Bank of America Review

Bank of America is an American financial conglomerate that provides a wide range of financial services to individuals and legal entities. It is included in the top four largest US financial conglomerates. Bank of America is the largest bank holding company in the United States in terms of assets, ranks 6th among the largest companies in the world according to Forbes. Despite a fairly wide network of foreign missions, the main region of activity is the United States, primarily the state of California; registered in Delaware under the name Bank of America Corporation. It was formed in 1998 as a result of the merger of the California BankAmerica with the NationsBank from North Carolina.

History of the bank

Bank of America was founded by Italian immigrant Amadeo Giannini in 1904 in San Francisco under the name “Bank of Italy”. Bank of Italy provided financial services to immigrants who were denied service to other banks. After the earthquake in San Francisco in 1906, Giannini managed to remove all deposits from the bank building. Since all banks were destroyed and could not work, Janini began to use the saved funds to start lending within a few days after the disaster. In doing so, he used a table of several boards laid on two barrels. Later in his life, he was very proud that all these loans had been repaid. In 1922 he founded the Bank of America and Italy in Italy, buying Banca dell’Italia Meridionale established in 1918. In the late 1920s, Gianni offered Orra Monnette, President and Founder of Bank of America Los Angeles, to merge the companies. The deal ended in early 1929, and the new company was renamed Bank of America on November 3, 1930. For Americans, Bank of America is not just a bank where American citizens keep their money, it is a symbol of the United States. It was the Bank of America that created the Visa card and the American check system, the first full-length Disney cartoon was made with the money of this bank.

Bank of America loans

Bank of America offers loans to homebuyers, car buyers and small business owners.

Home mortgages

You can choose between 2 types of mortgages for a wide range of borrowing needs:

  • Fixed-rate mortgage. Your interest rate does not change throughout the term of the loan, allowing for predictable monthly payments over 15, 20 or 30 years. Interest rates are competitive, and you won’t have to worry about them increasing over the course of your loan;
  • Adjustable-rate mortgages (ARM). You’ll initially have a lower fixed interest rate, usually lasting up to 10 years. After the fixed-rate period, the interest rate adjusts to the going interest rate for the remainder of the loan.

Auto loans

You can get auto loans for new and used cars as well as refinancing and lease buyouts. Interest rates are at least 3.59% for new cars and 3.79% for used ones.
You can receive the money in 24 hours. Besides, you can get a lower rate if you have a checking account in this bank.

Mortgage refinancing and home equity lines of credit

The bank offers several types of refinancing and home equity lines of credit.

  • The line of credit. You borrow funds against the value of your home at a variable rate. The APR is competitive. You’ll have a lower rate during your first year, then switch to a slightly higher percentage rate for the remaining amount of your loan;
  • Mortgage refinancing. You can opt for a fixed-rate, adjustable-rate, FHA, VA, cash-out refinancing option. Each of these options has different terms and eligibility criteria, so you’d better contact a representative of the bank or visit any branch to learn the detail.

Business loans

You can get a business loan to buy inventory or cover day-to-day expenses. The bank offers competitive rates and loan amounts between $25,000 and $2 million.

Other services

Checking

  • Advantage SafeBalance (The minimum opening deposit is $25)
  • Advantage Plus Banking (The minimum opening deposit is $100)
  • Advantage Relationship Banking (The minimum opening deposit is $100)

Savings

  • Reward Savings (You’ll need $100 to open an account)
  • Child Savings (Your child will need $25 to open the account)
  • Custodial Savings Account (You’ll need $500 to open an account)

CDS

  • Featured CD (you need to invest at least $10,000)
  • Standard Term CD Account: (you need to invest at least $1,000)

IRAS

  • Savings IRAs (guarantees the stability of FDIC insurance on your deposits and earnings)
  • Investment IRAs: (you can then invest in stocks, bonds, mutual funds, and ETFs).

Mobile Banking

Bank of America offers a convenient Mobile Banking option, which will allow you to have secure banking from almost anywhere. With this option, you can pay bills, check your balance, deposit checks, view statements, transfer money between your accounts, set up alerts. You can even schedule or pay bills online from home, the office, wherever you can connect.

Locations

Bank of America operates all across the USA. You can use its services if you reside in any of the 38 states: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.