Coming out of the financial crisis many pessimists believed that consumers would flee the big banks in droves, but the reality has been far more muted. In fact, we're continuing to see deposits flow into and grow at the big banks. This negative sentiment has come with correspondingly low valuations at the big institutions as well.

However, being cheap doesn't necessarily make them a buy. As the video below indicates, it's the quality of the institution that matters much more.

Does the biggest of the big banks, Bank of America's (NYSE:BAC) make the grade? With significant challenges still ahead, it's critical to have a solid understanding of this megabank before adding it to your portfolio.