Is Bank of America a good bank for checking account? (2024)

Is Bank of America a good bank for checking account?

The bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees. In our December 2023 MarketWatch Guides banking survey, 63% of people who use Bank of America as their primary bank reported being “extremely satisfied” overall.

What are the pros and cons of Bank of America?

Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.

Is it better to bank with Chase or Bank of America?

Savings account comparison

Here the comparison is between the Chase Premier Savings account and the Bank of America Advantage Savings account. Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived.

Is Bank of America checking account safe?

Bank of America Advantage SafeBalance Banking

Bank On certified SafeBalance^® is certified as meeting Bank On National Account Standards for safe and affordable bank accounts.

How much does Bank of America charge for a checking account?

Bank of America Advantage SafeBalance Banking Fees

The SafeBalance Banking account has a monthly maintenance fee of $4.95 that is waived for account owners under age 25 and customers enrolled in Bank of America's Preferred Rewards program. It's also waived if you maintain an account balance of at least $500.

What are the negatives of Bank of America?

Cons. High fees: Bank of America charges a monthly $8 maintenance fee plus an additional $10 fee per transfer when you make more than six in a month. There is also a fee when you make a transaction on a non-network ATM ($2.50 in the US, $5 outside of the US). And there's a $5 replacement fee if you lose your ATM card.

Why not to use Bank of America?

Cons. Unless you can qualify for the Preferred Rewards program, you have no access to a high-yield savings account. Bank of America offers a lot of terms for their CDs, but the rate is the same across the board. And it's a lower rate compared to other banks at 0.01%.

Is Bank of America a good or bad bank?

Bank of America could be good for personal banking if you want to manage accounts such as checking, savings, CDs and investments in one place. It could also be a good choice for you if you value online and mobile banking, as its mobile app has high reviews.

Is Bank of America good or bad?

Our Verdict. Bank of America could be a good choice if you're interested in branch banking with online and mobile banking access. The bank offers a sizable network of branch locations and ATMs, plus a full suite of banking products and financial services.

What is the best bank to have in USA?

Why is Bank of America charging me $12 dollars a month?

Minimum balance requirements: Some banks may charge a monthly maintenance fee if a customer's account balance falls below a certain minimum balance. This is intended to discourage customers from keeping low balances and to encourage them to maintain a certain level of activity.

Does Bank of America charge a monthly fee?

Yes. The monthly maintenance fee on Advantage Relationship Banking will continue to be waived if you are enrolled in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 checking accounts) or Diamond or Diamond Honors tier (unlimited).

Are my deposits safe at Bank of America?

FDIC insurance covers all types of deposit accounts (checking, savings, money market savings and CDs), as well as bank individual retirement accounts (IRAs).

How do I avoid monthly maintenance fee Bank of America?

each month You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account, OR • Ask us to link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with ...

Does Bank of America have free checking?

Bank of America's checking accounts are only “free” if you meet certain qualifications. Again, to avoid Bank of America's Advantage Plus accounts' $12 monthly maintenance fee, you'll have to meet one of several requirements, such as maintaining a $1,500 daily minimum balance.

What are the benefits of Bank of America?

What banks are in trouble?

The failure of Citizens State Bank will cost $76.6 million; the failure of New South Federal Savings Bank is expected to cost $212.3 million; that of Peoples First Community Bank $556.7 million; Independent Bankers' Bank, $68.4 million; and RockBridge Commercial Bank, $124.2 million.

Why does Bank of America have a bad reputation?

According to the Consumer Finance Protection Bureau (CFPB), Bank of America received over 13,000 formal complaints in 2022 alone. The bank's signature products are some of the most-mentioned in complaints. Customer complaints include mentions of poor customer service, long hold times, and hidden fees.

Which banks are currently at risk?

What is the lawsuit against Bank of America?

Fourth Circuit revives Covid benefits lawsuit against Bank of America | ABA Banking Journal. In a 3-0 decision, a Fourth Circuit panel revived a proposed class action alleging BofA failed to protect unemployment benefits for recipients of unemployment benefits cards.

What are the two pros and two cons of Bank of America?

Why is Bank of America closing accounts?

Not enough activity with your account

According to the deposit agreement accounts of major banks such as Chase, Wells Fargo and Bank of America, a bank may close your account if you maintain little to no activity and keep it at a zero balance.

Which Bank is safest in USA?

What is the #1 Bank in America?

1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.

What is the best Bank to Bank with?