I applied online for several locations and was called back about two weeks later. There was a short phone interview with very basic questions that only took around 5 minutes. I was scheduled for a group interview the next day. The group interview was about 12 people and was a bit long at about 2 and a half hours. Every person had to give a brief background about themselves and then later we had to get into groups and do a referral role play. Two days later I was called for a second interview with two managers for the following day. That interview was more difficult but shorter at about 20 minutes. In the end I was not offered the job, but I was offered another interview for next week.
The recruiter got back to me in every case very quickly and gave constructive feedback. That is helpful because it seems like there is a very large pool of candidates that they pull from and interview for each position.
My best advice is to make sure you are prepared and think about what you want to say so that your best qualities come out. You don't really have a lot of time in either interview to get anything about yourself across.And lastly, Bank of America does offer a lot of perks for working with them, but they are looking like they are very particular about how things are done and stick to policy rigidly. So, if you are looking for a more down to earth or relaxed atmosphere this may not be the best place to choose.