Bank of America is perhaps one of the largest banks in this county. With this, of course, comes positives and negatives for their account holders. One such advantage of using such a large corporation is that Bank of America offers just about any financial service a person or business can need. On the other hand, for some people it is more important that their banking is a more personal matter; a feeling one would get at a community bank.
Convenience is key when it comes to finances. Bank of America has an easy to use website where one can handle most of their banking needs. Additionally, their automated phone service is available 24 hours a day, where one can find out account balances, make transfers, among other useful services. Possibly the most significant convenience that Bank of America offers is their ATMs, that are widely available throughout the US. Recently, an invaluable feature has been added to Bank of America’s ATMs, the ability to deposit cash or checks directly into the machine, without deposit slips or envelopes.
Fees are generally a deciding factor in choosing a bank. Bank of America charges a $35 overdraft fee for each day that your account is left with a negative balance. Bank of America customers can enroll for Overdraft Protection free of charge, this service connects all of the accounts of the customer and should one of the accounts be overdrafted, the funds will be transferred from an account with the funds to covered and a $10 fee will be applied. In addition to overdraft fees, there is an extensive list of fees for a variety of different things. The list ranges from $1 to print out a mini statement at an ATM, to $30 to stop a payment made on a credit-card.
Security is another necessary element when trusting an institution with your money. In the unfortunate event of a credit-card or debit-card theft or loss, an associate can be reached 24 hours a day, 7 days a week, and they will promptly cut off your accounts and mail you new cards.
Bank of America is one of a few banks that offer personalized credit cards, debit cards and checks. There are many options, such as travel and entertainment, sports, charitable causes and special interests. For some people this may be a major selling point, for others, this could be an unnecessary and frivolous feature.
There are many factors in deciding what bank is right for you. It is important to determine what features you require in a banking institution, and compare at least a few to see how they each match up with your preferences.