Is Bank of America a Good Fit – Money Pacers
Is Bank of America a Good Fit

Is Bank of America a Good Fit

Is Bank of America A Good Fit

(MP) Bank of America (aka BOA) is undoubtedly one of the biggest banking and financial service institutions in the world. Headquartered in Charlotte, North Carolina, it’s actually the second largest bank holding company in the United States. In 2013, Bank of America was rated the twenty-first largest company in the United States by total revenues and assets. The bank operates 5,132 branches in 36 states.

Based upon its fees, size, and account interest rates the company receives a MP Rating of 4.4 out of 5, which is above the average of 4.3 for a national bank. MP recently upgraded BOA from a 4 to 4.4 based upon new ratings information received as of 09/11/15.

Bank of America Reviewed

Checking

This bank has three checking account systems: eBanking checking, MyAccess checking and Regular.

The banks’ ultimate checking account, eBanking checking, offers no annual percentage yield (APY). $8.95 monthly maintenance fee. No ATM Fees, Non-bank ATM fees $2.00 or $5.00 outside U.S. Explore other banking interest bearing checking accounts. The monthly fee for this account is above the market average by about $0.95. You must open the account with at least $25, which is lower than the opening balance requirement of most checking accounts by $25.00. Finally, the eBanking checking account has no minimum required balance.

MyAccess Checking: The monthly fee for this account is above the market average by about $4.00. Customers must open the account with at least $25, which is lower than the opening balance requirement of most checking accounts. Lastly, the minimum required balance is on the high side considering most checking accounts have a balance requirement close to $1,000.

Monthly Fees

A monthly fee of $8.95 with the eBanking checking account is merely a bit under market average. Maintaining the required minimum balance will waive this fee, however if you do not do so your costs will be minimal.

ATM Fees

A $2 fee for using an out-of-network ATM is the same as the typical amount charged by most other banks.

Savings ————-

Interest Rates

The top savings account (the Regular Savings account) has an APY (annual percentage yield) of 0.01%, which falls below the national average rate of 0.14%. Research a bank that gives a high yield savings account.

Monthly Fees

The monthly fee for the Regular Savings account is just a bit less than market average. Maintaining the required minimum balance will waive this fee, but if you fail to do so your costs will be minimal.

Minimum Balance

Their minimum balance requirement of $300 typically is not particularly high relative to other savings accounts. In any case, be sure you can meet the minimum.

CD Interest rates

Here are a couple of different CD rates from BOA. The 1 year option has a significantly below-average yield compared to the national average of 0.35%. Browse high yield CDs from other financial institutions to find one with a better return.

Credit Card Interest Rates (APR)

BOA has three highest rated credit cards: Travel Rewards (14.99% APR), Travel Rewards for students (14.99% APR), and Better Balance Rewards (11.99% APR). Most issuers offer credit cards with interest rates between 14.99% and 21.99%. BOA is rated:

–Slightly Below Average Issuer Satisfaction Score: Overall, customers have had negative experiences with this issuer. The average score is 4.00 out of 5.
–Slightly Above Average Service Satisfaction Score: Cardholders are pleased with the customer service they receive. The average score is 4.15 out of 5.

Fees

Their annual fee is similar to a membership fee. A card with a high annual fee may offer appealing rewards or bonuses. When browsing cards, remember that the average annual fee is around $32. If you are looking at a card with a fee, think twice about what you will receive in return for paying that fee.

Overdraft Fees

BOA offers two overdraft settings options for how you might want them to process your other transactions, such as checks and scheduled payments.  But, they don’t offer overdraft or authorize withdrawals from ATM’s or Debit card purchase when you don’t have enough money in your account.

Mobile Banking

Bank of America found itself at the bottom of the list of the “Top 10 Worst iOS Mobile Banking Apps,” see at The Financial Brand.

Don Briscoe
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Don Briscoe

Finance educator, advisor, and leading voice in the global financial literacy movement.Founder and editor of MoneyPacers.com.He lives and enjoys life with his family in New York.
Don Briscoe
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