Bank of America is a large financial institution in the United States. Its services include consumer and commercial banking, investment management and brokerage, and trust and retirement services.
The bank offers a variety of products, including checking accounts, savings accounts, credit cards and loans. The company also operates a branch network and provides a range of digital tools. For example, customers can deposit checks and review account balances online. In addition, Bank of America clients can transfer money via mobile apps. They can receive money from family members and friends, and send it directly to a recipient.
Bank of America is headquartered in Charlotte, North Carolina. Its Consumer Banking segment includes interest-bearing checking accounts, certificates of deposit, and investment accounts. The Global Wealth & Investment Management segment provides investment management solutions.
Bank of America has an extensive branch network. Its retail deposit market share is more than 10%. During the past year, the bank’s retail deposit base has increased by ten percent. This growth in the retail deposit market is not organic. Rather, the growth has been driven by several mergers. Moreover, the number of bank branches has grown considerably.
The bank is known for its technological advancement. For example, customers can use Erica, a virtual assistant, to help them manage their accounts. Additionally, the bank has been one of the leaders in the mobile banking industry. Bank of America has been ranked number one in the world for mobile banking. Currently, the bank has over 16,000 ATMs.
Aside from its retail banking services, Bank of America offers mortgages and loans to businesses. The company also offers its Preferred Rewards program, which waives the monthly fee for account holders with a balance of at least $1,000. However, there are still other fees associated with the account.
The Global Wealth & Investment Management segment is also home to Merrill Lynch Wealth Management, which is the third-largest investment bank in the world. With more than 4,600 branches across the U.S., the company provides its services to individual customers and high-net-worth clients.
Bank of America also offers a number of financial products to governments. Some of these products are issued through wholly owned subsidiaries of the bank. Other products are subject to terms and conditions and may change without notice. One of the bank’s recent initiatives is to mobilize $1 trillion over the next 15 years for environmental causes.
In addition, Bank of America offers low interest rates and rewards programs. Depending on your account balance, you will earn rewards, which include cash back at participating retailers and higher APYs on savings and checking accounts.
Bank of America’s Preferred Rewards program allows you to avoid a monthly fee if you have a minimum balance of at least $1,000. Customers can get in touch with customer service seven days a week.
Lastly, Bank of America is a member of the Global ATM Alliance, a group of major international banks that allow customers to make withdrawals with reduced fees for international transactions. However, the company still charges an ATM fee if you don’t use a Bank of America ATM.
