Bank Of America: The Best Online Banking

Bank Of America: The Best Online Banking

In today’s fast-paced world of business and finance, condensing our necessary bank transactions within a day seems to be something that most of us are constantly trying to achieve. With the birth of online banking however, things have begun to look up. Online banking has been around since the better part of the 20st century; although there is much debate as to what bank is the first to offer such, the better question would be what is the best online banking there is.

There are many online banking reviews and comparisons that attest to a certain bank as being the best when it comes to online banking, but according to Forbes.com, Bank of America, one of the oldest financial institutions in the United Sates of America, has the best online banking. Since the Bank of America is one of the biggest and oldest existing banks it does not really come as much of a surprise that they are the best in online banking. The institution’s financial health and other pertinent ratings have been consistent over the past several years and have by extension, gained good reputation in the world of business and finance.

Like all institutions of any type however, using Bank of America’s online banking also come with its ow share of pros and cons; factors that make the Bank of America as having the best online banking is, one, they have around 18,000 ATM’s which make for higher accessibility; two, they charge no fee for its use; three, they require no minimum maintaining balance and a free online checking; four, they offer free money-management software, and five, they have very high customer satisfaction. The cons of using Bank of America’s online banking however is that they charge ATM’s transactions when done with another bank’s ATM; they offer no interest on checking accounts and yield a rather low interest rate on savings account. Although they have daily phone support, it is not 24/7, thus making them potentially unavailable when an issue arises.

These disadvantages however, are not enough to draw to the conclusion that the Bank of America’s online banking may not yield the best experience as it clearly indicates that the pros outweigh the cons.