As of February of this year, my opinion, and the grade for Bank of America has dramatically changed. Read THIS POST for more information.
As an aside, BofA is not the only bad bank here, there are others who subscribe to this backwards thinking. They were just the most slimey about it.
Let me start out by saying I really, really wanted to hate Bank of America. I have worked in finance (banking) for a very long time, and everybody knows they just suck! I knew I was going to be giving BofA a bad grade when it came to youth accounts. Here’s what I came up with.
When rating financial institutions for their benefit for youth, I looked specifically at the products they offer on their websites dedicated to students and youth. I looked at seven criteria, and compared with other institutions. Since I don’t bank with them, I did not rate them on customer service or satisfaction, two areas that are very important to me.
|Bank Name||Bank of
|Program Name||Campus Edge|
|Monthly Fees||Free (5 years as student) then $5.95 monthly.|
|Ways to avoid Fees||Direct Deposit or Online Bill Pay|
|Other Fees||See website for details, none for program|
|Online Bill Pay||Free|
|Additional Website comments||N/A|
Comments: I like especially that the account is free while you are a student. This is of paramount importance to my readers. Offering to waive monthly fees for Direct Deposit or Online Bill Pay, as well as offering a free online Bill Pay program really helped. They seem to offer programs with features that make sense for today’s youth. As much as I wanted to hate them, they Came out pretty good here.
Great job, Bof A!
Coming up, Wells Fargo. Did they do as well?