An American multinational financial services company, Bank of America is the second largest bank in the United States in terms of assets. The bank is headquartered in Charlotte, North Carolina and is one of the big four banks in the United States. It is the largest wealth Management Corporation in the world and has over 1 trillion dollars in assets.
Bank of America does not have many retail branches and operates in more than 40 countries. It serves over 46 million customers, has 4600 banking centers, and 15900 ATMs. The bankers primarily focused on real estate products and offers both fixed and adjustable rate mortgage loans, home equity lines of credit, home equity loans.
Here are all the services provided by bank of America.
Bank of America deals with consumer banking, mobile banking, global wealth and investment management, and global markets. 90% of the banks revenues are generated from the United States and therefore, is one of the biggest in the country.
The largest division of the company is consumer banking which includes services for consumers and small businesses. The services include banking, loans, mortgages, investments, and credit cards. The consumer banking generate about 38% of the company’s revenue.
- Checking Account
Bank of America offers 4 types of checking accounts namely, code checking, interest checking, student checking, and business checking. All of these accounts require a monthly maintenance fee which can be waived if the consumer meets a certain criteria.
- Savings Account
The four types of savings account offered by Bank of America are rewards savings, child savings, CDs, and IRAs. All of these accounts have a different scale of benefits and monthly fees. The monthly fees are waived for deserving candidates.
- Credit Cards
Bank of America offers 6 types of credit cards which are customised to suit the consumers’ needs. The cards offered are cash rewards, travel and Airlines, lower interest, point rewards, and small business cards. Out of all of these, the rewards cards as well as the travel cards are the most popular ones.
Bank of America provides home loans and auto loans to its consumers. The home loans are offered as mortgages, refinance, and home equity. The Advisors with the bank help you figure out how to get your home at a good price and what loan percentage would suit you best.
Apart from the traditional banking services, Bank of America also offers investment options. The bank provides services like retirement planning, college savings plans, IRAs, and many other investment choices. If you have any sort of confusion, the financial Advisors by the bank will help you out.
- Online Banking
Bank of America has both website and a mobile banking app that allows one to take care of all the retail services provided by the bank at just one place. The mobile banking app allows one to deposit money, transfer funds, check on their account, and more. For more information on online banking please check this Bank of America login guide.
The Global banking division of Bank of America is to provide banking services and lending products to businesses. Global banking represents 22% of the Bank of America’s revenue. It helps the businesses with their everyday work, investments, growth, and provide corporate banking solutions. Bank of America also allow small companies to lease equipment.
Global Wealth and Investment Management
The Global Wealth and investment management by Bank of America manager SBI assets of Institutions and individuals. The Wealth Management is one of the 10 largest in the United States and has over 2.5 trillion dollars in client balances. The revenue generated by this division is 21% of the total.
Trading in financial securities, risk management using derivatives, and market making fall under the division of global markets. This division makes about 16% of the total companies’ revenue.
One of the largest banks in the United States in terms of assets, Bank of America provides a lot of services. The services are also highly customized in nature and deal with the goals of the consumer itself. Whether it’s a checking account, a loan, or a credit card, everything is designed to cater to everyone’s needs.
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