Intro – Bank of America Reviews & Ranking
Bank of America was recently ranked and reviewed by AdvisoryHQ as a top rated bank. Firms on our top rated bank lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our Bank of America review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
Below we have provided a detailed review of Bank of America, including the specific factors we used in our decision-making process.
Bank of America Review
Bank of America is the second-largest bank holding company in the U.S., based upon assets. While headquartered in Charlotte, NC, Bank of America maintains multiple locations throughout the country, and it’s often considered one of the top banking firms.
In reviews of Bank of America locations, we found that it has approximately 4,600 retail financial centers and 15,900 ATMs. Its roots date back to 1784, shortly after the founding of the United States.
Bank of America Review
Bank of America serves approximately 66 million customers, including individuals, businesses, and entire communities. This bank has operations throughout the world in over 35 countries, including Europe, Africa, the Middle East, and Asia Pacific.
This well-established top banking firm has a lot to offer consumers and business customers alike, and we’ll go through several highlights, including a Bank of America checking account review.
See Also: BMO Harris Bank Reviews – Everything You Need to Know
Key Factors Leading Us to Rank Bank of America as One of the 2020-2021 Top Banking Firms
Upon completing our Bank of America reviews, Bank of America was included in AdvisoryHQ’s ranking of the 2020-2021 best banking companies based on the following factors.
Bank of America Review | Complimentary FICO® Score
For consumers, a FICO® score is an incredibly important part of personal finance. The FICO® score helps lenders and financial institutions determine creditworthiness, and when consumers view their score, it can give them a complete picture of where they might need to improve their credit and finances.
Our review of Bank of America found that the firm has a benefit available to all credit card customers in which they can receive their FICO® score monthly, without it having an adverse impact on their credit score.
Card customers can see elements that affect their score, track recent scores on a month-to-month basis, and learn about strategies to improve or maintain their credit.
Our reviews of Bank of America FICO® score details show that customers can view their score online or from the bank’s mobile banking app.
Bank of America Review | Convenient Checking Accounts
At Bank of America, a big part of what they do centers around offering checking accounts that are convenient, secure, and provide peace of mind for account holders.
Our Bank of America checking account review also found that flexibility and choice are big drivers for customers choosing BOA checking accounts over others.
In our review of Bank of America we found that consumers have three main options when it comes to checking:
- Bank of America Advantage SafeBalance Banking®: For those that don’t write checks and want to avoid overdraft fees
- Bank of America Advantage Plus Banking®: For those using direct deposit and that want a straightforward account
- Bank of America Advantage Relationship Banking®: For those keeping higher balances who want complimentary services
Regardless of the type of account a client chooses after their Bank of America checking account review, they all have the following features:
- Deposits can be made by phone or with a tablet using the free Mobile Banking app. This saves account holders a trip to the bank or ATM, and it takes just a few minutes to complete.
- Online, mobile, and text banking options allow Bank of America clients to bank anywhere, anytime. They can check balances, pay bills, and transfer money quickly and easily while focusing their time elsewhere.
- Security and protection systems are stringent for Bank of America customers and include the latest encryption technology as well as debit cards appointed with the signature $0 Liability Guarantee. Cards are also issued with cutting-edge chip technology.
- BankAmeriDeals® give customers up to 15% cash back when shopping certain retailers, allowing them to earn money that’s deposited directly back to their account.
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Bank of America Review | Keep the Change® Savings Program
As a contender for the best banking companies, Bank of America offers many exclusive programs to help account holders save not only time but also money.
One of those programs is the Keep the Change® Savings Program, a feature which many Bank of America reviews highlight as a key offering. The Keep the Change® Savings Program allows users to keep the change from rounded up purchases every time they use their Bank of America debit card.
The purchase amounts are rounded up to the next nearest dollar, and then the difference is transferred from the checking account to the savings account of the customer.
Reviews of Bank of America’s program shows that to participate, users need a Bank of America checking account, debit card, and savings account.
Bank of America Review | Checking Clarity Statement
Bank of America strives to simplify banking and finances for all of its customers, so it created the signature Checking Clarity Statement. The goal of the Clarity Statement is to clarify what Bank of America calls “bank speak.”
There are downloadable PDF options that outline all of the details of the primary checking accounts available from Bank of America.
These PDF documents highlight the fees customers pay each month, how they can avoid these charges, the overdraft policies of the accounts, and how much additional fees may add up to be. There are also details regarding when deposits are available and how transactions are posted.
Related: Fifth Third Bank Review & Ranking | What You Should Know About Fifth Third Bank
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Rating Summary
Bank of America may be a big, worldwide bank, but they go out of their way to make their customers feel special, including offering multiple perks that enhance their financial lives and secure BOA’s spot as one of the top banking firms in the country.
With a strong presence across the country and an impressive range of financial products and services, our Bank of America review has awarded the firm with a full 5-star rating as one of the top banking firms.
Whether customers need checking, savings, credit, investing, or lending solutions, Bank of America offers a one-stop-shop for a wide range of financial needs, making the firm into one of the best banking companies to consider in 2020-2021.
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Image source:
- https://thehill.com/policy/finance/banking-financial-institutions/485156-bank-of-america-warns-of-worst-year-for-global
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