What is Bank Of America?
Bank of America (BofA) is a large commercial bank in the United States that offers a wide range of consumer banking, corporate banking, and investment banking products and services. Headquartered in North Carolina, Bank of America has operations across the U.S. and serves over 66 million individuals and small business clients.
For consumers, Bank of America offers checking and savings accounts, mortgages, home equity lines of credit, auto loans, credit cards, investment and retirement products, mobile and online banking services, and more. Its consumer banking platform is designed to meet all personal financial needs.
On the commercial banking side, BofA works with small businesses of all sizes to offer business checking and savings accounts, various lending products (SBA loans, lines of credit, etc.), merchant services, payroll solutions, and more tailored for business clients.
Furthermore, Bank of America has made a number of acquisitions over the years that allow it to provide more comprehensive banking solutions to institutional investors, corporations, and governments around the world. For example, BofA's purchase of Merrill Lynch effectively made it one of the largest wealth management firms globally.
Some key advantages BofA has over regional and smaller banks are its vast brick-and-mortar and ATM network, advanced mobile and online banking tools, and its diverse range of banking products and services available to retail and commercial customers.