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I need some honest opinions on Bank of America?

I recently just got a new job, and the company I work for has a partnership with BOA so everyone at my company can open a checking account with them and have no minimum balance requirements. Because of this I am seriously considering moving my money to BOA. I currently have an account with TD Bank but finding their ATMs is like an easter egg hunt and their fees are ridiculous. Is Bank of America any better? If not, what is the best bank to put my money in? Any advice is appreciated.

Asked By: Dettod - 5/7/2011
Best Answer - Chosen by Asker
I use them and I really like them. I absolutely love their online interface and how it can send me text message alerts whenever money over a certain amount leaves my account. I set mine up to text me whenever anything over $75 is taken out. Cause I normally don't spend that much at a time. You can also pre-setup payments... so I can tell Bank of America to pay my bills when I'm on vacation. I just setup the day in advance. This is all part of the normal interface. You don't pay extra like some banks make you do.

As far as ATMs... you have to check with the bank. Most ATMs at gas stations and places like that are not actually affiliate with any bank at all. Private people/companies own them and the only way they pay for the machines and make money is to charge you a fee. Becuase of those fees, when I get money out of an ATM that isn't BofA, I always get a lot. Doesn't seem sane to me to pay 1.50 for a 20 dollar withdrawal. So even if I don't need it, I get a hundred or two and then it makes the fee reasonable.
Answered By: WatermelonShop - 5/7/2011
Additional Answers ()
I have a BOA account. They have a lot of real BOA ATMs in this area so getting cash without paying a fee is easy. Note that gas station ATMs are private and charge everyone a fee. BOAs on line checking allowing for bill payment and money transfers to other family members works well. The odds that there will be a BOA ATM when you travel out of state is high - which is convenient if you travel as I do. There are areas where BOA does not have branches such as western PA but they are in most states. The idea that you can get these services without dealing with minimums is nice.

However BOA fees for an overdraft etc are higher than many places. The interest they pay on savings accounts, checking accounts and CDs is quite low. If you get a mortgage with them , the interest rate will be a little higher and they will sell your mortgage. For serious banking - I use a local credit union - their rates are better and their online banking /bill paying is just as good.

Determine what services of a bank you need now and look closely at fees, minimums, etc for those services between TD, BOA and a local CU. Then determine which is best for you. Also remember that you can have more than one bank and use each for their strengths if you have enough money to make it worthwhile.
Answered By: Bob - 5/8/2011
Bank of baroda is the best
Answered By: Dr. Sujok - 5/7/2011
I consider Bank of American to be one of the best out there.

You got a great deal if there are no minimum requirements and no fees.
Double check. I have not heard of this offer with companies.
It could be for a short period of time only.

They have stiff fees.
Never allow your balances to get low.
Always keep at least 2 weeks pay as a minimum in your account.
Stats show that people that do this are generally happy with their bank.

They have amazing online services and online bill pay.
They also have ATMs all over the United States.
You really could not ask for a better bank.
Read everything you get. Make sure you don't get taken by their fees
Answered By: Wreck - 5/7/2011
I've been a Bank of America customer for over 15 years, and I've stayed with them even though, following the 2008 financial crash, I believe in principle that the nation would be better off if Americans put their money in smaller, but still federally insured, banks so that American taxpayers didn't have to foot the bailout for Giants that go under. People also say that BA has higher fees and stiffer penalties than many other banks.

However, I can't bring myself to let go of Bank of America because it has been so convenient for me to use. I got my BA account in CA and then moved to PA, but do all my banking in NJ because the closest BA to me in proximity is in NJ. With BA, I can easily transfer money online to my adult children, 2 of whom live in NY. BA has always provided outstanding customer service in spite of my confusing CA/PA/NJ/NY situation.

AND, by the way, regarding your company's 'partnership' situation? If you're getting FREE checking and NO minimum balance requirements--well, that's great! The 'no minimum balance requirement' will spare you from some hefty fees should you accidentally drop under your balance, which was the pitfall for me at times in the past.

If you've got tons of money, I wouldn't leave it all sitting in BA--better to invest it elswhere. But up to $10,000-$15,000, which is about what I have in there with BA? GO WITH IT, for sure.
Answered By: magicbird - 5/7/2011
Go to any Bank of America branch and speak to a customer service representative. Bring a written list of questions which are important to you. Ask for a copy of their written rules and fee schedule. Be sure to read every single word in the small print. Find out the features and charges of each of their accounts. Find out how many ATMs are available, and whether there is a service charge for using the ATM. Make sure you get everything in writing. Do not accept anything the customer service person tells you verbally.

Compare every fee at Bank of America with every fee at TD bank. See which is a better deal. Please remember that every bank has a lot of different types of accounts.

You need to look at the totality of the BOA's services and fees for each type of account and TD Bank's services and fees for each type of account. Every bank and credit union offers several accounts with different features and different fees. Some banks may have low overdraft fees, but high fees in other areas. Some accounts waive all fees if you maintain a minimum balance (although this apparently won't apply to you due to your company's agreement). Other accounts have a monthly fee, but no fee on each transaction. Other accounts have no monthly fee, but a fee for each transaction.

Some banks have a large number of ATMs which you can use without a charge. Other banks have a charge for ATMs.
Answered By: Sean Roberts - 5/7/2011
BoA is a very large bank with branch offices and ATMs everywhere. It may depend on the type of account you have as to fees.

They also have excellent online banking and billpay services which I highly recommned.
Source(s):
BD
Answered By: bdancer222 - 5/7/2011
If you read the questions, on here you will find a lot of people who dislike BofA. But I think a lot of that has to do with the customer themselves - you overdraft a lot, of course the bank isn't going to be willing to work with them much.

However, I have 2 business accounts and almost all my personal accounts when them. I've been a customer since 1991. On the few occasions that I have had problems they have worked with me to resolve them.

I travel a LOT for work. Just about ever week (anywhere in the US and main cities in Canada). Only one time have I ever had troubles finding a BofA ATM. I think that was the middle of no where Arkansas. I've even been able to easily find them in unique places like Beijing and Prague.
Answered By: A Hunch - 5/7/2011
When Bank of America agreed to let me open an account without a minimum balance requirements and without a monthly fee, they still charged me a fee for not meeting a minimum balance requirement. Apparently, no "minimum balance requirement" just means that they do not tell you in advance what the minimum balance requirements is, not that there is none.
Answered By: StephenWeinstein - 5/7/2011
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