Bank of America Problems and Solutions
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Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.
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Like any major financial institution, Bank of America hasn't been spared from the wrath of countless irate customers over the years.
From excessive fees to fraudulent activities, a closer look at these problems may give you valuable insights and potential solutions.
Excessive Fees
Fees are a pain when you're working with a tight budget. Customers may encounter some fees and charges when banking with Bank of America like with most banks.
However, Bank of America has a history of "double-dipping" on returned transactions. This means some customers were charged an overdraft fee every time the same check or withdrawal could not be cleared because their account didn't have enough money.[1]
The Consumer Financial Protection Bureau (CFPB) formally took action against the bank in July 2023. It required BofA to refund all repeat non-sufficient fund fees collected since September 2018 (totaling approx. $80.4 million).
But in the first half of 2022, Bank of America did take steps to eliminate non-sufficient funds fees and reduced its overdraft fee from $35 to $10.[2]
Potential solutions:
Bank of America has an info sheet [3] listing all applicable fees and charges on their products and services. Make sure you're aware of these before you make a transaction. Here are some of them:
| Checking monthly fee | starts at $4.95 |
| Statement copy | $5 |
| Overdraft item | $10 |
| Rush replacement card | $15 |
| Out-of-network ATM use | $2.50 in the US, $5 outside of the US (excludes any ATM operator fees) |
Bank of America also discloses how you can waive some by meeting certain criteria like minimum daily balances or making qualifying direct deposits. But here are some general tips to minimize or avoid fees and charges.
- Avoid using non-BofA ATMs.
- Sign up for e-statements.
- Sign up for overdraft protection if eligible.
- Avoid rush card replacements unless it is urgent.
- Axos Bank:
Rewards Checking - Up to 3.30% APY - UFB Freedom Checking & Savings:
Unlock Up to 3.46% APY - Quontic:
High Interest Checking - Up to 1.10% APY - Chase High School Checking℠:
$125 Bonus - KeyBank:
Key Smart Checking® - $300 Bonus - CIT Bank:
eChecking
Low savings APY
Bank of America is not known to offer the highest rates on their deposit products. In fact, most of their rates are even lower than the national average.[4]
If you are looking to grow your savings, Bank of America might not give you the best APY.
Potential solutions:
With rates that leave much to be desired, you are probably better off with online banks and credit unions that often offer higher rates.
But if you prefer to keep banking with Bank of America, you might want to consider their CDs. Some CD terms offer better yields. But you need to be OK with a lock-in period.
Bank of America: Featured CD
| Term | APY |
|---|---|
| 7 Month | 3.25% |
| 10 Month | 2.95% |
| 13 Month | 2.00% |
| 25 Month | 1.75% |
| 37 Month | 0.11% |
The information for the Featured CD has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Rates are for Pasadena, California (ZIP Code 91107), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2025.
Bank of America: 7-Month CD - 3.25% APY
Rates are for Northeast Texas (ZIP code 75015), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 7-Month CD - 3.20% APY
Rates are for Southeast Florida (ZIP code 33134), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 10-Month CD - 2.95% APY
Rates are for Southeast Florida (ZIP code 33134), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 10-Month CD - 2.95% APY
Rates are for Northeast Texas (ZIP code 75015), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 13-Month CD - 2.00% APY
Rates are for Northeast Texas (ZIP code 75015), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 13-Month CD - 2.00% APY
Rates are for Southeast Florida (ZIP code 33134), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 25-Month CD - 1.75% APY
Rates are for Northeast Texas (ZIP code 75015), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 25-Month CD - 1.75% APY
Rates are for Southeast Florida (ZIP code 33134), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
Bank of America: 37-Month CD - 0.11% APY
Rates are for Northeast Texas (ZIP code 75015), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2026.
- CIT Bank Platinum Savings:
3.75% APY - UFB Portfolio Savings:
Earn up to 3.26% APY - Western Alliance Bank:
High-Yield Savings Premier - 3.80% APY - Mission Valley Bank:
High Yield Savings Account - 3.86% APY - Axos ONE:
Earn up to 4.31% APY - Quontic:
High Yield Savings - 3.50% APY - Valley National Bank:
High-Yield Savings Account - 3.95% APY - Live Oak Bank:
Personal Savings - Earn 3.80% APY - Raisin:
High-Yield Savings Account - Up to $1,500 Bonus - Current Savings:
Up to 4.00% bonus
- Western Alliance Bank:
High-Yield CD Rates - Up to 3.60% APY - CIT Bank No Penalty CD:
3.75% APY - Quontic:
CD Rates - Up to 3.75% APY - Raisin:
High-Yield CD - Up to $1,500 Bonus - Sallie Mae Bank:
14-Month No Penalty CD - 3.40% APY - Mission Valley Bank CD Rates:
Up to 3.80% APY
False Advertising
Bank of America also has a history of deceptive or misleading promotional practices involving the marketing of its credit cards.
The CFPB ordered the bank to fork over $100 million to all affected customers in July 2023 (which includes redress for double-dipping on fees and withholding credit card rewards).[5]
Also between 2010 and 2012, BofA telemarketers misled customers about their credit card protection plan offers. [6]
Potential solutions:
Before you sign up for any promos or a new account, make sure you confirm that you are indeed eligible for it and that you are on the right platform.
But if you don't get the perks of an account you were promised, the least you can do is communicate with the bank. If you don't get any resolution to your concern within a reasonable time, consider filing a complaint with the CFPB.
Fraudulent Transactions
Federal regulators have reports of unauthorized transactions using customer information at Bank of America. Specifically, they found instances of credit card accounts opened for clients without their permission.[7]
The CFPB says this was done by some employees to reach goals for a sales incentive program that started way back 2012. The good news is that Bank of America has paused this program as of July 2023 to avoid further misuse of customer information and has been reimbursing affected customers since then.[8]
Potential solutions:
Take proactive steps to safeguard your account. Make it a habit to check your accounts regularly. The sooner you spot any fraudulent activity, the more likely it gets stopped in its tracks.
Be vigilant against fraud outside of Bank of America too. For example, avoid accessing your online banking using free public Wi-Fi or unsecured networks.
Federal regulators fined Bank of America $225 million in July 2022 for wrongfully freezing accounts of many Californian customers due to a faulty fraud detection program. [9] This barred them from accessing their benefits during the COVID emergency, when they needed money the most.
Inconsistent Customer Service
Even a bank as big as Bank of America has room for improvement in its customer service. Complaints sent to the CFPB and other online reviews often mention slow response time from BofA customer support.[10]
A large bank will have a large number of customers so you might experience long wait times when trying to reach a representative over the phone. Moreso, an issue may not always be resolved immediately which can make customers feel unvalued and frustrated.
Potential solutions:
The BofA mobile app has Erica — an AI-powered virtual assistant who can address the most common questions. It can also help connect you via live chat with a specialist.
But take the time to read your deposit account agreement and Bank of America's FAQs. This can reduce your need to contact customer service.
You may also opt to visit a branch instead to discuss your concerns in person. But make sure you have proper documentation if you need to file a formal complaint.
Bottom Line
Banking with Bank of America can be convenient because of their presence nationwide. But there's always room for improvement to keep customers and regulators happy.
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Bank of America® Business Advantage Banking - $400 or $750 Cash Bonus Offer
- The $400 or $750 cash bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2026.
- To qualify, a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account through the promotional page and deposit New Money* directly into that new eligible account within thirty (30) days of account opening (“Deposit Period”). At the
end of the Deposit Period, all New Money deposits made directly into new eligible Business Advantage Banking account will be totaled to determine which Balance Requirement you have met and which corresponding Cash Bonus Tier you
are eligible for.
Balance Requirement Cash Bonus Tier $5,000 $400 $15,000 $750 - Maintain a daily balance in that new Business Advantage Banking account that meets the applicable Balance Requirement during the Maintenance Period**
- After you satisfy all of the requirements, Bank of America will attempt to deposit your earned bonus directly into your new eligible Bank of America Business Advantage Banking account within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your Business Advantage Banking account that are not transfers from other Bank of America accounts or Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
While the bank has already made progress in addressing some of its problems, it can't hurt to stay in the know as a customer. A bank's deed and misdeed could be the dealbreaker for you to decide whether to continue working with them or otherwise.
- HSBC Premier:
Earn Up to $7,000 - Wells Fargo Everyday Checking Account:
$325 Bonus - Chase Total Checking®:
$400 Bonus - Axos Bank:
Rewards Checking - Up to 3.30% APY - UFB Freedom Checking & Savings:
Unlock Up to 3.46% APY - Quontic:
High Interest Checking - Up to 1.10% APY - KeyBank:
Key Select Checking® - $500 Bonus
References
- ^ Consumer Financial Protection Bureau. Practices of Bank of America, N.A. related to assessing multiple non-sufficient funds fees, Retrieved 08/04/2023
- ^ Bank of America. Bank of America Announces Sweeping Changes to Overdraft Services, Retrieved 8/9/2023
- ^ Bank of America. Personal Schedule of Fees, Retrieved 8/9/2023
- ^ FDIC. National Rates and Rate Caps, Retrieved 8/9/2023
- ^ Consumer Financial Protection Bureau. CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees., Retrieved 08/04/2023
- ^ Consumer Financial Protection Bureau. CFPB Orders Bank of America to Pay $727 Million., Retrieved 08/04/2023
- ^ Consumer Financial Protection Bureau. Enforcement Actions: Bank of America, N.A., Retrieved 08/04/2023
- ^ Consumer Financial Protection Bureau. What's ahead for Bank of America and its customers , Retrieved 08/04/2023
- ^ Consumer Financial Protection Bureau.Federal Regulators Fine Bank of America $225 Million, Retrieved 08/09/2023
- ^ Consumer Financial Protection Bureau. Consumer Complaint Database, Retrieved 08/04/2023
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
CIT Bank Platinum Savings - 3.75% APY
- 3.75% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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