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Bank of America is an American multinational banking and financial services corporation in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. It was listed by Forbes s the third biggest company in the world (2010). The Bank provides its products and services through operating in 5100 banking centres, 16,300 ATMs, call centres, and online and mobile banking platforms. Acquisition of Merrill Lynch by the Bank in 2008made it the world’s largest wealth management corporation and a major player in the investment banking market.
About Bank of America
It is one of the Big Four banks in the United States, along with Citigroup, JP Morgan Chase, and Wells Fargo, its main competitors.
Vision and Mission
The Bank believes in helping make financial lives better, by delivering together with discipline and passion. It focuses on creating a solid business foundation by doing everything for customers, clients, teammates, and the communities. It stresses on integrity and disciplined management to make clear, fair, and grounded decisions. Bank of America also strives help its employees reach their full potential. It follows the principle of emerging stronger by diverse backgrounds and experiences. The motto of Bank of America services is to bring all its people together across the entire company so as to achieve the best outcomes.
It emphasizes on mutual trust, shared ownership and accountability. The Bank stresses on making customer interactions easier, its expertise more accessible, and its relationships more human. The teammates work collaboratively in achieving effective risk management and operational excellence. It has also taken a number of proactive measures related with, fairness and responding to customers, lending to small and medium-sized businesses, responsible home lending, regulatory reform, size, stability and accountability, executive compensation and incentives, as well as environmental sustainability.
Bank of America Loans
Bank of America Home Loans: the Bank will help the borrower make well-informed choices about his/her first home. There are also programs that may help lower the costs if an applicant needs down payment help. There are different home loans based on types, such as fixed rate or adjustable rate, and their loan term also varies. The Bank lends help in making you understand the mortgage options, according to the different interest rates, annual percentage rates, etc. Bank’s America’s Home Loan Planner will help the borrower prepare for the application and stay organized through the loan process.
Bank of America Business Loans: A Bank of America loan that’s guaranteed by the Small Business Administration (SBA) may be the right choice for one’s business. The popular financing choices include, business line of credit, secured business loans, commercial real estate, equipment financing, and vehicle loans and leases. If a business owner in need of open-ended access to credit for ongoing needs such as seasonal working capital or inventory management, Bank of America provides facilities which include, flexible revolving credit lines, competitive variable rate based on the prime rate, fast and easy access to funds, etc. One can also get a one-time lump sum for purchases on longer-term financing needs.