the United States.
Branch Offices
4,400 retail financial centers all across the United States.

Interest (APY)

0.01%

Overdraft Protection

Available option by linking a savings account, credit card, or another eligible checking account. $12 fee per transfer
Integration with Mobile Payment Services
PayPal
Apple Pay
Google Pay
SamsungPay
Card Blocking
Yes
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
No
Mobile App
Yes

Bonus Features

-BankAmeriDeals® cash back: Choose the cash back deals you prefer in your online or mobile banking. When you use your credit card, the cash back you earn is credited to your account by the end of the next month. -Keep the Change® savings program: With every purchase with your debit card, the program rounds up the price to the nearest dollar amount. Then the program transfers the difference from your checking account to your savings account.

Bank of America Fees and Restrictions

Fees and Restrictions - 3.5 / 5

There are a number of fees associated with Bank of America's checking accounts, including maintenance fees for 3 of its 4 accounts, the exception being its Business Advantage Checking. Maintenance fees are waivable as long as certain conditions are met, and each account has more than one way to waive the fee. However, some fees can't be waived, such as card replacement, expedited delivery, non-BoA teller withdrawal, and out-of-network ATM fees. There is also a $35 overdraft fee, which is reduced to $12 if customers opt for overdraft protection, and a 3% fee for international ATM transactions. Finally, there are varied fees for incoming and outgoing wire transfers, which Interest checking, advantage, and preferred reward customers qualify for waiving. There are other, more specific fees, such as a stop payment and check copy fee, so we at ConsumersAdvocate.org recommend customers to read all of Bank of America's fees before committing to their checking plan.
Maintenance Fee
BoA Core: $12, BoA Interest Checking: $25, BoA Business Fundamentals: $15
Minimum Balance
BoA Core: $1,500 daily, BoA Interest Checking: Combined balance of $10,000 during each statement cycle. BoA Business Fundamentals: $3,000 daily balance or $5,000 monthly balance. Business Advantage: $15,000 monthly balance
Minimum Monthly Deposit
BoA Core: $250 direct deposit.
Maximum Number of Insufficient Funds Fees Per Day
4
Other Fees
Incoming Wire Fee
Replacement Card Fee
Expedited Delivery for Replacement Card Fee
Insufficient Funds Fee

Bank of America Support, Reputation, and Financials

Support, Reputation, and Financials - 4.1 / 5

With its versatile personal and commercial banking options, it's no wonder that Bank of America is one of largest banks in the US. BofA holds a Better Business Bureau accreditation since 1949. It currently has 1.02 stars out of five and a rating of A, which is not common for companies of Bank of America's age. Of all the complaints opened against BofA, the Consumer Financial Protection Bureau reports that only 5.8% of those complaints are about its checking or savings accounts. Customers should consider not only these national ratings, but take into consideration reviews of their local branch. In terms of financial ratings, since BoA is one of the top 15 largest banks in America, it holds stable statistics through and through, with an A3 Moody's rating and A- score with Standard & Poor's.
BBB Rating
A
BBB Total Complaints
5,933
BBB Resolved Complaints
5,121
Trust Pilot Rating
4.8 out of 5
Consumer Financial Protection Board (CFPB) Complaints
77,512
Date Collected
2018-09-04
Year Founded
1904
Standard & Poor's Financial Rating
A-
Moody's Financial Rating
A3
Live Help 24/7
No
Customer Support Hours
Mon-Fri: 8:00 a.m.- 11:00 p.m. ET. Sat-Sun: 8:00 a.m.- 8:00 p.m.

Contact Methods

  • Phone
  • Email
  • Chat
  • Social Media

Company Profile

Full Name
Bank of America Checking Account
Company Website
https://www.bankofamerica.com/
Headquarters
100 North Tryon Street, Charlotte, NC, 28255

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Customer Comments & Reviews

Loading Reviews ...
sshbsn
11/20/2024
we have experienced multiple frustrations with both bank of america and merrill lynch this year, to the point we are left wondering how it got to be so bad on their end. as a result, we have: sold our boa stock closed out both boa credit cards closed our our boa checking account paid off our recent boa auto loan begun the process to move our merrill ira and stock trading accounts i believe my wife would also sweep their footprints off the sidewalks if possible. caveat empt

lisasooter
6/20/2023
Worst customer service ever. They closed a ton of locations. Very few of their employees at open locations knows what they are doing. If you can’t do it online it probably can’t get done at a branch location (assuming you can find one). They are big and they don’t care about customer service.

V
Very U
11/1/2021
Rating is actually zero - i have had a checking account with BoA for 15 years. BoA closed my checking account without notifying me. Account was closed within two days of my payroll deposit (October 8th, 2021). Needless to say, because my account was closed i could not get any money from my payroll deposit. I called BoA and they said the account was being closed and that a cashier's check would be sent for balance. i asked when this cashier's check would be mailed, and was told account would be closed on October 13, 2021 and a cashier's check would be mailed. I called on October 13th for status of cashier's check and was told the account would not be closed until October... Read More

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