Bank of America is known to be the ninth largest bank in the world and the second largest in US by assets. Bank of America also commonly known as BofA has played quite a part in the evolution of banks and has put up competitive standards by their remarkable customer service. ATM, one of the basic needs of modern age, was introduced by BofA, so is internet banking and mobile banking services.
BankofAmerica – Account Products & Services:
Bank of America offers all the traditional banking services which include credit card service, checking of accounts, deposition of certificates, saving accounts and many more
BofA has its partnership with Merrill Lynch which enables it to offer investment products. In addition to all the services it also provides retirement accounts which are FDIC insured.
Advantages of Bank of America:
- Accessible ATMs: BofA had 4,579 branches by the end of 2016 in reference from Reuters. No matter in which state you live in you’ll probably find a reachable ATM of Bank of America. BofA believes in opening branches in all the states and upgrades all the existing ones.
- Internet Banking Service: BofA website is a very simple and easily accessible by its users. It offers a lot of banking services which include checking your account online, transfer of money between accounts and receiving statements.
- Mobile Banking Service: Bank of America has its own Mobile Application which provides ease and convenience to its users. You can easily deposit your checks by using this application in a very simple way. Take a snap of your check, front and back side. Upload it on the app and your check will be deposit. You can also manage your accounts and have a digital wallet anywhere you go!
4.Security: Bank of America ensures the security of your account and private information. It has a very impressive security and privacy system. You will get notified every time you check in your account. More over you’ll get security alerts and change password notifications. It also offers a two-step verification process and asks for a new code each time you log in.
Disadvantages of Bank of America:
BofA offers a number of advantages but like every other man handled service it has its flaws. Some of them are as follows:
- Fees: Bank of America’s upmost con is the account fees they charge. BofA Core Checking and BofA Interest checking require holders to have a minimum direct deposit of $250+, or have an average daily balance of $1,500+. However, if you are a student with an age less than 23 then you’re certainly at luck as BofA doesn’t charge students having age less than 23 any sort of fees.
- Slow Service: There have been a few complains of the Bank of America providing slow services. However, this is not a major flaw considering the bank has an expanded network. This means it could take time to assess all the applications.