Bank of America is one of the largest banks in the U.S. and the fourth largest employer in the banking industry. A member of the New York Stock Exchange, it serves clients throughout the country and around the globe. It offers a variety of products and services, including checking accounts, credit cards, loans, and investment management. In addition to its branch network, the bank also has an extensive digital platform that includes online banking and mobile apps.
For example, the Bank of America mobile app gives its users access to their account balances and allows them to make transfers. They can customize their mobile app dashboard and use the virtual assistant Erica to provide guidance. The bank also operates a large number of ATMs. Some of these are cardless-enabled and offer customers reduced fees for international transactions.
In addition, the Bank of America has an extensive network of branches in the United States and abroad. Currently, it has more than 3,900 branches in 20 states and territories. Customers can get help from the Bank of America’s customer service representatives, who are available between eight in the morning and eleven in the evening on weekdays and eight in the morning and two in the evening on weekends.
In the wake of the 2008 financial crisis, Bank of America merged with Merrill Lynch. During that time, the company also received $20 billion in funds from the TARP. This money was part of a deal that kept the merger intact.
At that point, the bank had around $1.7 trillion in assets. Later, the bank purchased LaSalle Bank Corporation from ABN AMRO for $21 billion. After that, the company began to expand its domestic consumer banking outside California.
Besides offering a wide variety of banking products, the Bank of America has become a leader in the field of wealth management. It has a top share of the high net-worth market, with over US$2.6 trillion in assets.
Besides lending, the Bank of America offers financial products to businesses and governments. The company has been involved in numerous corporate banking projects all over the world. Additionally, the company has recently announced plans to raise at least $1 trillion by 2030 to fight environmental causes.
Since the financial crisis, the bank has provided relief to its customers. These include new loans to credit-worthy borrowers, financing for affordable rental housing, and donations to help communities that have been affected by the economic downturn. However, Bank of America has been accused of misusing the bailout money.
On January 16, 2009, Bank of America received $20 billion in TARP funds. The TARP was created during the financial crisis as a way to provide liquidity for banks. Initially, Bank of America received $25 billion. Afterward, it added another $20 billion.
When the merger with FleetBoston Financial was completed, the bank had over 20 million customers and $197 billion in assets. With the merger, the bank expanded into the New England area.
