About bank
Bank of America is a US based investment bank and financial services company located in Charlotte, NC. 2nd largest bank holding company in the US by assets and serves clients in over 35 countries with a wide range of financial products and services including retail and commercial banking, wealth management, investment banking, and trading and markets. Bank of America was founded in 1904 and has a long history of mergers and acquisitions. Notable acquisitions include the merger with NationsBank in 1998 and the acquisition of Merrill Lynch in 2008.
Key Features
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Retail Banking. Personal and business banking services including checking and savings accounts, credit cards, mortgages and loans.
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Wealth Management. Financial planning, investment management and wealth advisory services for individuals and institutions.
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Investment Banking. Corporate and investment banking services including underwriting, capital markets and financial advisory services.
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Trading and Market Services. Trading and market services for a wide range of financial instruments including stocks, bonds, currencies and commodities.
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Mobile and Online Banking. Online and mobile banking services including account management, bill pay and money transfer.
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Global Reach. Presence in over 35 countries to offer clients a wide range of financial products and services globally.
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Community Involvement. Giving back to the communities we serve through charitable contributions, volunteerism and environmental sustainability initiatives.
Pros and Cons
Pros
Pros
- Bank of America offers a full range of financial services including personal and business banking, wealth management and investment services. So it’s a one stop shop for many customers.
- Thousands of branches and ATMs across the US so easy access to banking for customers. Especially good for those who like to bank in person.
- Bank of America has a strong online and mobile banking platform with features like mobile check deposit, bill pay and budgeting tools. Great for tech savvy customers.
Cons
- Bank of America has been hit with fees including monthly maintenance fees, overdraft fees and ATM fees. These fees can add up and be a hassle for customers who don’t meet the requirements to waive them.
- Some customers have been unhappy with Bank of America’s customer service. Complaints are about long wait times, not being able to resolve issues and lack of personal service.
- Interest rates on Bank of America’s savings accounts and CDs are lower than online banks and credit unions. Not good for customers who want to grow their savings.
Requirements
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Age. 18 years old to open a personal account and 21 years old to open a business account.
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ID. Valid government issued photo ID such as driver’s license, passport or state ID.
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Residency. US resident.
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Social Security Number (SSN). SSN is required to open an account.
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Initial Deposit. May need to make an initial deposit to open some accounts. Amount will vary depending on the account.
Access on the Go
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Mobile App. Check account balances, pay bills, transfer money, deposit checks and more from your smartphone or tablet.
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Online Banking. Bank of America’s online banking platform to access your accounts, view account activity, pay bills and more.
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Mobile Check Deposit. Deposit checks using your smartphone or tablet camera without having to visit a branch.
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Mobile Alerts. Get real-time alerts for account activity such as purchases, bill payments and balance changes.
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Zelle®. Bank of America is a participating financial institution in Zelle®, a fast and easy way to send money to friends and family using just an email address or U.S. mobile number.
Bank of America products
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Checking and Savings Accounts. Personal and business checking and savings accounts with various features and benefits.
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Credit Cards. Personal and business credit cards with different rewards programs, interest rates and annual fees.
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Mortgages. Home loans including conventional, jumbo and government-backed loans with flexible terms and competitive rates.
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Personal Loans. Unsecured personal loans for various purposes including debt consolidation, home improvement and more.
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Business Loans. Small business loans including term loans, lines of credit and more.
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Wealth Management. Financial planning, investment management and wealth advisory services for individuals and institutions.
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Investment Products. Stocks, bonds, mutual funds and more to help customers achieve their long term financial goals.
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Insurance. Life insurance, home insurance, auto insurance and more.
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Global Commercial Banking. Full range of commercial banking services to global corporations including trade finance, cash management and more.
Bank of America services
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Personal Banking. Bank of America offers a wide range of personal banking services including checking and savings accounts, credit and debit cards, home loans, auto loans and personal loans. Customers can also use online and mobile banking which includes mobile check deposit, bill pay and budgeting tools.
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Business Banking. For businesses, Bank of America offers business banking solutions including business checking and savings accounts, merchant services, business credit cards, loans and lines of credit and payroll services. The bank also offers cash management services to help businesses manage their finances.
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Wealth Management. Through its Merrill Lynch division, Bank of America offers wealth management services including financial planning, investment management, retirement planning and trust and estate planning. Clients can get personalized advice from financial advisors and a range of investment products.
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Investment Services. Bank of America’s investment services include brokerage accounts, mutual funds, ETFs, fixed-income products and access to initial public offerings (IPOs). Customers can trade stocks, bonds and other securities online or with the help of investment professionals.
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Mortgage and Home Equity Services. The bank offers various mortgage options for homebuyers including fixed-rate and adjustable-rate mortgages, FHA and VA loans and jumbo loans. Homeowners can also get home equity lines of credit (HELOCs) and home equity loans for home improvement or other expenses.
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Insurance Services. Bank of America offers a range of insurance products including life insurance, long-term care insurance and disability insurance. These products help customers protect their assets and ensure financial security for their families.
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Credit and Lending Services. Customers can apply for various credit products including personal loans, lines of credit and credit cards with rewards programs. The bank also offers auto loans and refinancing options for existing loans.
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Online and Mobile Banking. Bank of America’s digital banking platforms allows customers to manage their accounts online or on their mobile devices. Features include account monitoring, fund transfers, bill payments, mobile check deposit and customizable alerts.
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International Banking. For customers with global banking needs, Bank of America offers international banking services including foreign currency accounts, international wire transfers and foreign exchange services.
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Student Banking. Bank of America offers banking solutions for students including student checking and savings accounts, student credit cards and financial education resources.
Which associations the Bank of America belongs to?
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Federal Reserve System. Bank of America is a member of the Federal Reserve System, the US central banking system.
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FDIC. The bank is a member of the Federal Deposit Insurance Corporation (FDIC), a US government agency that insures deposits in case of bank failure.
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Clearing House Interbank Payments System (CHIPS). Bank of America is a member of CHIPS, one of the largest private-sector US dollar clearing systems in the world.
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SWIFT. BoA is a member of SWIFT (Society for Worldwide Interbank Financial Telecommunication), a global financial messaging network for cross-border payments.
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American Bankers Association (ABA). Bank of America is a member of the ABA, the largest banking trade association in the US.
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Financial Services Roundtable (FSR). The bank is a member of the FSR, a trade association of the largest financial services companies in the US.
Bank Reliability
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Regulated by Federal Agencies. It is regulated by several federal agencies, the Federal Reserve System and FDIC, so it operates safely and soundly.
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Strong Financials. Has a strong financial history, steady earnings and strong balance sheet.
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Multiple Layers of Security. Invests in technology and security measures to protect customer data and transactions and is committed to customer privacy and security.
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Customer Protection. Bank of America is a member of FDIC, so customers are insured for their deposits in case of bank failure.
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Wide Branch and ATM Network. Has a large branch and ATM network for customers’ convenience.
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Chase
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Editorial Opinion
Additional Resources
- Bank of America Account Review
- How to PayOff Bank of America
- Bank of America Mobile App
- Bank of America Credit Cards for February 2025