Online banking simplifies all of our lives. Where would we be without instant online account viewing, online bank statements and bill pay from the comfort of our own computer? Good questions, and our team wanted to find you the best of the best. Bank of America was one of the first banks we took a look at, and we liked what we found here, but continue on for our entire experience below.
What's New?
- Support your favorite organization with MyExpression banking.
- Order check cards online.
- Free student checking for 5 years.
Star Reviews Favorite Feature:
We really liked Bank of America's "Keep the Change" program. When you enroll in this program, every purchase you make with your Visa Check Card is rounded up to the nearest dollar. The difference between that dollar amount and the amount of your actual purchase is the money is placed in your savings account. A nickel here, a dime there – it all adds up. It's priceless for those who have a hard time putting money into savings.
About Bank of America:
Bank of America is old-world banking made new. They are one of our nation's very first financial institutions (one of the first three, actually), offering modern day products and services to its millions of customers.
Navigating the Bank of America Website:
Our first impression when hitting the Bank of America landing page was, "Where in the world do we start?" There's just so much there. Yes, the website is broken down into sections, but for some reason that's not completely apparent at first and you get an initial feeling of being overwhelmed.
Once you have time to brace yourself and actually take in the entire Bank of America home page, it's not hard to find what you're looking for. Links for checking accounts, credit cards, savings accounts, CDs, mortgages, home equity loans and more are all available from the landing page.
When you click on the links you're interested in, you may find a slight delay in being taken to the actual product you want to read about. The pages on the Bank of America website, while easy to navigate, did load rather slowly. This is a considerable problem when looking at numerous products and services (as each one has main categories and then sub-categories for each specific product offered).
Speaking of overwhelming – the sheer volume of products and services offered by Bank of America is enough to drive anyone to the edge. Researching checking accounts alone, you'll find there are five different kinds to choose from. And credit cards? There's more than 400 of those to look at.
On the bright side, with all of the products offered by Bank of America, it's nearly impossible not to find one that fits you perfectly.
What Bank of America Offers:
- Checking accounts
- Savings accounts
- CDs
- Money Markets
- Mortgages
- Home equity loans
- Investment products
- Student banking options
- "Keep the Change" savings programs
- Credit cards
Bank of America Fees:
- $0 online bill pay
- $8 monthly maintenance fee for regular checking accounts with a daily balance of less than $750
- $5.95 monthly maintenance fee for MyAccess checking accounts ($0 if direct deposit)
- $0 maintenance fee for student checking accounts
- $0 ATM fees
- $12 monthly maintenance fee for money market savings accounts
- $20 overdraft fees
- $30 stop payment fee
Bank of America Customer Support:
Bank of America offers customer support via phone and an extensive online help database. We were really impressed by the fact that the company has dedicated numbers for English-speaking customers, Spanish-speaking customers and customers requiring TDD assistance. However, getting to speak with a live rep does require some hoop jumping via their automated system. Plan on it taking at least 5 to 10 minutes before you're connected to an actual person. We would have really liked to see an email support option for those who'd rather shoot off an email than wait around on the phone, but that wasn't available from the website. However, there are enough resources and links to keep you busy reading, if you have the time, that is.
Upside:
Wide variety of products and services, reasonable fees, unique programs.
Downside:
A bit overwhelming.
Summary:
You've seen the commercials: a guy steps in a Starbucks, orders up a latte and charges it to his Bank of America Visa checking card. He sits down, utilizes the Wi-Fi and signs on his Bank of America account. Little does he know, his second-ago Starbucks transaction is magically listed in his pending account transactions! How convenient! Bank of America goes above and beyond traditional online banking and truly makes their site a financial experience. There are a TON of resources here, so if you are easily overwhelmed, may we suggest you look elsewhere? But, there are great features such as 'Keep the Change' for those struggling to save money and free student checking for five years. Be aware-there is a $5.95 monthly maintenance fee for MyAccess Checking Accounts ($0 if you have direct deposit). Customer support is good via telephone, but be prepared to wait if necessary. Overall, you will find countless online banking options here, so check them out!