Bank of America Personal Banking

By: EconomyWatch   Date: 9 September 2010

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Bank of America Personal Banking consists of a host of services like Checking Account Services, Savings Facilities, Mortgage Services, Credit Card Services, Lending Facilities, Investment Facilities and Insurance Services.

Checking Account Services provided by Bank of America Personal Banking:

Regular Checking Account
  • This checking account does not require any monthly services fee
    My Access Checking Account
  • This account requires no minimum balance to be maintained.

    Bank of America Preferred Checking Account
    • This Account require no monthly service fee and the holders of this type of account are offered Bank of America Certificates of Deposit and IRAs at preferential rates.
    Bank of America Advantage Checking Account
    • This Account involves no monthly service fee and the holders get preferential rate of interest on Bank of America Certificates of Deposits and IRAs. Account holders also get the option of earning interests on the balance of their account.

    Savings Facilities provided by Bank of America Personal Banking:

    Regular Savings Account
    • Account holders are not required to pay any monthly services fee if they are able to maintain a minimum daily balance of $300.
    Balance Rewards Money Market Account
    • Account holders are not required to pay any monthly service fee if they link their Balance Rewards Money Market Account with Bank of America Advantage Checking Account or Preferred Checking Account.
      High Yield Certificates of Deposit
    • This Certificate of Deposit by Bank of America involves a short term period of 8 months.
    • To hold this High Yield Certificates of Deposit customers are required to deposit minimum $5000.
      Risk Free Certificate of Deposit
    • This type of Certificate of deposit involves a term period of 11 months.
    • Customers can opt for this type of certificate of deposit by depositing minimum $5000.
    • The specialty of this Certificate of Deposit is that the customers can withdraw money even before the completion of the maturity period and they are not even charged with any penalty. Mortgage Services provided by Bank of America Personal Banking:
    Mortgage Plus
    • Customers are not required to pay any application fee.
    • They get the Best value Guarantee with this mortgage service.
    • This mortgage service involves no Closing Fee.

    There are also other mortgage services of Bank of America, some of which are specially designed for the first time home buyers.

    Credit Card Services provided by Bank of America Personal Banking:

    Bank of America provides to their customers more than 400 credit cards, so that the customers can find the one which suits their financial requirement the best.
    Bank of America Credit Cards are mainly of following types:

    • Everyday Cards
    • Cash back Cards
    • Rewards Cards
    • Airlines Rewards/Miles Cards
    • Entertainment Cards
    • Student Cards

    Lending Facilities provided by Bank of America Personal Banking:

    Bank of America provides excellent lending services to their customers through their Home Equity Loans and Home Equity Lines of Credit.
    Beneficial Features:

  • This Home Equity Loan and Home Equity Line of credit involves a fast approval process.
  • Customers get the facility of low monthly payments.
  • They can access their loan through the VISA Access Card.
  • The money acquired as loan can be used for home improvement or debt consolidation or for any other reason according to the preference of the customer. Investment Facilities provided by Bank of America Personal Banking:

    Bank of America Investment Services consist of the following services:

  • Trust Services
  • Mutual Funds
  • IRAs
  • Private Banking Services
  • Wealth Management Service

    Insurance Services provided by Bank of America Personal Banking:

    Different types of insurance provided by Bank of America are the following:

  • Home Insurance
  • Auto Insurance
  • Renters Insurance
  • Small Business Insurance
  • Life Insurance
  • Individual and Family Health Insurance
  • Supplementary Income Insurance

 


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