You can find other options on our list of best banks and credit unions. Snapshot comparison. Bank of America details. Chase details. Learn More. Choose Bank of America if:. Choose Chase if:. Back to top.
Or go with an alternative. Bank of America vs. Chase: Basic checking accounts. Chase: Basic savings accounts. Are a Preferred Rewards client. Are under Chase: Certificates of deposit. Chase: Banking experience. About 4, More than 4, Social media support available. Live chat support available. Chase: Overdraft fees. Big banks, low rates. On a similar note Dive even deeper in Banking. Annual Benefits. It's an easy way to understand your health while saving money.
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I'm wondering if the Bank has returned the money it apparently confiscated from the other complainants. Jim, as he writes, is leaving Bank of America as soon as possible. A wholesale exodus may be the only thing that will get Brian Monyihan and his colleagues to understand that they can't keeping treating their customers with utter contempt and indifference and expect to stay in business.
Dear Larry, Knowing that you shared your own horrible experiences with getting a PPP loan through Bank of America, I wanted to share my own story as it relates to the other side of the funding machine.
My name is Jim Thiele and we own a small acre farm an hour south of Atlanta, Georgia, where we raise Black Angus cattle. Over the past six years, my son-in-law and I have worked hard to reclaim the soil from timberland by digging out stumps, smoothing and plowing the soil, and planting pastures. It is backbreaking work and very costly, but the goal was to create a working farm that will serve as our legacy. We moved to the outskirts of Atlanta and my wife and I raised our daughter while I worked in and around the restaurant industry on the technology side.
Fast forward 30 years and I am still happily working to support the restaurant industry, but I saw that we needed a way to keep the family connected and revert to a simpler way of life. The farm was that path and we have been blessed ever since. But…that is where the rest of the story begins. This is my harrowing saga of getting the loan funded but then getting it illegally seized by the bank without due process, explanation, or cause.
Now, we see financial institutions reaping billions of dollars in fees for processing loans to only their "best" customers. But to add insult to injury, for small business owners like myself that did get funded, there is another trap looming right around the corner. On June 26, Bank of America sent a letter stating that they closed my account without any explanation and that "Our decision to close your account is final and may affect your ability to open an account with us in the future.
Knowing that this had to be a mistake, I called Bank of America and faced the gauntlet of customer no-service options with a variety of messages stating that "We are experiencing high call volumes. When the first "real" employee answered, I was given a gruff answer that my accounts were closed… And?
The representative struggled to explain why — reading cryptic notes on screen stating that there was "a mismatch in the data" on my account and it was flagged. Percentage of consumers that have their primary checking account with Bank of America. Although not as dramatic a drop, other financial institutions lost share of primary checking account status including:. Who did all these consumers shift their alliances to? Digital banks.
Roughly one in four Gen Zers and Millennials now call a checking account from a digital bank their primary account.
Even Gen Xers are jumping on the digital bank bandwagon. The winners included:. After all, it was only back in January that I wrote that the bank along with the other megabanks dominated the Millennial market because of its mobile banking capabilities. Cornerstone estimates that nearly 3 million Americans currently call one of these fintechs their primary checking account provider.
Examples include:.
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