With various financial institutions to choose from, it can be difficult to decide where to do your banking.
Bank of America (BoA) offers several financial products, including checking and savings accounts, CDs, loans, and credit cards.
Credit cards offered through Bank of America can earn cash back rewards and have a $0 Liability Guarantee if your card is lost or stolen.
If you’re a Bank of America bank user, here are 14 mistakes you could be making that are costing you money.
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1. Paying a fee to transfer money
With Bank of America's Zelle , you can send, request, and receive money from family, friends, or vendors—free of charge!
Zelle can help you pay your rent, gift a family member money, or split a bill between friends at a restaurant so you can boost your bank account.
You can send money to their bank accounts within minutes by linking your bank account and entering the recipient's U.S. mobile number or email.
Own a car? Here's 7 warning signs you're paying too much for car insurance. 2. Not locking your card to prevent fraud
The BoA website and mobile app allow you to lock your card quickly if you lose it or see suspicious activity on your account. If the card turns up later, you can always log back in and unlock it to use it again.
Bank of America provides a $0 Liability Guarantee, meaning you're not liable for unauthorized debit or credit card transactions as long as you promptly report them.
3. Logging into your account manually
Time is money. To log in to the Bank of America mobile app, simply use your face or fingerprint instead of fumbling with your password.
To set it up, in the mobile app, select Touch ID or Face ID for Apple devices and fingerprint login for Android. It will use the face or fingerprint data you've already stored on your device.
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4. Depositing checks in person
Are you still driving to your local branch to deposit a check? You can deposit a check into your bank account in the BoA mobile app.
You can endorse the check by taking a picture of the front and back, selecting the account where you want it deposited, and selecting “Submit Deposit.”
You should receive a confirmation message that the deposit is being processed. You can then save, print, or email a copy of the check.
5. Not setting up autopay
Setting up autopay is an excellent way to ensure you pay all your bills on time and avoid annoying late fees.
With Bill Pay, you can safely and easily pay your bills from the Bank of America website or mobile app.
You can choose to make a single payment or set up recurring payments. The payment may be processed as early as the next business day.
6. Not checking your account balance
With Bank of America's My Balance, the app's front page can show your account balance, so you can quickly see how much money you have left.
To enable it, select My Balance on the mobile app's homepage, then hit "Set Up Now." Read and accept the terms and conditions and choose the account you want to see on the homepage.
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By signing up for Bank of America's Balance Connect, you may have fewer overdrafts, returned checks, or declined transactions.
You can connect up to five other bank accounts to your checking account. If there aren’t enough funds to cover a transaction, BoA will automatically transfer money.
8. Not ordering personalized checks
If you want personalized checks, you can easily order them through Bank of America.
Go to the mobile app or BoA website and choose the image, saying, and a custom font. The app and website also let you verify or change your address and check the status of your order.
9. Paying with your physical card
A digital wallet makes transactions with participating merchants quick, easy, and secure. It also ensures you have all of your cards with you so you can maximize your rewards.
You can add eligible credit and debit cards from Bank of America to your digital wallet and still receive all the benefits and rewards from your cards. BoA is compatible with Apple Pay, Google Pay, and Samsung Pay.
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10. Forgetting to set up direct deposit
Whether you receive a paycheck, pension, or Social Security, you can get your monthly income deposited straight into your Bank of America account.
You can even choose where the deposit goes, including savings, checking, or a money market account. This can make it easier to manage your money and reach your financial goals.
BoA will notify you once the deposit hits your account, and you can withdraw it that same day.
11. Missing out on travel rewards
Bank of America offers multiple credit cards that let you earn travel rewards. You can earn even more points if you’re a BoA Preferred Rewards member.
You can earn points on all purchases and redeem them as a statement credit. The statement credit can go toward vacation expenses, such as hotels, cruises, flights, or dining.
12. Getting mailed paper statements
Instead of receiving your account statements in the mail, you can go paperless. BoA will notify you via email when your statement is ready each month.
Paperless statements make it convenient to view, download, or print them when needed. It may also be more secure than mail because there's less risk of the statement getting intercepted on its journey to you, reducing the chance of identity theft.
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13. Paying high interest rates on credit card debt
You may be struggling with astronomical interest rates if you have credit card debt. Luckily, you can transfer your balance to a Bank of America credit card to save money on interest.
Once you transfer your balance, you won’t have to worry about compounding interest charges for a while, which may make it easier to pay off your debt .
14. Not earning cash back
Bank of America also offers several cash-back credit card options. These cards earn points in categories like dining, gas, travel, and more. Some even offer sign-up bonuses if you spend a certain amount within a given timeframe.
If you’re considering a cash back credit card through BoA, research all the options and choose a card with a 0% intro APR .
Bottom line
Banking with Bank of America offers many benefits. It’s important not to overlook the bank’s many perks, such as travel and cashback rewards, custom alerts, and direct deposit.
If you’re not already a Bank of America member, you can apply to open an account on its website.
BoA is an excellent choice if you’re looking for an effortless banking experience that offers rewards on purchases and various financial products that can help get ahead financially .
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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