Bank of America, despite the drubbing it has received in the popular press over the past few months, remains a good bank for a number of account types. Here's an updated review -- current as of March 2010.
Online banking: A+ to B. Bank of America's online banking is definitely best of breed; online bill pay is easy to use, it's easy to transfer money from a checking account to any outstanding Bank of America credit card balances (for accounts you have linked). E-mail alerts are flexible and outstanding as well; I have one set up that notifies me whenever a direct deposit is posted to my account (such as my payroll direct deposit from work). I also have an alert set up to tell me when my balance falls below a certain threshold of, say, $200 or $100. This lets me know I have to throw more money into the account -- B of A is no longer my primary bank, so this is very useful, because I don't want to super low.
Credit cards: B. Bank of America's credit card offerings range from mediocre to excellent, as with most large banks. I recommend you check out their Accelerated Cash Rewards American Express Card if you are a cash back fan. The Bank of America Cash Rewards VISA Signature Card is another great option to consider.
Online savings account: C-. Anemic interest rates, which is typical of a large U.S. bank with many branches and offices. If you are looking for the best return on your money, consider an online bank like ING Direct, HSBC Direct, or SmartyPig.
Checking account services: A. When you sign up for a Bank of America checking account, first visit a local branch and ask if you can take advantage of their $100 bonus promotion for new customers. I like the updated design of their new debit card for checking customers; it's a bright red and looks dead sexy compared to most middle of the road debit and ATM access cards. Also like how Bank of America has jumped on the full-service ATM bandwagon; many of their ATMs now allow you to deposit checks and cash, without an envelope. You just insert the bills or checks when it asks you to... It scans them and, in some cases, will immediately credit/update your account balance with the new deposit information. Awesome. (Chase has similar smart ATMs.)
So is Bank of America good? I would say they are definitely getting better. Great for checking customers and a good primary credit card provider, but look elsewhere for high-yield savings accounts.
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