In 2015, Bank of America maintained its position as the second largest bank in America with over $2.1 trillion of assets under management. In BofA’s annual report, the bank reported earnings over $15 billion in 2015. In comparison to 2014, that is $11 billion more in earnings. It’s almost disgusting to hear the sheer scale of how much money one company makes but as a BofA customer there is a sense of assurance that this bank will always be around considering it is “too big too fail”.
Bank of America simplified its checking account options into two options: Core Checking and Interest Checking. The primary difference as the name suggests is that the latter offers interest on deposits while having a higher monthly maintenance limit. In truth, Bank of America’s savings rate is so dismal it is not worth utilizing. Currently, the interest rate is just 0.01% APY… good luck trying to find a decent savings rate at another brick and mortar bank.
Bank of America’s commitment to its mobile app is being well received by its customers including me. It saves me the hassle of having to go to one of the branches especially with the mobile check deposit feature. As for ordering checks, BofA directs consumers to order checks online. Make sure your order checks from the right place so you save over 80%.
