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Bank of America Review | Comprehensive Banking, Lending, and Investing

Bank of America Review

TD Financial institution Overview

Merchandise & Providers: 5 / 5
Curiosity Charges: 2.5 / 5
Charges & Expenses: 2 / 5
Web site/App: 5 / 5
Buyer Service: 5 / 5

Abstract

Financial institution of America is a full-service financial institution, providing each conceivable banking service. This consists of checking and financial savings accounts, CDs, bank cards, auto loans, and residential loans.

However additionally they supply full enterprise providers for small companies, in addition to each self-directed and managed funding choices by way of their Merrill Edge brokerage service.

For those who want enterprise banking and/or investing together with your private banking, Financial institution of America ought to be in your brief listing of decisions.

About Financial institution of America

Bank of America LogoFinancial institution of America traces its roots again to 1904, when it was began by Amadeo Pietro Giannini because the Financial institution of Italy in San Francisco.

It started as a small financial institution servicing the wants of immigrants settling in San Francisco, notably these from Italy.

Through the San Francisco earthquake of 1906, Giannini was capable of retrieve the funds on deposit on the financial institution and commenced lending to clients to rebuild. It proved to be a serious benefit, as a result of the earthquake destroyed most different banks.

Afterwards, the financial institution started to develop quickly, increasing all through California and into neighboring Western states. It additionally started to accumulate inventory in banks in New York Metropolis and overseas nations. In 1928, it merged with Financial institution of America, Los Angeles, and grew to grow to be what was for many years the most important financial institution within the US.

Through the years, Financial institution of America has persistently been one of the crucial progressive banks within the nation. For instance, they rolled out BankAmericard in 1958, which turned Visa in 1977.

The financial institution skilled numerous ups and downs however continued to develop by way of the acquisition of different banks. Lastly, in 1997, it was acquired by NationsBank.

On the time, NationsBank was the most important financial institution within the nation, and Financial institution of America was third. Nevertheless, the mixed financial institution selected to retain the extra common Financial institution of America identify.

In newer years, Financial institution of America has acquired former mortgage lending big Countrywide Monetary and the funding brokerage agency Merrill Lynch, each in 2008.

At the moment, Financial institution of America is the second largest financial institution within the US, behind solely J.P. Morgan Chase. The financial institution has complete belongings in extra of $2.Three trillion and employs greater than 200,000 individuals at four,600 branches throughout 38 states within the US and working in 35 nations.

Financial institution of America Options

Financial institution of America Notable Options
Banking Account Varieties Curiosity Checking, Financial savings, Cash Markets, CDs
Different Account Varieties Credit score Playing cards, Auto Loans, Mortgages, Investments, Small Enterprise Banking, Investments
Minimal Required Deposit to Open an Account $25-$100 on checking and financial savings; $1,000-$10,000 on CDs
Variety of Branches 4600
ATM Community Measurement 15,900 surcharge-free ATMs
ATM Reimbursements N/A
Distant Deposit Availability Sure
App Availability iOS, Android, cellular optimized web site
Invoice Pay Sure
Cash Transfers

Zelle, ACH, Wire transfers, Immediate transfers between BoA accounts, Worldwide transfers

Buyer Service Varieties Telephone, On-line
Buyer Service Hours Mon-Fri: 8am-11pm ET, Sat-Solar: 8am-8pm ET
Member FDIC FDIC Certificates #3510, however can differ by state
Present Promotions Click on to see Present Charges;

See Extra Banking Promotions

Financial institution of America Checking Accounts

Financial institution of America provides one checking account – Financial institution of America Benefit Banking – that may be custom-made 3 ways to suit your private wants.

The account comes with a zero greenback legal responsibility assure towards fraudulent transactions, the power to lock and unlock your debit card, customized alerts, and budgeting capabilities with the interactive Spending and Budgeting software.

The three customized settings embrace:

Benefit SafeBalance

This account provides the next options:

  • $four.95 month-to-month payment, waived for college kids and Most popular Rewards members (see under)
  • $25 minimal to open
  • Pay with a debit card, Zelle, or cellular or on-line banking – no paper checks
  • No overdraft charges
  • Doesn’t pay curiosity

Benefit Plus

This account provides the next options:

  • $12 month-to-month payment, waived for college kids, or with a minimal day by day stability of $1,500, or no less than one qualifying direct deposit of $250, or Most popular Rewards members (see under)
  • $100 minimal to open
  • Pay with paper checks, debit card, Zelle, or cellular or on-line banking
  • Add elective overdraft safety
  • Doesn’t pay curiosity

Benefit Relationship

This account gives the next options:

  • $25 month-to-month charge, waived with a minimal mixed stability of $10,000 in eligible linked accounts, or Most popular Rewards members (see under)
  • $100 minimal to open
  • Pay with paper checks, debit card, Zelle, or cellular or on-line banking
  • Add non-compulsory overdraft safety
  • Pays curiosity starting from zero.03% APY to zero.06% APY

Financial institution of America Checking Account Charges

  • Month-to-month charge: Varies by account
  • Non-Financial institution of America ATM payment: $2.50
  • Cease cost: $30
  • Overdraft safety switch payment: $12 per switch
  • Overdraft gadgets: $35
  • Non-sufficient funds: $35
  • Cashier’s checks: $15
  • Incoming wire transfers: $15 (home), $16 (overseas)
  • Outgoing wire transfers: $30 (home), $35 (overseas in overseas foreign money), $45 (overseas in US dollars)
  • Deposited merchandise returned: $12 (home), $15 (overseas)
  • Worldwide transaction charge: Three%
  • Paper assertion payment: $5

Most popular Rewards

Every Financial institution of America checking and financial savings account is eligible for Most popular Rewards based mostly on account stability. There are 4 rewards tiers as follows:

Underneath $20,000

Comes with the next rewards (checking accounts solely):

  • A 5% rate of interest booster on Rewards Financial savings Accounts
  • 25% rewards bonus on eligible Financial institution of America bank cards
  • As much as 12 ATM no payment transactions per yr at non-Financial institution of America ATMs*
  • As much as 30 $zero inventory ETF trades with Merrill Edge On-line Investing
  • Shopper service precedence
  • $200 discount within the mortgage origination charge
  • zero.25% rate of interest low cost on auto loans
  • No charges on choose banking providers

Gold – $20,000 to lower than $50,000

Comes with the next rewards:

  • A 5% rate of interest booster on Rewards Financial savings Accounts
  • 25% rewards bonus on eligible Financial institution of America bank cards
  • As much as 12 ATM no payment transactions per yr at non-Financial institution of America ATMs*
  • As much as 30 $zero inventory ETF trades with Merrill Edge On-line Investing
  • Shopper service precedence
  • $200 discount within the mortgage origination payment
  • zero.25% rate of interest low cost on auto loans
  • No charges on choose banking providers

Platinum – $50,000 to lower than $100,000

Comes with the next rewards:

  • A 10% rate of interest booster on Rewards Financial savings Accounts
  • 50% rewards bonus on eligible Financial institution of America bank cards
  • As much as 12 ATM no charge transactions per yr at non-Financial institution of America ATMs*
  • As much as 30 $zero inventory ETF trades with Merrill Edge On-line Investing
  • Shopper service precedence
  • $400 discount within the mortgage origination charge
  • zero.35% rate of interest low cost on auto loans
  • No charges on choose banking providers

Platinum Honors – $100,000 and better

Comes with the next rewards:

  • A 20% rate of interest booster on Rewards Financial savings Accounts
  • 75% rewards bonus on eligible Financial institution of America bank cards
  • Limitless ATM no payment transactions per yr at non-Financial institution of America ATMs*
  • As much as 100 $zero inventory ETF trades with Merrill Edge On-line Investing
  • Shopper service precedence
  • $600 discount within the mortgage origination payment
  • zero.50% rate of interest low cost on auto loans
  • No charges on choose banking providers

*This refers back to the waiver of Financial institution of America’s payment of $2.50 per use at non-Financial institution of America ATMs. It isn’t a reimbursement of charges charged by banks of non-Financial institution of America ATMs.

Financial institution of America Financial savings Accounts

Financial institution of America provides two financial savings account choices, Rewards Financial savings and Minor Financial savings Accounts.

Rewards Financial savings

That is an interest-bearing account that requires a minimal of $100 to open. However the primary profit is within the identify of the account itself – rewards.

The curiosity paid on this account is virtually nonexistent. However by way of a mixture of rewards and a purchase order roundup course of in your debit card, you possibly can improve your account stability simply by spending cash.

It does this in 3 ways:

1. BankAmeriDeals. This function provides you money again for belongings you purchase each day. For instance, you’ll be able to rise up to 15% money again at shops, eating places and different distributors, and have the cash deposited immediately into your Reward Financial savings account.

2. Maintain the Change. In the event you’re accustomed to the micro-savings app Acorns you’ll have a primary concept how this function works. Whenever you make purchases together with your Financial institution of America debit card, these purchases shall be rounded as much as the closest greenback, and the distinction can be transferred out of your checking account to your Rewards Financial savings account.

Three. Financial institution of America Most popular Rewards. Simply as is the case with Financial institution of America checking accounts, Rewards Financial savings is eligible to take part in Most popular Rewards, as described earlier. To qualify, you want an eligible Financial institution of America private checking account and a Three-month common mixed stability of $20,000 or extra in qualifying Financial institution of America banking accounts and/or Merrill Edge and Merrill Lynch funding accounts.

Rates of interest presently being provided on Rewards Financial savings are as follows:

Rewards Financial savings charges. The month-to-month payment is $eight, however it may be waived should you keep a minimal every day stability of $500, or should you’re a Most popular Rewards member. And as a financial savings account, you’re restricted to not more than six withdrawals per thirty days. In the event you exceed this quantity, there’ll be a cost of $10 per withdrawal (this is applicable to all financial savings accounts per Federal regulation).

Minor Financial savings

Financial institution of America Minor Financial savings requires a minimal of $25 to open, then no minimal stability to take care of the account. There isn’t any month-to-month charge for minors beneath 18.

Like Rewards Financial savings, withdrawals are restricted to not more than six per 30 days. A 1$ charge is charged on extra withdrawals, however this charge is waived with a minimal account stability of $300.

Options of the Minor Financial savings account embrace:

  • Collectively owned by the minor and the mum or dad/guardian
  • Minor has entry to funds within the account earlier than age 18
  • Potential to make automated transfers to assist construct financial savings
  • Account earns curiosity, corresponding to the charges on Rewards Financial savings above

Financial institution of America CDs

Financial institution of America gives its Fastened Time period CDs, with phrases starting from 28 days to 120 months, and APR’s starting from zero.03% to zero.75%, with a minimal funding of $1,000.

However they pay a lot greater charges on their Promotional CDs, that come when it comes to 12 months, 13 months, 25 months, and 37 months, with a minimal funding of $10,000 ($2,000 for IRAs).

Charges are as follows (as of February 22, 2019):

Early withdrawal penalties on CDs are as follows:

  • Phrases of lower than 90 days, the higher of all curiosity earned on the quantity withdrawn or an quantity equal to seven days curiosity on the quantity withdrawn.
  • Phrases of 90 days as much as 12 months, the penalty is an quantity equal to 90 days curiosity on the quantity withdrawn
  • Phrases of 12 months as much as 60 months, the penalty is an quantity equal to 180 days curiosity on the quantity withdrawn
  • Phrases of 60 months or longer, the penalty is an quantity equal to 365 days curiosity on the quantity withdrawn.

Financial institution of America Mortgage Packages

Financial institution of America is likely one of the largest issuers of bank cards in America. They provide bank cards within the following classes:

  • Money rewards bank cards
  • Journey and airways rewards playing cards
  • Decrease rate of interest playing cards
  • Factors rewards playing cards
  • Playing cards to construct or rebuild credit score
  • Small enterprise playing cards

For instance, for money rewards bank cards, they provide their Financial institution of America Premium Rewards card that gives 50,000 on-line bonus factors, value $500, after you make a minimum of $Three,000 in purchases inside the first 90 days of opening the account.

It then gives limitless 2X factors for journey and eating and 1.5X factors on all different purchases.

In the meantime, the Financial institution of America Money Rewards card lets you select Three% spending classes and provides a $150 on-line money rewards bonus supply.

For instance, you possibly can select fuel, on-line buying, eating, journey, drugstores, or residence enchancment and furnishings shops.

Plus you’ll get 2% money again at grocery shops and wholesale golf equipment, and limitless 1% money again on all different purchases.

These are simply two examples of the various playing cards provided by Financial institution of America.

Auto Loans

You possibly can apply in your Financial institution of America auto mortgage, and get your approval in minutes. They even have an internet software to estimate your month-to-month automotive cost.

And when you’re a Most popular Rewards shopper, you will get further reductions on auto mortgage charges, starting from zero.25% to zero.50%.

House Loans

Financial institution of America is among the largest mortgage lenders within the nation. They provide competitively priced residence loans for purchases and refinances, with mortgage varieties together with fastened charges and adjustable-rate mortgages.

Along with typical financing, additionally they supply FHA and VA loans, in addition to Jumbo loans for mortgage quantities in extra of $484,300.

You possibly can apply on-line or by telephone, or schedule an appointment at any considered one of hundreds of Financial institution of America branches across the nation.

They provide a no value, no obligation prequalification request that takes solely 5 minutes.

And in case you are a Most popular Rewards member, you will get a credit score towards closing prices of between $200 and $600.

Financial institution of America additionally gives their residence fairness line of credit score (HELOC) with a low introductory variable price, and credit score strains as much as $100,000.

There are not any software charges or closing prices, and no annual charge for a Financial institution of America HELOC. And simply as is the case with a Financial institution of America mortgage, you possibly can apply for a HELOC on-line, by telephone, or in-person at an area department.

Enterprise Banking Accounts

As a full-service financial institution, Financial institution of America provides enterprise providers to small enterprise house owners.

This consists of checking and financial savings accounts, in addition to enterprise bank cards and loans, akin to each secured and unsecured strains of credit score, in addition to auto loans and business actual property loans.

Additionally they present important enterprise providers, similar to:

  • Bank card cost processing
  • Money administration instruments
  • Payroll providers
  • Distant deposit
  • Invoicing and funds
  • Account permissions
  • Tax providers
  • Well being financial savings accounts (HSAs)

They’re presently providing a $500 bonus once you start your corporation relationship with the financial institution.

Merrill Edge

Merrill Edge is a full-service funding dealer, the place you’ll be able to interact in all kinds of self-directed buying and selling.

You possibly can commerce particular person shares and bonds, mutual funds and exchange-traded funds (ETFs), choices, futures, and different monetary devices. They provide on-line buying and selling of shares and ETFs at simply $6.95 per commerce.

Should you want a managed funding choice, they provide Merrill Edge Guided Investments (MEGI). That is Merrill Edge’s robo-advisor, that creates and absolutely manages an funding portfolio for you. It requires a minimal preliminary funding of $5,000, at a low annual charge of zero.45%.

You may also get direct funding administration by means of a Merrill Edge Monetary Options Advisor. This can be a service that’s similar to conventional funding advisors, however at a tremendously decreased payment.

The minimal funding is $20,000, and the payment is zero.85% per yr, which is so much lower than the 1% to 2% charged by conventional funding advisors.

Whichever route you select, Merrill Edge lets you make investments the place you financial institution.

When you have a small enterprise, you should use Merrill Edge to arrange a enterprise retirement account, reminiscent of a small enterprise 401(okay), and particular person 401(okay), or a SEP or SIMPLE IRA.

Every sort of retirement account will allow you to make a lot bigger tax-sheltered contributions than you possibly can with a standard IRA.

Financial institution of America Benefits and Disadvantages

Execs

  • Financial institution of America is among the largest banks within the nation and may simply deal with worldwide transactions.
  • Full-service financial institution, providing all checking and financial savings merchandise, CDs, mortgages, bank cards, and loans.
  • Enterprise banking providers imply you are able to do your corporation and private banking with the identical financial institution.
  • Private Rewards members get elevated curiosity on financial savings, reductions on mortgage pricing, and discounted buying and selling charges via Merrill Edge.
  • Rewards Financial savings lets you improve your stability by way of rewards and “roundups” out of your debit card spending exercise.
  • Greater CD balances pay rates of interest corresponding to excessive yield on-line banks.
  • Capacity to take a position by means of Merrill Edge, together with the Merrill Edge Choose Portfolios robo-advisor.

Cons

  • Financial savings and CD charges aren’t aggressive with on-line banks (besides on bigger CD balances).
  • Financial institution of America’s financial institution charges are on the excessive finish of the financial institution charge vary, particularly when in comparison with on-line banks.

Financial institution of America: Are They For You?

Financial institution of America is the the whole lot financial institution, that’s in all places.

They’ve each banking want a buyer may need, and because the second largest financial institution within the nation, they’re out there nearly anyplace. They also have a substantial abroad presence, which lets you shortly and simply work worldwide transactions.

They not solely supply the standard financial institution financial savings merchandise, like checking and financial savings accounts and CDs, however they’re additionally full-service lender. They’re additionally one of many largest issuers of bank cards, they usually have playing cards obtainable in each class, together with rewards, low rates of interest, credit score builder, and enterprise playing cards.

Let’s not overlook that it was Financial institution of America that hatched Visa, the most typical bank card on the earth!

Financial institution of America must be of particular curiosity to anybody who both runs a small enterprise or needs to take a position the place they financial institution. They provide all enterprise banking providers, together with service provider providers and small enterprise retirement plans. And their Merrill Edge funding affiliate is a full-service on-line funding dealer, with managed account choices.

If Financial institution of America has any weaknesses, it’s that their rates of interest are usually not aggressive with high-yield on-line banks, in addition to the truth that they are typically on the greater finish of the financial institution charge vary. However in each different respect, there’s one thing at Financial institution of America that may curiosity nearly each financial institution buyer.