Honestly if BofA were the last financial institution on earth, I wouldn't do business with them. I would deal only in cash, and keep it all in my mattress. I have heard way too many terrible stories from friends who bank with them and I just won't do it.
One friend lost their house b/c they had a huge water main issue in their front yard, and they applied to refi their mortgage to pay for the repairs. Well, the bank put in the paperwork that if they miss a single payment, the bank owns the house. Then the lending associate (whatever the person was called) told them that because of the way they did their refi they had two full months before they needed to make another payment. Of course, that meant they "missed" a payment or two, the bank took possession of their house, and they were forced to move. I'm not sure if they ended up foreclosing on the loan or what, but it sounded ugly.
Another friend had his assets frozen when his wife was deployed to the Middle East. Even though he was named on the account, they said that to protect deployed military personnel, accounts of those deployed get frozen til they come back. Well, how are military spouses supposed to carry on with paying the bills and taking care of the family if the money is tied up? Just what the soldiers need -- to worry that their kids can't eat b/c their spouse can't get money for food from their paycheck.
It goes on and on. I wouldn't do it. You want 2% back? Join Costco and get an Amex. Or get a Discover card, if they're still offering the 3% or 5% rebate.