BofA has had its share of controversies and its sheer size can sometimes make service inconsistent.
In 2014, it was fined $16.65 billion for its role in the 2008 financial crisis.
Additionally, some of the accounts are a bit lacking in features.
Other banks, most notablyCapital One, have eliminated overdraft fees totally.
If you need overdraft protection in general, weve got some handy tips onhow to keep from overdrawingyour accounts.
All that said, is Bank of America the right place for you to do your banking?
Our deeper dive on what the bank offers will help you decide.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Note that Bank of Americas credit cards and lending products are not included in this review.
Checking Accounts
Bank of America offers three checking accounts, each with its own attributes.
Advantage SafeBalance Checking
The AdvantageSafe Balance Checking account comes with $4.95 in monthly fees.
Unfortunately, neither the AdvantageSafe Balance Checking account nor the Advantage Plus checking account offers interest on your money.
It also offers the opportunity to buy paper checks.
it’s possible for you to get that increased if you join the Preferred Rewards program.
There is also a savings account for minors.
Advantage Savings Account
Bank of Americas basic savings account has a $100 minimum opening deposit.
BofA has a Minor Savings account.
There are also options specifically geared towards students and people building credit.
Loans
Bank of America also offers a variety of loan options.
These include mortgages, mortgage refinancing, home equity lines of credit, and various auto loans.
For example, existing customers might be able to get discounts on various mortgage fees.
Keep the Change
We like the Keep the Change program.
you could also choose your term from as little as 28 days up to 10 years.
CD rates begin at 0.05% at the time of this writing.
Small Business Banking
Bank of America has a dedicated site just forsmall business banking.
The site makes it easy to track your account and keep on top of things.
That said, there are some shortcomings to its services.
The Business Fundamentals Checking account isnt interest-bearing and doesnt list a minimum opening deposit amount.
However, there is a $16 monthly service fee.
Bank of Americas next-level account for small business checking is called the Business Advantage Checking.
This account comes with a $29.95 monthly fee.
Hereis a comparison of the two business checking accounts.
Convenience
BoA has 3,900 bank locations.
That number has been decreasing in recent years, though.
Mobile deposit spares you that inconvenience.
They even have a Better Money Habits web page that provides financial wellness tips for consumers.
That said, with the relatively poor interest rates on savings accounts, you may want to.
Mobile Banking
The BofA mobile banking app gets rave reviews.
Have you ever had your card declined because you are traveling?
If your phone is nearby, they can assume its you and approve the transaction.
Its not the most creative name for a virtual assistant, but she gets the job done.
Bank of America has a decidedly average reputation.
That really depends on what you need from your bank.
Theyre both part of the Big Four: Chase, Bank of America, Wells Fargo, and Citigroup.
To choose between the two, determine exactly what you need from your bank and then compare offerings.
You may even want to mix and match, with checking accounts at one and savings at the other.
If we were to name Bank of America the best bank, it would be for convenience.
All bank of America accounts are FDIC insured.
Coverage is offered for up to $250,000 per depositor, per insured bank, for each account.
Information from contributor Kent McDill h is included in this report.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
