About Bank of America

Bank of America Synopsis 

Bank of America Summary: Bank of America is a full-service bank with locations in 37 states and the District of Columbia. Its products include personal and business banking, several credit cards, home and auto loans, investment services, and more. 

Recommended for: Bank of America is a good choice for those who want to have all their financial products under one roof and if you live in one of the states where it has physical locations. With four credit cards aimed at college students and three credit cards for those looking to build their credit, it may especially be a good choice for individuals who fall under one of those categories.

Pros and Cons of Bank of America 

Bank of America Reviews

Bank of America has the following online reviews available:

Bank of America Full Review 

Bank of America offers banking services for personal use and business. 

The products and services it offers include:  

• Checking accounts 
• Savings accounts  
• Credit cards 
• Home loans 
• Auto loans 
• Retirement accounts 
• Investment products 
• Wealth management 
• Business banking  

Bank of America offers a wide variety of credit cards, including cash-back rewards, travel rewards, and points rewards programs. It also has three airline cards and two cruise line cards.   

Two categories where Bank of America stands out are the credit cards it offers for college students and the credit cards it offers for those who need to work on building their credit.  

It offers four credit cards for college students, including cards with cashback and rewards programs. It also offers three cards for those working on rebuilding their credit, but these require a minimum $200 security deposit.  

Several Bank of America rewards credit cards also offer the opportunity to join its Preferred Rewards program, which gives customers the option to earn additional rewards from their credit cards. 

Bank of America’s acquisition of Merrill Lynch gives the financial institution robust investment products to offer its customers.  

It charged only $10 per overdraft fee, which is well below the current average of $29.80, according to Bankrate. 

Bank of America also provides resources to help its customers understand how to manage their money in a section called Better Money Habits.  

J.D. Power certified Bank of America for providing outstanding client satisfaction for financial wellness support.  

Bank of America has approximately 67 million customers between its personal and business banking services.  

Bank of America Credit Cards 

Bank of America offers the following credit cards: 

Bank of America Company Information 

Bank of America was started in San Francisco in 1904 by Amadeo Peter Giannini, the son of Italian immigrants. It went by the name Bank of Italy until 1930 when it changed its name to Bank of America.  

It acquired various banks throughout the years, which allowed the bank to expand its locations.  

Bank of America acquired Countrywide Financial and Merrill Lynch in 2008, expanding its reach into the home mortgage and investment industries. 

Bank of America is currently owned by Berkshire Hathaway and is the second largest bank by assets, just behind J.P. Morgan Chase. 

States Available  

Bank of America has branches and ATMs in 37 states and the District of Columbia. It does not have any locations in the following states:  

• Alabama 
• Alaska 
• Hawaii 
• Wisconsin 
• North Dakota 
• South Dakota 
• Montana 
• Mississippi 
• Louisiana 
• Nebraska 
• Vermont 
• West Virginia 
• Wyoming 

Our Methodology

We identify credit card companies to evaluate. The credit companies are then evaluated based on five factors that we believe are important for consumers: years in business, number of products offered, customer service availability, state licensing footprint, and Better Business Bureau (BBB) Ratings. Please find a full description of our rating system here.  

This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement. 

Reviews last updated: 10/14/24. (Reviews are typically updated monthly.)

Ratings last updated: 9/6/24. (Ratings are typically updated quarterly.)