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Bank of America is one of the largest banks in the United States, with nearly $2.2 trillion in assets. It’s found in all 50 states, as well as more than 35 countries, and serves about 47 million customers through 4,700 retail financial centers and approximately 16,000 ATMs. With its size and well-known brand name, you know you will usually be able to find an ATM and that you'll have access to sophisticated online banking and customer support. However, if you choose Bank of America, you will also forgo the committed, local focus of a community bank or the specialized expertise of a mortgage banker. Read on for an explanation of the pros and cons of working with Bank of America, along with reviews and ratings. You can also compare Bank of America's interest rates to other banks both locally and nationally using our comparison tool.
Bank of America has a rich history, dating back 200 years, although it’s only been known under that name since 1998, when NationsBank acquired BankAmerica and renamed itself Bank of America. The company currently trades on the NYSE under the symbol BAC. Bank of America, or “BofA,” is one of the “big four” in American banking and largely competes with its three rivals, JPMorgan Chase, Wells Fargo, and Citibank. The company has come under a great deal of scrutiny over the past decade, particularly for its acquisition of Countrywide Financial, which was the largest mortgage lender in the United States at its time of acquisition. Bank of America has since settled a number of large lawsuits related to Countrywide's subprime lending practices. In 2013, Bank of America merged with its subsidiary, Merrill Lynch & Co., Inc., preserving the brand while assuming its debts and obligations.
Bank of America offers a full array of financial services, including consumer products such as certificates of deposit (CDs), auto loans, credit cards, savings accounts, and home equity and mortgage loans. The company has thousands of branches and locations across the country, meaning that you can drop into a location no matter where you are, with a few exceptions. This high level of convenience, along with the company's enormous brand name, is a big reason why so many Americans choose to bank with Bank of America.
Though it’s no longer the largest mortgage lender, Bank of America still originates a high number of home loans, whether for a home purchase or a refinance mortgage loan. The bank's mortgage division offers products such as 30yr fixed, 15yr fixed, 5/1 ARM, and VA home loans.
Why doesn't everyone work with one of the large banks like Bank of America? There's no “one size fits all” answer, so it's important to do your research and pick the bank that most suits your needs.
Ready to compare rates? See how Bank of America's savings rates, CD rates, refinance rates and more stack up against the competition!
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