Bank of America, headquartered in Charlotte, North Carolina is a banking giant. As a big bank, second in holdings only to JP Morgan Chase, Bank of America attracts many customers because of the vast number of locations and the huge offering of services of products.
Some customers seek out big banks like Bank of America for the feeling of security; others become customers by default as Bank of America gobbles up other institutions like Merrill Lynch and FleetBoston Financial Corp. Many customers are drawn to the competitive rates of Bank of America and others are lured in by special online deals and gifts.
So Bank of America now has over 53 million customers including individuals and businesses but are Bank of America customers “happy customers?’
Bank of America’s Comprehensive Products are a Plus
Bank of America is no doubt a full service bank offering about any financial product a banking customer could desire including checking accounts, savings accounts, home loans, school loans, car loans, business loans, certificates of deposit, credit cards, brokerage services and much more.
Bank of America’s Customer Service Options:
Bank of America has branches in most medium to large cities in the United States. They also have a website, bankofamerica.com, for account access and bill pay. The website also offers a myriad of customer service phone numbers.
Can Customers have a “Happy Meal” at a Super-sized Bank?
Most customers are happy with the selection of products offered by Bank of America. Those with good credit have found it easy to get competitive rates. Many have taken advantage of temporary low rates, made at least the minimum payments on time and paid off the balance before the rate skyrocketed. These are the happy customers.
While the products are vast and the rates are competitive, many customers share the same stories of customer service frustrations. Unhappy customers are blasting away in forums about negative experiences with phone calls to Bank of America customer service reps.
Our own experiences with Bank of America have included phone calls resulting in long holds, many transfers, unresolved questions and customer service reps that seem to want to pass us off.
On the other hand, our experiences with the Bank of America web site have been favorable. It is easy to access, easy to use and fast.
Bank of America also offers many cash incentives to bring in new customers. As with all fine print, with Bank of America you’d better read it carefully. For example, a $50.00 cash gift for opening a new account will only be made 50 days later and sometimes standard fees reduce the “gift” before you ever get it.
Bank of America recently announced Brian Moynihan as the new CEO. Moynihan admits, “We have a lot of work to do, and I’m ready.”
Bank of America has an impressive number of services and products but unfortunately, many customers just feel like a number, and not a very high one, when dealing with this big bank.
