In this article, we're going to explore what Reddit users think about Bank of America, one of the biggest banks in the U.S.
We’ve dug into discussions from the most popular Reddit threads to find out what people are saying about their experiences with BoA.
From monthly fees and customer service issues to concerns about ethics and how the bank handles fraud, we’ll break down 10 key aspects that redditors love or hate about banking with BoA.
Bank Of America On Reddit: Most Popular Threads
In summary, while Reddit users acknowledge some benefits of Bank of America, such as its widespread presence and specific rewards for high-net-worth individuals, the overwhelming sentiment leans towards dissatisfaction due to high fees, poor customer service, and ethical concerns.
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Redditors Criticize BoA's Monthly Fees and Account Requirements
A significant number of Reddit users express frustration with BoA's high minimum balance requirements and the imposition of monthly fees.
In a thread on /r/antiwork titled “Bank of America”, a user named I_am_Tanka_Jahari vents about a new policy requiring a $20,000 minimum balance to avoid a $25 monthly fee.
This has led many users, like DarrenFromFinance, who garnered 5200 upvotes, to advise switching to credit unions, which they believe offer better service and fewer fees.
DarrenFromFinance suggests closing the account and finding a better institution, highlighting widespread dissatisfaction with BoA's fee structure.
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
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Redditors Discuss Overdraft Fees and Account Management Challenges
Users frequently discuss issues with overdraft fees and the challenges of managing their accounts with BoA on Reddit.
Overdraft fees accumulate quickly and can be difficult to reverse, causing financial strain for many. In the /r/personalfinance thread titled “Thoughts on Bank of America?”, a user named StubbornPotato describes an experience where overdraft fees stacked up significantly before they were aware.
This led them to close their account and never return to BoA, reflecting a common frustration among Reddit users.
The comment received 17 upvotes, highlighting the widespread dissatisfaction with BoA's fee policies.
Bank/Institution | Overdraft Fee |
|---|---|
Chase | $34 |
PNC Bank | $36 |
Bank of America | $10 |
Capital One | $0 |
Wells Fargo | $34 |
Discover | $0 |
Citibank | $0 |
US Bank | $36 |
TD Bank | $35 |
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Redditors Find Value in BoA's Nationwide ATM Network
Despite the criticisms, some Reddit users find Bank of America's nationwide ATM network to be a significant advantage, especially for those who travel frequently.
In a comment on the thread “Bank of America”, user Washedupcynic explains that they used BoA because of its widespread ATM availability, which made it convenient to access funds while traveling.
This accessibility is a key reason why some Reddit users choose to bank with BoA, even though they might face other challenges.
The comment garnered 343 upvotes, indicating that many Redditors value this convenience.
Bank/Financial Institution | Non Bank ATM Fee | International ATM Fee |
|---|---|---|
Chase
| $3 | $5 + 3% |
CitiBank | $2.5
| $2.5 + 3%
|
Wells Fargo | $2.5
| $2.5 + 3%
|
Bank Of America | $2.5
| $2.5 + 3%
|
US Bank | $2.5 | $2.5 + 3%
|
PNC Bank | $0
| 3%
|
Capital One
| $2
| $2 + 3%
|
TD Bank
| $0
| $0
|
Citizen Bank
| $2 | $0
|
Synchrony Bank
| $0
| 3%
|
Note: Additional fees may be imposed by non bank ATM owners. (Usually $3 – $5 operator fee)
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Redditors Share Frustrations About Account Closure and Inactivity Fees
Users on Reddit also mention difficulties in closing accounts and being charged fees for inactive accounts with BoA.
In a detailed comment by Washedupcynic on the /r/antiwork thread “Bank of America”, which received 343 upvotes, the user shares a story of being unable to close an inactive account despite multiple attempts, ultimately resorting to legal action against the bank.
This experience resonates with many Reddit users who have faced similar challenges, indicating a broader issue with BoA's account management practices.
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Concerns About BoA’s Stability on Reddit
Bank of America's stability and trustworthiness are topics of concern for Reddit users, especially in times of financial uncertainty.
In the /r/Banking thread titled “As someone who banks at Bank of America, should I be concerned with what's happening currently in the news?”, a comment by Miserable-Result6702 reassures that BoA is considered “too big to fail,” but others recommend considering more reliable alternatives.
This conversation reflects the broader worries about banking stability, with users debating the security of their funds at BoA.
Bank | JD Power Score 2023 (1,000 point scale) | TrustPilot 2023 (5 point scale) |
|---|---|---|
Capital One | 706 | 1.3 |
Chase | 674 | 1.6 |
TD Bank | 661 | 1.6 |
U.S. Bank | 652 | 1.3 |
PNC Bank | 651 | 1.3 |
Citibank | 649 | 1.2 |
Bank Of America | 648 | 1.3 |
Wells Fargo | 625 | 1.7 |
Truist Bank | 624 | 1.2 |
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Redditors Appreciate BoA's Investment Options
Bank of America is praised by some Reddit users for offering excellent rewards and investment options for higher-net-worth individuals.
In the thread “Bank of America really that bad?”, user niftyifty mentions that BoA provides the best rewards if you are a higher net worth individual and can take advantage of their preferred rewards program.
This comment, which received 61 upvotes, highlights that while BoA may have issues for the average customer, it can be beneficial for those who can leverage these exclusive services effectively.
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Reddit Discusses BoA’s Issue Resolution and Responsiveness
Users describe mixed experiences with how BoA handles issues and disputes, reflecting a range of customer service responses.
In the /r/personalfinance thread titled “Bank of America really that bad?”, the original post by AnotherKoreanGeek recounts how BoA helped resolve a random charge and account issue but remains cautious due to the bank’s reputation.
This story demonstrates the variability in service that Reddit users have experienced.
Account | Monthly Fee | Savings APY | CDs APY |
|---|---|---|---|
$0 | 3.70% | 3.50% – 4.00% | |
$0 | 3.60% | 2.90% – 4.00% | |
$12
Can be waived if you maintain a $1,500 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $5,000 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
| 0.01% | 0.02% – 4.00% | |
$0 | up to 3.80% | N/A | |
$0 | 3.70% | Up to 4.00% | |
$10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
| 0.26% – 2.51% | 0.01%- 4.00% | |
$12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| 0.01% – 0.04% | 0.03% – 4.00% | |
$10
Can be waived if you have monthly direct deposits of at least $500 or you maintain a daily balance of at least $500
| 2.90% | 2.70% – 4.70% |
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Redditors Acknowledge BoA's Fraud Protection Measures
Some users acknowledge that Bank of America has strong fraud protection measures in place, though they can sometimes be inconvenient.
In the thread “Why is Bank of America like this?”, user hitbyacar1 explains the bank's obligations for suspicious activity reports and continuing activity reviews, which are part of their fraud protection protocol.
This comment, which has 19 upvotes, indicates that while these measures can lead to issues such as account freezes, they also provide a level of security that some Redditors appreciate.
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Reddit Finds BoA's Digital Banking Tools Useful
Some Reddit users appreciate Bank of America's digital banking tools, which offer convenient and easy access to financial management online.
Although this isn't explicitly mentioned in the provided comments, it's a common theme in discussions about large banks.
BoA's mobile app and online banking are often praised for their user-friendly interface, making it easier for customers to handle their finances without visiting a branch.
This feature is especially appreciated by tech-savvy users who prefer managing their accounts digitally.
