What are the cons of banking with Bank of America? (2024)

What are the cons of banking with Bank of America?

Cons. Unless you can qualify for the Preferred Rewards program, you have no access to a high-yield savings account. Bank of America offers a lot of terms for their CDs, but the rate is the same across the board. And it's a lower rate compared to other banks at 0.01%.

What are the cons of Bank of America?

Cons. Unless you can qualify for the Preferred Rewards program, you have no access to a high-yield savings account. Bank of America offers a lot of terms for their CDs, but the rate is the same across the board. And it's a lower rate compared to other banks at 0.01%.

What's the issue with Bank of America?

CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts | Consumer Financial Protection Bureau.

Is Bank of America a good bank to have?

Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics. Bank of America is a reputable option for customers who want both in-person and online service, but its deposit accounts generally have low rates.

What is the benefit of Bank of America?

Bank of America Advantage Plus Banking

Multiple ways to waive your monthly maintenance fee, including direct deposit. Option to enroll in Balance Connect for Overdraft Protection. Peace of mind with our $0 Liability Guarantee.

Why does Bank of America have a bad reputation?

Bank of America has the most complaints of any bank in the U.S., and also has more one-star reviews on consumer review websites. Customers consider it one of the banks with worst security and report poor customer service, long wait times, excessive fees, and the bank holding their money for no reason.

What are two pros and cons of Bank of America?

Is my money safe in Bank of America?

Deposits in checking accounts, savings accounts, money market savings accounts and Certificates of Deposit (CDs) are insured up to $250,000 per depositor, per insured bank, for each account ownership category under the FDIC's general deposit insurance rules.

Which banks are currently at risk?

Why are banks closing in America?

In 2023, America saw its highest amount of bank closings since the 2008 recession. The increase in mobile banking use, inflation and interest rates, and real-estate struggles all contributed to why 2023 experienced so many banks shutting their doors.

Which is the No 1 Bank of USA?

What is the most reliable Bank in the US?

What happened with Bank of America recently?

Bank of America fined $225 million for botching pandemic aid

More than 100,000 people will be compensated for the bank's faulty fraud detection program, which froze customer accounts.

Is Bank of America a good or bad Bank?

Our Verdict. Bank of America could be a good choice if you're interested in branch banking with online and mobile banking access. The bank offers a sizable network of branch locations and ATMs, plus a full suite of banking products and financial services.

What Bank is better Chase or Bank of America?

Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.

What is Bank of America monthly fee?

Bank of America Advantage SafeBalance Banking Fees

The SafeBalance Banking account has a monthly maintenance fee of $4.95 that is waived for account owners under age 25 and customers enrolled in Bank of America's Preferred Rewards program. It's also waived if you maintain an account balance of at least $500.

Should I worry about my money in Bank of America?

As long as my money is in a bank that's backed by the Federal Deposit Insurance Corporation and meets certain requirements, he says, it's “completely safe.” No need to worry about it. The FDIC is an independent agency that was established in 1933 after thousands of banks shuttered during the Great Depression.

Who is the best Bank to Bank with?

Has Bank of America been hacked recently?

On Nov. 24, 2023, IMS told Bank of America that the data of customers with deferred compensation plans may have been compromised. To clarify, Bank of America was not hacked.

Who is better Bank of America or Wells Fargo?

The Wells Fargo Everyday Checking slightly beats out the Bank of America Advantage Plus Banking® because it requires a lower minimum opening deposit and monthly service fee. It also boasts a higher bank bonus for new customers. However, Bank of America has slightly easier requirements to waive monthly fees.

Should I open a savings account with Bank of America?

Bank of America offers several savings account options for parking your money, but its ultra-low rates will do little to help you grow your savings. They are much lower than the national average, and many savings accounts offered by competing banks offer more rewarding rates.

Why is Bank of America so cheap?

Why B of A's share price is so low. The answer is that Bank of America has way more shares outstanding than any other bank. It had an average of 11 billion shares of common stock outstanding in the third quarter of this year, according to YCharts.com.

Should I pull money out of bank?

As long as your deposit accounts are at banks or credit unions that are federally insured and your balances are within the insurance limits, your money is safe. Banks are a reliable place to keep your money protected from theft, loss and natural disasters. Cash is usually safer in a bank than it is outside of a bank.

What would happen if Bank of America failed?

In most cases, the FDIC will try to find another banking institution to acquire the failed bank. If that happens, customers' accounts will simply transfer over to the new bank. You will get information about the transition, and you will likely get new debit cards and checks (if applicable).

Can I block someone from taking money from my bank account?

Call and write your bank or credit union

Tell your bank that you have “revoked authorization” for the company to take automatic payments from your account. You can use this sample letter . Some banks and credit unions may offer you an online form.