Bank of America review

Bank of America review 2020

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BofA (Bank of America) is an American multinational financial service and investment bank company. The headquarter of Bank of America is in Charlotte, North Carolina. Bank of America’s central hubs is located in London, New York City, Minneapolis, Hong Kong, and Toronto. Bank of America was founded in the year of 1998 by Amadeo Giannini through the merger of Nations Bank and Bank America. Bank of America has 46,000 retail financial centers and approximately 15,900 automated teller machines.

About Bank of America

Bank of America’ products includes:

  • Consumer banking
  • Insurance
  • Corporate Banking
  • Investment Banking
  • Private Banking
  • Mortgage Loans
  • Wealth Management
  • Equity
  • Credit Cards

Who is Bank of America Best For?

Bank of America is ideal for customers who want to bank with a large bank and want to have access to multiple account options. It is also a good option for those who:

  • Wants to deposit in-person at a branch or want easy access to ATMs.
  • Students who need a saving account, checking account, credit card, or all three.
  • Those who love shopping and pay through credit cards and want to take advantage of credit card points and rewards.

Bank of America’s Pros and Cons

Pros: 

  •  Bank of America has several branches and ATM locations.
  • It offers various credit card options that include rewards card
  • Bank of America has an excellent repertoire of cash reward credit cards.

Cons:

  • Minimum opening balance requirements are high, and CD rates are low.
  • Overdraft fees of $35 can be charged four times daily, depending on your account type.
  • Checking accounts have monthly maintenance fees and can be avoided with a minimum direct deposit of average daily balance.

Bank of America’s Accounts Types

Bank of America provides a variety of account to its customers that include:

  • Advantage banking account
  • Student banking account
  • Child savings account
  • Rewards saving account
  • Lower interest rate cards
  • Travel, Airlines, and points reward credit cards
  • IRAs
  • CDs
  • Cards to build or rebuild credit

Bank Of Americas International Offices

  • Global Corporate and Investment Banking headquarter is located in NewYork
  • Bank of America’s European headquarter is located in Dublin
  • Bank of America’s Asian headquarter is located in Singapore and Hong Kong.

Bank of America Operations

1- Consumer Banking

Consumer banking is the largest division in Bank of America. It provides small businesses that include business loans, mortgages, investment and lending products, and credit cards. Bank of America’s consumer banking represents 38% of the company’s total revenue. Bank of America earns revenue from service charges, interest income, and fees. Bank of America’s consumer banking organization includes approximately 15,900 automated teller machines and 4,600 retail financial centers.

2- Global Banking

Bank of America’s Global Banking division offers investment banking and lending products to businesses. It also includes the activities of Global corporate banking, Business Banking, Global Commercial banking, and investment banking. Bank of America’s Global Banking division represents 22% of the company’s total revenue as of 2016.

3- (GWIM) Global Wealth and Investment Management

Bank of America’s division of (GWIM) Global Wealth and Investment Management division of Bank of America deals with investment assets of individuals and institutions. The division includes the businesses of the U.S and Merrill Lynch Global Wealth Management. Global Wealth and Investment Management (GWIM) represents 21% of the company’s total revenue as of 2016. The division has approximately $205 trillion in client balances. Bank of America’s division of Global Wealth and Investment Management (GWIM) has five lines of business, including:

  • The Private Bank
  • Family Wealth Advisors
  • Bank of Americas Specialist
  • Premier Banking and Investments
  • Bank of Americas Investment Services

4- Bank of America’s Global Banking

Bank of America’s Global Banking business focuses on long-term relationships with multinational corporations, financial sponsors, and financial institutions. They offer treasury, debt, strong advisory expertise, corporate banking, capitalizing on robust mergers and acquisitions, equity product expertise, to deliver business solutions. Bank of America’s Global Banking responsibilities also includes interaction and communication with deal team members, preparation of presentation, and other materials for clients, and performing financial analysis that provides merger consequences and valuations.

5- Bank of America’s Mortgage Loans

Bank of America presents a wide variety of mortgage loan options that includes:

Fixed-rate mortgage loan: Bank of America’s Fixed-rate mortgage loan is dependable and straightforward. It has a fixed interest rate that doesn’t change, and your interest payments and principal stay the same.

Adjustable-rate mortgage: Bank of America’s Adjustable-rate mortgage loan starts with an initial interest rate that’s lower than fixed-rate, but once your induction period ended the price can change. Your monthly payment may decrease or increase when that happens.

FHA Loan: Bank of America’s FHA loan or Federal Housing Administration-insure loan is a good option if you have a low income for a lower credit score or a small down payment.

VA Loans: Bank of America offers VA loan service to former or current military or National guards(and their spouse). Bank of America’s VA loans has minimal or no down payment required.

Jumbo Loan: Bank of America also offers a Jumbo loan plan to those who need loans more prominent than the conforming loan limit in a specific country. Bank of America’s conforming loan limit is $510,400, and in some pricey areas, it goes up to $765,600. The jumbo loan usually comes with higher interest rates.

Affordable Loan Solution: Bank of America launched an Affordable loan solution in 2016 for low-income buyers. Bank of America is partnered with Freddie Mac and Self-Help Ventures Fund for Affordable loan solution mortgage that enables buyers to pay as little as 3% for single-family homes in down payment. Also, you cant own additional property if you have this loan. Affordable loan solution is available for fixed-rate mortgages with 25-30 year terms.

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  4. Citigroup Inc review 2020

Bank of America’s Labor Wage Policy

Bank of America announces the minimum wage of labor will be increased beginning May 1st, 2019, to $17/hour until it reaches $20/hour in 2021.

Final Words:

That’s all about bank of America, if you still have any question you can ask us in comment box, we’ll get back to you ASAP!

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