Is Bank of America still safe?
Bank of America is a member of the FDIC, which insures deposits up to $250,000 per account type, per depositor, for each account ownership category. Bank of America is a member of the FDIC, which insures deposits up to $250,000 per account type, per depositor, for each account ownership category.
Overall, Bank of America appears to be in a relatively healthy financial position and is not currently in imminent danger of collapse. However, as with any financial institution, there are always risks involved, and customers and investors should always monitor the bank's financial health and risk profile.
Bank of America also maintains physical, electronic and procedural safeguards to protect against unauthorized access to client information. If we believe an account is at risk for fraud, we will attempt to contact you using the contact information you've shared with us, so make sure that information is current.
No, we are not detecting any problems with Bank of America right now. The last outage detected for Bank of America was on Friday, April 12, 2024 with a duration of about 31 minutes.
Do I have to worry about cash stored in my bank? In short, if you have less than $250,000 in your account at an FDIC-insured US bank, then you almost certainly have nothing to worry about.
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
Silicon Valley Bank (SVB), the 16th largest bank in the country, collapsed in a matter of days, followed by Signature Bank (SBNY) and First Republic Bank (FRB), marking the largest bank failures after Washington Mutual Bank in 2008.
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.
- Review and update your contact information, especially your cell phone number and email address.
- If you use the Bank of America Mobile Banking app, allow push alerts, and be sure to review and respond to alerts promptly.
- Use a strong, unique password for each of your accounts.
This account is insured by the Federal Deposit Insurance Corporation (FDIC) and is backed by the U.S. government.
How stable is Bank of America right now?
Type | Moody's | Standard & Poor's |
---|---|---|
Outlook | Negative | Stable |
Deposits | Aa1 | A+ |
Long-term senior | Aa1 | A+ |
Subordinated | Aa2 | A- |
- Bank of America's rates on savings aren't very competitive.
- It's not easy to avoid the monthly maintenance fee on the checkless Advantage SafeBalance checking account.
Bottom line. For the most part, if you keep your money at an institution that's FDIC-insured, your money is safe — at least up to $250,000 in accounts at the failing institution. You're guaranteed that $250,000, and if the bank is acquired, even amounts over the limit may be smoothly transferred to the new bank.
Bank of America is just one place below JPMorgan Chase on both the 2023 G-SIBs list and the Federal Reserve's list of the largest U.S. banks, which is why it was chosen in our research as one of the safest banks.
SHFS | SHF Holdings | $0.50 |
---|---|---|
WAL | Western Alliance | $27.32 |
ECBK | ECB Bancorp | $11.24 |
PACW | PacWest Bancorp | $5.97 |
FFWM | First Foundation | $4.35 |
Banking regulation has changed over the last 100 years to provide more protection to consumers. You can keep money in a bank account during a recession and it will be safe through FDIC and NCUA deposit insurance. Up to $250,000 is secure in individual bank accounts and $500,000 is safe in joint bank accounts.
Bank NameBank | CityCity | Closing DateClosing |
---|---|---|
Heartland Tri-State Bank | Elkhart | July 28, 2023 |
First Republic Bank | San Francisco | May 1, 2023 |
Signature Bank | New York | March 12, 2023 |
Silicon Valley Bank | Santa Clara | March 10, 2023 |
2024 in Brief
There are no bank failures in 2024. See detailed descriptions below.
- JPMORGAN CHASE. Member FDIC.
- U.S. BANK. U.S. Bank, also referred to as U.S. Bancorp, is a large bank based in Minneapolis, Minnesota, and currently stands as the fifth-largest banking institution in the U.S. ...
- PNC BANK. ...
- CITIBANK. ...
- WELLS FARGO. ...
- CAPITAL ONE. ...
- M&T BANK CORPORATION. ...
- AGRIBANK.
Two regional US banks, California-based Silicon Valley Bank (SVB) and New York's Signature Bank, have collapsed under the weight of heavy losses on their bond portfolios and a massive run on deposits.
What is the most trusted bank in US?
Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023.
Bank of America is the second-largest bank in America in terms of assets, and they're FDIC insured up to $250,000 per depositor. They offer fraud protection and other security features like third-party access reviews and customized reviews, so you can keep an eye on your accounts.
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. Key Takeaways: We rate Bank of America 4 out of 5 stars, giving it high marks for branch and ATM access but lower scores for its rates on deposit accounts.
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.
Online and Mobile Banking Security Guarantee
We verify your enrollment with a code and also provide transaction alerts for new payees, password changes and other potentially suspicious activities. Plus, you're not responsible for transfers you don't authorize.
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