{"id":15155,"date":"2022-08-29T10:00:00","date_gmt":"2022-08-29T10:00:00","guid":{"rendered":"https:\/\/worldscholarshipforum.com\/wealth\/?p=15155"},"modified":"2022-08-29T13:31:14","modified_gmt":"2022-08-29T13:31:14","slug":"bank-of-america-online-banking","status":"publish","type":"post","link":"https:\/\/kiiky.com\/wealth\/bank-of-america-online-banking\/","title":{"rendered":"Bank Of America Online Banking Review| How Does It Work?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
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<\/a><\/strong>, but its low deposit interest rates \u2014 ranging from 0.01 percent to 0.06 percent \u2014 make it a poor choice for your savings.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n\n\n 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.<\/p>\n\n\n\n Almost every retail bank product on the market is available through the bank, including checking accounts<\/a><\/strong>, savings, loans, and credit cards.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n READ ALSO: Best High-Yield Savings Accounts In 2022<\/a><\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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<\/a><\/strong> may be hit hard.<\/p>\n\n\n\n SEE ALSO: Chase Online Banking 2022 | How Does It Work<\/a><\/p>\n\n\n\n Besides its personal deposit accounts, Bank of America also offers the following banking products for its customers:<\/p>\n\n\n\n Bank of America offers three types of checking accounts, though most people will only need to consider their primary Core Checking Account.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Its advantages include consistent access to thousands of branches and ATMs, as well as a robust mobile and online platform for remote banking.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n These features are useful, but they don’t distinguish Bank of America significantly from competitors such as Chase or Wells Fargo<\/a><\/strong>. If these accounts aren’t close to what you’re looking for, online checking may be a better option.<\/p>\n\n\n\n Bank of America’s Advantage Plus checking account is the standard choice for a full suite of services \u2014 including check writing<\/a><\/strong> and overdraft protection \u2014 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.<\/p>\n\n\n\n SEE ALSO: How To Write A Check With Dollars And Cent<\/a><\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n If a high-interest rate is the most important feature of a savings account<\/a><\/strong>, Bank of America falls short of providing a strong set of options.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The Bank of America Keep the Change\u00ae 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.<\/p>\n\n\n\nAbout Bank of America<\/strong><\/span><\/h2>\n\n\n\n
How Does Bank of America Operates?<\/strong><\/span><\/h2>\n\n\n\n
Bank of America Products<\/strong><\/span><\/h2>\n\n\n\n
Account Types Available At The Bank of America<\/span><\/h2>\n\n\n\n
Bank of America Checking Account<\/strong><\/span><\/h3>\n\n\n\n
1. Bank of America Core Checking Account<\/strong><\/span><\/h4>\n\n\n\n
2. Bank of America’s Advantage Plus checking account<\/strong><\/span><\/h4>\n\n\n\n
3. Bank of America Advantage SafeBalance account<\/strong><\/span><\/h4>\n\n\n\n
Bank of America Savings Account<\/strong><\/span><\/h3>\n\n\n\n