Is Fleet Bank Now Part of Bank of America?
Learn how Fleet Bank's transition to Bank of America affects account access, services, and customer support, plus what it means for former customers.
Fleet Bank was once a major financial institution in the United States, serving customers across multiple states. However, after a series of mergers and acquisitions, it ceased to exist as an independent bank. Many former Fleet Bank customers still wonder what happened to their accounts and whether they are now part of another institution.
Account Conversion
When Fleet Bank merged into Bank of America, customer accounts were automatically transferred. This involved updating account numbers, routing details, and aligning products with Bank of America’s offerings. While most transitions were smooth, some customers experienced changes in fees, interest rates, and account terms.
Checking and savings accounts were mapped to comparable Bank of America products, but not all features remained the same. Some account holders faced higher minimum balance requirements, adjusted overdraft policies, or different fee schedules. Credit card accounts were rebranded under Bank of America, sometimes with modifications to reward programs or interest rates. Loan and mortgage customers had their servicing transferred, occasionally with changes to payment processing or escrow management.
Direct deposits and automatic bill payments required updates. Customers had to notify employers, utility companies, and other service providers of new banking details to avoid disruptions. While Bank of America provided transition support, some encountered delays, particularly with recurring payments.
Access to Services
Former Fleet Bank customers gained access to Bank of America’s extensive branch and ATM network. Those who previously banked in a more regional setting now had more physical locations for transactions, reducing reliance on out-of-network services that often carried additional fees.
Online and mobile banking also saw upgrades. Fleet Bank’s digital platform was replaced with Bank of America’s system, which featured enhanced security, real-time transaction monitoring, and expanded self-service options. Customers could deposit checks via mobile deposit, set up account alerts, and use budgeting tools. While these improvements modernized banking, some initially struggled with the new interface and security protocols, such as multi-factor authentication.
Business and investment customers gained access to a broader suite of financial products, including expanded merchant services, business credit lines, and treasury management tools. Investment accounts were integrated into Merrill, Bank of America’s investment arm, providing more advisory services and trading options.
Statement Records
Accessing past account records became more complicated after the merger. While Bank of America provided recent statements, older records from Fleet Bank were not always available through online banking. Customers often had to submit formal requests for archived statements, sometimes incurring retrieval fees.
For business owners reconciling financial statements or individuals verifying payments for estate settlements, the transition posed challenges. Statements from Fleet Bank accounts were formatted differently from Bank of America’s, making comparisons more difficult. Some customers found discrepancies in transaction descriptions, requiring extra time to match records. This was particularly relevant for tax filings, where precise documentation is necessary for IRS compliance.
Loan and credit account histories were sometimes difficult to obtain, especially for those resolving disputes over interest calculations or payoff amounts. Mortgage holders who had refinanced or paid off loans faced challenges accessing prior escrow details, which could impact tax reporting on mortgage interest deductions under IRS Form 1098. Businesses with financing agreements had to ensure all outstanding balances, payment histories, and contractual obligations were correctly transferred.
Customer Support
After the merger, former Fleet Bank customers had to adjust to Bank of America’s centralized customer service system. Inquiries were often handled through national service centers rather than local branches, affecting response times and personalized service.
Bank of America’s automated phone systems and online chat features allowed customers to handle routine issues like password resets or transaction disputes. While these tools improved efficiency, customers with complex concerns, such as fraud claims or loan servicing disputes, often had to navigate multiple departments. Some former Fleet Bank customers found that their account histories were not always immediately accessible within Bank of America’s system, requiring persistence to resolve issues.