A merger with NationsBank in 1998 made Bank of America the first bank that operated from coast to coast. Today, the bank is headquartered in Charlotte, North Carolina.
Also, it updated its logo in late 2018 and has a wide range of banking, small business and wealth management services.
Pros and Cons of Bank of America
What Does Bank of America Offer?
It’s no surprise that a bank as large as Bank of America also offers many different types of financial products. You can find just about anything you need to manage your money.
- Checking accounts
- Savings accounts
- Certificates of deposit
- Money market and CD IRAs
- Credit cards
- Online, mobile, and in-person banking
- Customer service
Bank of America’s Rewards Savings account offers an APY that is lower than the national average. One of the ways to waive the monthly maintenance fee of $8 per month is by maintaining a minimum daily balance of at least $500 in the Rewards Savings account.
- Bank of America’s highest APY on its Reward Savings account is less than the national average.
Bank of America offers CDs with terms ranging from one month to 10 years. Customers have the choice between two different types of CDs.
The standard CD has a low minimum deposit and the option to choose from multiple terms. The featured CD is available for customers interested in a short-term account.
A penalty applies for early withdrawals. For CDs with terms between 12 months and five years, the penalty is 180 days of interest.
Bank of America Advantage Relationship Banking offers an interest-bearing checking account with a $100 minimum opening deposit.
The $25 monthly maintenance fee is waived for those with a combined balance of $10,000 across eligible linked accounts or Preferred Rewards participants.
Other options include the non-interest-bearing Advantage SafeBalance Banking ($4.95 monthly fee, $25 opening balance, and no paper checks) or the Bank of America Advantage Plus Banking (waivable $12 monthly fee and $100 minimum opening deposit).
At the megabank, you’ll have access to 16,089 ATMs and more than 4,450 branches.
Bank of America’s mobile app experience also includes a few extra touches when compared to rivals. On the app, you can customize your dashboard as well as get insight and guidance from Erica, the bank’s virtual assistant.
You can also reach customer service members seven days a week.
Other Financial Products From Bank of America
As a full-service bank, Bank of America also offers a lot of other options aside from credit cards and deposit accounts. These include:
- Refinance mortgages
- Home equity lines of credit (HELOCs)
- Auto loans
- Auto loan refinance
- Investments through Merrill Edge and Merrill Lynch
- Self-directed portfolios
- Managed portfolios
- Financial advisors
- Business banking services
- Private banking
Who is Bank of America Best for?
If you’re looking for a bank that’s conveniently located wherever you want to be within the U.S., it’s hard to beat Bank of America. Only Chase Bank and Wells Fargo offer more branches nationwide. It may also suit you well if:
- You want to bank with a large, well-known institution
- You don’t mind navigating a complex system of rules
- You’re aware of the many fees and how to dodge them
- You’re not as concerned with earning a good rate on your savings
- You want a bank that offers a wide range of financial products
The biggest thing you’ll get out of banking with Bank of America is convenience. There are branches in 37 states, so there might even be one located just down the street from you right now.
However, you can rest assured that there will probably be one close by if you travel somewhere else within the U.S., too.
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