Bank of America

Report Card
C-
Overall Grade
C-
Mortgages Grade
A
Debt Collection Grade
B+
Credit Reporting Grade
Bank of America is rated overall in the bottom 22 percentile (out of 100) based on 43,694 customer complaints.

Statistics

Complaints Currently In-Progress220
Complaints per $100K of Deposits36.3
Complaints Resolved in a Timely Manner96.5%
Resolutions Disputed by Customer22.3%
Average Time Until Resolution33 days

Financial Report

Owner CorporationBank Of America Corporation
EstablishedOctober, 1904
FDIC InsuredJanuary, 1934
FDIC Certificate #003510
Number of Branches5,083 (228 International)
Total Assets$1.5 Billion (2nd)
Total Deposits$1.2 Billion (2nd)
Total Equity$182.3 Million (2nd)
Quartarly Net Income$3.4 Million (2nd)

Contact Information

Corporate Headquarters
100 North Tryon St
Charlotte, NC 28202
United Statesflag
Website
www.bankofamerica.com
Data Summary
Bank of America logo

Grade Summary

Overall, Bank of America received a grade of "C-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

Grades are also broken down by the financial products offered be each institution. Bank of America is rated "C-" in Mortgages, "A" in Debt Collection, "B+" in Credit Reporting, and "D" in Credit Cards. Click on any of the financial products to see how Bank of America compares.

Overview

Bank of America has received 43,694 consumer complaints since November, 2011 – more than any other bank in America.

Of those complaints, 96.5% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Bank of America meets the 60-day response deadline less frequently than 63.2% of other banks.

After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 22.3% of customers dispute Bank of America's response to complaints — worse than 68.1% of other companies.

Most of Bank of America's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."

Bank of America is primarily a commercial bank with no specific specialization. Bank of America is based in Charlotte, North Carolina and is the 2nd largest FDIC insured bank in America.

Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.

However, even after adjusting for bank size and number of customers, Bank of America receives far more complaints than most other banks. Bank of America recieves more complaints per customer than 99% of other banks – customers are significantly more likely to file complaints than customers of most other banks.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against Bank of America
#Financial ProductSub-ProductComplaint IssueComplaint Count
1MortgageOther mortgageLoan modification,collection,foreclosure10,849
2MortgageConventional fixed mortgageLoan modification,collection,foreclosure5,045
3MortgageOther mortgageLoan servicing, payments, escrow account2,902
4MortgageConventional adjustable mortgage (ARM)Loan modification,collection,foreclosure2,489
5MortgageFHA mortgageLoan modification,collection,foreclosure2,424
6Bank account or serviceChecking accountAccount opening, closing, or management2,169
7MortgageConventional fixed mortgageLoan servicing, payments, escrow account1,961
8Bank account or serviceChecking accountDeposits and withdrawals1,755
9Bank account or serviceChecking accountProblems caused by my funds being low1,021
10Credit cardBilling disputes937
Responses From Bank of America
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation31,22030,480 (97.6%)7,298 (23.4%)
2Closed with non-monetary relief6,7856,473 (95.4%)1,463 (21.6%)
3Closed without relief4,5334,299 (94.8%)1,276 (28.1%)
4Closed with monetary relief3,1503,107 (98.6%)319 (10.1%)
5Closed with relief868810 (93.3%)125 (14.4%)
6Closed778743 (95.5%)177 (22.8%)
7In progress414414 (100%)0 (0%)
8Untimely response1281 (0.8%)0 (0%)
Complaints over the Past Year