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Bank of America Platinum Privileges Checking Account Review
Bank of America Platinum Privileges personal checking account review 2024: fees, pros/cons. Free checks, ATMs, debit card rewards.
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Bank of America: Checking Accounts
I opened my Bank of America checking account about two years ago, after moving to a region that didn’t have any branches of my former bank. I chose Bank of America mainly based on the fact that it has tons of locations in the US, so I’m not likely to have to switch banks again next time I move. While I do a lot of my banking online, I’m not quite ready to rely exclusively on an internet bank. I like to know that I can walk into a branch and get help if I need it.
Bank of America Platinum Privileges Rates
One disappointing thing about switching to Bank of America from my former bank was that the interest rates were pretty terrible. Granted, I was switching at a time when
interest rates were depressed all over the country, but the rates quoted by Bank of America were still pretty sad. Even now, checking accounts, money market accounts,
and even CDs are still earning between 0.01% and 0.2%.
Customer Service
Bank of America’s customer service is pretty hit or miss. I opened my account before they rolled out their Platinum Privileges program, so I was stuck with their basic customer service. Wait times on their 800 number were extremely long no matter when I called. I also had a trainee at the local branch fail to give me the bonus rate on my money market account when he set up my account, even though a supervisor guided him through the whole thing, so that was a disappointment and a hassle as well. Now that I am enrolled in Platinum Privileges, however, the service has improved as I can now call a dedicated customer service number that seems to have shorter wait times.
Online Banking
I like the online banking portal a lot. All the features I need are easy to find and easy to use. You can sort your transactions right on the screen, or else export them to play with in Excel. I especially like being able to transfer money between my accounts or pay bills at any time. I also like that going paperless isn’t just an all or nothing feature. Instead, I can choose which types of communications to receive online and which to receive in the mail. This is great because I always like a paper copy of my tax records.
ATMs
An ATM is an ATM, but I do enjoy that Bank of America’s ATMs accept check deposits and then print the check image right on the receipt.
Also, the Bank of America ATM card proved useful while I was overseas, as they have several partners whose ATMs you can use with no extra fee.
Bank of America Platinum Privileges
I do like Bank of America’s Platinum Privileges program, because it adds a lot of perks to using Bank of America. However, I found it very frustrating that even after qualifying for and enrolling in the program, I still had to opt in for the various perks! For example, as part of the program you are entitled to special money market and CD rates, as well as free overdraft protection, free standard checks, free stop payments, and free inbound wires, but you don’t actually get any of these until you specifically ask for them. This seems kind of cheap and sneaky on Bank of America’s part. I learned about it the hard way after getting stuck with several overdraft fees on debit card purchases. I will say that Bank of America was apologetic and waived those fees for me immediately.
Bank AmeriDeals
Recently Bank of America has been pushing their Bank AmeriDeals feature, where you can earn cash back when you use your Bank of America credit or debit card to shop at participating stores. Sounds great, but most of the offers are for a limited time only and to me it’s not really worth the trouble to constantly check the website every time I go shopping. If I get some cash back from this program, it would be a happy accident.
Bank of America Checking Pros
- Tons of branches and ATMs
- Check image on ATM receipts
- Fast in-person service at branches
- Platinum Privileges benefits like free safety deposit box, free checks, free overdraft protection, dedicated customer service, etc.
Bank of America Checking Cons
- No interest, unlike some online banks
- Hit or miss customer service
- Tricky opt-in services for Platinum Privileges
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