Bank of America traces its roots back to the Bank of Italy, which was established in San Francisco in 1904 by Amadeo Pietro Giannini. Initially created to serve immigrants and other groups overlooked by traditional banks, the bank earned significant recognition after the 1906 San Francisco earthquake. Giannini set up a makeshift bank on a plank supported by two barrels to help with the city’s rebuilding efforts, solidifying the bank’s reputation and demonstrating its commitment to providing financial services during crises.
In 1928, the Bank of Italy merged with the Bank of America, Los Angeles, broadening its customer base and banking network. By 1930, the merged entity was renamed Bank of America, marking the start of an era of substantial growth. The bank expanded its geographic reach and introduced new banking services, establishing itself as an innovative and accessible institution for the American middle class. Throughout the 20th century, Bank of America continued to diversify and innovate, including the creation of the first general-purpose credit card, BankAmericard, which later evolved into Visa. These advancements, along with the bank’s adaptability to economic changes, propelled it to become one of the largest and most influential financial institutions globally, playing a key role in both American and international economies.
Fees and Commissions
| Monthly Maintenance Fees: | Up to $25 per month for checking accounts and $8 per month for savings accounts, both can be waived by meeting certain criteria. |
| Overdraft Item Fee: | $10 per item, charged if the account is overdrawn but the transaction is covered by the bank. |
| Non-Bank of America ATM Fee: | $2.50 per transaction in the U.S. Fees may be higher for international ATMs. |
| Outgoing Domestic Wire Transfer Fee: | $30 per transfer. |
To learn more, visit: https://www.bankofamerica.com/salesservices/deposits/resources/personal-schedule-fees/?request_locale=en_US
Bank of America Products Reviewed by Velenox:
How to Open an Account
Creating an account at Bank of America is usually easy and accessible, thanks to the online and mobile services they provide.
Requirements to open your account:
- A Social Security Number (SSN)
- A US residential address
- An active email address
- An initial deposit, with the amount varying based on the account type
To open your account, follow the steps below:
- Access the Website: Navigate to the official Bank of America website and select the type of account you wish to open, such as a checking or savings account.
- Fill Out the Application: Provide your personal information, including your name, address, date of birth, Social Security Number (SSN), and an identification document.
- Identity Verification: Complete the identity verification process by answering security questions, which helps prevent fraud.
- Make an Initial Deposit: If required, make the initial deposit through a bank transfer, debit card, or check.
- Set Up Online Access: Establish your online banking credentials by creating a username and password to manage your account.
- Choose Additional Services: During the setup, opt for additional services such as debit or credit cards and overdraft protection.
Talk to Bank of America
For specific help or to address issues related to Bank of America, you can contact their customer service. The frequently used phone numbers are:
General Customer Service: 1-800-432-1000 (for customers within the United States)
International Customer Service: 1-315-724-4022 (for customers outside the United States)