Bank of America
Bank of America, the second largest U.S. bank in terms of assets, has a history dating back more than two centuries. While the size of the bank today represents the result of mergers or acquisitions with more than 3,000 banks, the earliest predecessor of the financial institution is the Massachusetts Bank created in 1783. Today, Bank of America serves more than 53 million consumer and business customers with 57,000 offices and 17,250 ATMs in more than 150 countries. Bank of America has over 30 million online banking customers.
Bank of America has become a financial giant, offering nearly every type of product needed by consumers and businesses. The basics of personal banking are offered by the bank, including checking, savings and money market accounts, certificates of deposit, and student bank accounts. The bank offers online, mobile and text banking along with traditional access at brick-and-mortar buildings and by phone. Bank of America also offers debit cards and credit cards.
All deposit products are fully FDIC-insured.
The investment wing of the company, Merrill Lynch, offers complete investing and financial planning services including retirement planning, college savings, IRAs and other investment accounts.
In addition, the bank offers life and health insurance, car insurance, home insurance and home warranty products.
You can finance a home purchase, refinance your current mortgage, take out a home equity loan, or even finance a car or a boat with Bank of America.
One of the five largest mortgage servicers in the country, Bank of America offers fixed-rate home loans and adjustable rate mortgages (ARMs). Loan officers with Bank of America can provide customers with a wide range of information about FHA loans, VA loans, USDA loans and both conforming and jumbo loans.
The most popular loan programs at Bank of America are fixed-rate loans with terms of 30, 20 and 15 years and 5/1 ARMs that offer a fixed-rate for the first five years of the loan and then adjust annually. The bank offers three-part financing with a first loan, a second loan and a cash down payment in varying proportions.
An advantage of choosing to borrow from a big lender like Bank of America is that almost every loan product you can think of is offered. In addition, you may receive a discount on fees or your rate for having other substantial banking relationships with the institution.