Okay, I am going to be giving you reviews about www.bankofamerica.com which is the Bank of America. If you want to know all about this review then, there is a need for you to keep on reading this article.
I am going to share with you information on how you can access this bank online and also how you can access bank online and also how you can even log in to your created account. All you have to do is to keep on reading the article.
The Bank of America was founded in the year 1956 and also has approximately 66 million customers in the U.S. The company is headquartered in Charlotte, N.C, and employs over 200,000 people. They even have an investment banking headquarters that is located in New York City.
So, what makes the Bank of America so popular? The company’s huge range of products and also its services enable them to serve pretty much any type of customer.
The BofA’s standard banking services include checking accounts, savings accounts, business banking accounts, auto loans, and more.
They even offer certificates of deposit accounts (CDs), individual retirement accounts (IRAs), credit cards, mortgages, home equity loans (HELOCs), as well as investment accounts from its 2008 acquisition of Merrill Lynch.
Pros and Cons of Bank of America
Now that you have known a little about Bank of America’s products and services, let’s cover the Pros and Cons of joining the bank.
- Huge range of products and services.
- Top-notch online banking.
- Mobile Banking apps is among the highest rated of all financial apps.
- Physical branches in most U.S. states.
- Low-interest rates.
- Many fees, minimum balance requirements, and minimum opening deposit requirements.
Checking Accounts of Bank of America
The Bank of America’s primary checking and also consumer-focused banking division is called Advantage Banking.
There are three different types of Advantage Banking accounts (aka Bank of America checking accounts) as follows:
- Bank of America Advantage SafeBalance®
This Advantage SafeBalance is an entry-level online checking account that simply appears to be aimed at those who have a tendency to overdraft their account.
With the Advantage SafeBalance Banking account, there are no overdraft fees, because any debit card charges that may put your account into the negative will be then automatically declined. And also since checks are often the culprit when it comes to overdraft fees, you can’t write checks with this account.
There is also a minimum opening deposit of $25 and a $4.95 monthly maintenance fee. This fee can easily be waived if you enroll in Bank of America’s Preferred Rewards program, if you are a student under the age of 24, or if you are enrolled in high school, college, university, or vocational school.
- Bank of America Advantage Plus®
This Advantage Plus is the company’s most popular checking account. You can even write paper checks and also set up overdraft protection with a linked savings account if you have one.
The account has a minimum opening deposit of $100 and a $12 monthly maintenance fee. This fee can also be easily waived if you have a least one monthly direct deposit of $250 or more, or if you maintain a minimum daily balance of $1,500.
As with the Advantage SafeBalance account, the students enrolled in high school, college, university, or vocational school can also get the monthly maintenance fee easily waived. Enrolling in BofA’s Preferred Rewards program is another way to get the fee waived.
- Bank of America Advantage Relationship®
The Bank of America’s Advantage Relationship Banking account is simply an interest-earning checking account that’s designed for people who are simply able to maintain higher account balances.
The Account-holders can also write checks, and even earn interest on deposits, and you can also set up overdraft protection.
Watch out for the fees, though. To set up an account, you will need to deposit at least $100, and also there’s a monthly maintenance fee of $25. This fee can be easily be avoided if you are a Preferred Rewards member, or if you simply maintain at least a $10,000 combined balance between your other BofA accounts (e.g., IRAs, CDs, or Merrill Lynch
Bank of America Savings Accounts
The Bank of America’s Advantage Savings is the type of no-frills savings account that you may expect to see from a big national bank. The minimum opening deposit is an amount of $100, and also you can expect an $8 monthly maintenance fee unless you meet certain conditions.
The Preferred Rewards members won’t pay a monthly maintenance fee. They will also waive the fee if you simply maintain at least an amount of $500 average daily balance.
As for the return on your investment, the Advantage Savings accounts start out with a percentage of 0.01% APY.
The APY can simply go up to 0.05% if you can hold a combined balance of over $20,000 across your Bank of America accounts. Not exactly thrilling, but at least it is better than nothing.
Here are some additional features that you can find with an Advantage Savings account:
- Tiered Savings: the more money you save, the higher your APY
- BankAmeriDeals: earn up to 10% cashback on a selection of deals
- Keep The Change: when you make debit card purchases, you can automatically deposit
When it comes to savings accounts, you can definitely find more competitive APYs, and no minimum deposits by going with a top HYSA account.
Certificate of Deposit (CD) Accounts
These accounts are another popular service that the Bank of America also offers. If you are wondering what CD accounts are, here’s a quick review. To put it simply, the CDs are investment savings accounts where you can get or earn a guaranteed interest rate in exchange for locking your money into the account for a period of time.
The benefit for the customer is that he or she can simply get or earn a higher APY than he or she normally get from a savings account. However, the downside is this; you are not able to easily access the money that you deposit into the CD.
In fact, you may be hit with an early withdrawal fee if you then try to take the money out before the established term is over.
So, if you think you may need to tap into those funds for an emergency expense, a CD is probably not the right call for you.
The Bank of America offers two tiers of CD accounts, as follows:
- Featured CD account
With this Featured CD account, you easily get or can earn a 0.05% APY on deposits. The term ranges from 7 to 37 months, and also there is a $10,000 minimum opening deposit requirement.
- Standard Term account
This Term account is an entry-level CD offering, where you only just need $1,000 to buy-in. The APY is just 0.03%, and the term ranges from 28 days to 10 years.
Individual Retirement Accounts (IRAs)
Bank of America offers 3 types of the IRAs that can help you save money toward retirement:
- Money Market IRA
This Money Market IRA account may make sense if you are simply looking for a flexible savings account. There is no specified term, and also you only need just $100 to get started. Additional deposits are allowed at any time.
- Featured CD IRA
The Featured CD IRA account offers a percentage of 0.05% APY on deposits, over a term length between the period of 7 and 37 months. Some drawbacks are that you must have at least $2,000 to open an account, and you are not allowed to make additional deposits during the term.
- Standard Term IRA
With a Standard Term IRA account, you can simply get or earn 0.03% APY on deposits over a 6-month to a 10-year term. You will also need to chalk up $1,000 to open an account, and, you will not be able to deposit additional money throughout the course of the term.
How to Setup an Account in Bank of America Online
If you want to set up an account on the Bank of America online then you will; need to provide the below information;
- Current mailing address.
- Social Security number.
- Email address.
- Account number (if you have an existing checking account).
- Same information for any joint account holder.
You will also be required to show two forms of identification. Acceptable primary forms of ID include:
- Driver’s license.
- State-issued ID with photo.
- S. passport.
- Military ID with photo.
- Bank of America-branded debit or credit card with photo.
Your second form of ID verifies your primary ID. Types of acceptable secondary IDs include:
- Major credit card from another financial institution.
- Major retail credit card from a national department store or retail company.
- Debit card with Visa or MasterCard logo from another financial institution.
- S. College or university ID.
- S. Student ID card from a local high school.
- S.-issued employment or work ID card or badge.
Once all these are intact then you are ready to make use of the Bank of America Online.
How to Login to Bank of America
If you want to login is very easy, all you have to do is to visit the website and then enter your user ID and also password in the given empty boxes and click the sign in button and you will definitely access your account online.
Is Bank of America a Legit and good bank?
Yes, The Bank of America is a legit and good bank if you need basic banking services, such as checking accounts, savings accounts, and also credit cards. They have also awesome mobile apps and a very robust online banking platform. That said, BofA does tend to charge lots of fees, and also doesn’t have the most competitive APYs. So whether or not they are still a good bank for you depends on what services you need from them.
Is Bank of America One of the Worst Bank?
No, the Bank of America is definitely not one of the worst banks. While they intend to charge a bunch of fees and don’t offer the best interest rates, you can rely on BofA to simply handle most of your banking needs. They are also safe to use and also trustworthy. With over 66 million customers, it is very clear that they are doing more than a few things right.
What Are the Alternatives To Bank Of America?
When it comes to the big national banks, there are some alternatives to Bank of America and they are:
- Chase Bank
- Wells Fargo
- S. Bank
- PNC Bank
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