What are the pros and cons of banking with Bank of America?

If you’re thinking of opening an account with Bank of America, it’s a good idea to consider the pros and cons of banking with this financial giant. Bank of America is everywhere, offers many free, convenient account services and provides a one-stop-shopping experience. Accessibility. Bank of America is omnipresent.

Why was Bank of America's website inaccessible?

Bank of America's website was inaccessible to users on Friday morning, preventing thousands of customers from accessing their accounts. According to Bank of America, the company's online banking system was down. The bank posted a message on its website saying it is looking into the problem but reassuring customers their accounts were secure.

What happened to bank of America?

Shares of the bank were trading for as low as $2.53 in 2009 and net income dropped from a high of $21 billion in 2006, to just $4 billion in 2008. “Bank of America was one reason why much of the investing public and consumers and government lost faith and trust in banking,” recalled Mike Mayo, a bank analyst at Wells Fargo.

What if the government did not intervene for bank of America?

“If the government did not intervene for Bank of America and the other banks, Bank of America would have failed.” Fast forward to today, BofA is thriving despite concerns over inflation and threats of a possible recession. The bank reported net income of $31.9 billion in 2021, compared with just $4 billion in 2008.