Bank Of America Online Banking Review| How Does It Work?

As of September 2016, Bank of America was the third-largest bank in the United States, with 4,700 branch offices in 35 states and $1.2 billion in domestic deposits. Its wide distribution makes it a wonderful choice for your checking account, but its low deposit interest rates — ranging from 0.01 percent to 0.06 percent — make it a poor choice for your savings.

This article contains Bank of America Reviews. These reviews give relevant information about how Bank of America works, its features, and the different accounts that are available for customers.

About Bank of America

Bank of America is a good option if you want to merge your finances in one place, but not if you want to get the best interest rate on your money.

Almost every retail bank product on the market is available through the bank, including checking accounts, savings, loans, and credit cards.

Bank of America does nothing particularly well compared to its competitors, but you can count on finding at least some version of every product at the bank.

READ ALSO: Best High-Yield Savings Accounts In 2022

How Does Bank of America Operates?

Although comparing the largest banks is difficult because they provide many of the same services and products, Bank of America stands out in a few areas.

Its standard daily limit of $1,000 on ATM cash withdrawals and $5,000 on debt purchases is significantly higher than that of Chase or Wells Fargo.

Even among smaller regional banks, the only one with higher ATM and debit limits than Bank of America was PNC Bank, which allows up to $1,500 in ATM withdrawals and $7,500 in debit transactions per day.

Furthermore, Bank of America’s higher limits may also apply to students. Instead of offering a separate checking option for college-age students, Bank of America allows them to enroll in its standard Core Checking program, which waives the $12 monthly fee for people aged 23 and under.

This means that instead of having to deal with the more restrictive withdrawal and spending limits of a typical student account, college customers at Bank of America will most likely have access to the standard higher Core Checking limits.

One area where Bank of America may disappoint you is its high number of incidental fees, such as a $5 charge for any printed statements you request from the bank. While some traditional banks have similar policies, Bank of America is at the upper end of the distribution, particularly when compared to low-service online accounts. While most people will not be affected by these fees, those who rely on uncommon services such as cashier’s checks may be hit hard.

SEE ALSO: Chase Online Banking 2022 | How Does It Work

Bank of America Products

Besides its personal deposit accounts, Bank of America also offers the following banking products for its customers:

  • IRAs
  • Business checking accounts
  • Credit cards
  • Home loans
  • Auto loans
  • Investment services and accounts
  • Small business services
  • Global commercial, corporate, and investment banking
  • Merrill Lynch Wealth Management
  • Bank of America Private Bank
  • Global Research and Investment Insights

Account Types Available At The Bank of America

Bank of America Checking Account

Bank of America offers three types of checking accounts, though most people will only need to consider their primary Core Checking Account.

1. Bank of America Core Checking Account

The Bank of America Core Checking Account, which costs $25 to open and $17 in monthly fees, is a completely standard checking option from a national bank.

Its advantages include consistent access to thousands of branches and ATMs, as well as a robust mobile and online platform for remote banking.

You can use Bank of America’s app to make mobile check deposits, transfer money between accounts or to other people, pay bills, and keep track of your transactions, just like you can with other large banks.

These features are useful, but they don’t distinguish Bank of America significantly from competitors such as Chase or Wells Fargo. If these accounts aren’t close to what you’re looking for, online checking may be a better option.

2. Bank of America’s Advantage Plus checking account

Bank of America’s Advantage Plus checking account is the standard choice for a full suite of services — including check writing and overdraft protection — with relatively simple ways to avoid the $12 monthly fee. You can, for example, receive monthly direct deposits of at least $250 or maintain a minimum daily account balance of at least $1,500.

SEE ALSO: How To Write A Check With Dollars And Cent

3. Bank of America Advantage SafeBalance account

Bank of America also provides the Advantage SafeBalance account, which can assist with frequent overdrafts. Instead of charging overdraft fees, the bank simply declines transactions if the account holder does not have sufficient funds in their checking account.

However, the account has drawbacks, such as the inability to write checks and a $4.95 monthly fee that is difficult to waive for non-students. Advantage Relationship Banking, the bank’s only interest-bearing checking account, requires at least $10,000 in deposits to avoid a $25 monthly fee. The level of interest is low.

However, the account has drawbacks, such as the inability to write checks and a $4.95 monthly fee that is difficult to waive for non-students. Advantage Relationship Banking, the bank’s only interest-bearing checking account, requires at least $10,000 in deposits to avoid a $25 monthly fee. The level of interest is low.

Bank of America Savings Account

Except for one, all of Bank of America’s savings accounts offer only 0.01 percent APY on balances, so it’s best to avoid this category if high yields are your top priority.

However, the bank does offer a one-of-a-kind program that may be beneficial to those who struggle to stick to a savings plan.

If a high-interest rate is the most important feature of a savings account, Bank of America falls short of providing a strong set of options.

With a rate of 0.01 percent, the Bank of America Regular Savings Account is best used to store emergency funds that can cover the occasional overdraft in your Core Checking Account.

The Rewards Money Market Account isn’t much better: you’ll need at least $100,000 in your account to get the top rate of 0.06 percent, which is below average for a money market account.

Bank of America, on the other hand, has a unique program to help you save more money with less effort, which may be useful if you’re looking to increase the amount you put away.

The Bank of America Keep the Change® savings program, which is linked to your checking account, rounds up each purchase you make with your Bank of America debit card and transfers the excess to a savings account of your choice.

MUST-READ: Checking Account Vs Savings Account: Difference And How To Choose

Bank of America Certificate of Deposit (CDs)

Bank of America offers two types of certificates of deposit, or CDs. Featured CD accounts require a $10,000 minimum deposit and are available in five-term lengths ranging from seven to 37 months. Currently, all featured CD terms earn 0.05 percent APY.

Standard Term CD accounts give you even more options, with terms ranging from 28 days to ten years. They also have a $1,000 minimum deposit requirement. Currently, all standard CD terms earn 0.03 percent APY. With so many term options, Bank of America Standard Term CDs is an excellent choice for building a CD ladder.

Both CD offerings are set up to automatically renew when they reach maturity. Customers can also withdraw their funds during the grace period that follows the maturity date. Both the Featured and Standard Term CDs have early withdrawal penalties of up to 365 days’ interest on the amount withdrawn if you withdraw your funds before the CD matures.

Standard Term CD
Featured CD
Terms availableCan select any number of months, from one month to 120 months [10 years]7 months, 10 months, 13 months, 25 months, 37 months
Minimum opening deposit$1,000$10,000

For CD opening deposits of more than $250,000, you will need to visit a Bank of America financial center to open your account.

RELATED POST: How To Build A CD Ladder In 2022 | Easy Step-by-Step Guide

Why Should I Choose Bank of America? Pros and Cons

Knowledge of the advantages and disadvantages of Bank of America will give you a better understanding of what to expect from the bank. Here are a few remarkable standouts and noticeable weaknesses of Bank of America:

Pros of Bank of America

  • A nationwide network of ATMs and branches
  • Deposits, loans, and credit cards are all available through one bank.
  • Increased daily ATM and debit purchase limits

Cons of Bank of America

  • Interest rates on savings accounts are low.
  • Premium checking options are more limited.
  • Fees higher than online-only competitors

Who Is Bank of America Best For?

Bank of America is the best option for customers who value convenience over higher interest rates. It may be especially beneficial for customers who want to:

  • Be able to bank in person
  • Have easy access to bank ATMs
  • Earn additional rewards and discounts with relationship pricing
  • Open a checking or savings account with a low opening deposit
  • Bank with an established bank that has many deposit and lending products

About Online Banking At The Bank of America

Bank of America has outstanding online and mobile banking features that make it top-notch when compared to other banking options.

With these features:

  • You can set up unusual activity alerts:
  • Sort bills
  • Set up recurring payments
  • Deposit checks and get a confirmation immediately
  • Securely send money

Online banking at Bank of America allows you to take charge of your account from anywhere in the world. Here you can manage accounts, schedule payments online, and make quick and secure transfers to family and friends.

Additionally, online banking allows for budgeting and tracking of finance from anywhere and anytime. See how to manage your online mobile banking security below.

How to manage your Online and mobile banking security:

  • Change your Online ID and passcode.
  • Sign up to get a onetime authorization code
  • Set up optional security alerts. This will include an alert to let you know when an unrecognized device signs in using your online ID.
    • Review your sign0in history.

For Account Management

You can update your primary and account addresses, email, and phone number: You can update important details about yourself. This can help the bank reach you quickly in case of any unusual activity or suspect fraud. 

Also, you can choose and order personalized checks. With the check order, you can easily verify or change your detail, personalize your checks, check your order status anytime and also select expedited shipping if you need your checks fast.

Finally, on account management, you can view balances without signing in. 

For Card Management

First, you can replace a lost, stolen, or damaged card. Second, you can view and redeem credit card rewards. Then, it is also possible for you to lock and unlock your debit card. That means, when you misplace your debit card, you can temporarily lock it to help avoid unauthorized transactions.

Further, you can choose the cashback deals you want using the bank of America mobile banking app. Finally, you can transfer balances and manage your finances with more convenience.

How To Open An Online Account With Bank of America

When opening an online bank account, be prepared to provide personal information so that the bank can verify your identity. You might also want to set up electronic deposits to your new online bank account. Here is a list of requirements nee

Personal details: You must identify yourself to the bank and provide personal information about yourself. So be ready to give:

  • Social Security number
  • Your birth date
  • Any government-issued identification numbers (driver’s license, passport, U.S. military ID, etc.) with issue and expiration dates.

Contact information: Your home address, phone number, and email address are required by banks. 1 although you are operating in the virtual world, federal law requires you to provide a physical address—where you actually live—but you can also provide a post office box or the equivalent as a mailing address. 

Funding information: Banks frequently require an initial deposit to open an account; typically, it ranges from $25 to $100. You might be able to use your credit or debit card to do so. You can also provide routing and account numbers to establish a link to another bank account. 


How Does Bank of America Compare to Other Banks?

Bank of America and the competition have many major similarities, and you may find it more helpful to narrow down your options based on which banks have the most branches in your area. Nonetheless, we’ve provided side-by-side comparisons of Bank of America with some of its major competitors. Check out our list of other great options here.

Bank of America vs. Chase

In terms of products, these two large banks have more similarities than differences, but there are a few minor differences worth noting. In comparison to Chase, Bank of America’s checking options cater to account holders with lower balances.

While Chase offers an additional level of premium checking, Bank of America SafeBalance® Banking automatically declines all overdrafts. Furthermore, because of the strength of Chase’s credit card rewards program, it is a better bank for credit card options than Bank of America.

If you have access to both banks, Bank of America is a better choice if you require higher daily spending and withdrawal limits. People who can benefit from the Museums on Us® free admissions and the Keep the Change® savings program may prefer Bank of America as well, as Chase does not offer comparable programs in those areas.

Bank of America vs. Wells Fargo Bank

Wells Fargo, another large bank, has more branch locations and ATMs than Bank of America, but, as with Chase, the majority of the differences are minor. It has a lot of work to do in regaining customers’ trust after the CFPB fined it $100 million for widespread account fraud among its employees. Wells Fargo is offering a $200 bonus to new checking customers in an effort to replenish its deposits, making it a more appealing option to newcomers than Bank of America — as long as you trust that the bank has improved its internal practices.

Bank of America vs. Citibank

Citibank is one of the few banks that has ATM withdrawal and debit purchase limits that are as high as those of Bank of America. However, it has far fewer branches and ATMs than Bank of America, and Citibank’s only accessibility advantage is its many international locations, which may be more useful to frequent travelers. Citibank and Bank of America both offer very low savings rates, while their checking options are fairly similar in terms of fees and limits. Overall, the only reasons you’d choose Citibank over Bank of America are if you travel frequently and have existing investment accounts with Citigroup.

FAQs On Bank Of America Online Banking

Is Bank of America insured by the FDIC?

Yes, in the event of a bank failure, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category.

Is it safe to use Bank of America?

Bank of America protects its customers by utilizing cutting-edge encryption technology and other security measures.

Is it possible to get a loan from Bank of America?

Yes, Bank of America provides its customers with home and auto loans.

How do I get in touch with a Bank of America representative?

Ans: Call 1-800-432-1000 to reach Bank of America customer service. Monday through Friday from 8 a.m. to 11 p.m. ET, and Saturday and Sunday from 8 a.m. to 8 p.m. ET.


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