Bank of America offers a plethora of online tools to enhance your banking experience. From verifying bank balances to paying bills online and transferring funds to managing your financial portfolio, Bank of America caters to your every need.
To create a Bank of America online banking portfolio, the first thing you need to do is open an account. Start by visiting the Bank of America website at www.BankofAmerica.com. Under the topic “Products and Services” you’ll find links to the various options available. Here you’ll find a variety of personal and business accounts including checking, savings, CDs, IRAs, credit cards, mortgage and home equity loans, personal loans and investment services.
Opening a Bank of America account online is quite simple and requires less than ten minutes of your time. Simply answer a few questions regarding the type of account(s) you desire, along with your personal information; i.e.; name, address, social security number and date of birth.
If adding another person to your account, you will also need their personal information. Most accounts can be funded using a credit card, debit card or by transferring funds from another bank account. Online applications are typically approved within 1-2 business days.
Once your account is approved, you’ll be able to signup for Bank of America online banking. This service allows you to manage all of your Bank of America accounts online using your computer or mobile phone.
The first requirement is to setup a Site Key, a special security feature offered by Bank of America. The site key is a graphic which displays when you log-in to your account using your private Bank of America ID. You select this graphic, along with three security questions when you setup online banking. The purpose of the site key is three-fold:
1. It lets you know you are on a real Bank of America site and not a look-alike site.
2. It lets Bank of America know it is really you signing into the account.
After setting up your Site Key, you’ll be on your way to utilizing the wide range of online banking tools provided by Bank of America. Not only can you check the balances of your Bank of America accounts, you’ll also be able to transfer money to different accounts, pay your bills online using Bill Pay, reconcile accounts, download reports for use with financial software such as Quicken or Microsoft Money, contact customer service and much more.
Transferring funds using Bank of America online banking tools is quick and easy. Not only can you transfer funds between any of your own accounts, but also to the accounts of other Bank of America customers. This feature is perfect for individuals who have children in college or family members who reside in another town, city or state.
If you wish to transfer funds to other Bank of America customers, you will need to setup their account information to your online banking profile. This function is performed in the “Manage Accounts” tab found on the home page of Bank of America’s website after you log-in.
It only takes a few minutes to setup account information for those you wish to transfer money to. Simply click the “Transfer Funds” tab and choose from selections available via pull-down menus.
Bank of America online banking also allows customers to transfer funds from their credit card to their checking account. Be aware of advance cash restrictions on your credit card prior to making the transfer. Credit card transactions are immediate and once approved, cannot be reversed. Bank of America limits cash advance credit card transactions to $1000 during any 24-hour period, and $2500 during any 7-day period.
Bill Pay
Bill Pay is offered free to Bank of America online banking customers. This feature allows you to either pay your bills directly from your computer or mobile phone, or setup automatic payment deductions. Pay your mortgage, utilities, car insurance, credit card bills and loan payments with just a few clicks. If you setup automatic payments be certain you have enough funds to cover the charges. Otherwise you will charged with a $35 non-sufficient funds charge per transaction.
Bank of America allows banking customers to accept e-Bills from dozens of merchants and service providers. Instead of receiving a paper bill at your home, e-Bills are sent directly to your Bank of America account. When an e-Bill is received, Bank of America sends you an email. When you’re ready to pay your bill, simply log-on to your account, submit payment and print the bill for your records.
Mobile banking is offered free to Bank of America customers who subscribe to online banking services. This is an excellent option for individuals who frequently travel or unable to access their account either in person or via the computer. Mobile banking lets customers check account balances, transfer funds, pay bills and locate Bank of America ATMs and service centers.
Security Alerts
When subscribing to Bank of America online banking you’ll have the option to setup various Alerts. These special messages are sent directly to your email account or mobile phone and can alert you to changes in your account. Customers can choose which Alerts they wish to receive including notification of bank account balances, low balance threshold, changes made to the account, credit card balances or payments due, Bill Pay alerts, transactions made on checking, savings or credit card accounts, direct deposits received, irregular activity and a host of other security alerts.
Investing
Bank of America online banking offers a multitude of Investment tools including self-directed investing and full-service investing. Self-directed investing includes Standard Brokerage; a general investing account and Money Manager, which combines investment earnings with a checking account.
Full-service investing is a comprehensive investment management solution which includes access to your own Financial Advisor to build your personal wealth portfolio. Bank of America investment opportunities include stocks, bonds, mutual funds, annuities, Unit Investment Trust (UIT), hedge fund investing and more.
Unique Programs
Two unique programs offered by Bank of America include MyExpression Banking and Keep the Change. MyExpression Banking allows customers to support their favorite college, sports team, organization or favorite cause. Each affiliation has their own set of banking products. Some include special credit card offers and product discounts, while others receive contributions from Bank of America. Offers vary by state, so check the Bank of America website for details.
Keep the Change is available to individuals who hold a Bank of America checking account, savings account and check card. When you use your check card to pay for purchases, Bank of America rounds the purchase up to a dollar amount. For instance, if you spend $89.53 and use your check card to pay for the purchase, Bank of America will debit your account for $90. They will then match the 47 cent difference and deposit 94 cents into your account. While this may not sound like much, Bank of America will match up to $250 per year.
The downside of Keep the Change program is Bank of America only credits the funds annually. So, while you could earn up to $250 per year, it will cost you some money to receive it. Details of Keep the Change are located under “Achieve Your Goals” on the Bank of America home page.
For Business
Bank of America offers a multitude of opportunities for both small business owners and large corporations. Online services include Online Business Suite which allows users to efficiently manage their day-to-day and monthly business transactions. In addition to account management, Online Business Suite includes a payroll program, express invoicing, direct payments and tax services.
The Bank of America website is exceptionally user-friendly and easy to navigate. The Info Center offers step-by-step tutorials and interactive demos, which allow users complete familiarity with the products they choose.
To use Bank of America online banking services you will need a computer or mobile phone with Internet access. Recommended browsers include: Netscape 6.2 and higher, Microsoft Internet Explorer 5.0 and higher, or Safari 1.0 and higher. Bank of America online banking supports both Macintosh and Windows computers.
