Bank of America: a world leader in finance
As a company almost as old as the country itself, Bank of America has been in business since 1784. In that year, founding father John Hancock signed the charter for Massachusetts Bank, making it only the third commercial bank in existence in the country at the time. While Massachusetts Bank is the earliest predecessor of Bank of America, it is only one of a number of notable institutions that merged to form the current firm.
Among the companies that have been folded into the current Bank of America are MBNA, LaSalle Bank, Countrywide Financial and Merrill Lynch. The Bank of America name was adopted in 1998. Today, it offers its customers a range of financial products and is listed as the second largest holding company in the country, with assets exceeding $2.2 trillion, according to the Federal Reserve.
Bank of America deposit accounts
Bank of America offers both personal and business financial products. Individuals can use the bank for borrowing or investing, as well as for the following deposit accounts.
- Checking accounts
- Savings accounts
- Money market accounts
- Student accounts
- Certificates of deposit (CDs)
Banking customers have access to a variety of account management tools including debit cards, online and mobile banking, direct deposit and overdraft protection. Bank of America also offers loans, credit cards and insurance products.
Helping customers save more
While most Bank of America deposits accounts are similar to those offered at other institutions and its savings account interest rates are comparable to those at other brick-and-mortar banks, the company does offer a unique program designed to help customers save more money.
Bank of America's innovative Keep the Change program automatically makes a small savings deposit with each debit card purchase. Individuals who sign up for the program will have their purchases rounded up to the next dollar. Then, the bank transfers the difference from an individual's checking account to their savings account.
Although the transfers are small -- always less than a dollar -- the savings can add up, particularly for those who use their debit cards heavily.
Global leader in banking
Despite its name, Bank of America operates in more than 40 countries. It serves approximately 53 million consumers and small businesses through its network of 5,500 branches and 16,300 ATMs. According to the company, 30 million customers actively use online banking to manage their Bank of America accounts.
The Better Business Bureau reports Bank of America has been accredited with the bureau since 1949. The bank currently maintains an A rating from the BBB.
With a rich heritage and a broad product portfolio, Bank of America is the bank of choice for millions of Americans. Offering everything from savings accounts to investment products, Bank of America makes it easy to consolidate all of your finances in one place.