Monday, October 3, 2022

Is Bank Of America Good

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Bank Of America Stock Forecast 2025

Bank of America slashes overdraft fees l GMA

We keep our forecasts unchanged, except lowering the price assumption for buybacks slightly due to the lower share price. We assume:

  • ROTCE to be 16.0% for all years
  • Net Income each year to be 15% retained for growth, 30% paid out as dividends and 55% on buybacks
  • Buybacks to be carried out at a P/TBV of 2.0x
  • 2025 year-end P/E of 14x

Our new 2025 EPS forecast of $4.37 is 1% higher than before :

Illustrative BAC Return Forecasts

With shares at $39.57, we expect an exit price of $61 and a total return of 66% by the end of 2025.

Bank Of America Contact Information

  • Phone: Go to “Contact Us” section at the right top of Bank of America official website, choose your state of residence and your question type, then the corresponding phone number will come out. For example, General Servicing Questions about Small Business Banking, call at 888-287-4637 Online Banking Support, call at 866-758-5972 Credit Card Customer Service, call at 800-732-9194 etc.
  • Email: Sign in Bank of America to send a secure email to the customer service center and they will get back to you ASAP.
  • Social Media: Connect with Bank of America on Twitter and Facebook, write down your questions or comments, and their representatives will get back to you. Available Time. Monday – Friday: 8:00 am – 9:00 pm, Saturday: 11:00 am – 8:00 pm

Bank Of America Requirements

The bank is tight-lipped about its eligibility requirements, though it does say borrowers need a combined loan-to-value ratio of 80% or less. And the site suggests the best rates are reserved for Preferred Rewards customers who set up automatic payments from their Bank of America checking account.

Documentation

The application will ask for the following information:

  • Social Security number for you and your coborrower if you have one
  • Employment and income information
  • Details about your homeowners insurance and property taxes
  • Drivers license or government-issued photo ID

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About Bank Of America

Headquarters: Charlotte, N.C.Better Business Bureau rating: A+

While the banks history stretches back over a century, Bank of America Corp. has only been around since 1998, when NationsBank acquired BankAmerica. The financial institution provides a range of products, including:

  • Checking accounts
  • Lease buyouts
  • Private party loans

Bank of America has a solid reputation, backed up by consumer studies and customer satisfaction ratings. The company is accredited by the BBB and holds an A+ rating from the organization.

Most Asked Questions About Bank Of America

Three local Bank of America locations temporarily close ...

Most people have some or many questions about Bank of America here we concluded some most asked questions about Bank of America.

What time does Bank of America open and close on Saturday/Sunday? When does Bank of America open on Saturday/Sunday? Are there any special programs for first-time home buyers? How can I pay my mortgage online? How do I apply for an auto loan? How can I find my ABA routing number? Who should I call if I have a general banking question?

For answers to these questions, Bank of America official website may give you some clues. Or you may contact Bank of America through the following ways we offer you.

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Which Bank Is More Trustworthy

The Better Business Bureau rates business based on responses to customer complaints, honesty in advertising, and transparency about business practices.

Bank of America received an A+ rating from the BBB. Meanwhile, Wells Fargo has an NR because it is responding to previously closed complaints.

A good BBB rating isn’t necessarily the be-all and end-all, though. You’ll want to talk to current customers or read online customer reviews to see if a bank might be a good fit.

Both Wells Fargo and Bank of America have recent public scandals.

Wells Fargo has been involved in the following situations:

  • In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that accused the bank of having an inefficient compliance risk management program.
  • In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unreachable sales goals.
  • In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that claimed the bank engaged in predatory mortgage lending to racial minorities.
  • In 2019, the California Department of Insurance also required the bank to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers on insurance products without their knowledge.

Bank of America has been in the following cases:

Bank Of America Advantage Safebalance

Bank of America markets their Advantage SafeBalance account to students as it has some key advantages for younger individuals.

Its only a $25 minimum deposit to open an account, and the account has a monthly maintenance fee of $4.95 that can be waived if youre under 24 and can prove enrollment in school or if youre a Preferred Rewards Program member.

This account also has some other traits to help people stay within their budget, as these accounts are checkless and offer no overdraft protection. So if you dont have the funds in your account, the card will decline.

There is no interest earned through this account.

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Settled $228 Million Lawsuit Claiming Involvement In Kickbacks And Inflating Insurance Costs Forced On Homeowners

On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged “corruption and fraud”. The source, identified publicly as Brian Penny, was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.

On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.

Bank Of America Advantage Relationship Banking

Markets are are reaching unsustainable highs: BofA securities

For those banking consumers that are looking for a step-up from a basic checking account, the Bank of America Advantage Relationship Banking account offers multiple interest-tiers for high balances and complimentary services.

To highlight some of the main features of this account:

  • Consumers can open additional checking or savings accounts with no monthly maintenance fee
  • No fee Overdraft Protection transfers from an eligible linked Bank of America deposit account
  • No fee for incoming domestic wire transfers

In order to get these added perks, however, you must pay a $25 monthly maintenance fee.

To get this fee waived, you must maintain a combined balance of at least $10,000 or more each statement cycle. Combined balances include:

  • The average daily balance in eligible linked checking and savings accounts for the statement cycle, and
  • The current balances in linked personal CDs and IRAs at the end of the Interest Checking statement cycle, and
  • The current balance in your eligible linked Merrill Edge and Merrill Lynch investment accounts

Here’s some of the main fees and features of the account:

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Business Advantage Relationships Rewards Program

Bank of America offers a Business Advantage Relationship Rewards Program for qualified businesses with multiple Bank of America checking accounts, credit cards, or savings accounts. Depending on how much money you have at Bank of America, the Business Advantage Relationship Rewards Program gives special interest rates, bonuses and discounts, significant credit card reward bonuses, fee free banking, priority services, and access to Merrill Edge online investing.

For more information, check this program out here.

Repeatedly Has Deceived Mortgagors And Then Impeding Investigation

In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank “repeatedly has deceived” such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.

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Bank Of America Business Banking Review

Whether youre just starting a business or own an established company, Bank of America has a variety of business bank account options that can work for you.

This review will go over the details of business banking with Bank of America and explain how it compares to other banking services on the market. Read on to find out if Bank of America is the right choice for you.

Recommended: Read our Best Banks for Small Businesses review to find the right bank or credit union for your businesss specific needs.

2022-02-09

The Best Bank Of America Credit Cards Of 2022

3 Reasons Bank of America Should Have a Very Good Year ...

Articlesby Madison Blancaflor This page is a marketplace where our partners can highlight their current card offers. The reviews and insights represented are editorial, but the order in which cards appear on the page may be influenced by compensation we may receive from our partners.

Bank of America offers an impressive lineup of more than 20 credit cards that run the gamut from cash-back credit cards to airline credit cards. It can be helpful to analyze these cards individually and see where they might fit in your wallet instead of trying to build out a grand strategy such as the Chase or Amex Trifecta. See cards below from our partners.

at Bank of America’s secure site

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Who Is Eligible For Bank Of America Auto Refinance

Anyone 18 or older with U.S. citizenship or residency can apply to refinance their current loan with Bank of America. The financial institution only provides auto financing for vehicles less than 10 years old and with fewer than 125,000 miles. Additionally, Bank of America doesnt cover:

  • Vehicles valued at less than $6,000
  • Vehicles used for commercial or business purposes
  • Salvaged or branded-title vehicles
  • Gray market or lemon law vehicles
  • Conversion or delivery vehicles
  • Motorcycles, recreational vehicles , boats or aircraft

Bank of America doesnt list any minimum income or minimum credit score requirements. Borrowers with good or excellent credit history are more likely to be approved for auto refinancing, while those with poor credit may be turned down.

Bank Of America Auto Refinance Reviews

Bank of America auto refinance reviews from customers can be found on the companys main BBB page. The bank holds a nearly 1.1-star rating out of 5.0 from more than 550 reviews on the site.

The bank has responded to and closed over 6,700 complaints in the last three years. While this may seem like a considerable number, its minimal compared to the 67 million users who are enrolled in Bank of Americas financial services.

In the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study, the company scored fifth place for customer satisfaction among those who financed luxury vehicles, earning 861 out of a possible 1,000 points. It ranked below average in the same study for financing of mass-market vehicles. The study looks at overall customer satisfaction regarding the application and approval process, billing and payment process and customer service experience for financial institutions.

Our team reached out to Bank of America for a comment on its scores and negative reviews but did not receive a response.

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Bottom Line: Is Bank Of America A Good Bank

Whether Bank of America is good or not is completely based on your needs. They have a lot of branches and ATMs out there, so youll have access to your money and customer service nearly anywhere in the US.

If youre able to qualify for their Preferred Rewards programminimum $20,000 combined total in all accountsyoull have access to higher interest rates, discounted loan interest rates, and extra perks on your credit cards. Those rates are well worth it if you have the funds.

Bank of America also offers a low minimum deposit to open a checking account, so its easy to switch over if you want. And theyre a well established bank with a variety of investment and lending options.

On the other side, their monthly account fees can be difficult for some to have waived, and their savings and CD rates are on the lower side unless you can qualify for Preferred Rewards.

Though Bank of America has relationships with some international banks, they charge $5.00 for each international ATM usage thats outside their network and there is an international transaction fee of 3% of the U.S. dollar amount of the transaction.

Also, they charge various wire transfer fees for incoming and outgoing international wire transfers.

Many of the fees can be waived or discounted with a Preferred Rewards membership, but they can rack up quickly if you travel or do business overseas.

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Specific Reasons Why Bank Of America Is A Good Investment

Bank of America study shows millennials are doing a good job of stashing away money

Besides the underlying reasons stated above, there are several specific reasons why Bank of America is a good investment at this time and is likely trade at higher levels starting in 2015 and likely continuing for several years.

Bank of Americas share price times its outstanding shares values Bank of America 17% below the companys current book value. This compares well to many other large financial institutions, such as Wells Fargo and JP Morgan , which trade at valuations above their book value. Even if Bank of Americas stock were to trade to a level at which the company equaled its book value , it would mean a 17% gain for BAC. If it eventually exceeded its book value, as it has in the past and as its peers currently do, then the gains for BAC would be much greater than 17%.

Another positive for Bank of America going forward is the fact that the bank meets the Federal Reserves capital adequacy requirements. The bank also meets pending capital requirements surcharge rules proposed for the eight largest too big to fail banks that may be required by the Federal Reserve in the future. This means that the bank will not have to set aside additional capital to meet government requirements, which has been a major drag on earnings in recent years. The need to meet government imposed capital requirements puts pressure on Bank of America management to run a tight ship and streamline operations, which should further help profitability and the stock price of BAC.

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How Does It Compare

You have a lot of options when opening a checking account since it is the most common type of account in the US.

When youre looking for the right checking account, dont just go with the first one you find.

Online banks often charge lower fees and pay better rates.

Other than the fees youll pay and how easy it is to access your money, you should consider these factors when choosing a checking account:

  • Minimum deposit
  • ATM access

Bank Of America Customized Cash Rewards Credit Card

3.5/5

  • 3% Earn 3% cash back in the category of your choice .
  • 2% Earn automatic 2% at grocery stores and wholesale clubs .
  • 1% Earn unlimited 1% on all other purchases.
  • 3% Earn 3% cash back in the category of your choice .
  • 2% Earn automatic 2% at grocery stores and wholesale clubs .
  • 1% Earn unlimited 1% on all other purchases.

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Why Are So Many Bank Of America Branches Closed Right Now

When the COVID-19 pandemic started, it wasn’t unusual for people to walk up to their local bank and discover that the doors were at least temporarily locked.

Colleen Haggerty, senior vice president of media relations for Bank of America, spoke about the temporary closures early on. According to Haggerty, “These temporary closures occur in areas where foot traffic is low, or when staffing is not sufficient for all to remain open…When a center closes, we work to reopen it as soon as possible…Clients also always have the ability to transact most financial needs through our ATM network, mobile and online banking.”

Days turned into weeks, which turned into months and many banks remained closed to the public. Six months later, many local Bank of America branches across the U.S. are still closed. Consumers want to know if their money is still safe.

Here’s How To Set A Bank Of America Travel Notice:

Is Bank of America Stock Good for Dividend Investors?
  • Log in to your Bank of America online account.
  • Enter your destinations and travel dates.
  • Select which BofA cards you will be taking.
  • Provide a contact phone number and any additional details you want to mention.
  • Submit your notice.
  • If you’d rather submit your travel notice through the Bank of America app, you can find the option under the card settings menu. And if calling is more convenient for you, you can dial , enter your card number, and then tell the representative you’d like to set a travel notice. This also happens to be the number you should call if you forget to set a travel notice and BofA puts a hold on your account.

    One of the best Bank of America credit card promotions is a 50,000 points initial bonus from Bank of America® Premium Rewards® credit card. The best Bank of America credit card promotion for cash back is $200 for spending $1,000 in the first 90 days with Bank of America® Customized Cash Rewards credit card. It also has a $0 annual fee and gives intro APRs of 0% for 15 billing cycles on purchases and 0% for 15 billing cycles for any balance transfers made in the first 60 days, followed by a regular APR of 14.24% – 24.24% Variable. The balance transfer fee is 3% .

    Here are the Bank of America credit card promotions:

    Here’s how to join Bank of America Preferred Rewards:

    2. to your Bank of America online banking account.

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