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13 Facts About Bank of America

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1

Bank of America Corporation is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina.

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds and some government-sponsored enterprises.

A bank is a financial institution that accepts deposits from the public and creates credit.

October 12, 2013 - Bank of America 500 at Charlotte by BigTNASCAR

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It is ranked 2nd on the list of largest banks in the United States by assets.

How to Send Money to Others Online by Bank of America

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As of 2016, Bank of America was the 26th largest company in the United States by total revenue.

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In 2016, it was ranked #11 on the Forbes Magazine Global 2000 list of largest companies in the world.

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Its acquisition of Merrill Lynch in 2008 made it the world's largest wealth management corporation and a major player in the investment banking market.

An investment bank is typically a private company that provides various financial-related and other services to individuals, corporations, and governments such as raising financial capital by underwriting or acting as the client's agent in the issuance of securities.

Wealth management as an investment-advisory discipline incorporates financial planning, investment portfolio management and a number of aggregated financial services.

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As of December 31, 2016, it had US$886.148 billion in assets under management.

In finance, assets under management, sometimes called funds under management, measures the total market value of all the financial assets which a financial institution such as a mutual fund, venture capital firm, or brokerage house manages on behalf of its clients and themselves.

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As of December 31, 2016, the company held 10.73% of all bank deposits in the United States.

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It is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors.

Wells Fargo & Company is an American international banking and financial services holding company headquartered in San Francisco, California, with "hubquarters" throughout the country.

Citigroup Inc. or Citi is an American multinational investment banking and financial services corporation headquartered in Manhattan, New York City.

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9

Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries.

Washington, D.C., formally the District of Columbia and commonly referred to as "Washington", "the District", or simply "D.C.", is the capital of the United States.

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10

It has a retail banking footprint that serves approximately 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines.

An automated teller machine, also known as an automatic teller machine, automated banking machine, cash point, cashline, minibank, cash machine, cash dispenser, bankomat or bancomat is an electronic telecommunications device that enables the customers of a financial institution to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller.

Retail banking also known as Consumer Banking is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks.

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Bank of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines, call centers, and online and mobile banking platforms.

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12

Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.

A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.

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Bank of America has been the subject of many lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis, including a record settlement of $16.65 billion on August 21, 2014.

A lawsuit is "a vernacular term for a suit, action, or cause instituted or depending between two private persons in the courts of law."

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