Why should I choose Bank of America?
Bank of America pros and cons
Bank of America is one of the world's leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services.
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 bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees.
Sample answer: Bank of America is the most well-known and largest bank in the United States in terms of assets. It is well-known for providing excellent banking and customer service. In addition, the culture is welcoming, and there is room for advancement in the workplace.
- CREDIT CARD. 25% Rewards bonus on eligible Bank of America credit cards 3
- SAVINGS. 5% Interest rate booster on a Bank of America Advantage Savings account 7
- BANKING SERVICES. No Fees. ...
- MORTGAGE. $200. ...
- HOME EQUITY. 0.125% ...
- AUTO LOAN. 0.25% ...
- FOREIGN CURRENCY. 1% ...
- DEPOSITS. No Monthly Maintenance Fees.
Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.
It was formed through NationsBank's acquisition of BankAmerica in 1998. Bank of America is headquartered in Charlotte, North Carolina. The bank's history dates to 1904 when Amadeo Peter Giannini opened the Bank of Italy in San Francisco.
No fees on select banking services. No monthly maintenance fees on up to seven eligible accounts when you ask us to linkFootnote them to your primary Advantage Relationship Banking account. Option to enroll in Balance Connect for overdraft protection. Peace of mind with our $0 Liability Guarantee.
Bank of America has the Financial Strength Rank of 4.
GuruFocus Financial Strength Rank measures how strong a company's financial situation is.
The bank has diversified revenue sources beyond loans, such as wealth management and investment banking. BAC's loan portfolio growth is slower compared to competitors, but non-interest income services contribute significantly to total revenues. We assess BAC's metrics compared to those of its main peers.
Is Bank of America the best company to work for?
- RANK33 Fortune 100 Best Companies to Work For.
- RANK14 America's Most Innovative Companies.
- RANK42 World's Most Admired Companies.
- RANK82 Global 500.
- RANK17 50 Best Large Workplaces in Financial Services and Insurance.
- RANK27 100 Best Large Workplaces for Women.
- RANK32 Fortune 500.
Bank of America is the second-largest bank with over $2.45 trillion in assets. Wells Fargo is the third-largest bank, holding over $1.7 trillion in assets.
Bank of America Reviews FAQs
Bank of America has an overall rating of 3.9 out of 5, based on over 41,593 reviews left anonymously by employees. 76% of employees would recommend working at Bank of America to a friend and 70% have a positive outlook for the business.
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.
Opening a bank account can be one of the most important steps you take toward reaching your financial goals. Why? Because putting your money in an FDIC-insured bank account can offer you financial safety, easy access to your funds, savings from check-cashing fees, and overall financial peace of mind.
Bank of America is the second-largest commercial bank in the United States following JPMorgan Chase. The company provides financial services to consumers, wealthy investors, institutional clients, and governments. Bank of America's revenue for 2023 was $98.6 billion.
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.
Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse.
- Low rate of income in the countries outside of the U.S: Bank of America gets 90% of its annual revenue from the banks in the United States. ...
- Higher Rate of Interest: Most customers believe that the bank incurred a higher Rate of Interest.
Our employees are at the heart of this purpose, and are key to driving responsible growth. Every day, across the globe, our employees bring a commitment to our purpose and to driving responsible growth by living our values: deliver together, act responsibly, realize the power of our people and trust the team.
What is the culture of Bank of America?
At Bank of America, we strive to be a bank for everyone. Like the people we serve, we come from every walk of life. We are proud of our inclusive culture, because when you create a workplace where all employees can thrive, everyone benefits. Our diverse and inclusive workplace.
| Rank | Bank name | Headquarters location |
|---|---|---|
| 1 | JPMorgan Chase | New York City |
| 2 | Bank of America | Charlotte, North Carolina |
| 3 | Citigroup | New York City |
| 4 | Wells Fargo | San Francisco, California |
1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
Berkshire Hathaway (BRK.A 1.18%)(BRK.B 1.3%): Warren Buffett's Berkshire Hathaway is the largest Bank of America shareholder, with 1.03 billion shares amounting to a 13% stake. As of March 2024, it was the second-largest of Warren Buffett's stock holdings after Apple (AAPL -1.22%), worth almost $37 billion.
Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association, which was the only such designated bank in the United States at that time.
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