Working in the banking industry can be fun and exciting.
You will get to have a professional job where you work with money, loans, credit accounts, and much more.
Bank of America is one of the largest banks in the U.S., complete with over 4,000 retail financial centers.
They serve over 46 million customers.
Knowing the good and the bad of the company will make it easy for you to decide if you want a career with them.
Table of Contents
- Pros of Working for Bank of America
- Cons of Working for Bank of America
- Pros and Cons of Working for Bank of America – Summary Table
- Should You Work for Bank of America?
Pros of Working for Bank of America
A variety of pros exist for those who are employed with Bank of America.
Take the time to know what you can look forward to within your position.
1. Competitive Wages
The pay that you can earn at Bank of America is highly competitive.
They had previously announced that the minimum wage would be $15 an hour across all of their locations – and they have recently increased the minimum wage to $21 an hour.
Other positions are paid even higher, especially if you have experience or an advanced degree in finance.
2. Health & Insurance Benefits
You can look forward to generous health and insurance benefits when you are an employee.
The company offers an array of health products including medical, dental, and vision.
The HAS (health savings account) is a way to save even more money and reduce the cost of healthcare.
Other insurance includes life, accidental death, and other products for you and your family.
3. Comfortable Working Environment
In comparison to other jobs, working at a bank allows you to enjoy the air conditioning and a plush environment.
Bank of America goes out of its way to make sure employees are comfortable throughout the duration of their shift.
Depending on the branch or office building that you are in, there may be cafes, luxury breakrooms, outdoor seating areas, and more so that you can relax on your breaks, too.
4. Fitness is a Focus
Bank of America knows that many of its positions are sedentary, which is why they make fitness a focus.
Some locations have their own fitness studios or gyms for employees to visit.
Otherwise, the company will pay for a gym membership at a local gym.
Some branches will even have private fitness classes inside as a way to help everyone get up and move around periodically.
5. Lots of Locations
There are locations all over the U.S., allowing you to move around with the company.
Whether you have a family member that moves, or you simply want to be in a different part of the company, you will often be able to transfer to another location easily.
In some instances, you may even get promoted and be given a paid move to a new location.
6. Technology is Cutting Edge
Bank of America invests a significant amount of money every year into technology.
This ensures that the software and other technology that you use on the job is cutting edge.
It is all user-friendly, making it easy for you to learn.
It can also make it easier for you to show customers how to use the technology so that banking can be effortless for them.
7. Employee Development is Present
There is a lot of employee development throughout the company.
Corporate wants to make sure that everyone learns about customer service, leadership, and more.
As such, various paid training sessions are offered throughout the year.
Additionally, tuition reimbursement and more are available so that you can easily move up through the company.
8. Job Opportunities are Abundant
Bank of America is so much more than a traditional bank.
There are a lot of different components, including banking, loans, retirement planning, and more.
This allows you to test out the various facets of banking so that you can find a position that suits you.
As you grow with the company and obtain new experiences, you may find that there are all sorts of incredible salaried positions available to you.
9. Great Work Culture
There is a great work culture found throughout America, and this comes through their hiring practices.
They work to find people who are outgoing, professional, and enjoy a team atmosphere.
Most employees say that they love working for Bank of America and would recommend it as an employer to others.
Additionally, reviews state that management is both supportive and fair.
10. Flexible Hours
There is a significant amount of flexibility within Bank of America, and much of this is because you will have traditional “bankers’ hours.”
Most locations are not open on Saturday and Sunday, giving you the weekends off.
Unless you work in a call center, you will not need to work late nights.
There will also be plenty of bank holidays where you will have paid time off.
Other flexibility is available through the vacation days and personal days that you are given, allowing you to achieve a work-life balance.
11. Lots of Perks
The company offers a variety of perks depending on the position that you are in.
You are given liberal family leave when you are pregnant or adopt children.
You will be invited to corporate picnics, receive free training to help you with career development, and more.
You will receive discounts from a variety of companies.
You may even qualify for various annual bonuses.
And the perks can go on and on.
Cons of Working for Bank of America
Not all aspects of the job are great.
You will want to be aware of all of the cons so you can decide if it is still worth applying for a position at Bank of America.
1. You Are On Your Feet a Lot
You are likely going to spend a lot of time on your feet, especially if you work as a bank teller.
While you will be given breaks periodically, it may not be enough to help you relax.
Over time, you may encounter more and more problems as a result of being on your feet.
Even if you move into a position at a desk, you will face being extremely sedentary, which can lead to weight gain and other health problems.
2. The Salary Can Vary
The pay variance between employees can vary dramatically.
Especially if you do not have a college degree, you may find it difficult to move up the corporate ladder.
Some bank employees are earning $500,000 or more a year while other employees are barely making $30,000.
This can make it difficult for you to connect with some of the employees in the company.
3. Customers Can Be Difficult
Whether you deal with the customers in person or over the phone, many can be difficult to work with.
They will blame everything on you and expect you to fix things that are not your responsibility.
Some customers may even become belligerent, cursing at you, and threatening to get you fired.
This will simply become a part of the job that you will need to come to accept.
4. Mistakes Can Cost You Your Job
Bank of America provides training, but it is ultimately up to you to do the job correctly.
For example, if you count cash incorrectly and your till does not add up properly at the end of your shift, it can lead to a comprehensive investigation.
Some mistakes can be extremely costly, and the company will have no choice but to terminate you.
5. You Will Need to Pass a Background Check
Since you will be working with money in one way or another, Bank of America will require a background check before they offer you a position.
This can be an extremely invasive check as they will look at your criminal history, your credit scores, and potentially even your bank account balances to determine if you are a risk or not.
6. Training is Subpar
Many past employees complain that the training is subpar in comparison to other banks that they have worked at.
This can leave you in a position where you are forced to learn as you go, which can be dangerous.
Some positions will also require you to travel for the training, which can cause you to miss spending time with your family.
If you are unable to travel for the training, you may get demoted.
7. Some Positions Have Quotas
Relationship managers and other positions will require you to meet quotas – such as creating a certain number of accounts per week or month.
If you are not meeting your quota, you may be verbally assaulted by your manager because you are making them look bad.
Additionally, depending on the neighborhood you are placed in, quotas may be nearly impossible to achieve, which can have a negative impact on your future with Bank of America.
Pros and Cons of Working for Bank of America – Summary Table
|Pros of Working for Bank of America||Cons of Working for Bank of America|
|1. Competitive Wages||1. You Are On Your Feet a Lot|
|2. Health & Insurance Benefits||2. The Salary Can Vary|
|3. Comfortable Working Environment||3. Customers Can Be Difficult|
|4. Fitness is a Focus||4. Mistakes Can Cost You Your Job|
|5. Lots of Locations||5. You Will Need to Pass a Background Check|
|6. Technology is Cutting Edge||6. Training is Subpar|
|7. Employee Development is Present||7. Some Positions Have Quotas|
|8. Job Opportunities are Abundant|
|9. Great Work Culture|
|10. Flexible Hours|
|11. Lots of Perks|
Should You Work for Bank of America?
Working for Bank of America can provide you with lots of opportunities since they are found all over the U.S.
There are all sorts of positions to explore depending on your education, your experience, and the kind of work you want to do every day.
Not all aspects of the job are glamorous, so you will want to weigh the pros and the cons.
Ask questions during a job interview before you accept a position, so you know if you will be happy with the employer.