Bank of America: Everything you need to know about its online solutions

Bank of America went one step further in the netbanking development with its top online and mobile offers

bank of america

Bank of America: Everything you need to know about its online solutions. Source: depositphotos.com

US banks have been at the forefront of innovation for a while, making digital services a new norm. Online banking statistics also show that more and more people in the US are embracing digital banking: 64,6% of the population resorted to online banking in 2021. More than half of them use netbanking solutions regularly. Therefore, US banking apps and websites maintain high industry standards.

Online banking

Bank of America’s services available online include:

  • opening a new checking or savings account
  • application for a loan or a credit card
  • activation of a credit card with online ID
  • transferring money
  • paying bills
  • scheduling an appointment with a specialist at the financial centre
  • ordering new checks
  • signing up for associated Merrill Guided Investing online service
  • checking on your statements, tax documents and other notices
  • requesting wire transfers or checks
  • e-signing documents
  • redeeming credit card rewards
  • accessing intuitive and sophisticated analytical tools to optimise your trading strategies through BofA’s Mercury portal
  • exploring topics ranging from managing everyday finances to life events and retirement via Merrill Wealth Management division
  • establishing goals online and receive a recommended investment strategy
  • managing Health Benefit Accounts (HSA, FSA, HRA)
  • setting up recurring payments
  • setting up customised unusual activity alerts
  • updating passcodes and security settings
  • reordering new debit cards
  • locking/unlocking a misplaced card

Apps

Bank of America and its subsidiaries offer a few dedicated mobile apps for the convenience of their customers.

The main banking app has a range of benefits: mobile check deposit; P2P transfers with Zelle, log in with biometric data, location of nearest ATMs and financial centres, budgeting tools such as category-specific interactive charts and long-term spending trends, custom alerts to track your balance or due payments, adding digital wallets, and more.

BankAmeriDeals helps customers save while spending with eligible Bank of America debit or credit cards. You can browse cash-back deals and discounts available at stores and restaurants here and even locate the nearest partner place.

Virtual assistant Erica notifies customers about refunds and duplicate charges, shows accounts and rewards balance, tracks recurring charges and notifies you of cost increases, reminds you to pay the bills, prepares spending summaries, notifies of important credit score changes, helps to replace lost or stolen cards, shows your Zelle payments and helps to cancel pending payments, helps you access quotes, track performance, place trades and connect with your Merrill advisor from the Merrill Investments mobile banking app. Its advanced analytics and cognitive messaging helps you stay on top of your finances.

The Merrill Edge mobile app lets customers access and manage their investment accounts:

  • View balances, holdings, order status and pending and historical transactions
  • Trade stocks, ETFs, mutual funds and options
  • View brokerage accounts or any linked external accounts you hold outside Merrill Edge
  • Check up-to-date market data and news, as well as real-time streaming quotes
  • Explore heat maps and Interactive charts
  • Monitor major market securities
  • Add securities to your personal Watchlist
  • Deposit checks with a photo and view recent check deposits
  • Pay eBills
  • Transfer money between Merrill Edge investment accounts and linked Bank of America, N.A. bank accounts
  • Use the Personal Retirement and College Planning calculators
  • Send and receive money using Zelle

MyMerrill gives clients mobile access to wealth management services, market research, and safe communication with the personal advisor (including scanning and sending documents in-app).

Bank of America’s CashPro allows businesses and institutions to access accounts and perform critical tasks:

  • Securely access one’s account using biometric identification
  • Electronically view, receive and sign documents
  • View credit balances and loan history
  • Monitor account balances and activity
  • Quickly and easily locate transactions
  • Initiate and approve payments
  • Remotely deposit checks
  • Make Check Positive Pay decisions
  • Approve or reject incoming transaction requests via ACH Positive Pay
  • Activate a Mobile Token
  • Personalise display settings with light mode and dark mode
  • Receive notifications about critical transactions on one’s device
  • Monitor and manage user access
  • Take convenient administrative actions

BofA has been working to improve its customer service and boost digital engagement for a long time. This year, the bank will roll all of its product lines into one app that is slated to roll out in December. The bank’s main app will incorporate retail banking, investing, and mortgage services, giving users a single location for all of their financial needs.

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