Intro – Bank of America Reviews & Ranking
Bank of America was recently ranked and reviewed by AdvisoryHQ as a top rated bank. Firms on our top rated bank lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our Bank of America review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
Below we have provided a detailed review of Bank of America, including the specific factors we used in our decision-making process.
Bank of America Review
Based on assets, Bank of America is the second-largest bank holding company in the U.S. While headquartered in Charlotte, NC, Bank of America maintains many locations throughout the country, and it’s often considered one of the top banking firms.
Bank of America Review
Bank of America works with 47 million customers, including individuals, businesses, and entire communities, and there are operations not just in the U.S. but in over 35 countries around the world, including Europe, Africa, the Middle East, and Asia Pacific.
Key Factors Leading Us to Rank Bank of America as One of This Year’s Top Banking Firms
Upon completing our Bank of America reviews, Bank of America was included in AdvisoryHQ’s ranking of this year’s best banking companies based on the following factors.
Bank of America Review | Complimentary FICO Score
For consumers, a FICO score is an incredibly important part of personal finance. The FICO score helps lenders and financial institutions determine creditworthiness, and when consumers view their score, it can give them a complete picture of where they might need to improve their credit and finances.
Our review of Bank of America found that the firm recently launched a new program available to all credit card customers in which they can receive their FICO score monthly, without it having an adverse impact on their credit score.
Card customers can see elements that affect their score, track recent scores on a month-to-month basis, and learn about strategies to improve or maintain their credit.
Bank of America Review | Convenient Checking Accounts
At Bank of America, a big part of what they do centers around offering checking accounts that are convenient, secure, and provide peace of mind for account holders.
Regardless of the type of account a client chooses, our review of Bank of America found that they all have the following features:
- Deposits can be made by phone or with a tablet using the free Mobile Banking app. This saves account holders a trip to the bank or ATM, and it takes just a few minutes to complete.
- Online, Mobile, and Text Banking options allow Bank of America clients to bank anywhere, anytime. They can check balances, pay bills, and transfer money quickly and easily while focusing their time elsewhere.
- Security and protection systems are stringent for Bank of America customers and include the latest encryption technology as well as debit cards appointed with the signature $0 Liability Guarantee. Cards are also issued with cutting-edge chip technology.
Bank of America Review | Keep the Change® Savings Program
As a contender for the best banking companies, Bank of America offers many exclusive programs to help account holders save not only time but also money.
One of those programs is the Keep the Change® Savings Program, a feature which many Bank of America reviews highlight as a key offering. The Keep the Change® Savings Program allows users to keep the change from rounded up purchases every time they use their Bank of America debit card.
The purchase amounts are rounded up to the next nearest dollar, and then the difference is transferred from the checking account to the savings account of the customer.
To participate, users need a Bank of America checking account, debit card, and savings account.
Bank of America Review | Checking Clarity Statement
Bank of America strives to simplify banking and finances for all of its customers, so it created the signature Checking Clarity Statement. The goal of the Clarity Statement is to clarify what Bank of America calls “bank speak.”
There are downloadable PDF options that outline all of the details of the primary checking accounts available from Bank of America.
These PDF documents highlight the fees customers pay each month, how they can avoid these charges, the overdraft policies of the accounts, and how much additional fees may add up to be. There are also details regarding when deposits are available and how transactions are posted.
With a strong presence across the country and an impressive range of financial products and services, our Bank of America review has awarded the firm with a full 5-star rating as one of the top banking firms.
Whether customers need checking, savings, credit, or lending solutions, Bank of America provides a one-stop-shop for a wide range of financial needs, making the firm into one of the best banking companies to consider this year.
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