how to close an account with bank of america online

Bank of America and BofA Securities (formerly Bank of America Merrill Lynch) provide global perspectives, comprehensive solutions and strategic guidance. PNC Bank offers a wide range of personal banking services including checking and savings accounts, credit cards, mortgage loans, auto loans and much more. Bank of America offers strong online tools and a large network of branches and Low rates on certificates of deposit and savings account. how to close an account with bank of america online

How to close an account with bank of america online -

Why Bank of America closed my account?

There are two basic reasons for a bank to close your account: it doesn’t expect to make money on it, or it’s afraid of being liable for some fraud or money-laundering you might be doing. The bank does not need proof or even evidence.

What happens if Bank of America closes your account?

Closed Account The bank has to return your money when it closes your account, no matter what the reason. However, if you had any outstanding fees or charges, the bank can subtract those from your balance before returning it to you. The bank should mail you a check for the remaining balance in your account….

Is Bank of America or Chase better?

Chase has a larger range of options, while BofA has slightly better rates on most of its accounts. They’re both solid choices for customers who want a traditional banking experience, but you may want to consider online banks or comparing your options to find better features or higher rates.

Where can I complain about Bank of America?

Bank of America complaints contacts

  • Call Customer Care on 1 (800) 432-1000.
  • Visit Customer Care Contact Form.
  • Tweet Bank of America Customer Care.
  • Tweet Bank of America.
  • Follow Bank of America.

Does Bank of America call customers?

Bank of America often sends messages from SMS short numbers for alerts, but we will never ask you for personal or financial information in a text message. If you’re in doubt, call the client service number on our Contact Us page, on your statement or on the back of your credit, debit or ATM card.

How much can you withdraw from BofA ATM?

The maximum ATM cash withdrawal amount is $1,000 or a maximum of 60 bills that can only be dispensed at one time. There may also be different limits based on account type and availability of funds. The maximum ATM cash limit when setting up a withdrawal in advance in the Mobile Banking app is $800.

Can I withdraw 3000 from Bank of America?

You may withdraw up to $700 of your available account balance per day. For card purchases using your personal identification number (PIN), your daily limit is $1,000 of your available account balance. You can link up to 15 Bank of America business checking and savings accounts to 1 card.

Can I withdraw 20000 from Bank of America?

Although there is no specific limit to the amount of cash you can withdrawal when visiting a bank teller, the bank only has so much money in its vault. Additionally, any transactions over $10,000 are reported to the government.

What is the max deposit for Bank of America?

Here’s a breakdown: Customers with account open for fewer than 90 days: $1,000 per month. Customers with accounts open for more than 90 days: $5,000 per month. Platinum Privilege customers: $10,000 per month.

How much of a check is available immediately Bank of America?

At least the first $200 of the check deposit will be available on the first business day after the day of your deposit. The first $200 of your total deposits will be available immediately on the business day of the deposit.

What time does Bank of America release funds?

Cutoff Times for Deposits, Transfers and Payments

Time ZoneCutoff and availability times
Eastern or Central9:00 p.m. ET for same-day credit. Funds will generally be available the next business day.
Mountain or Pacific∗8:00 p.m. PT for same-day credit. Funds will generally be available the next business day.

How long does a Bank of America check take to clear?

How Long It Takes a Check to Clear at the Top 10 Banks

BankStandard Deposit
Bank of AmericaSame day as long as it is before the cut-off time (posted at branch and ATMs).
Wells FargoNext business day.
ChaseFunds available after midnight if deposited before 8 P.M. local time.

How much of a check is available immediately?

Most banks will generally provide the depositor with at least $200 for immediate availability after a check deposit is made. Also, when you’re using your online banking to your funds, you may see two different figures listed for “account balance” and “available balance.”

How can I get my check cleared faster?

The safest and fastest way to get cash is to take your check to the check writer’s bank. That’s the bank or credit union that holds the check writer’s funds, and you can get the money out of the check writer’s account and into your hands instantly at that bank.

How much money is available after depositing a check?

Generally, if you deposit a check or checks for $200 or less in person to a bank employee, you can access the full amount the next business day. If you deposit checks totaling more than $200, you can access $200 the next business day, and the rest of the money the second business day.

What is the longest a bank can hold a check?

How Long Can a Bank Hold Funds? Regulation CC permits banks to hold deposited funds for a “reasonable period of time,” which generally means: Up to two business days for on-us checks (meaning checks drawn against an account at the same bank) Up to five additional business days (totaling seven) for local checks.

Which bank has the fastest direct deposit?

5 Online Banks That Offer Early Direct Deposit

  • OneUnited Bank. OneUnited Bank is a full-service online bank available in ALL States with branch locations in California, Florida, and Massachusetts.
  • Radius Bank.
  • Chime Spending Account.
  • GTE Financial.
  • CARD.com Prepaid Visa® Card Account – $50 Bonus.
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How To Avoid Bank of America’s Monthly Maintenance Fees

Banking / Banks

Bank of America in Beverly Hills - LOS ANGELES / CALIFORNIA - APRIL 20, 2017.

4kclips / Shutterstock.com

Bank of America offers a number of checking and savings accounts. Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. Customers can avoid Bank of America’s fees in several ways, such as by setting up approved direct deposits or fulfilling account balance requirements.

Below, GOBankingRates breaks down the assortment of fees associated with Bank of America’s products and services.

Bank of America Checking Account Fees

Depending on what type of account setting you have, the checking account monthly maintenance fee can vary.

There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 monthly maintenance fee for Advantage Plus Banking® and a $25 monthly maintenance fee for Advantage Relationship Banking®, but only Advantage Relationship Banking earns interest.

Bank of America Checking Accounts
AccountMonthly Service FeeEarns Interest
Advantage SafeBalance$4.95No
Advantage Plus$12No
Advantage Relationship$25Yes
Information is accurate as of Nov. 23, 2021.

Additionally, each Bank of America checking account comes with this schedule of fees:

Bank of America Checking Account Fees
FeeAmount Charged
Out-of-network ATMIn U.S. $2.50
Outside of U.S. $5
Overdraft$35
Foreign exchange rate3%
Wire transferVaries
Information is accurate as of Nov. 23, 2021.

While there are no student-specific checking accounts, Bank of America will waive the maintenance fee for qualifying students.

Bank of America Savings Account Fees

Bank of America’s Advantage Savings account comes with an $8 monthly maintenance fee. Bank of America also imposes a withdrawal fee of $10 should you go over the six savings withdrawals it permits per month.

As you can see, the annual percentage yield the bank offers is low compared with the national rate of 0.07% APY.

Bank of America Savings Accounts
AccountMonthly Service FeeAnnual Percentage Yield
Bank of America Advantage Savings$80.01% APY for all balances
Minor Savings$00.01% APY for all balances
Information is accurate as of Nov. 23, 2021.

How To Avoid Bank of America’s Monthly Maintenance Fees

Maintaining minimum balances and making qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Some accounts will also waive fees based on your age.

Each account has its own requirements, so be sure the fee waiver information you have matches your account type. Additionally, monthly service fees are different from item-specific costs, such as Bank of America’s overdraft fees.

You have options to avoid Bank of America’s monthly maintenance fees, but they vary from account to account. Here are five ways to avoid Bank of America’s monthly fees:

1. Maintain a Minimum Balance

Here are the minimum balances required to qualify for a fee waiver:

  • Advantage Savings: $500 minimum daily balance
  • Advantage Plus: $1,500 minimum daily balance
  • Advantage Relationship: combined balance of $10,000

2. Have Qualifying Direct Deposits

Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits:

  • Advantage Plus: Minimum of one qualifying direct deposit of $250 or more

3. Link Your Bank of America Accounts

Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee.

  • Advantage Savings: Link your Bank of America Advantage Relationship Banking® account.

4. Enroll in the Preferred Rewards Program

Maintenance fees for eligible Bank of America checking and savings accounts are waived when you enroll in Bank of America’s Preferred Rewards program. Qualification for the Preferred Rewards program tiers is based on having an active Bank of America personal checking account and maintaining a three-month average combined balance across your Bank of America accounts. Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.

5. Qualify for the Student Waiver

Qualification for the Bank of America student waiver applies when an account holder is enrolled in an academic institution and is under the age of 24. This waiver applies to the following accounts:

  • Advantage SafeBalance
  • Advantage Plus
  • Advantage Savings

How To Avoid Bank of America’s Overdraft Fees

Bank of America’s overdraft fee of $35 is standard, but that can be a huge chunk of change if you already have low funds. The best thing you can do to avoid Bank of America’s overdraft fee is to remain vigilant in keeping a healthy account balance. Overdrafts only kick in when you’re attempting to use more funds than you have in your account.

You can sign up for overdraft protection service, wherein the bank will cover a transaction using funds from another account, like a savings account.

Good To Know

You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking® account, which does not come with the fee.

How To Avoid Bank of America’s ATM Fees

Bank of America’s ATM fees — $2.50 for a non-Bank of America ATM inside the U.S. and $5 outside of the U.S. — are standard, and the easiest way to avoid them is to use Bank of America ATMs whenever possible. You may also be charged a fee by the operator when you use an out-of-network ATM.

If you’re enrolled in the Preferred Rewards program, you can avoid ATM fees altogether depending on which tier you’re in.

How Fees at Bank of America and Other Banks Compare

Here’s an overview of the fees you can expect from Bank of America and how they compare with the costs of banking elsewhere:

Fees at Bank of America and Other Banks
FeeWells FargoChaseBank of AmericaCitibankU.S. Bank
Monthly maintenanceUp to $30Up to $25Up to $25Up to $30Up to $24.95
Out-of-network ATM withdrawalIn U.S.: $2.50
Outside of U.S.: $5
In U.S.: $2.50
Outside of U.S.: $5
In U.S.: $2.50
Outside of U.S.: $5
$2.50; additional 3% fee for transactions made outside U.S. and Puerto Rico$2.50
Overdraft$35$34$35$34$36
Excess transactionsUndisclosed$5$10No fee, but Citibank will move funds to unrestricted account or close your account if you withdraw over the limit three times in a 12-month period$15
Wire transfer$15-$30$15-$50Varies$17.50-$35$20-$50
International debit purchase3%3%3%3%3%
Information is accurate as of Nov. 23, 2021. Fees listed reflect amounts typically charged; exceptions may apply.

Traditional banks usually carry similar service fees, like the wire transfer and ATM fees shown above. However, it should be noted that Bank of America, Chase and U.S. Bank all offer a lower ceiling of $25 for monthly maintenance fees.

Getting the Most Out of Your Bank of America Account

Bank of America offers a wealth of information for both customers and non-customers alike. Bank of America’s Better Money Habits series features articles and tips for the financial layman.

You can find information on topics that include:

  • Auto loans
  • Building credit
  • Owning a home
  • Retirement planning
  • Savings advice
  • Understanding credit reports

To see what else Bank of America accounts can offer you, visit your local branch or Bank of America’s website.

This article has been updated with additional reporting since its original publication. This content is not provided by Bank of America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America. Information is accurate as of Nov. 23, 2021.

About the Author

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

Источник: https://www.gobankingrates.com/banking/banks/how-to-avoid-bank-of-america-monthly-maintenance-fee/

Bank of America

American multinational banking and financial services corporation

This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.

"BofA" redirects here. For the French illustrator, see Gus Bofa.

Bank of America logo.svg
Bank of America Corporate Center.jpg

The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

TypePublic company

Traded as

ISINUS0605051046
IndustryFinancial services
PredecessorBank America
NationsBank
Founded1998 (via the merger of BankAmerica & NationsBank)
1956 (as BankAmerica)
1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
FounderAmadeo Giannini (BankAmerica)
Hugh McColl
(NationsBank)
HeadquartersCharlotte, North Carolina, U.S. (Corporate)
New York, NY (Investment banking)

Number of locations

4,600 retail financial centers & approximately 16,200 ATMs[1]

Area served

Worldwide

Key people

ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
RevenueDecreaseUS$85.52 billion (2020)[1]

Operating income

DecreaseUS$18.99 billion (2020)[1]

Net income

DecreaseUS$17.89 billion (2020)[1]
Total assetsIncreaseUS$2.819 trillion (2020)[1]
Total equityDecreaseUS$272.92 billion (2020)[1]
OwnersBerkshire Hathaway (11.9%) The Vanguard Group (7.1%) BlackRock (6.2%)[2][3]

Number of employees

200,000 (2020)[1]
DivisionsBofA Securities
Merrill
Bank of America Private Bank
Websitebankofamerica.com

The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as BofA or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in 1998. It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).[6]

Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018[update].[7] Its wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018[update], Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018[update].[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12]

History[edit]

The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.[14] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

Bank of Italy[edit]

Main article: Bank of Italy (United States)

From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[15] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples, Italy, in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]

Expansion in California[edit]

Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.[19] There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[20] The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[21] A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979.[22]

[edit]

Following the passage of the Bank Holding Company Act of 1956,[23] BankAmerica Corporation was established[by whom?] for the purpose of owning and operating Bank of America and its subsidiaries.

Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.[24]

BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] The company fired its CEO, Sam Armacost in 1986. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost.[citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.[25] It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock-market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history.[26] Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

In 1994 BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.[29]Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.[30]

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.[citation needed]

Bank of America logo used from 1998 to 2018

On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[31] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

Merger of NationsBank and BankAmerica[edit]

Logo of the former Bank of America (BA), 1969–1998

In 1997, BankAmerica lent hedge fundD. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[37]

While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.[38] The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]

In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.[citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.[citation needed]

2001 to present[edit]

Typical Bank of America branch in Los Angeles

In 2001, McColl stepped down and named Ken Lewis as his successor.

In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.[40] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.[40] Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.

Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August 2006.

Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.

On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.[41]

On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with the 2007 race.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.[42]

Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.[43][44]

Acquisition of Countrywide Financial[edit]

On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[45]

On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.[50]

This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[51] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis

In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[53]

Acquisition of Merrill Lynch[edit]

On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.[58] However, taking a loss Reuters estimated at $3 billion, the Singaporesovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.[59]

Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[62]

The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[64]

Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[66] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.[67][68]

On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

Federal Troubled Asset Relief Program[edit]

On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).[70] This was in addition to the $25 billion given to the bank in the fall of 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.[71] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[72] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.[73]

As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[74]

On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest.... As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[75][76]

Bonus settlement[edit]

On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York Attorney GeneralAndrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared amongst 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.[79]

On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," ... "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."[80]

While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York.[81]

Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

Fraud[edit]

In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.[84]

Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011[update], other bankers and brokers are under indictment or investigation.[85]

On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.[86][87] On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.[88]

Downsizing (2011 to 2014)[edit]

During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.[89]

In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[92]

As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014[update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.[93]

Sale of stake in China Construction Bank[edit]

In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.[94] It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.[97]

$17 billion settlement with Justice Department[edit]

In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.[98] Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."[99]

Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.[100]

[edit]

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] on U.S. military installations in Guantanamo Bay Naval BaseCuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[103] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

Decision not to finance makers of military-style guns[edit]

In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.[104] In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

Return to expansion (2015–present)[edit]

In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[105] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[110][111] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally-based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[113]

Operations[edit]

Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[114]

Consumer Banking[edit]

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in 2016.[1] The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

Global Banking[edit]

The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.[1]

Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

Global Wealth and Investment Management[edit]

The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[1] GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

Global Markets[edit]

The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.[1]

Labor[edit]

On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.[115]

Offices[edit]

The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.

In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).[116]

International offices[edit]

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[117]

Corporate Governance[edit]

Charitable efforts[edit]

Bank of America volunteers at the Los Angeles LGBT pride parade in 2011

In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient.[119] In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.[120] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[121]

Bank of America has also donated money to help health centers in Massachusetts[122] and made a $1 million donation in 2007 to help homeless shelters in Miami.[123]

In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighborhoods.[124]

In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[125]

Chief Executive Officer[edit]

List of CEOs[edit]

  1. Hugh McColl (1998–2001)[126]
  2. Ken Lewis (2001–2009)[127]
  3. Brian Moynihan (2010– )[128]

CEO Pay Ratio[edit]

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[129]

Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.[130]

Lawsuits[edit]

In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.[132] In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[133]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[134] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[135] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.[136] In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.[137]

In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.[138]

A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.[139] In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.[140] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[141] The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.[140][142] The settlement was the largest in United States history between a single company and the federal government.[143][144]

In 2018, former senior executive Omeed Malik filed a $100 million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.[145] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[146] Malik received an eight-figure settlement in July.[147][148]

Controversies[edit]

Parmalat controversy[edit]

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.[149][150] In a related case, on April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.[151]

Consumer credit controversies[edit]

In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.[152][153] In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.[154][155][156] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[157]

Purchasing of 300 Internet Domains in apparent premtive PR campaign.[edit]

In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.[158]

In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".[159] In response to this announcement, Bank of America stock dropped 3.2%.[160]

In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[161] stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks... This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."[162]

Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank.[163][164][165][166]

Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.

Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[169][edit]

On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,[170] was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.[171]

On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

"Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.[173]

Investment in coal mining[edit]

On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.

Competition[edit]

Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, Chase Bank, US Bank, Citizens Financial Group, Citigroup and M&T Bank.

Notable buildings[edit]

Notable buildings which Bank of America currently occupies include:

  • Bank of America Tower in Phoenix, Arizona
  • Bank of America Center in Los Angeles, California
  • Transamerica Pyramid, in San Francisco
  • 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
  • Bank of America Plaza in Fort Lauderdale, Florida
  • Bank of America Tower in Jacksonville, Florida
  • Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami, Florida
  • Bank of America Center in Orlando, Florida
  • Bank of America Tower in St. Petersburg, Florida
  • Bank of America Plaza in Tampa, Florida
  • Bank of America Plaza in Atlanta, Georgia
  • Bank of America Building, formerly the LaSalle Bank Building in Chicago, Illinois
  • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
  • Bank of America Building in Baltimore, Maryland
  • Bank of America Plaza in St Louis, Missouri
  • Bank of America Tower in Albuquerque, New Mexico
  • Bank of America Tower in New York City
  • Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
  • Bank of America Plaza in Charlotte, North Carolina
  • Bank of America Tower in Charlotte, North Carolina
  • Hearst Tower in Charlotte, North Carolina
  • Bank of America Plaza in Dallas, Texas
  • Bank of America Tower in Midland, Texas
  • Bank of America Plaza in San Antonio, Texas
  • Bank of America Fifth Avenue Plaza in Seattle, Washington
  • Columbia Center in Seattle, Washington
  • Bank of America Tower in Hong Kong
  • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
  • 9454 Wilshire Boulevard in Beverly Hills, California

Former buildings[edit]

The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[175]

TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[176]

See also[edit]

References[edit]

  1. ^ abcdefghijkl"Bank of America Corporation 2020 Annual Report (Form 10-K)"(PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. Archived from the original on March 3, 2018. Retrieved April 2, 2020.
  2. ^"2020 Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21, 2020.
  3. ^"Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28, 2020.
  4. ^ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance.
  5. ^"Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
  6. ^ abCohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
  7. ^Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
  8. ^Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
  9. ^B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
  10. ^"Bank of America on the Forbes Global 2000 List". Forbes. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
  11. ^"Fortune 500 Companies 2020: Who Made the List". Fortune. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
  12. ^"World's best bank 2018: Bank of America". Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018.
  13. ^ ab"Bank of America

    Ask Lafleur: Why are so many Bank of America branch offices closing in and around Greenville?


    Question: Why are so many Bank of America branch offices closing in and around Greenville?

    Answer: It’s true that several branches of Bank of America are closed around Greenville, but it’s not unique to Greenville, and it’s yet another thing we can blame on COVID-19.

    Many of the bank’s locations across the country closed in response to the pandemic, according to Eliza Murphy, spokesperson for Bank of America.

    Some locations in the Upstate are still either closed or operating differently – like with just drive-thru service – due to the pandemic.

    Murphy said changes have been made nationwide and the company has had to constantly adapt with the health and safety of employees and customers in mind.

    Murphy also said the COVID-19 pandemic accelerated a trend toward mobile and online banking the company was already seeing.

    Some locations that remain closed, according to Bank of America’s online locator tool, are 2010 Old Spartanburg Road in Greer, 498 S. Pleasantburg Drive in Greenville and 126 W. Butler Road in Mauldin. To see an updated list of locations and hours, visit bankofamerica.com.

    “We are doing everything we can to reopen as soon as possible, though some locations may remain closed for an extended period of time,” Bank of America said in a release updated June 8 on its website.

    Murphy said there is not a set timeline for reopening, but the company is constantly monitoring local guidelines and other factors like foot traffic to specific locations.

    The bank has dozens of Upstate locations including one that opened at the Camperdown development in downtown Greenville last year.

    Murphy said the Charlotte-based bank is committed to continuing its service here.

    Elizabeth LaFleur loves running, gardening, spending time with her husband and daughter and answering your questions. If you're curious about something in the Upstate, chances are she is too. Reach out to Elizabeth via email at [email protected]

    FacebookTwitterEmail

    Источник: https://www.greenvilleonline.com/story/news/local/asklafleur/2021/06/11/bank-america-branch-offices-closing-greenville-why-near-me/7638915002/

    Online Banking & App

    With Online Banking You Can:

    • Access your e-Statements
    • Check your account balance and history
    • Pay your bills with Bill Pay
    • Check your credit card history
    • Transfer money between your accounts
    • Make loan and credit card payments
    • View check copies & receipts
    • Deposit checks* (with the app only)

     

    LOGIN   RE-REGISTER

     

    You can now register from any device!

    To register for the new Online Banking platform, you will be asked to provide your first name, last name, date of birth, Social Security number, and the base account number of your preferred American 1 account. 

    Your base account number is typically 6 digits (but could be 4-8 digits) and never starts with a zero. Please click here to view examples of where to find your base account number (how your account number is displayed may differ depending on where you find it). 

    We have determined that our Online Banking will no longer support Microsoft Internet Explorer due to potential security weaknesses. This means that if you use Internet Explorer, you will need to download and use a different web browser such as Microsoft Edge, Google Chrome, Firefox, or Safari to access Online Banking in the future. Download another browser by using the links below:

    View our Mobile Deposit Disclosure and Funds Availability Policy

    *Must meet eligibility requirements to access this service. Contact any branch for full details. 

    Источник: https://www.american1cu.org/online-banking

    6 Things Know Before Opening a Bank of America Student Account

    Like many college students, opening a bank account could be the first step you take in managing your personal finances. Even if you had a checking or savings account while in high school, you might be considering changing banks in college. Maybe there’s a Bank of America branch on or near your university campus, or perhaps you’ve heard good things about BofA and wonder if that particular bank is a good choice for you. 

    This article will provide the information you should know before opening a student account at one of the largest banks in the U.S., Bank of America. Topics covered include:

    • Eligibility requirements for opening a BofA student checking account
    • The difference between the two types of BofA student checking accounts and how to decide which is best for you
    • The pros and cons of opening a Bank of America student checking account
    • What you need to know about BofA checking service fees
    • What you need to know about minimum balances
    • How to decide if a BofA checking account is the right choice for you 

    Eligibility Requirements for Bank of America Student Checking Accounts

    Bank of America has two types of checking accounts suitable for most students: the BofA Advantage SafeBalance Banking checking account and the Advantage Plus Banking checking account. Even though BofA doesn’t specifically refer to either of these as “student accounts,” they will waive their monthly service fees for students who are under 24 years old and enrolled in high school, a vocational program, or college or university. 

    It’s easy to open either of these new accounts. You just need to present your Social Security number, provide a minimum opening deposit of $100 for the Advantage Plus or $25 for the Advantage SafeBalance account, and maintain a permanent address in the U.S. 

    Bank of America Advantage SafeBalance vs. Advantage Plus

    While the Advantage SafeBalance and Advantage Plus accounts offer a monthly maintenance fee waiver for students, there are significant differences between the accounts:

    • Advantage Plus: The Bank of America Advantage Plus Banking account is a traditional checking account. You can purchase paper checks to write on the account, as well as use a debit card with the account to use for purchases and at ATMs. If you overdraw the account — take out or spend more money than you have in your account at the time — you will be charged an overdraft fee. Note that you might be able to set up overdraft protection for this account, but that would entail setting up a savings account or making some other arrangement with the bank — like a line of credit — that likely won’t be an option if you are a student.
    • Advantage SafeBalance: The Bank of America Advantage SafeBalance Banking account doesn’t offer checks, but you do get a debit card to use. You’ll never be charged an overdraft fee with this account because the bank won’t honor purchases or withdrawals in excess of your balance. If you don’t have enough money in your account to cover the transaction, they will simply decline payment. 

    Pros and Cons of Bank of America Checking Accounts

    As is the case with all banking options, you’ll find some pros and cons to each. Ultimately, which type of account you choose will depend on your particular circumstances and needs.

    The following sections list some of the pros and cons associated with the Bank of America checking accounts to help you make a sound decision. 

    Pros of Bank of America Checking

    BofA’s checking accounts definitely offer some real advantages. They include:

    • Branch accessibility: Bank of America has 4,300 branches spread out over 37 states and Washington, D.C. If you go to school in one of those states, you should easily be able to find a bank branch on or close to campus.
    • ATM accessibility: Bank of America makes on-the-go banking extremely convenient for busy college students. BofA operates around 17,000 ATMs where you can check your balance, make a deposit, transfer funds between accounts or make a cash withdrawal without having to pay a user fee. 
    • Award-winning mobile app and online banking: BofA’s award-winning mobile banking app lets you do practically all of your banking on your smartphone. You’ll be able to see all of your accounts, make mobile check deposits, set up bill pay, transfer funds and instantly send money to friends through Zelle, all without ever having to leave your dorm room. You can also use your computer for online banking.
    • Savings incentives: Bank of America invites debit card users to enroll in its Keep the Change program. Under the program, each time you make a purchase using your debit card, the amount of the purchase is automatically rolled up to the next whole dollar amount, and the excess change is automatically transferred to your savings account. This is a great way to begin budgeting for a spring break trip or saving up for a plane ticket back home.

    Cons of Bank of America Checking

    Of course, like anything else, banking with Bank of America has a few downsides.

    • Inconvenience: Often, a student will open a bank account in their hometown — maybe because it’s where their parents’ bank is — and then use a branch of that same bank near their college campus when the need arises. However, if you open a Bank of America account in your home state and then end up attending college in one of the 13 states that don’t have a Bank of America presence, you could end up in a bind. Not only will you not be able to do in-person banking when you want to, but you also won’t find fee-free BofA ATMs.  
    • High fees:
      • If you end up using a non-Bank of America ATM with your BofA debit card, you could end up paying a lot in transaction fees. BofA charges $2.50 per transaction, plus, you will be charged whatever fees the financial institution that owns the ATM charges. You could end up paying anywhere from $5 to over $8 or $9 per ATM transaction. 
      • Bank of America also charges high overdraft fees if you choose a checking account — like Advantage Plus — that allows for overdrafts. Bank of America charges its customers $35 each time a checking account is overdrawn. If you make a mistake with your account and write several checks that end up in overdraft, you could easily incur over $100 in fees from that one mistake.  

    Bank of America Checking Service Fees

    Many banks charge their customers a monthly maintenance fee for their checking account. Bank of America is no exception. While you’ll be allowed to have a service fee-free account until you graduate or reach the age of 24, whichever comes first, you will incur checking service fees if you keep your BofA account beyond graduation. Those fees are:

    • $12 per month for the Core Checking account and Advantage Plus checking account, unless your employer or another person or institution makes a direct deposit of at least $250 each month into your account or you maintain a minimum daily balance of $1,500 or more
    • $25 per month for BofA’s interest checking account, which is waived if you keep a combined $10,000 balance in all of your Bank of America accounts
    • $4.95 a month for your SafeBalance banking account

    Bank of America Checking Minimum Balances

    The minimum balances BofA charges for its two student-friendly checking accounts — $25 for the SafeBalance and $100 for the Advantage Plus — are not unusual. Many, if not all, banks require some kind of minimum balance to open the account or avoid fees or receive other perks. 

    Banks impose minimum balances on account holders because they want more deposits. The more money banks have in their coffers, the more they can lend to people and charge interest for. Also, banking regulations favor banks that maintain a certain level of bank deposits, so incentivizing you to keep money in your account helps banks with compliance. Finally, banks offset their operation costs with the fees they charge customers, so whether you keep a minimum balance, they still make money.  

    Confusion can arise, however, because banks use different methods to calculate whether and when you have met the minimum balance. Be sure to ask the bank how and when they calculate their minimum balance requirements, including what constitutes a statement cycle, before deciding to open your account. Also, be sure to ask if there are other ways to avoid incurring fees after you stop being an eligible student, such as using online banking or setting up direct deposit. 

    Is Bank of America Checking Good for You?

    Whether Bank of America ends up being the right choice for a student checking account depends on if the benefits outweigh any potential problems for you. As one of the largest banks in the country, there’s a good chance that you will have a BofA branch in proximity to your home or campus. However, if you are studying in a state without a BofA, you could end up incurring a lot in ATM fees.

    If you decide to go with a BofA account, you’ll need to choose between the Advantage Plus or SafeBalance account. If you will be doing a lot of check-writing, you will need the paper checks that come with Advantage Plus. Keep in mind that you could be charged a lot in overdraft fees if you are not extremely careful with how you manage your account. 

    If you never write checks and don’t like the risk of incurring overdraft fees, then SafeBalance might be the way to go. It’s important to remember that after you turn 24 or graduate from college or your vocational program, both accounts will revert to charging you fees unless you meet certain requirements, so make sure you understand all the possibilities. 

    Need More Help? CollegeFinance.com Is Your Resource for Student Financial Information

    Planning for college is an exciting time in every student’s life. But it can also be stressful, especially when it comes to figuring out how to handle the financial aspects of obtaining an education. Along with choosing the best bank to meet your needs, you might be gathering information on how to save for college, how student loans work, and how you will pay off your student debt. 

    CollegeFinance.com can help. We’re experts in helping students like you manage the financial aspects of a college education, freeing you up to focus on working for your degree, rather than on how you’re going to pay for it.

    Источник: https://collegefinance.com/saving-for-college/bank-of-america-student-account

    How To Avoid Bank of America’s Monthly Maintenance Fees

    Banking / Banks

    Bank of America in Beverly Hills - LOS ANGELES / CALIFORNIA - APRIL 20, 2017.

    4kclips / Shutterstock.com

    Bank of America offers a number of checking and savings accounts. Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. Customers can avoid Bank of America’s fees in several ways, such as by setting up approved direct deposits or fulfilling account balance requirements.

    Below, GOBankingRates breaks down the assortment of fees associated with Bank of America’s products and services.

    Bank of America Checking Account Fees

    Depending on what type of account setting you have, the checking account monthly maintenance fee can vary.

    There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 monthly maintenance fee for Advantage Plus Banking® and a $25 monthly maintenance fee for Advantage Relationship Banking®, but only Advantage Relationship Banking earns interest.

    Bank of America Checking Accounts
    AccountMonthly Service FeeEarns Interest
    Advantage SafeBalance$4.95No
    Advantage Plus$12No
    Advantage Relationship$25Yes
    Information is accurate as of Nov. 23, 2021.

    Additionally, each Bank of America checking account comes with this schedule of fees:

    Bank of America Checking Account Fees
    FeeAmount Charged
    Out-of-network ATMIn U.S. $2.50
    Outside of U.S. $5
    Overdraft$35
    Foreign exchange rate3%
    Wire transferVaries
    Information is accurate as of Nov. 23, 2021.

    While there are no student-specific checking accounts, Bank of America will waive the maintenance fee for qualifying students.

    Bank of America Savings Account Fees

    Bank of America’s Advantage Savings account comes with an $8 monthly maintenance fee. Bank of America also imposes a withdrawal fee of $10 should you go over the six savings withdrawals it permits per month.

    As you can see, the annual percentage yield the bank offers is low compared with the national rate of 0.07% APY.

    Bank of America Savings Accounts
    AccountMonthly Service FeeAnnual Percentage Yield
    Bank of America Advantage Savings$80.01% APY for all balances
    Minor Savings$00.01% APY for all balances
    Information is accurate as of Nov. 23, 2021.

    How To Avoid Bank of America’s Monthly Maintenance Fees

    Maintaining minimum balances and making qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Some accounts will also waive fees based on your age.

    Each account has its own requirements, so be sure the fee waiver information you have matches your account type. Additionally, monthly service fees are different from item-specific costs, such as Bank of America’s overdraft fees.

    You have options to avoid Bank of America’s monthly maintenance fees, but they vary from account to account. Here are five ways to avoid Bank of America’s monthly fees:

    1. Maintain a Minimum Balance

    Here are the minimum balances required to qualify for a fee waiver:

    • Advantage Savings: $500 minimum daily balance
    • Advantage Plus: $1,500 minimum daily balance
    • Advantage Relationship: combined balance of $10,000

    2. Have Qualifying Direct How to close an account with bank of america online one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits:

    • Advantage Plus: Minimum of one qualifying direct deposit of $250 or more

    3. Link Your Bank of America Accounts

    Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee.

    • Advantage Savings: Link your Bank of America Advantage Relationship Banking® account.

    4. Enroll in the Preferred Rewards Program

    Maintenance fees for eligible Bank of America checking and savings accounts are waived when you enroll in Bank of America’s Preferred Rewards program. Qualification for the Preferred Rewards program tiers is based on having an active Bank of America personal checking account and maintaining a three-month average combined balance across your Bank of America accounts. Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.

    5. Qualify for the Student Waiver

    Qualification for the Bank of America student waiver applies when an account holder is enrolled in an academic institution and is under the age of 24. This waiver applies to the following accounts:

    • Advantage SafeBalance
    • Advantage Plus
    • Advantage Savings

    How To Avoid Bank of America’s Overdraft Fees

    Bank of America’s overdraft fee of $35 is standard, but that can be a huge chunk of change if you already have low funds. The best thing you can do to avoid Bank of America’s overdraft fee is to remain vigilant in keeping a healthy account balance. Overdrafts only kick in when you’re attempting to use more funds than you have in your account.

    You ww magazine online sign up for overdraft protection service, wherein the bank will cover a transaction using funds from another account, like a savings account.

    Good To Know

    You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking® account, which does not come with the fee.

    How To Avoid Bank of America’s ATM Fees

    Bank of America’s ATM fees — $2.50 for a non-Bank of America ATM inside the U.S. and $5 outside of the U.S. — are standard, and the easiest way to avoid them is to use Bank of America ATMs whenever possible. You may also be charged a fee by the operator when you use an out-of-network ATM.

    If you’re enrolled in the Preferred Rewards program, you can avoid ATM fees altogether depending on which tier you’re in.

    How Fees at Bank of America and Other Banks Compare

    Here’s an overview of the fees you can expect from Bank of America and how they compare with the costs of banking elsewhere:

    Fees at Bank of America and Other Banks
    FeeWells FargoChaseBank of AmericaCitibankU.S. Bank
    Monthly maintenanceUp to $30Up to $25Up to $25Up to $30Up to $24.95
    Out-of-network ATM withdrawalIn U.S.: $2.50
    Outside of U.S.: $5
    In U.S.: $2.50
    Outside of U.S.: $5
    In U.S.: $2.50
    Outside of U.S.: $5
    $2.50; additional 3% fee for transactions made outside U.S. and Puerto Rico$2.50
    Overdraft$35$34$35$34$36
    Excess transactionsUndisclosed$5$10No fee, but Chase bank hours near me will move funds to unrestricted account or close your account if you withdraw over the limit three times in a 12-month period$15
    Wire transfer$15-$30$15-$50Varies$17.50-$35$20-$50
    International debit purchase3%3%3%3%3%
    Information is accurate as of Nov. 23, 2021. Fees listed reflect amounts typically charged; exceptions may apply.

    Traditional banks usually carry similar service fees, like the wire transfer and ATM fees shown above. However, it should be noted that Bank of America, Chase and U.S. Bank all offer a lower ceiling of $25 for monthly maintenance fees.

    Getting the Most Out of Your Bank of America Account

    Bank of America offers a wealth of information for both customers and non-customers alike. Bank of America’s Better Money Habits series features articles and tips for the financial layman.

    You can find information on topics that include:

    • Auto loans
    • Building credit
    • Owning a home
    • Retirement planning
    • Savings advice
    • Understanding credit reports

    To see what else Bank of America accounts can offer you, visit your local branch or Bank of America’s website.

    This article has been updated with additional reporting since its original publication. This content is not provided by Bank of America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America. Information is accurate as of Nov. 23, 2021.

    About the Author

    Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

    Источник: https://www.gobankingrates.com/banking/banks/how-to-avoid-bank-of-america-monthly-maintenance-fee/

    BANKING SERVICES AND SOLUTIONS WHILE YOU ARE OVERSEAS

    Convenient Banking Using an App or Browser

    Using the app makes it easier than ever for iPhone, iPad, and Android tablet users to access and manage accounts:

    • Easily make single and repeating payments to a payee in any SEPA participating country for a small fee (available in Germany, Italy, how to close an account with bank of america online the Netherlands only) by using our Euro Bill Payment service.
    • Transfer funds to any U.S.-based financial institution capable of accepting ACH credit transactions, without a wire transfer fee; schedule transfers in advance and view important transfer details.
    • Send a secure message to our customer service department.
    • Receive account alerts to notify you of important account changes such as low balances, posted transactions and insufficient funds.
    • Customize your accounts with an easily recognizable account nickname.
    • Check account balances and search recent transactions.
    • View your most recent account statements conveniently on your mobile device.
    • Easily access banking center and ATM information, loan rates, and currency exchange rates.

    Before accessing Mobile Banking on your mobile device, you must first enroll in Online Banking by clicking here.

    To access Mobile Banking, download the Community Bank mobile banking app to your device using these simple steps:

    Step 1: Visit the iTunes App Store or Google Play.

    Step 2: Launch the app and log-in with your Online Banking username and password. When first signing in to Mobile Banking, you will be prompted to answer one of your pre-established security questions and accept the End User License Agreement.

    Using a browser allows you to:

    • Find ATMs and view banking center locations and hours
    • View our currency exchange rates and use a conversion calculator
    • View our current loan rates and interest rates for Checking and Savings Accounts

    To use the Community Bank website on your mobile device, go to DoDCommunityBank.com from your browser.

    Источник: https://www.dodcommunitybank.com/home/basic_banking

    Online Banking & App

    With Online Banking You Can:

    • Access your e-Statements
    • Check your account balance and history
    • Pay your bills with Bill Pay
    • Check your credit card history
    • Transfer money between your accounts
    • Make loan and credit card payments
    • View check copies & receipts
    • Deposit checks* (with the app only)

     

    LOGIN   RE-REGISTER

     

    You can now register from any device!

    To register for the new Online Banking platform, you will be asked to provide your first name, last name, date of birth, Social Security number, and the base account number of your preferred American 1 account. 

    Your base account number is typically 6 digits (but could be 4-8 digits) and never starts with a zero. Please click here to view examples of where to find your base account number (how your account number is displayed may differ depending on where you find it). 

    We have determined that our Online Banking will no longer support Microsoft Internet Explorer due to potential security weaknesses. This means that if you use Internet Explorer, you will need to download and use a different web browser such as Microsoft Edge, Google Chrome, Firefox, or Safari to access Online Banking in the future. Download another browser by using the links below:

    View how to close an account with bank of america online Deposit Disclosure and Funds Availability Policy

    *Must meet eligibility requirements to access this service. Contact any branch for full details. 

    Источник: https://www.american1cu.org/online-banking

    How ope sorry Close a Bank Account at the Top 5 Biggest U.S. Banks

    Once you decide to break up with your bank, there are some items to check off your list before you officially close how to close an account with bank of america online account. 

    1. Open Your New Account

    First, you’ll want to figure out where you want to open your new account. Focus on what’s most important to you. For some, it’s the no hidden fees or amazing mobile features that allow you to bank easily on the go. Once you make your decision, go through the steps to open your new account.

    2. Transfer Your Money

    Next, you’ll want to move all of the money out of your old account into your new account. Make sure you talk to your bank about withdrawal/transfer limits. If you empty your account and hold off on closing it, you may also get hit with a balance limit fee. It’s often helpful to close your account the same day you transfer your money to avoid this. 

    You can also keep a small cushion in the account to cover unexpected fees. Banks will usually send you a check with your remaining balance after your account is closed. 

    3. Change Any Automatic Payments

    If you have any automatic transactions set up, make sure you switch them over to your new account. Think electric bill, credit cards, car payments, etc. It may help to check over your last billing statement to make sure you have everything covered. 

    4. Switch Your Direct Deposit 

    If you havedirect depositsetup, change it over to your new account. This usually involves providing your employer with a  voided check from your new account or a permission form. This will ensure your paycheck lands in the right spot. 

    5. Confirm Everything Has Cleared

    Make sure there are no pending transactions on your account. This means deposits have cleared and anything you’ve spent has left your account. 

    Once you complete these steps, you’ll be ready to actually close the account. Keep a record of everything, whether it’s receipts, billing statements, etc. This will help confirm you switched your account correctly.  

    Источник: https://www.chime.com/blog/how-to-close-a-bank-account-at-the-top-5-big-banks/

    Why Bank of America closed my account?

    There new build homes for sale two basic reasons for a bank to close your account: it doesn’t expect to make money on it, or it’s afraid of being liable for some fraud or money-laundering you might be doing. The bank does not need proof or even evidence.

    What happens if Bank of America closes your account?

    Closed Account The bank has to return your money how to close an account with bank of america online it closes your account, no matter what the reason. However, if you had any outstanding fees or charges, the bank can subtract those from your balance before returning it to you. The bank should mail you a check for the remaining balance in your account….

    Is Bank of America or Chase better?

    Chase has a larger range of options, while BofA has slightly better rates on most of its accounts. They’re both solid choices for customers who want a traditional banking experience, but you may want to consider online banks or comparing your options to find better features or higher rates.

    Where can I complain about Bank of America?

    Bank of America complaints contacts

    • Call Customer Care on 1 (800) 432-1000.
    • Visit Customer Care Contact Form.
    • Tweet Bank of America Customer Care.
    • Tweet Bank of America.
    • Follow Bank of America.

    Does Bank of America call customers?

    Bank of America often sends messages from SMS short numbers for alerts, but we will never ask you for personal or financial information in a text message. If you’re in doubt, call the client service number on our Contact Us page, on your statement or on the back of your credit, debit or ATM card.

    How much can you withdraw from BofA ATM?

    The maximum ATM cash withdrawal amount is $1,000 or a maximum of 60 bills that can only be dispensed at one time. There may also be different limits based on account type and availability of funds. The maximum ATM cash limit when setting up a withdrawal in advance in the Mobile Banking app is $800.

    Can I withdraw 3000 from Bank of America?

    You may withdraw up to $700 of your available account balance per day. For card purchases using your personal identification number (PIN), your daily limit is $1,000 of your available account balance. You can link up to 15 Bank of America business checking and savings accounts to 1 card.

    Can I withdraw 20000 from How to close an account with bank of america online of America?

    Although there is no specific limit to the amount of cash you can withdrawal how to close an account with bank of america online visiting a bank teller, the bank only has so much money in its vault. Additionally, any transactions over $10,000 are reported to the government.

    What is the max deposit for Bank of America?

    Here’s a breakdown: Customers with account open for fewer than 90 days: $1,000 per month. Customers with accounts open for more than 90 days: $5,000 per month. Platinum Privilege customers: $10,000 per month.

    How much of a check is available immediately Bank of America?

    At least the first $200 of the check deposit will be available on the first business day after the day of your deposit. The first $200 of your total deposits will be available immediately on the business day of the deposit.

    What time does Bank of America release funds?

    Cutoff Times for Deposits, Transfers and Payments

    Time ZoneCutoff and availability times
    Eastern or Central9:00 p.m. ET for same-day credit. Funds will generally be available the next business day.
    Mountain or Pacific∗8:00 p.m. PT for same-day credit. Funds will generally be available the next business day.

    How long does a Bank of America check take to clear?

    How Long It Takes a Check to Clear at the Top 10 Banks

    BankStandard Deposit
    Bank of AmericaSame day as long as it is before the cut-off time (posted at branch and ATMs).
    Wells FargoNext business day.
    ChaseFunds available after midnight if deposited before 8 P.M. local time.

    How much of a check is available immediately?

    Most banks will how to close an account with bank of america online provide the depositor with at least $200 for immediate availability after a check deposit is made. Also, when you’re using your online banking to your funds, you may see two different figures listed for “account balance” and “available balance.”

    How can I get my check cleared faster?

    The safest and fastest way to get cash is to take your check to the check writer’s bank. That’s the bank or credit union that holds the check writer’s funds, and you can get the money out of the check writer’s account and into your hands instantly at that bank.

    How much money is available after depositing a check?

    Generally, if you deposit a check or checks for $200 or less in person to a bank employee, you can access the full amount the next business day. If you deposit checks totaling more than $200, you can access $200 the next business day, and the rest of the money the second business day.

    What is the longest a bank can hold a check?

    How Long Can a Bank Hold Funds? Regulation CC permits banks to hold deposited funds for a “reasonable period of time,” which generally means: Up to two business days for on-us checks (meaning checks drawn against an account at the same bank) Up to five additional business days (totaling seven) for local checks.

    Which bank has the fastest direct deposit?

    5 Online Banks That Offer Early Direct Deposit

    • OneUnited Bank. OneUnited Bank is a full-service online bank available in ALL States with branch locations in California, Florida, and Massachusetts.
    • Radius Bank.
    • Chime Spending Account.
    • GTE Financial.
    • CARD.com Prepaid Visa® Card Account – $50 Bonus.
    Источник: https://www.mvorganizing.org/why-bank-of-america-closed-my-account/

5 Replies to “How to close an account with bank of america online”

  1. Hi Lods, actually eto din balak ko gamitin hahaha diko pa na aask sa bank ung swiftcode, saka ung ibang info.

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