One of the major banks on the financial scene and a force to be reckoned with on the international stage of banking, is Bank Of America. With all of its assets it is the largest bank in the USA by assets, and the third largest commercial bank by deposits. Its history is full of twists and turns and as a result it is a powerful institution and a giant in finance.
The institution was founded in San Francisco in 1904 as Bank of Italy and after a series of mergers and major acquisitions, it was renamed as Bank of America in 1930. As the bank became larger and had branches in more and more states beyond its holdings in the west, its corporate headquarters was moved to Charlotte, NC where it remains today. When banks as such were allowed to have their own credit cards, BOA created its Bankcard which later was renamed as VISA, and the rival banks got together and created their own card which eventually became Mastercard.
There is a new loan consolidation plan that has just come out from Bank of America to help people pay off their debt in these days of so much uncertainty and financial instability. The plan is called the Clean Sweep Consolidated Loan plan and it is available to people who have okay credit; they can apply for a loan to consolidate their debt for up to $50,000. Folks who have studied the loan plan say that it is not the great deal that it seems to be and is not much more than exchanging one large debt for another one, and another way for the bank to make money off other people’s misery. Both sides of the haggle have merit.
Bank of America is structured in such a way that they have numerous avenues that folks can use to either pay off debt or borrow money for other needs, such as home repair or vacations; and also have many mortgage plans available for the first time buyer or someone looking to refinance their existing home. They have multiple options for business owners as well and will work with you to set up what financing you need for your business and help you apply for loans to get started.
Debt problems of all kinds can be worked out with the different departments in the bank itself; where you are helped with your financial problems to the point of trying to eliminate your debt and also helping you to manage your finances so you don’t fall prey to the same situation in the future. Bank of America has the resources to help most people who are account holders and homeowners work out a plan that fits their needs and income.
Bank of America offers many services such as financial services, investment services and of course, banking services. The entire operation has assets of approximately $2.88 trillion and has over 171,000 employees on the payroll. Branches of the bank exist all over the USA and the services extend to numerous countries around the world.
Bank of America is still a force to be reckoned with in the financial world, and is still a strong survivor in the throes of the struggling world economy. It is a major contender in all arenas and looks to stay that way for many years.
