Is bank of America any good?

Question

I been thinking about making that transition over there what do you guys think about that? I want to do a credit union but bank of America will be a lot better compare to Wells fargo...

Answer 1

Credit union will almost always give you better rates.  I have had a lot of problems with Bank of America's customer service department.  I would not recommend them.

Answer 2

I would suggest going with a credit union instead of a bank.  Depending what kind of services you're looking for banks have more of a variety on the types of accounts they have.  On the other hand, credit unions have less fees, higher rates, and work harder to please you as a member.  Look for some local ones in your area.

Answer 3

~~I have banked with Bank of America for over 30 years. They've been great for us, have so many convenient  locations, I have had hardly any trouble with them for all the years, they have a quick response through customer service to resolve questions. I love online banking through them very easy to use and easy acoount access. I would never think of changing banks, so I guess you can say I highly recommend them!~~

Answer 4

I used to be in B of A, but I switched to Wells Fargo a few years ago and haven't looked back.  Both are good because both are large banks.  However, B of A is the first coast to coast bank and largest bank in terms of FDIC deposits, and is the largest credit card company ever since they merged with MBNA.

However, I find B of A credit cards are fee-driven and they will eat you alive with fees if you let them.  For example, their balance transfer fees on their credit cards typically have no limit to the 3% of the balance being transferred, whereas Citibank usually caps it at $75 or $99.   That means if you take out a 0% interest balance transfer from B of A credit card of $20,000, it'll be $20,000 x 0.03 = $600 !!!

It's up to you though.  Personally, I've had enough fees taken from me when I had a checking account with them.  

Check out:

http://www.highyieldcheckingdeals.com/

Some banks/credit unions will offer like 4-5% interest checking if you meet their minimum requirements (some are very doable)....  $$$$$$$$$

And if you're smart like me, you'll take a 25k 0% interest rate offer for 6 months or more from Citibank credit card, with a $75 balance transfer fee, put that into an account that gives 5% ($25k x 0.05 = $1,250 per year), or  $625 per 6 months.  You'll be taxed for it, but so what?  You make money and can pay that $75 off.  This requires discipline though... soooo... if you just spend and spend without paying, don't do this.