Finance >> Banking >> Bank of America

Bank of America

The Bank of America claims to hold the largest portion of commercial banking in the United States as found from the market capitalization and deposits with the bank. This bank is one of the many members of the Federal Deposit Insurance Corporation. The Bank of America has gone through a whole series of change in names. Pre 1998 it was known as the Nations Bank which was preceded by the name North Carolina National Bank. 1998 was a hallmark year because the Nations Bank acquired the Bank America through a merger and renamed the bank as “Bank of America”. With its headquarters in Charlotte, North Carolina, the Bank of America has spread its branches and network throughout the country and is going strong with the total value of assets at $ 1.72 trillion (as per 2007 figures).

The four major divisions of operations of the Bank of America are- Consumer, Corporate, Investment Management and Corporate governance. The personal banking sections deal with checking accounts, savings and CDs, mortgages, auto loans, home equities, investment services and insurance. They give you an option of having your account in your total control through order check cards and online investing. Online banking allows you to view your account, access your credit card, pay your bill, track your expenses and use mobile banking and demo internet banking. Besides, they also gear you up to achieve your dreams- be it buying a home or going for further studies or even planning for retirement. You could also take up loans to purchase a car or just to consolidate other loans. Some absolutely special offers for the personal banking customers of the Bank of America read as regular spending on purchases can add to your savings or as great discounts from the best retail houses across the country. The American Express card also entitles you to the Bank of America Accelerated Cash Rewards.

Small Business houses are allowed a whole range of options other than the checking accounts and the credit cards. These include lending, healthcare practice loans and merchant card processing. As a small business section customer you could use online banking to make payments, transfer money, invoicing and for easy online payrolls. They also offer tips on how to improve and expand on your business by financing and promoting ideas given by the bank advisers.

The Corporate and Institutional banking facility attracts a whole lot of ever expanding MNCs that have an annual turnover of more than $ 2.5m. Bank of America provides these companies with asset based finances, debt and liquid products, equities, futures, foreign exchanges, merger and acquisition advising and many more investment ideas. They have high expertise in areas like law firms, religious organizations, healthcare centres, government advising, retail, real estate, sports, technology and so on. Operating in Asia, U.S., Canada, Middle East, Europe, Africa and Latin America, the bank has a strong client base and will surely help you figure out on what you need.