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boa atm locator app

Finding a free ATM is easy–just use our online ATM locator or click the location symbol on our mobile app (you don't even need to log in)! Interested in. Learn more about how to get your money, access your bank account or deposit cash and checks with 70000+ fee-free Capital One ATM locations nationwide. With over 30000 surcharge-free ATMs in our network, CO-OP can rival even the biggest banks in convenience when you need an ATM.

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Wells fargo atm locations

wells fargo atm locations Wells Fargo ATM serves Columbus, GA and is located in the 31909 ZIP code. Locations. Surcharge-Free ATMs and Branch Locations. Find 18 listings related to Wells Fargo Bank in Hagerstown on YP. - Jeppesen Terminal, and A, B and C Gates. Visa Global ATM Locator 2050 W. BECU members can access accounts and conduct transactions across the country by visiting CO-OP ATMs and partner credit union branch locations. Find 28 listings related to Wells Fargo Atms in Whitewater on YP. Print Mastercard ATM Locator guides you to the nearest ATM location with just a click. The assigned Fed RSSD ID of Wells Fargo Bank is 451965. E. As of today, Wells Fargo Bank is the 1st largest There are no Wells Fargo ATM's located on the Vegas Strip but there are 2 locations between the Strip and Downtown. wellsfargo. Digital wallet access is available at Wells Fargo ATMs for Wells Fargo Debit Cards and Wells Fargo EasyPay ® Cards in Wells Fargo-supported digital wallets. Availability may be affected by your mobile carrier Find 457 listings related to Atm Locations Wells Fargo in Oklahoma City on YP. It also has a filter if you’re interested only in Plus Alliance ATMs. ; Saturday from 9 a. Wells Fargo charges a flat $5 fee for withdrawing cash from international ATMs; however, this fee is waived for Portfolio by Wells Fargo® checking account holders with unlimited non-network ATM withdrawals. (New and existing customers) 24 hours a day, 7 days a week. Learn about daily withdrawal limits, resetting PIN numbers, reporting lost or stolen cards, and more at FAQ about ATM Cards. Discover ATM locator: Discover has 415,000 ATMs, so chances are good you’ll find one near you. Find ATMs from across the world quickly, easily & securely. D. Your mobile carrier’s message and data rates may apply. Wells Fargo card-free ATMs Locations (NFC-Enabled) 530 Las Vegas Blvd S, Las Vegas, NV 89101 Tel: 800-869-3557. You can find nationwide locations by selecting the Surcharge Free ATMs and Partner Credit Union filters before you search. Set up is easy - just add your Bank of America debit card to your digital wallet. May 08, 2015 · And to keep up with its 250 to 1,000 residents’ monetary needs, Wells Fargo established the ATM around 2000. Credit card is subject to credit qualification. Start Address: End Address: Print; Download To GPS; there are no locations within the map area. Main Hall of Terminal 2: open daily from 7:00 a. Currency Exchange at Lindbergh Terminal 1: Travelex (612-713-7483) at ticketing lobby, between doors 5 & 6 and a currency exchange office & ATM is at entrance to Concourse G entrance. Unfortunately, there is no free mobile app option. googletagmanager. Use any of the 85,000 conveniently located ATMs at your favorite retailer like Target, CVS, Kroger, Walgreens, Safeway, Circle K, Speedway, Winn Dixie, 7-Eleven as well as many of the convenient PenFed ATMs and branch locations. Availability may be affected by your mobile carrier’s coverage area. ATM/Cash Machines. 1)Have your Card out and ready to use as you approach an ATM. With over 55,000+ ATM locations, you can find one virtually anywhere by searching on the Allpoint location app. Level 2, Terminal A, Ticketing Lobby Level 2, near Gate A7 Level 2, near Gate A17 Level 2, Terminal B, Ticketing Lobby Level 2, Terminal B, Post-security Level 2, near Gate B1 Pre-Security, Houston Airport Marriott Level 2, Terminal C-D Walkway Level 2, near Gate C3 Level 2, near Gate C6 Level 2, near To locate the nearest MasterCard ® ATM Click on the MasterCard ® logo and you will be linked to their worldwide network of ATMs. 1. Learn more about digital wallets . 8. - Open Monday through Friday from 9 a. There are no Wells Fargo ATM's located on the Vegas Strip but there are 2 locations between the Strip and Downtown. +. Apple Pay uses near-field communication (NFC) for cardless ATM access. 5. Bank customer, you also have access to transact at MoneyPass Network ATMs without a surcharge fee. See reviews, photos, directions, phone numbers and more for Wells Fargo Bank locations in Lockport, NY. Eligibility for introductory rate(s), fees, and bonus rewards offers. html?id=GTM-W2GD88" height="0" width="0" style="display:none;visibility:hidden"></iframe> Visa Global ATM Locator Now it is easy to find an ATM thanks to Mastercard ATM locator. Use your MoneyPass ATM card at any of the ATMs listed on this site without paying a surcharge. F. 3 As a U. C. Because…” more. Use your smartphone to withdraw cash, make deposits, check balances and more at our Cardless ATM. AllPoint ATMs & Money Network Check Cashing. WELLS FARGO ATM - St. 4. US Bank ATMs are located in the Gateway Center, level 3 of the terminal, in Concourse A and Concourse B, and serve members in the following networks: FSV, Fastbank, Plus EBT, StarP, NyceP, Star, Nyce, Pulse, Euronet Cirrus Intl, CirrusP, Plus, Cirrus, Shazam. To locate the nearest MasterCard ® ATM Click on the MasterCard ® logo and you will be linked to their worldwide network of ATMs. To comply with requirements and recommendations from health officials and local governments, every person entering a Golden 1 branch must wear a face mask/covering. WELLS FARGO ATM. Mastercard ® ATM Alliance Location Search Instruction. com/ns. Louis. All cities Show all cities. Wells Fargo Bank currently operates with 5317 branches located in 37 states. Important information: As community reopening plans are subject to change, we recommend contacting your local branch prior to your visit to confirm their hours of operation and availability. See reviews, photos, directions, phone numbers and more for Wells Fargo Bank locations in Hagerstown, MD. We used to visit this location on our Vegas trips to avoid the finance charges at the casino ATMs. ATM & Branch Locator. In July 2018, California changed the network of surcharge-free ATMs for EBT cards. When at the ATM: Select your Bank of America debit card in your digital wallet. Use the Capital One Location Finder to find nearby Capital One locations, as well as online solutions to help you accomplish common banking tasks. com. The bank has most branches in California, Texas, Florida, North Carolina and New Jersey. WELLS FARGO ATM - Chesterfield - Missouri 17107 Chesterfield Airport Rd, #120 WELLS FARGO ATM - Gainesville - Missouri Us-160 & Mo-5 (800) 869-3557 WELLS FARGO ATM - Imperial - Missouri 1269 Main St Wells Fargo Bank ATMs Near Me Wells Fargo Bank Branches Near Me Hide Partner Locations Nearby Wells Fargo Bank ATMs and branches with location addresses, opening hours, phone numbers, and more information including directions and maps. In our ever-changing world, STAR is positioned to meet the needs of consumers and businesses today, and in the future. * Select locations only. There is a $500 ATM limit on debit cards. U. 1-800-869-3557. A. Here are a few tips on how you can help protect yourself when using an ATM. Hours of Operation in St. More detailed information can be found on a branch by selecting one of the options displayed. Louis, MO. Located - Downtown Aug 08, 2021 · Allpoint ATMs are surcharge-free with locations worldwide. Re: Banks and ATM's. Lower Level of Terminal 5: open daily from 8:00 a. 2 Locations in St. Get location hours, directions, customer service numbers and available banking services. With over 55,000 participating ATMs, your cash is never far away. You can find Allpoint ATMs virtually anywhere your travels may take you, throughout the United States and around the globe. Downtown. We’ll help you find the ATM machine nearest to you. 1% cash back on up to $3,000 in debit card purchases each month. Find a Chase branch and ATM in Michigan. Skip to main content. Just type your ZIP code in the box and check if you’d like to see surcharge-free Oct 21, 2021 · ATM ATMs are located in all terminals. Seaway Bank offers full banking services including foreign currency exchange services from two locations within O'Hare International Airport. Oct 21, 2021 · Banking/ATM Services at Chicago OHare ORD Airport. 1 That's fine if you've got sufficient funds in your account, but it can cause overdrafts, fees, and other problems if you don't. If you have requested a set of Money Network ® Checks 1, you can also use this Locator to find locations near you where you can cash them at no cost. Finding an ATM that won’t charge you an ATM surcharge fee (aka foreign ATM fee or out-of-network fee) is easy if you know where to look. Bank ATMs or partner ATMs. Browse all First Citizens Bank branch and ATM locations. 2 It's easy to find MoneyPass ATMs in your area. Wells Fargo offers more than 12,000 ATMs and approximately 4,900 retail banking branches coast to coast. Louis - Missouri 2801 Market St. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC,Member SIPC has popup , a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. MoneyPass offers a surcharge-free ATM experience for qualified cardholders at a variety of convenient locations throughout the United States. Wells Fargo Locations Near Me Hide Partner Locations Wells Fargo Bank ATMs and branches in Cape May, United States with nearby location addresses, opening hours, phone numbers, and more information including directions and maps. Availability may be affected by your mobile carrier Find the best Wells Fargo Atm near you on Yelp - see all Wells Fargo Atm open now. Surcharge-Free ATMs. All banks have them, some even two! Many of the ones you find out and about are owned by independents, so if your need is more than one or two hundred dollars, use the bank ones, as the independents only give one or two hundred. 31 reviews. If an address has more than one ATM, please look for the MoneyPass logo on a sign at the ATM or displayed on the ATM screen to avoid paying a surcharge. 612-727-1725) located at ticketing lobby, between doors 5 & 6 MoneyPass offers a surcharge-free ATM experience for qualified cardholders at a variety of convenient locations throughout the United States. A note about social media: Opinions, comments and actions taken on Social Media are those of the third party and do not necessarily reflect the views of the creator Find Chase branch and ATM locations - Grays Harbor - Atm. Seaway Bank. 15 helpful votes. Directions. FAQ for ATM Cards. Regions Bank ATM – The Regions Deposit Smart ATMs allow you to cash your checks at any time of the day. Call 1-888-SITE-CO-OP (888-748-3266) to find a location by telephone. Universal City Studios Credit Union. Find 222 listings related to Wells Fargo Atm in The Strip on YP. Find one near you. View credit cardholder agreements. 1121 Las Vegas Blvd S. <iframe src="//www. Bank of America financial centers and ATMs in Delaware are conveniently located near you. 2)Avoid ATMs that are poorly lit, hidden, or obstructed from view. 2 days ago · Automated teller machines (ATMs) are located throughout the following terminals: - 2nd level of Terminal D - 1st level of Terminals E and J. Louis - Missouri 1401 S Brentwood Blvd, #625. Find the nearest location to open a CD, deposit funds and more. Save. to 5:00 p. We're taking precautions to help keep you, our employees, and other members safe. html?id=GTM-W2GD88" height="0" width="0" style="display:none;visibility:hidden"></iframe> About Wells Fargo Bank: Loan Broker . If you observe or sense suspicious persons or circumstances, do not use the ATM at that time. ATM Card Limits. Opens modal dialog. Directions . Even though I've traveled to PV periodically for 26 years, this last trip was the first one where I depended on my ATM card (through Wells Fargo --- 40 year customer). “This Wells Fargo is way down the strip next to the 7-eleven and Walgreens. “Our ATMs at McMurdo Station are the southernmost ATMs in the world, according to FIS uses cookies to improve your experience on our websites. Bank, 119th Street Branch Full Service Brick and Mortar Office 10100 West 119th Street Overland Park, KS 66213 ATM Access Code . The best way to get to them is by riding the Deuce Bus or the Centennial Express(CX). Xceed Financial Credit Union. 6 trillion in assets. Bank also offers currency exchange (tel. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, more than 12,500 ATMs, online (wellsfargo. We use your browsing data on fisglobal. See reviews, photos, directions, phone numbers and more for Wells Fargo Atm locations in The Strip, Las Vegas, NV. ATMs are a convenient way to access your money. All you need to do is insert your check into the Regions Deposit Smart ATM and you will be walked through the transaction. Fees may apply, depending on your bank’s policy. com), and mobile devices. Tip: Always keep your ATM card in a safe location. ATMs / Cash Machines. - 3rd Level of the meeter/greeter lobby J. to 6 p. Otherwise, out-of-network ATM withdrawal fees may apply. com to gather analytics to help provide personalized content and an overall better user experience. 18. ² Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Spending Account each month. −. Apr 26, 2021 · 14) Wells Fargo. Use the Wells Fargo Mobile® app to request an ATM Access Code to access your accounts without your debit card at any Wells Fargo ATM. 9 years ago. . Get location hours, directions, and available banking services. May 06, 2021 · Apple Pay is accepted at most cardless ATMs including Wells Fargo, Chase and Bank of America. S. Travelex ATM Locations: – Terminal C, near Gate Nos. name address phone. www. See reviews, photos, directions, phone numbers and more for Wells Fargo Atms locations in Whitewater, CO. Important information ATM Access Codes are available for use at all Wells Fargo ATMs for Wells Fargo Debit and ATM Cards, and Wells Fargo EasyPay® Cards using the Wells Fargo Mobile® app. to 1 p. You can withdraw up to $300 per day using your ATM card. 5 based on 96 votes. Find the location that offers the product or service you need and come visit us. See reviews, photos, directions, phone numbers and more for Atm Locations Wells Fargo locations in Oklahoma City, OK. Follow the web page instructions to narrow your search or simply enter your zip code and press enter. There are now 7,400 free ATMs in California across 42 different banks and financial institutions. Wells Fargo Bank. If you use a deposit ATM from another bank (within the network), your funds might not show up in your account as quickly as they would if you had used your bank. Input city, State, and Zipcode in field box. AllPoint gives you freedom to get cash surcharge-free 1 at more than 55,000 locations. If your bank is part of the over 1000 card providers, including RoarMoney, that participate in Allpoint, you can find locations in popular places such as Target, Walgreens You can find Allpoint ATMs virtually anywhere your travels may take you, throughout the United States and around the globe. 2. Print Jan 18, 2013 · Banks typically charge nonaccount holders $3 a pop to withdraw money from their ATMs, vastly more than it costs to actually perform the transactions, so more nonaccount holder ATM customers means Enter a city, state, or zip code above for a list of nearby ATMs and locations. Popular Cities. Located - Downtown ATMs/Cash Machines: - ATMS provided by Public Service Credit Union. Use our online branch locator to find your nearest Wells Fargo Bank ATM or branch in Baton Rouge and get branch and ATM hours, directions and customer service phone numbers. You may not be eligible for introductory annual percentage rates, fees, and/or bonus rewards offers if you opened a Wells Fargo Credit Card within the last 15 months from the date of this application and you received introductory APR(s), fees Once there, enter your location and select the ATM checkbox filter for a list of nearby U. Mar 31, 2011 · Wells Fargo Bank is a FDIC-insured bank with certificate number of 3511. Find a MoneyPass® ATM. Bank/Credit Union: - Public Service Credit Union located in Jeppesen Terminal, Level 6, West. Currency Exchange at Minneapolis-St Paul MSP Airport. ATMs/Cash Machines: - ATMS provided by Public Service Credit Union. The Locator API is now part of CO-OPs Developer Portal. May 10, 2021 · Try using one of these: Visa ATM locator: The Visa ATM locator lets you search by keyword. Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified financial services company with $1. B. Hours Guide WELLS FARGO ATM Missouri St. Sam Houston Parkway South, Suite 1300 Houston, Texas 77042 United States of America Tel: (832) 308-4000 The Wells Fargo ATM allows you to cash up to 30 checks at once. Final Thought. Banks & Credit Unions. Mastercard ATM Locator guides you to the nearest ATM location with just a click. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit cards. Members can perform a search on your credit union website or mobile application for ATM locations, Shared Branching locations, or both and the results are displayed directly to your preferred channel. Search below to confirm the hours of operation for your nearest branch. To verify that an ATM is NFC-enabled, look for the contactless symbol. Please, select below a state to find an ATM or Wells Fargo branch location near you. Results. FIS uses cookies to improve your experience on our websites. Wells Fargo Bank offers Personal in West Wendover, nv - Elko County and is a business specialized in Apartments. As a full-service debit payments network, STAR provides anytime, anywhere access to enable purchases and payments through any channel. To get started, search for your branch in the locator below then select "Make An Appointment". You can get this list as a printable PDF document here. ), but I did not do the research to find out which banks are associated with Wells Fargo, thus "no fee. - Past security in all the concourses. Wells Fargo offers more than 12,000 ATMs and nearly 6,200 retail banking stores coast to coast. With thousands of ATMs or banking locations, it’s easy to find one near you, online or using your Wells Fargo Mobile ® app. Availability may be affected by your mobile carrier Find 28 listings related to Wells Fargo Atms in Whitewater on YP. Availability may be affected by your mobile carrier Use our online branch locator to find your nearest Wells Fargo Bank ATM or branch in Baton Rouge and get branch and ATM hours, directions and customer service phone numbers. Banking locations With approximately 4,900 banking locations around the country, you can make business deposits, get cash, purchase money orders and much more with our helpful customer service. 80, 105, 120 and 132; and – Terminal C, on the arrivals lvl near Starbucks Enter a city, state, or zip code above for a list of nearby ATMs and locations. Select “Show MoneyPass ATM Network locations” in the dropdown ATM Access Code . Wells Fargo Bank is listed in the categories Banks, Loans Personal, Mortgage Contracts & Services, Mortgage Companies, Commercial Banks, Consumer Lending, Real Estate Loans & Contracts, Financial Services, Personal Credit Institutions and Banks Surcharge-Free ATMs and Branch Locations. ATM Access Code . ¹ Get fee-free transactions at any Moneypass ATM in a 7-Eleven location or at any Allpoint or Visa Plus Alliance ATM. Explore other popular Financial Services near you from over 7 million businesses with over 142 million reviews and opinions from Yelpers. Everything worked fine (safe, etc. Find 16 listings related to Wells Fargo Bank in Lockport on YP. ; closed on Sundays. Cardless ATM. to 8:00 p. m. ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. To find a Plus Alliance ATM near you, simply use the online locator tool. wells fargo atm locations

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Источник: http://www.time2shine.app/9kf7u/wells-fargo-atm-locations.html

Bank ATM Fees: How Much Do Banks Charge and How Can I Avoid Them?

Bank ATM fees can vary from as low as $2.50 per transaction to as high as $5 or more, depending on whether the ATM you use is out-of-network or even international. When you use an ATM that isn't operated by your own bank to make withdrawals, deposits or even simple balance inquiries, you can run into a bundle of extra fees. Sometimes these fees are charged by both your bank and by the company that operates the ATM you use.

  • The ATM operator's fee: When using an ATM that isn't part of your bank's network of machines, the machine usually notifies you about a fee charged by the bank or company that operates the ATM. Banks charge non-customers $1.50 to $3.50 at their ATMs, but non-bank ATM operators often charge more, up to $10 per transaction. Casinos in Las Vegas, for instance, are notorious for setting high fees on ATM cash withdrawals.
  • Your bank's non-network fee: Your own bank may also charge you a "non-network" ATM fee for using an ATM operated by another bank or institution. These charges will typically cost between $2.00 and $3.50, depending on your bank and the tier of service you're enrolled in. Note that you won't be told about such fees at any time during your ATM transaction.
  • International transaction fee: For international transactions you usually pay higher fees on cash withdrawals. These fees combine a flat charge of around $2.00 to $7.00 with a conversion rate that is calculated as a percentage of the amount withdrawn, typically 3 percent.

ATM Fees By Bank

The following are the standard ATM withdrawal fees charged by each bank. Non-network ATM fees apply to domestic transactions at any machine that doesn't belong to your bank.

Bank of America$2.50$5.00 and 3%$3.00
BB&T$2.50$5.00 and 3%$2.50
BBVA Compass$2.50$2.50 and 3%-
BMO Harris$2.50$2.50 and 3%$2.50
Capital One$2.00$2.00 and 3%$3.00
Chase$2.50$5.00 and 3%$3.00
Citibank$2.50$2.50 and 3%$3.00
Citizens Bank$3.00$3.00 and 3%$3.00
Comerica Bank$2.50$5.00 and 3%$3.00
Fifth Third Bank$2.75$5.00 and 3%$1.50–$3.50
HSBC Bank$2.50$2.50 and 3%-
Keybank$2.50$5.00 and 1%$2.50

While all of the 22 banks we examined offer free use of their own ATMs, all of them charge customers for transactions at other companies' machines, which are considered non-network ATMs. Most banks will waive the non-network ATM fee for customers who keep large balances in higher-tier checking or savings accounts. Bank of America is one of the few banks that don’t offer this ATM fee waiver on any account, but the bank stressed that it may offer a refund on a case-by-case basis depending on your account history.

To its credit, Bank of America is a part of the Global ATM Alliance, which directs its customers to use specific ATMs when travelling abroad. For example, when Bank of America customers withdraw British pounds from Barclays Bank ATMs, they won’t have to pay either bank for the transaction, although a 3 percent fee still applies to cover the currency exchange.

How to Avoid High ATM Fees

If you're paying too much in ATM fees, you have several immediate ways of reducing your costs. These methods each involve planning ahead and thinking about your ATM habits.

  • Use your bank's app to find branches and free ATMs near you
  • Choose the cash-back option when paying at grocery stores and other merchants
  • Withdraw cash less frequently but in greater amounts

You can stick to using free ATMs by keeping track of where your bank operates ATMs and branches. The same goes for knowing which local stores offer the cash-back option. Withdrawing larger amounts of money will reduce the number of ATM withdrawals you make, but carrying more cash comes with greater risk of loss. If these practices seem impractical or unsuitable for you, you can also avoid ATM fees by switching banks.

Find Free Checking Accounts With No ATM Fees

Several banks offer free checking accounts with no non-network ATM fees at all, regardless of which ATMs you decide to use. A few banks take this policy even further by offering rebates on any ATM fees you pay to other companies. Here are a few of the best examples:

Ally Bank: Ally is a major online-only bank, which means that it doesn't operate any physical branches of its own. However, this bank offers free nationwide ATM access through a partnership with Allpoint, a company with over 55,000 ATMs in the United States. In addition, Ally account holders pay no non-network ATM fees and receive up to $10.00 in reimbursement each month for any ATM operator fees they pay to other companies.

Aspiration: The Aspiration Summit Account is an online checking option that offers no-fee access to any ATM in the world. In addition to offering free access to all ATMs in the SUM network, the company reimburses all ATM fees you pay to other banks or operators on a monthly basis. This account also costs no monthly fee, making it a fairly cost-effective option.

Capital One 360: Capital One does charge some ATM fees—but anyone with the Capital One 360 Checking Account gets a free pass on those costs. While its status as an online checking account means that Capital One 360 Checking offers limited brick-and-mortar service, you won't need to pay any monthly fee or non-network ATM fees. However, Capital One won't reimburse you for any operator fees charged by other companies when you use their ATMs. Like Ally, Capital One is a partner in the Allpoint ATM network.

Schwab Bank: Another online option, the Schwab Bank High Yield Investor Checking Account offers unlimited rebates for all ATM fees, worldwide. This checking account has no monthly fee or minimum balance, but you will be required to open a Schwab One brokerage account—also fee-free. Schwab is a good fit if you're looking for a simple investment option in addition to eliminating your ATM costs.

Upgrade to a High-Yield Checking Account

One way to reduce domestic ATM fees is to upgrade your standard checking account to a high-yield account. Certain banks may waive their non-network ATM fees or reimburse you for operator fees charged by other ATM owners. However, high-yield accounts often come with monthly service charges that can't be avoided unless you meet a high minimum account balance. Here's how upgrading to high-yield checking affects your ATM costs at some major banks:

Chase Bank: Chase Premier Plus Checking refunds account holders four times per statement period, while its Premier Platinum Checking account provides unlimited free access to non-Chase ATMs. The Premier Plus account comes with a $25 monthly charge unless you have an average daily balance of at least $15,000 spanning connected accounts or have an automatic payments linked to a Chase mortgage. The Platinum level account costs $35 month unless you have $75,000 or more in qualifying accounts.

Citibank: has the benefit of partnering with 7-Eleven and free ATM-finder MoneyPass to outfit its customers with 34,000 ATMs in the country. Plus, Citigold cardholders have the bank’s fee for using unaffiliated ATMs waived altogether. Citigold members need to maintain $50,000+ in their Citibank accounts or $100,000 in accounts including investment portfolio.

Citizens Bank: higher-level checking accounts like the Citizens Bank Platinum and Platinum Plus accounts let you waive ATM fees up to four times per month. However, you'll need at least $25,000 in order to avoid the $25.00 monthly fees on these premium accounts.

Fifth Third Bank: the Preferred Checking account waives Fifth Third's non-network charges as well as other banks' operator fees, which are "rebated back to you on the same day—up to 10 times per month." There is a $25.00 monthly service charge for this account unless there is at least $100,000 across your deposit and investment accounts.

KeyBank: the Key Privilege Select Checking Account covers an unlimited number of non-KeyBank ATM charges, while two lower-tier accounts reimburse you for $6 per month for the same costs. The Privilege account has a $50.00 monthly fee, which can be avoided by keeping your total balances equal to or over $100,000.

PNC Bank: Virtual Wallet with Performance Select waives all PNC fees and reimburses an unlimited amount of the fees charged by other banks. The standard Virtual Wallet account may have similar benefits depending on where you live. There is no monthly service fee for PNC Performance Select if your combined average monthly balance reaches $5,000. Otherwise, you’ll be billed $25.00 each statement cycle.

Consider Brokerage Accounts

A number of brokerage services also issue bank cards that allow you to access cash at ATMs. Companies like E*Trade, Charles Schwab and Fidelity—our top commission-free ETF brokers online—generally do not have brick-and-mortar branches but instead will refund the fees associated with using an unaffiliated ATM for cash withdrawals. Charles Schwab will even refund all fees for international transactions while E*Trade and Fidelity charge only a 1 percent fee.

Источник: https://www.valuepenguin.com/banking/bank-atm-fees

Bank of America

American multinational banking and financial services corporation

This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.

"BofA" redirects here. For the French illustrator, see Gus Bofa.

Bank of America logo.svg
Bank of America Corporate Center.jpg

The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

TypePublic company

Traded as

ISINUS0605051046
IndustryFinancial services
PredecessorBank America
NationsBank
Founded1998 (via the merger of BankAmerica & NationsBank)
1956 (as BankAmerica)
1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
FounderAmadeo Giannini (BankAmerica)
Hugh McColl
(NationsBank)
HeadquartersCharlotte, North Carolina, U.S. (Corporate)
New York, NY (Investment banking)

Number of locations

4,600 retail financial centers & approximately 16,200 ATMs[1]

Area served

Worldwide

Key people

ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
RevenueDecreaseUS$85.52 billion (2020)[1]

Operating income

DecreaseUS$18.99 billion (2020)[1]

Net income

DecreaseUS$17.89 billion (2020)[1]
Total assetsIncreaseUS$2.819 trillion (2020)[1]
Total equityDecreaseUS$272.92 billion (2020)[1]
OwnersBerkshire Hathaway (11.9%) The Vanguard Group (7.1%) BlackRock (6.2%)[2][3]

Number of employees

200,000 (2020)[1]
DivisionsBofA Securities
Merrill
Bank of America Private Bank
Websitebankofamerica.com

The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as BofA or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in 1998. It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).[6]

Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018[update].[7] Its wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018[update], Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018[update].[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12]

History[edit]

The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.[14] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

Bank of Italy[edit]

Main article: Bank of Italy (United States)

From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[15] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples, Italy, in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]

Expansion in California[edit]

Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.[19] There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[20] The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[21] A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979.[22]

[edit]

Following the passage of the Bank Holding Company Act of 1956 by the US Congress,[23] BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries.

Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.[24]

BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] The company fired its CEO, Sam Armacost in 1986. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost.[citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.[25] It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock-market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history.[26] Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

In 1994 BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.[29]Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.[30]

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.[citation needed]

Bank of America logo used from 1998 to 2018

On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[31] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

Merger of NationsBank and BankAmerica[edit]

Logo of the former Bank of America (BA), 1969–1998

In 1997, BankAmerica lent hedge fundD. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[37]

While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.[38] The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]

In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.[citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.[citation needed]

2001 to present[edit]

Typical Bank of America branch in Los Angeles

In 2001, McColl stepped down and named Ken Lewis as his successor.

In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.[40] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.[40] Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.

Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August 2006.

Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.

On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.[41]

On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with the 2007 race.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.[42]

Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.[43][44]

Acquisition of Countrywide Financial[edit]

On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[45]

On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.[50]

This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[51] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis

In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[53]

Acquisition of Merrill Lynch[edit]

On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.[58] However, taking a loss Reuters estimated at $3 billion, the Singaporesovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.[59]

Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[62]

The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[64]

Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[66] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.[67][68]

On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

Federal Troubled Asset Relief Program[edit]

On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).[70] This was in addition to the $25 billion given to the bank in the fall of 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.[71] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[72] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.[73]

As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[74]

On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest.... As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[75][76]

Bonus settlement[edit]

On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York Attorney GeneralAndrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared amongst 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.[79]

On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," ... "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."[80]

While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York.[81]

Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

Fraud[edit]

In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.[84]

Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011[update], other bankers and brokers are under indictment or investigation.[85]

On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.[86][87] On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.[88]

Downsizing (2011 to 2014)[edit]

During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.[89]

In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[92]

As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014[update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.[93]

Sale of stake in China Construction Bank[edit]

In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.[94] It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.[97]

$17 billion settlement with Justice Department[edit]

In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.[98] Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."[99]

Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.[100]

[edit]

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] on U.S. military installations in Guantanamo Bay Naval BaseCuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[103] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

Decision not to finance makers of military-style guns[edit]

In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.[104] In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

Return to expansion (2015–present)[edit]

In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[105] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[110][111] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally-based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[113]

Operations[edit]

Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[114]

Consumer Banking[edit]

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in 2016.[1] The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

Global Banking[edit]

The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.[1]

Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

Global Wealth and Investment Management[edit]

The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[1] GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

Global Markets[edit]

The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.[1]

Labor[edit]

On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.[115]

Offices[edit]

The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.

In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).[116]

International offices[edit]

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[117]

Corporate Governance[edit]

Charitable efforts[edit]

Bank of America volunteers at the Los Angeles LGBT pride parade in 2011

In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient.[119] In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.[120] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[121]

Bank of America has also donated money to help health centers in Massachusetts[122] and made a $1 million donation in 2007 to help homeless shelters in Miami.[123]

In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighborhoods.[124]

In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[125]

Chief Executive Officer[edit]

List of CEOs[edit]

  1. Hugh McColl (1998–2001)[126]
  2. Ken Lewis (2001–2009)[127]
  3. Brian Moynihan (2010– )[128]

CEO Pay Ratio[edit]

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[129]

Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.[130]

Lawsuits[edit]

In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.[132] In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[133]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[134] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[135] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.[136] In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.[137]

In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.[138]

A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.[139] In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.[140] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[141] The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.[140][142] The settlement was the largest in United States history between a single company and the federal government.[143][144]

In 2018, former senior executive Omeed Malik filed a $100 million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.[145] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[146] Malik received an eight-figure settlement in July.[147][148]

Controversies[edit]

Parmalat controversy[edit]

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.[149][150] In a related case, on April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.[151]

Consumer credit controversies[edit]

In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.[152][153] In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.[154][155][156] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[157]

Purchasing of 300 Internet Domains in apparent premtive PR campaign.[edit]

In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.[158]

In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".[159] In response to this announcement, Bank of America stock dropped 3.2%.[160]

In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[161] stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks... This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."[162]

Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank.[163][164][165][166]

Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.

Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[169][edit]

On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,[170] was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.[171]

On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

"Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.[173]

Investment in coal mining[edit]

On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.

Competition[edit]

Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, Chase Bank, US Bank, Citizens Financial Group, Citigroup and M&T Bank.

Notable buildings[edit]

Notable buildings which Bank of America currently occupies include:

  • Bank of America Tower in Phoenix, Arizona
  • Bank of America Center in Los Angeles, California
  • Transamerica Pyramid, in San Francisco
  • 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
  • Bank of America Plaza in Fort Lauderdale, Florida
  • Bank of America Tower in Jacksonville, Florida
  • Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami, Florida
  • Bank of America Center in Orlando, Florida
  • Bank of America Tower in St. Petersburg, Florida
  • Bank of America Plaza in Tampa, Florida
  • Bank of America Plaza in Atlanta, Georgia
  • Bank of America Building, formerly the LaSalle Bank Building in Chicago, Illinois
  • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
  • Bank of America Building in Baltimore, Maryland
  • Bank of America Plaza in St Louis, Missouri
  • Bank of America Tower in Albuquerque, New Mexico
  • Bank of America Tower in New York City
  • Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
  • Bank of America Plaza in Charlotte, North Carolina
  • Bank of America Tower in Charlotte, North Carolina
  • Hearst Tower in Charlotte, North Carolina
  • Bank of America Plaza in Dallas, Texas
  • Bank of America Tower in Midland, Texas
  • Bank of America Plaza in San Antonio, Texas
  • Bank of America Fifth Avenue Plaza in Seattle, Washington
  • Columbia Center in Seattle, Washington
  • Bank of America Tower in Hong Kong
  • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
  • 9454 Wilshire Boulevard in Beverly Hills, California

Former buildings[edit]

The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[175]

TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[176]

See also[edit]

References[edit]

  1. ^ abcdefghijkl"Bank of America Corporation 2020 Annual Report (Form 10-K)"(PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. Archived from the original on March 3, 2018. Retrieved April 2, 2020.
  2. ^"2020 Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21, 2020.
  3. ^"Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28, 2020.
  4. ^ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance.
  5. ^"Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
  6. ^ abCohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
  7. ^Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
  8. ^Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
  9. ^B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
  10. ^"Bank of America on the Forbes Global 2000 List". Forbes. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
  11. ^"Fortune 500 Companies 2020: Who Made the List". Fortune. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
  12. ^"World's best bank 2018: Bank of America". Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018.
  13. ^ ab"Bank of America

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    History, Services, Acquisitions, & Facts". Encyclopedia Britannica. Retrieved January 29, 2020.
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  17. ^"World's biggest bank (Fortune Classics, 1947)". Fortune. Archived from the original on March 25, 2019. Retrieved March 25, 2019.
  18. ^Vance, Marian (2006). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p. 84. ISBN .
  19. ^"Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF versionArchived September 4, 2016, at the Wayback Machine
  20. ^Transamerica Corporation, a corporation of DelawareArchived August 30, 2009, at the Wayback Machine, has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. § 18.
  21. ^"The History of Visa". Visa Inc. Archived from the original on November 3, 2007. Retrieved October 29, 2007.
  22. ^Stearns, David L. (2011). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. service credit union branches near me. ISBN . Available through SpringerLink.
  23. ^"FDIC Law, Regulations, Related Acts - Bank Holding Company Act". www.fdic.gov. Retrieved January 29, 2020.
  24. ^ abColumnist, Jon Talton / (August 15, 2015). "Remember Seafirst? It's more than a local tale". The Seattle Times. Retrieved January 29, 2020.
  25. ^"BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, 1986. Retrieved January 29, 2020.
  26. ^"BankAmerica Takes Over at Security Pacific : Acquisitions: The merger becomes official today, creating the nation's second-largest banking company". Los Angeles Times. April 22, 1992. Retrieved January 29, 2020.
  27. ^Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". Seattle Times. Archived from the original on May 19, 2011. Retrieved September 27, 2008.
  28. ^"Bank takes famous name, poises for future". Las Vegas Review-Journal. April 29, 2012. Retrieved January 29, 2020.
  29. ^FDIC (1995). "Continental Illinois and Continental Illinois and 'Too Big to Fail'"(PDF). FDIC. Retrieved January 29, 2020.
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  31. ^BankAmerica Adds 4 Traders To Its High-Yield Bond SectorArchived April 1, 2012, at the Wayback Machine. American Banker, June 17, 1996
  32. ^Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, 1997). "BankAmerica Agrees to Pay $540 Million for Robertson". Wall Street Journal. ISSN 0099-9660. Retrieved January 29, 2020.
  33. ^BankAmerica to Buy Robertson, Stephens Investment CompanyArchived August 26, 2016, at the Wayback Machine. The New York Times, June 9, 1997.
  34. ^O'Brien, Timothy L. (October 15, 1998). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN 0362-4331. Retrieved January 29, 2020.
  35. ^Mulligan, Thomas S. (October 21, 1998). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  36. ^Petruno, Tom (October 15, 1998). "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  37. ^Martin, Mitchell (April 14, 1998). "Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks". The New York Times
Источник: https://en.wikipedia.org/wiki/Bank_of_America

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Bank of America

American multinational banking and financial services corporation

This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.

"BofA" redirects here. For the French illustrator, see Gus Bofa.

Bank of America logo.svg
Bank of America Corporate Center.jpg

The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

TypePublic company

Traded as

ISINUS0605051046
IndustryFinancial services
PredecessorBank America
NationsBank
Founded1998 (via the merger of BankAmerica & NationsBank)
1956 (as BankAmerica)
1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
FounderAmadeo Giannini (BankAmerica)
Hugh McColl
(NationsBank)
HeadquartersCharlotte, North Carolina, U.S. (Corporate)
New York, NY (Investment banking)

Number of locations

4,600 retail financial centers & approximately 16,200 ATMs[1]

Area served

Worldwide

Key people

ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
RevenueDecreaseUS$85.52 billion (2020)[1]

Operating income

DecreaseUS$18.99 billion (2020)[1]

Net income

DecreaseUS$17.89 billion (2020)[1]
Total assetsIncreaseUS$2.819 trillion (2020)[1]
Total equityDecreaseUS$272.92 billion (2020)[1]
OwnersBerkshire Hathaway (11.9%) The Vanguard Group (7.1%) BlackRock (6.2%)[2][3]

Number of employees

200,000 (2020)[1]
DivisionsBofA Securities
Merrill
Bank of America Private Bank
Websitebankofamerica.com

The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as BofA or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank discover online banking bonus Charlotte acquired it in 1998. It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) rehoboth beach condo rentals 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).[6]

Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018[update].[7] Its wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).

The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018[update], Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018[update].[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12]

History[edit]

The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.[14] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

Bank of Italy[edit]

Main article: Bank of Italy (United States)

From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[15] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples, Italy, in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]

Expansion in California[edit]

Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.[19] There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[20] The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[21] A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979.[22]

[edit]

Following the passage of the Bank Holding Company Act of 1956 by the US Congress,[23] BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries.

Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.[24]

BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] The company fired its CEO, Sam Armacost in 1986. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost.[citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.[25] It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock-market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history.[26] Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

In 1994 BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.[29]Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.[30]

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.[citation needed]

Bank of America logo used from 1998 to 2018

On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[31] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

Merger of NationsBank and BankAmerica[edit]

Logo of the former Bank of America (BA), 1969–1998

In 1997, BankAmerica lent hedge fundD. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.[37]

While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.[38] The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]

In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.[citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998.[citation needed]

2001 to present[edit]

Typical Bank of America branch in Los Angeles

In 2001, McColl stepped down and named Ken Lewis as his successor.

In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.[40] By merging with Bank of America, all boa atm locator app its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.[40] Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

On June 30, 2005, Bank of America announced it would purchase credit card usp login MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.

Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August 2006.

Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used chase bank huntington wv Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947.

On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.[41]

On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with the 2007 race.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.[42]

Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.[43][44]

Acquisition of Countrywide Financial[edit]

On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[45]

On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing the skeleton key in hindi download The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.[50]

This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[51] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis

In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[53]

Acquisition of Merrill Lynch[edit]

On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.[58] However, taking a loss Reuters estimated at $3 billion, the Singaporesovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.[59]

Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[62]

The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[64]

Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] Pnc bank mortgage loan login one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[66] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.[67][68]

On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

Federal Troubled Asset Relief Program[edit]

On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).[70] This was in addition to the $25 billion given to the bank in the fall of 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.[71] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[72] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.[73]

As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[74]

On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest. As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[75][76]

Bonus settlement[edit]

On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December 2008. The issue was originally investigated by New York Attorney GeneralAndrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis Telephone number to regions bank. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $3.6 billion, of which $850 million was "guaranteed" and the rest was shared amongst 39,000 workers who received average payments of $91,000; 696 people received more than $1 million in bonuses; at least one person received a more than $33 million bonus.[79]

On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," . "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."[80]

While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a great lakes west settlement with a $150 million what is the routing number for first interstate bank "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33 million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York.[81]

Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

Fraud[edit]

In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.[84]

Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January 2011[update], other bankers and brokers are under indictment or investigation.[85]

On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.[86][87] On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.[88]

Downsizing (2011 to 2014)[edit]

During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.[89]

In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region. sasha banks and husband April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[92]

As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of 2014[update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.[93]

Sale of stake in China Construction Bank[edit]

In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.[94] It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much boa atm locator app $1.5 billion, marking the firm's full exit from the country.[97]

$17 billion settlement with Justice Department[edit]

In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.[98] Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."[99]

Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $170 million in whistleblower awards.[100]

[edit]

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] on U.S. military installations in Guantanamo Bay Naval BaseCuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[103] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

Decision not to finance makers of military-style guns[edit]

In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.[104] In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

Return to expansion (2015–present)[edit]

In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[105] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] By the end of the fiscal year 2020, Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[110][111] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally-based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[113]

Operations[edit]

Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[114]

Consumer Banking[edit]

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in 2016.[1] The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

Global Banking[edit]

The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in 2016.[1]

Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

Global Wealth and Investment Management[edit]

The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 trillion in client balances.[1] GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

Global Markets[edit]

The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in 2016.[1]

Labor[edit]

On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.[115]

Offices[edit]

The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.

In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).[116]

International offices[edit]

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[117]

Corporate Governance[edit]

Charitable efforts[edit]

Bank of America volunteers at the Los Angeles LGBT pride parade in 2011

In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient.[119] In 2007, Bank of America partnered with Brighter Planet to offer an eco-friendly boa atm locator app card, and later a debit card, which help build renewable energy projects with each purchase.[120] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[121]

Bank of America has also donated money to help health centers in Massachusetts[122] and made a $1 million donation in 2007 to help homeless shelters in Miami.[123]

In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighborhoods.[124]

In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[125]

Chief Executive Officer[edit]

List of CEOs[edit]

  1. Hugh McColl (1998–2001)[126]
  2. Ken Lewis (2001–2009)[127]
  3. Brian Moynihan (2010– )[128]

CEO Pay Ratio[edit]

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[129]

Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.[130]

Lawsuits[edit]

In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.[132] In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[133]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[134] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[135] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which boa atm locator app acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.[136] In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.[137]

In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately 1.9 million accounts, and failed to provide the product benefit.[138]

A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch.[139] In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008.[140] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[141] The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.[140][142] The service credit union branches near me was the largest in United States history between a single company and the federal government.[143][144]

In 2018, former senior executive Omeed Malik filed a $100 million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.[145] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[146] Malik received an eight-figure settlement in July.[147][148]

Controversies[edit]

Parmalat controversy[edit]

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.[149][150] In a related case, on April 18, 2011, an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.[151]

Consumer credit controversies[edit]

In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.[152][153] In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.[154][155][156] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[157]

Purchasing of 300 Internet Domains in apparent premtive PR campaign.[edit]

In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.[158]

In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".[159] In response to this announcement, Bank of America stock dropped 3.2%.[160]

In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[161] stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Boa atm locator app and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks. This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."[162]

Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank.[163][164][165][166]

Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.

Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[169][edit]

On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,[170] was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.[171]

On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

"Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.[173]

Investment in coal mining[edit]

On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.

Competition[edit]

Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Yee kee Financial, Capital One, Chase Bank, US Bank, Citizens Financial Group, Citigroup and M&T Bank.

Notable buildings[edit]

Notable buildings which Bank of America currently occupies include:

  • Bank of America Tower in Phoenix, Arizona
  • Bank of America Center in Los Angeles, California
  • Transamerica Pyramid, in San Francisco
  • 555 California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
  • Bank of America Plaza in Fort Lauderdale, Florida
  • Bank of America Tower in Jacksonville, Florida
  • Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami, Florida
  • Bank of America Center in Orlando, Florida
  • Bank of America Tower in St. Petersburg, Florida
  • Bank of America Plaza in Tampa, Florida
  • Bank of America Plaza in Atlanta, Georgia
  • Bank of America Building, formerly the LaSalle Bank Building in Chicago, Illinois
  • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
  • Bank of America Building in Baltimore, Maryland
  • Bank of America Plaza in St Louis, Missouri
  • Bank of America Tower in Albuquerque, New Mexico
  • Bank of America Tower in New York City
  • Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
  • Bank of America Plaza in Charlotte, North Carolina
  • Bank of America Tower in Charlotte, North Carolina
  • Hearst Tower in Charlotte, North Carolina
  • Bank of America Plaza in Dallas, Texas
  • Bank of America Tower in Midland, Texas
  • Bank of America Plaza in San Antonio, Texas
  • Bank of America Fifth Avenue Plaza in Seattle, Washington
  • Columbia Center in Seattle, Washington
  • Bank of America Tower in Hong Kong
  • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
  • 9454 Wilshire Boulevard in Beverly Hills, California

Former buildings[edit]

The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from 2004 to 2012 and has been vacant since March 2013. The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[175]

TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June 2019. Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in 1983.[176]

See also[edit]

References[edit]

  1. ^ abcdefghijkl"Bank of America Corporation 2020 Annual Report (Form 10-K)"(PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. Archived from the original on March 3, 2018. Retrieved April 2, 2020.
  2. ^"2020 Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21, 2020.
  3. ^"Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28, 2020.
  4. ^ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance.
  5. ^"Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
  6. ^ abCohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
  7. ^Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
  8. ^Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
  9. ^B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
  10. ^"Bank of America on the Forbes Global 2000 List". Forbes. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
  11. ^"Fortune 500 Companies 2020: Who Made the List". Fortune. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
  12. ^"World's best bank 2018: Bank of America". Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018.
  13. ^ ab"Bank of America

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(855) 274-2900. boa atm locator app. Gives you 24/7 ATM access to make deposits, withdrawals, account inquiries and more. 3750 LiveChat Branch locations. Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. Up to $20 per statement cycle for Free Active Duty Checking®. Casey’s General Store. Results. You may be charged a fee by the ATM owner if you use an ATM that is not part of our no-fee Bitcoin ATMs are usually located in the places where you already shop. Services: 24-hour ATM, Drive Up. Dallas, TX 75205. Corporate Office (No ATM Or Branch available) 770 Oak St. *Intelligent Deposit ATMs scan checks and cash and provide on-screen verification with check images printed on the receipt. Bank Mobile App. Corporate address: 7315 Wisconsin Apr 17, 2021 · Other services: 24-hour ATM services, dependent on each store Hours: Open 24 hours, vary by location. You may be charged a fee by the ATM owner if you use an ATM that is not part of our no-fee Find a MoneyPass® ATM. 4654 Dodge St. Use our map to easily search and find a BTM closest to you. Full-Service ITM. 24 Hour Taco Bell - 8825 Old Seward Hwy. Hours. CO-OP Network ATMs. boa atm locator app on 2 ratings Filters Page 1 / 79 Category. Find one nearest you. 430 Rhawn St. Whether you’re stuck with your car on the road without fuel because you forgot to go to the close-by station on time or that you’ve got just enough fuel left to get it now, by using the maps you will see where you can buy gas near Let you speak with a teller via video screen every day* from 7 a. Use your smartphone to withdraw cash, make deposits, check balances and more at our Cardless ATM. Customer service: You can contact the customer support department of Allpoint Network by phone call to: 301-492-2100. to 10 p. Jeanie Network. ATM Machines at Banks. For assistance in other languages please speak to a representative directly. We currently have 51981 Cash Points / ATMS listed in our database and have helped 6358669 find cash machines near them. Lobby Hours: In a study by the ATM Industry Association (ATMIA), there were close to 3. Explore other popular food spots near you from over 7 million businesses with over 142 million reviews and opinions from Yelpers. Location Details > Get Directions > Broadway Walmart IBM. Office Hours. Phone: 610-926-2111. However, there are many banks that have 24 hour access to co-op atm locations. With over 30,000 surcharge free ATMs locally and nationwide, no matter where you are, there's a 24/7 ATM in the GECU or CO-OP Network near by. 3. FIS uses cookies to improve your experience on our websites. Or are you here for something else? International ATM Use ; Presto! 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Everett (Branch) 13 Locust St Medford (Branch) 53 Locust St. You may be charged a fee by the ATM owner if you use an ATM that is not part of our no-fee The ATM Locator helps you find ATM locations in the U.Puerto Rico, Canada, Mexico, the United Kingdom, and Australia. Check our hours of operation or take advantage of 24/7 access to our branch ATMs. Since that time, we have offered numerous member-tailored lending options including auto Use our locator to find a branch near you for available hours, available services, and more. Plan your visit to our Horseheads branch located at 2490 Corning Road in Elmira, NY. *Before you search for a surcharge-free ATM, please contact your credit union to confirm their participation in any of the surcharge-free programs of the Credit Union 24 network. 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Once you have selected the required operators go back to the map and those Banks ATM will be highlighted on the Map. Allpoint ATM is the automated teller machine of Allpoint Bank, they have cash machines available all over the USA, here you can find Allpoint ATMs nearby your location. 444. ATM Open Today 24 Hours ATM Open Today 24 Hours ATM Open Today 24 Hours ATM Open Today 24 Hours ATM Open Today 24 Hours ATM Open Today 24 Hours ATM Open Today 24 Hours 24-Hour ATM Access Available. Select the Display. Address: 1690 Wright Ave. 5. Get answers to the most popular FAQs and easily contact us through either a secure email address, a mailing address or our ATM customer service phone numbers. Find your nearest M&T Bank ATM. Call the Member Service Center. Set up is easy - just add your Bank of America debit card to your digital wallet. Lobby Hours. ATM /. However, there are many banks that have 24 hour access to ATM. 24-hour ATM service. Huntington Bank ATMs Near Me. 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ATM & Cash Back Near Me Bank online through Chime and get fee-free cash withdrawals with your debit card at 60,000+ fee-free ATMs¹, plus many more cash-back locations at retailers such as Walmart, Dollar General, and more. Surcharge-Free ATMs. Cardless ATM. Alliance Bank Express. To speak with a Customer Service Representative call - 866. 24 Hour ATM on site (Walk up) ATM Only locations North Greenville Summary Court: 301 Trailblazer Drive 24-Hour ATM Access Available. 1,574 ATMs near Boydton, United States. This database is Dallas - Uptown. Lobby Hours: M-Th: 9am-5pm. Jeanie has consistently been recognized as a network innovator and is one of the only networks that remains under its original ownership. . Use it to locate a bitcoin machine close to where you are right now. 10. Columbia Bank has over 150 branches and ATMs in communities all across Washington, Oregon, Idaho and California. Contact Alaska USA. Suite 100. When at the ATM: Select your Bank of America debit card in your digital wallet. Convenient local branches and more free ATMs than the big banks. A. Washington Street. Advanced Search. - 5:00 P. United States. Search Branch. contact us (509) 326. S. Night Depository: In drive-through. 1,117 ATMs near United States. Call 1-888-SITE-CO-OP (888-748-3266) to find a location by telephone. 4245 N. There is a “Store Directory” tool on the top right-hand side of the Harris Teeter website homepage that will help you find hours of stores near you. Full Service/Deposit Terminals. 710. Greenville, SC 29601. Benson Boulevard, Unit 1. October 30, 2021 Chase Manhattan Bank Area Branches With 24 Hour Atms Ardsley in Ardsley 10502 listed as licensed Contractors Near Me and we are located at the address 875 Saw Mill River Rd New-York 10502 in Ardsley and you can contact us via email or phone, click here to learn more and get hours, ratings and free expert estimates from Chase Manhattan Bank Area Branches With 24 Hour Atms Hours. Bictoin ATM near me. This network provides Members with access to thousands of surcharge-free ATMs nationwide. Lobby Hours With over 30,000 surcharge free ATMs locally and nationwide, no matter where you are, there's a 24/7 ATM in the GECU or CO-OP Network near by. Green Dot® Network cash reload fees and limits apply. 00 Find Specific Bank ATM Near Me Within the App filter, there’s an option called “ATM Operators” where you select from 32 different operators. Feb 21, 2021 · Harris Teeter has 245 stores located in North Carolina, South Carolina, Delaware, Georgia, Florida, Maryland and Washington D. View All 1609 ATMs 1574 Branches 1384 Filters Huntington Bank ATMs Near Me. In response to the COVID-19 pandemic, branch hours may have changed and face masks are required. For maximum convenience, in addition to our network of owned ATMs, Advia Credit Union is part of the CO-OP ATM Network. 00 Merco Credit Union $0 - $3. Friday 9-6. For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday. Medford, MA 02155. Types: Debit cards only Limit: $20 Fee: No Other services: Check cashing, ATM, propane exchange “Pizza ATM” vending machines could be coming to a city near you in 2017 It’s conquered Xavier University, now Pizza ATM® machine is ready to take the continent Pizza ATM™ vending machine: Increase revenue without added labor costs Surcharge-Free ATMs. For a nominal fee, you can visit a credit union family service center located throughout the United States. <iframe src="//www. Philadelphia, PA 19111. Members can perform a search on your credit union website or mobile application for ATM locations, Shared Branching locations, or both and the results are displayed directly to your preferred channel. As someone who values financial stability and Seacoast Bank Branch & ATM Locations. 24-Hours Automated Line 1-844-334-3814 - Go To www. Find the best 24 Hour Grocery Stores near you on Yelp - see all 24 Hour Grocery Stores open now. - 8:00 P. Fri: 9am-6pm. In a study by the ATM Industry Association (ATMIA), there were close to 3. Enter one or more elements in the "Search by" fields to return a map and/or list displaying up to 50 of the closest locations matching your criteria. Drive Through Hours. As one of the nation’s largest ATM processors, CDS provides ATM services for over 80,000 terminals nationwide. 30. ATM Locator for myWisely Cardholders. Contact: (864) 282-2322 Phone (864) 282-2340 Fax. However, there are many banks that have 24 hour access to Name Address; Base Branch, Drive Up, SAFB* Building 212, Sheppard AFB, TX 76311: Henrietta: 405 E Omega, Henrietta, TX 76365: Holliday Branch, Drive-up* ATM Locator. 24hr atm near me

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    Protect Your Card And Personal Information

    Direct Express® will never contact you by phone, email or text message to ask you for your card number, password, PIN or security code.

    If you have responded to any communication asking you to provide any card or personal information, please inform Direct Express® customer service immediately by calling the number on the back of your card.

    Locate the Nearest ATM

    Direct Express® cardholders can get cash from ATMs worldwide wherever the MasterCard® acceptance mark is displayed. Some ATM owners apply a surcharge fee to use their ATMs. This fee is in addition to any other fees applied.

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    To locate the nearest MasterCard® ATM Click on the MasterCard® logo and you will be linked to their worldwide network of ATMs. Follow the web page instructions to narrow your search or simply enter your zip code and press enter.

    Mastercard® ATM Alliance Location Search Instruction.

    1. Input city, State, and Zipcode in field box
    2. Click "View More Options"
    3. Select "Features - Optional"
    4. Click "Surcharge Free Alliance"
    5. Select "All Surcharge Free"
    6. Click on "Find" button to begin search

    Surcharge Free ATMs

    Click on any one of the brand marks displayed and follow their instructions to locate the nearest surcharge free ATM.

    free ATMs

    Useful information

    01

    Tips When Using ATMs.

    Tips When Using ATMs. Always read the ATM screen messages carefully. You may cancel the cash withdrawal transaction if you wish to avoid the surcharge fee.

    Press the enter key if you wish to continue and pay the surcharge fee.

    02

    Other Cash Access Options.

    Another option for obtaining cash is at a retailer location. Many retailers will provide cash back with your purchase at the point-of-sale terminal.

    Ask your retailer if they provide this service as a convenient way to obtain cash.

    Источник: https://www.usdirectexpress.com/atm_locator.html

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