2.2
63 reviews
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Bank of America

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Bank of America
 
2.2

(based on 63 reviews)

Ratings Distribution

  • 5 Stars

     

    (12)

  • 4 Stars

     

    (6)

  • 3 Stars

     

    (3)

  • 2 Stars

     

    (6)

  • 1 Stars

     

    (36)

35%

of respondents would recommend this to a friend.

Pros

No Pros

Cons

No Cons

Best Uses

No Best Uses
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Most Liked Positive Review

 

Bank of America Brokerage is One of B of A's Better Services

How has your portfolio been holding up the past several years? If you are like most people, you will probably answer this question negatively, since so many portfolios are not at their peak...Read complete review

How has your portfolio been holding up the past several years? If you are like most people, you will probably answer this question negatively, since so many portfolios are not at their peak levels enjoyed many years ago. One company that tries to help you maintain your portfolio and offers some good investment tools is Bank of America Brokerage Service.

Brokerage Facts and Commentary:

Bank of America Brokerage Service is a brokerage service offered by a large, well- known financial provider that has a great deal of clout in financial circles. Most all of us have used Bank of America at some point and many still hold in their possession at least a Bank of America credit card or some other financial service product.

I have used many Bank of America services but have not been that thrilled with most of them. The Bank of America Brokerage Service, on the other hand, is one of the company’s more acceptable offerings. It is mostly a self- guided account, although they do offer advice for a fee. The service offers some good financial tools to help you locate the right investments for your portfolio and the overall fees are reasonable.

Bank of America Brokerage Service succeeds mainly because Bank of America stays out of the way. Like I said, the service is mostly self- directed and it relies on you, the investor, to search for and find the right investments to meet your objectives. Bank of America stays out of the picture, and that is likely why the service ranks as one of the better offerings from this financial behemouth.

Bottom Line Viewpoint:

I don’t like Bank of American very much, but I must admit that the Bank of America Brokerage Service is a good one and is worth considering. It does have a few flaws in its web design and it could offer a more intuitive interface, but it is still a good brokerage service to consider.

Customer Service
Customer service? It is Bank of America. Enough said.

Product Variety
There are a good number of financial products offered.

Ease of Use
Good, but the number of reports and other features may not be enough for the active investor.

VS

Most Liked Negative Review

 

It they were the last bank on earth I would use my mattress!

Over one year ago I went over my credit limit with interest charges.  This was immediatly paid but within a week I got a letter that my interest rate had jumped from a...Read complete review

Over one year ago I went over my credit limit with interest charges.  This was immediatly paid but within a week I got a letter that my interest rate had jumped from a very low amount to 24%.  I was told in this letter that if I paid my bills monthly on time and no over the limits they would lower the rate back down.

Well I paid my balance from $5600 down to $3400 in one year and was never late on any cards...nor have I even been late on any cards EVER!

I paid well over the minimum and my overall dept for the year was reduced by almost $10,000.

I called Bank of America and was led to believe I needed to try a credit monitoring/protection service that would currently cost me approx $33 a month just to get my interest lowered.  It was pushed on me before I was transferred to someone elso who pulled my credit report, denied my request to lower my interest and ON TOP OF THAT! lowered my credit limit to my current balance.

I then told him to cancel the credit protect immediatly and he did not even do that as  I was then charged $33.00 on my next statement.

I own a business and deal with this bank daily.  They are uncaring in my opinion and charge overly inflated fees.

BEFORE YOU BANK>>>>READ THE FINE PRINT!

Reviewed by 63 customers

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(2 of 2 customers found this review helpful)

 
1.0

The worst customer service I have ever come across!

By 

from Exton PA

Comments about Bank of America:

On a daily basis I deal with a lot of different banks due to my job.
Simple task other banks perform within 15-20 minutes takes this bank HOURS! I am still on hold trying to solve the simple issue. I was transferred 7 times, put on hold 4 times. 2 hours later I'm nowhere near solving the problem.

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(1 of 1 customers found this review helpful)

 
1.0

Very Disappointed Mortgage Department

By 

from USA

Comments about Bank of America:

Had our Mortgage with BOA for over 10 years never missed a payment and all on time. Received an offer to refinance ansd contacted them, never got back to us. Called a second time and the same thing. Tried Quicken Loans to see how we would do with them and closed in 23 days. Paid off our BOA loan.

Customer Service
No follow up to a good customer,

Product Variety
Had a good relationship for a long time just recently they are terrible.

Ease of Use
Don't follow through with offers.

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(1 of 1 customers found this review helpful)

 
1.0

Beware- After 18 years closing all accounts

By 

from USA

Comments about Bank of America:

Became members 18 years ago. Had a home loan, then added a bank account and creditline eventually. Didn't have any major problems until my husband suddenly passed away. The deceased is given priority over the living spouse, despite the fact that the accounts are joint!! They WIPED OUT ALL the online bill pay DENYING me access to accounts, then refused to reinstate them online when I asked! Being the surviving spouse made no difference to them. As Bank of America was our main financial institution, it has been detrimental & a nightmare. I'm closing all accounts & will NEVER do business with them again!! Customer service isn't important to them.

Customer Service
When the associate says "we can't do that" I lose it. They aren't very helpful.

Product Variety
Had a checking account with online bill pay, then added a home loan and eventually a personal creditline.

Ease of Use
The online bill pay was wonderful until that was taken away.

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(1 of 1 customers found this review helpful)

 
2.0

A backhanded way to commit theft from hardworking people

Comments about Bank of America:

The tellers at the bank are always friendly and nothing but helpful. The online banking is great and easy to use. The telephone customer service is terrible. It consists of people that can't be understood and have no people skills whatsoever. The fee structure makes no sense. They charge overdraft fees when your account still has money in it and the monthly fees are a little excessive.

Customer Service
In-store service is excellent. Beyond that, it's one of the worst I've ever dealt with. They steal money and charge you overdraft fees for no reason and when you call to get them refunded you it takes an hour and 6 different people before you accomplish anything. It is one of the most frustrating experiences of my life.

Product Variety
They offer a variety of services that can meet the needs of almost anyone. Loans, checking accounts, and credit cards. You can apply online or in person.

Ease of Use
The online banking is awesome. You can do everything you need and it's easy. Everything is quite visible and easy to find.

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4.0

Okay for a bank, but fees kept going up and interest rates down.

By 

from USA

Comments about Bank of America:

I was okay with them at first, but then they started increasing fees, making it harder to keep the accounts 'free'. I know that fees and interest are how banks make their money, but when you can sign up with a local bank or credit union and not have those things, then it makes the case to pay for accounts with a national bank harder to justify.

Product Variety
They basically discontinued their 'free' line of accounts.

Ease of Use
They do have a nice website.

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(1 of 2 customers found this review helpful)

 
5.0

Had no trouble

Comments about Bank of America:

I have been using Bank of America for over three years now with a student account because I am in college. I have had no trouble with calling into customer service and they answering my questions and concerns. They handled disputing charges in a kind manner with no hesitation to answer my questions.

Customer Service
Customer service has been prompt and nice. Haven't had a rude customer service agent.

Product Variety
They provided me with the options of different bank accounts and credit cards. They showed me which one was best for me. They offered me different services that students use such as a student bank account and once I had that account about a year, I went in and they showed me what kind of credit cards were available to students.

Ease of Use
In every state I go there is a Bank of America ATM. I also like when you purchase things online that they have a Bank of America authenticity service. I love the new way the ATM works. All you do is stick your card in and they give it right back to you. No more card getting stuck into the machine.

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3.0

This bank has got me thinking twice.

Comments about Bank of America:

I am a new customer to this bank and although I have not had much experiences with them, I am already starting to ask myself why I did not check out other banks. Their protocols are just too much. If you are not a student and you want to open a checking account, there are conditions. If you cannot keep 1500dollars in the account every month, they will deduct 12dollars by month end. If it is a savings account you want, there has to be 300dollars there every month. I just feel bad because people with little source of income do not have a suitable type of account to help them manage the little they have without money being deducted monthly. If this could change, I will love the bank with all my heart.

Customer Service
I have not had any problem that would require attention from them so I do not know about their customer service.

Ease of Use
The few times I have been there to make transactions have been easy. Their ATM machines are easily accessible.

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(1 of 1 customers found this review helpful)

 
2.0

just not very competitive

Comments about Bank of America:

Bank of America really lags behind in terms of its development of a really high quality online trading platform. The fees are high and you do not get any level of increased customer service due to these high fees. The options available to traders are not great in terms of quality of variety. Possibly this is better for really large investors, but this is not the service for small to mid level investors.

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4.0

Good banking experience with Bank of America

By 

from USA

Comments about Bank of America:

I have been a customer for over 3 years now. I like their rewards program keep the change. Great way to save a little extra without even realizing it. Service has always been good and very fast when in a location. Lines are never too long and wait time is short.

Customer Service
Always greeted when I walk into a branch and customer service on the phone is easy to use and not a long wait at all.

Product Variety
Rewards are great. Easy to earn and save extra money without even realizing it.

Ease of Use
Good rates. Great credit card programs. The only thing they need is more branches locally with ATMS this way fees don't add up too much.

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(0 of 1 customers found this review helpful)

 
3.0

Meh...

Comments about Bank of America:

I don't like or dislike Bank of America. I never really understood the hoopla people get into about their banks. I have both a checking and savings account with BoA (formerly LaSalle) and I've never had an issue. I like that they offer self-deposit at the ATM even though I rarely use it. The lines in my bank are taken care of quickly and efficiently and the staff are always courteous. I like that I get a little deposit slip to keep when I go in to deposit checks. I have my workplace set up to automatically deposit into my accounts, and I like that I can easily (and for free!) transfer money between my two accounts. I was a little discouraged when they switched my checking from a campus-edge plan to an individual regular plan because now I have to watch to make sure my balance stays above a certain amount to avoid charges. I wish BoA had an automatic coin counter machine like some other local banks... that's a very nice service. Interest rates are junk, but what bank can say otherwise? Overall satisfied.

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