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The Bank of America is one of the biggest banking institutions in the United States, with nearly $2.2 trillion in asset values. But if you opt for Bank of America, you also do without the dedicated, locally focused approach of a joint bank or the special know-how of a mortgage lender. Continue reading to explain the advantages and disadvantages of working with Bank of America, as well as the valuations and rating.
Bank of America's interest rates can also be compared with other local and national interest rates using our comparative tools. The Bank of America has a long tradition going back 200 years, although it has only been known under this name since 1998, when NationsBank took over BankAmerica and changed its name to Bank of America.
The Bank of America, or "BofA", is one of the Big Four in US finance and largely in competition with its three competitors JPMorgan Chase, Wells Fargo and Citibank. It has been closely scrutinized over the past ten years, particularly in the takeover of Countrywide Financial, the United States' leading mortgage financier at the point of purchase.
The Bank of America has since resolved a number of large claims related to the country's sub-prime borrowing practice. Bank of America amalgamated with its Merrill Lynch & Co, Inc. affiliate in 2013. The Bank of America provides a full range of retail banking solutions, ranging from personal banking solutions such as CD's, car credits, bank credits, saving and mortgage bonds to home ownership.
These high levels of comfort, along with the company's huge trade name, are an important factor in why so many Americans opt for Bank of America. Although it is no longer the biggest mortgage bank, the Bank of America still has a high number of mortgage lending, be it for a home buy or a mortgage refinancing.
Its mortgage business provides 30 years firm, 15 years firm, 5/1 ARM and VA housing loan services. So why doesn't everyone work with one of the big financial institutions like Bank of America? There is no "one answer for all" response, so it is important to conduct your research and select the bank that best meets your needs.
Are you willing to compromise prices? Watch how Bank of America's saving rates, CD rates, refinancing rates and more compete with each other! The Bank's banking profiles do not constitute an approval or advertising of the Bank's goods andervices.