If you’ve been looking into the connection between Bank of America Old National, you’re probably either a confused customer or an eagle-eyed investor trying to figure out if a merger happened while you weren't looking. Honestly, the banking world is a mess of acquisitions, name changes, and regional overlaps. It gets exhausting. You see a green logo, then a red one, and suddenly your mortgage is being serviced by a company you’ve never heard of.
But let’s get the facts straight right away. Bank of America and Old National Bank are two entirely different animals. They haven't merged. There is no "Bank of America Old National" entity. However, people search for this specific combination constantly. Why? Usually, it's because someone is moving their money from a massive "too big to fail" institution like BofA to a powerful regional player like Old National. Or, perhaps more likely, they are dealing with the fallout of the massive First Midwest Bank merger that Old National recently completed, which shifted the banking landscape for millions of people in the Midwest.
Banking isn't just about where you keep your cash. It’s about who owns your debt and how much they charge you to access your own money.
The Massive Scale of Bank of America
Bank of America is a behemoth. We're talking about roughly $2.5 trillion in assets. They are everywhere. You can find a BofA ATM in a tiny airport in Oregon and a massive corporate hub in Charlotte. They serve roughly 69 million consumer and small business clients. That is an insane amount of data and influence.
When you bank with an institution this large, you get the "Global Powerhouse" experience. Their app is usually years ahead of smaller banks. They pour billions into cybersecurity. But—and this is a big "but"—you are a number. If you’ve ever tried to get a human on the phone at 4:30 PM on a Friday to discuss a flagged transaction, you know the frustration. The "Old National" side of the equation offers a very different flavor of service, which is why the two are often compared by people looking to switch.
Old National Bank: The Regional Giant You Might Not Know
Old National Bank isn't some tiny credit union. Headquartered in Evansville, Indiana, it has been around since 1834. That’s older than many states. Recently, Old National became a much bigger deal when it merged with Chicago-based First Midwest Bancorp, Inc. This created a powerhouse in the Midwest with over $50 billion in assets.
While $50 billion sounds like a lot, remember that Bank of America has $2.5 trillion. Old National is a "mid-cap" or regional bank. They focus heavily on Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, and Wisconsin.
People often get confused because of the "Old National" branding appearing on buildings that used to house other banks. If you were a customer of First Midwest, you woke up one day and your checks said Old National. If you were looking for a Bank of America branch in a suburb of Chicago or Indianapolis and found an Old National instead, it’s easy to see where the mental wires get crossed.
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Why Do People Bridge These Two Names?
Usually, the "Bank of America Old National" search comes from three places:
- The Great Migration: Customers tired of BofA’s fees or impersonal service looking for a regional alternative like Old National.
- ATM Confusion: Old National is part of the Allpoint network (sometimes), and people are trying to figure out if their BofA card works there without a $5 fee. (Spoiler: It usually doesn't).
- The "Old Bank" Syndrome: Occasionally, people confuse "Old National" with "National City Bank," which was a massive entity that eventually got swallowed by PNC.
Comparing the Actual Experience
If you’re sitting at your kitchen table trying to decide where to park your savings, the choice between a national giant and a regional player comes down to your lifestyle.
Technology vs. Touch
Bank of America’s Erica (their AI assistant) is actually pretty good. It can find a transaction from three years ago in seconds. Old National has a solid mobile app, but it doesn't have the R&D budget of a trillion-dollar company. However, if you walk into an Old National branch in a town like Bloomington or Kalamazoo, there’s a decent chance the teller knows your name. Or at least doesn't look at you like a stranger.
Fees and Minimums
BofA is notorious for its "Preferred Rewards" program. If you have $20,000+ across your accounts, you’re treated like royalty. If you have $200, you’re getting hit with monthly maintenance fees unless you have a qualifying direct deposit. Old National tends to be a bit more flexible with "community-style" banking perks, though they are becoming more corporate as they grow.
Loan Approval
Here’s a secret about regional banks like Old National: they often have more "boots on the ground" knowledge. If you're trying to get a small business loan for a niche industry in the Midwest, an Old National loan officer might actually understand the local market. BofA uses an algorithm. If the algorithm says no, the human at the desk usually can't do anything about it.
The Realities of Modern Banking Mergers
We have to talk about the 2022 merger because it changed everything for Old National. When they joined forces with First Midwest, it wasn't just a name change. It was a $2.5 billion deal. This made them the sixth-largest asst-based bank headquartered in the Midwest.
When these mergers happen, systems often glitch. Zelle stops working for a weekend. Direct deposits get delayed. This is often when people start searching for "Bank of America" as a fallback or a point of comparison. They want to know if the "big guys" have these same problems. Honestly? They do. BofA has had massive outages too. No one is safe from a server migration gone wrong.
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Breaking Down the Financial Health
Investors look at these two very differently. Bank of America (BAC) is a bellwether for the entire US economy. When the Fed raises rates, BofA makes a killing on net interest income, but they also have to worry about global instability.
Old National (ONB) is a play on the American Heartland. If the manufacturing sector in the Midwest is booming, Old National is winning. They aren't worried about a debt crisis in Europe; they’re worried about corn prices and the Chicago real estate market.
- Bank of America: High dividend stability, global reach, massive regulatory oversight.
- Old National: Growth through acquisition, regional dominance, specialized commercial lending.
What You Should Actually Do
If you are currently a Bank of America customer looking at Old National, or vice versa, don't just look at the sign on the door. Look at the fee schedule.
First, check your average daily balance. If it's low, BofA might eat your lunch with fees. Look for "Advantage SafeBalance" if you want to stay with them but avoid overdrafts. If you want a more personal touch and live in the Midwest, Old National’s "ONB Everyday Checking" is often more forgiving.
Second, think about your future. Are you planning on moving to California next year? If so, don't open an account with Old National. They don't have branches there. You’ll be stuck using out-of-network ATMs and depositing checks via your phone like it's 2012. Bank of America is the "move-proof" bank.
Third, look at the interest rates. Neither of these banks is going to give you a great rate on a standard savings account. If you want 4% or 5% APY, you need to look at an online-only bank like Ally or SoFi. Both BofA and Old National are "brick and mortar" institutions, meaning they have to pay for lightbulbs and tellers, so they pass those costs to you in the form of lower interest on your savings.
The Verdict on the Confusion
There is no such thing as "Bank of America Old National."
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If you see a charge on your statement that says something similar, verify it immediately. Scammers love to use "Frankenstein" names—mixing two real banks together—to trick people into thinking a charge is legitimate. "Old National Bank of America" sounds just official enough to fool someone who isn't paying attention. Always log into your official portal. Never click a link in a text message.
Actionable Steps for Your Banking Transition
If you're ready to make a move between these two or just want to clean up your finances, here is the roadmap.
1. Audit your "Lazy Wealth"
Check how much cash is sitting in your BofA or Old National checking account earning 0.01%. It’s a crime against your own wallet. Move anything over your monthly expenses into a High-Yield Savings Account (HYSA) or a Money Market account. Both banks offer them, but you usually have to ask for the "special" rate.
2. Map your ATM usage
Before switching to a regional bank like Old National, look at the "Find an ATM" map on their website. If you find yourself at a gas station three times a week paying $4 to get $20 out, the "local feel" of a regional bank isn't worth the cost.
3. Check your "Relationship" status
Before leaving Bank of America, see if you qualify for Preferred Rewards. If you have a Merrill Lynch investment account, that counts toward your balance. You might be leaving a situation where you get free wire transfers and ATM fee reimbursements without realizing it.
4. The 30-Day Overlap Rule
Never close your old account the day you open a new one. Open the new Old National account, move your direct deposit, and let the Bank of America account sit with a couple of hundred dollars for at least one full billing cycle. There is always one forgotten subscription—gym memberships are the usual suspects—that will try to hit your old account and trigger a $35 declined-payment fee.
Banking is a tool, not a marriage. You don't owe these institutions loyalty. Whether you choose the global scale of Bank of America or the regional focus of Old National, make sure the math works in your favor, not theirs. Get your fees down to zero and your interest up as high as possible. That is the only way to win in the modern financial landscape.