As one of the largest financial institutions in the United States, Bank of America has a lot to offer. The range of personal and business account options is impressive, and the availability of bank branches makes it extremely convenient.
BofA has had its share of controversies and its sheer size can sometimes make service inconsistent. In 2014, it was fined $16.65 billion for its role in the 2008 financial crisis. Additionally, some of the accounts are a bit lacking in features.
In 2021, a number of banks and fintech platforms eliminated overdraft fees and Bank of America joined them in 2022, though not completely. It announced in January 2022 that it would drop its overdraft fee from $35 to $10 beginning in May. Other banks, most notably Capital One, have eliminated overdraft fees totally.
Starting in February 2022, Bank of America eliminated insufficient funds fees and will also no longer allow customers to take out more than they have at the ATM. The $12 that it charged customers to move money from another account to cover a withdrawal will also be stopped.
If you need overdraft protection in general, we’ve got some handy tips on how to keep from overdrawing your accounts.
All that said, is Bank of America the right place for you to do your banking? Our deeper dive on what the bank offers will help you decide.
This Bank of America review looks at the bank’s checking and savings features for individuals and small businesses, as well
