A bank account adds to our convenience. However, do you know a bank offers many more services than depositing funds? Modern-day banks like the Royal Bank Of Canada have expanded their range of services.
Banks have come a long way from funds-managing services to offering loans and suggesting investment plans. A modern bank is different and more facilitative than a traditional bank. Moreover, banks are now independent of boundaries thanks to internet banking and online services.
But here arises a question which bank is better actually? There are too many options, including private and government banks offering similar services. Consumers need clarification about which service to opt for and which do not.
Also Read: How To Build An ATM Network?
However, this blog compares the services and offers of two highly renowned banks across North America. Royal Bank Of Canada and Bank Of America.
RBC VS. Bank Of America- No Of ATMs
RBC ATMs: According to the bank’s official website, there are more than 4200 rbc atm machines in Canada. The ATMs are spread over the country in large and small cities. Try searching “royal bank atm near me” or “royal bank atm machine.” You can notice the high number of ATMs around you. All the ATMs are functional and offer a 24/7 service. These ATMs offer cash dispensing, funds transfers, deposits, and bills paid to the general public.
Bank Of America ATMs: Bank of America exceeds RBC’s total number of ATMs by a large number. There are a total of 16000 ATMs of this bank spread all over America. Bank Of America owns, if not the largest, but one of the largest chains of ATMs networks worldwide.
Loan Services
RBC: The Royal Bank Of Canada offers a variety of loans. From personal loans and car loans to home improvement loans. The maximum amount someone can get for a personal loan is up to $100000. However, the amount varies with loan type.
Bank Of America: Bank Of America provides loans in massive quantities. The bank grants loans to most customers who apply for them. The bank has helped more than 36000 customers get their homes by providing them with loans. According to the official stats of the bank, it has lent more than $9.5 billion in loans to the general public of America. The bank provides loans from $2500 to $250000 in personal and other types of loans.
Credit/Debit Card Service
RBC: The Royal Bank Of Canada offers around 20 types of credit cards. Visa and MasterCard power all credit cards. The RBC bank offers different types of cards for different needs as it provides separate cards for business, travel, students, and cash back. RBC customers can use their credit or debit cards at numerous points of sale. The cards are accepted at almost every business or shop.
Furthermore, they offer customer service that is available 24/7. Customers can use their cards for swiping, contactless payments and withdrawing cash via ATMs.
Bank Of America: Bank of America is an acclaimed bank in the United States. Bank of America is listed among the top 5 banks in the country when it comes to issuing cards to their customers. The Bank of America has issued more than 55 million credit cards to users so far. Moreover, bank of America offers a monthly limit of $95000 to be spent.
Also, the Bank Of America cards, either debit or credit, are mostly acceptable at every point of sale in America and globally.
Internet banking
Royal Bank Of Canada: Internet banking is the need of the hour of every account holder, and RBC knows this and provides an excellent internet banking service. The internet banking of thesis bank allows you to pay your bills online, shop online, and pay for services easily and conveniently.
With the internet banking of RBC, you can shop from thousands of websites and stores worldwide and pay for your subscriptions like Netflix.
Bank Of America: Bank of America has a mobile-based application that allows customers to use internet banking. The application requires your login ID and password then you are ready to shop online and pay your bills at any website or store. The most notable feature of this bank’s online banking is its security. The online services of this bank are one of the most secure services in America and globally.
Investment Plans
RBC: The royal bank of Canada offers a variety of investment options. However, the following investment options are the most notable, i.e. mutual funds, portfolio solutions and guaranteed investment certificates. All the investment options require you to deposit a certain amount in your accounts, and you will get a particular return on investment.
There are no limitations on minimum amounts. One can start investing even by depositing $50 a month.
Bank Of America: The Bank of America offers several options for investment. The investment options range from growth investments to shares, property, and fixed investments. All the investment options have pros and cons, but they are the most profitable. However, the profit ratio can vary from investment option to investment option.
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Which Service Is Better?- Conclusion
After analyzing the services of both banks, we conclude that Bank Of America has the upper hand over the Royal Bank Of Canada regarding services.
An Overview: The bank of America has more ATMs than the royal bank of Canada. Try searching rbc royal bank atm or rbc atm near me, and try searching bank of America atm. You can see the obvious difference between the number of ATMs available around you.
Similarly, Bank Of America offers more investment options than RBC and more loan amounts. On the other hand, The Royal Bank Of Canada has way better internet banking than the Bank Of America.
Precisely both services are good for individual users, so customers can opt for whatever service looks good.
