The Bank of America which is also known as the BoA or the BofA is a multinational bank that offers financial services and is based in America. If you are looking for Bank of America near me or their BofA ATM then you are at the right place.
Bank of America near me – BofA near me
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Bank of America Near Me – Using the map
Bank of America ATM near me – BofA ATM near me
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Bank of America – BofA
Bank of America headquarters (BofA) is found in Charlotte, North Carolina. It is the second largest bank in the United States if ranked by assets. As of today, it is the twenty sixth largest company in the US when ranked by total revenue. It was also listed by Forbes at the 11th largest company in the whole world.
The bank of America is providing its services and products by operating an estimate of 5,100 banking centers and 16,300 automated telling machines, call centers and mobile and online platforms that helps its customers. It offers real estate services as well that offers the customers to get real estate products that has adjustable rates and can be purchased by getting mortgage loans from them so that the consumer can meet their financial needs through credit cards or home loans.
Bank of America hours
Banka of America is opened every day except Sunday. Here are the BofA hours of operation:
- Moday: 09:00 – 16:00 (9AM-4PM)
- Thuesday: 09:00 – 16:00 (9AM-4PM)
- Wednsday: 09:00 – 16:00 (9AM-4PM)
- Thurdsday: 09:00 – 16:00 (9AM-4PM)
- Friday: 09:00 – 18:00 (9AM-6PM)
- Saturday: 09:00 – 18:00 (9AM-6PM)
- Sunday: closed
Story of Bank of America
The story behind the Bank of America reaching the world’s largest wealth management corporation is the acquisition of Merrill Lynch around 2008. The company holds 12.2% of total bank deposits as of 2009 in the United States and is considered to be one of the “Big Four” banks in America together with Wells Fargo, JPMorgan Chase and Citigroup.
The Bank has been subjected to several lawsuits and some investigations due to its financial disclosure but has yet been up to the results.
The Bank of America is generating the revenue through the domestic market by buying businesses throughout the United States. Its main goal is to become the number one bank in the domestic market which it has achieved through some of these acquisitions.
Bank of America locator
To use BofA locator follow the blue pointers and when clicking on the you choose following:
- ATM service available
- Safe deposit box
- Drive-up teller services
- Home loans services
- Financial solutions advisor
- Open Saturdays
- Open Sundays
Consumer Banking is practically the largest division of the Bank of America and it is the one that is providing financial services to different small businesses and consumers. Its acquisition of MBNA and FleetBoston has expanded its range and size significantly. It is competing with the other three major banks: JPMorgan Chase, Wells Fargo and Citigroup in providing the retail banking of the citizens of the United States.
The Bank of America is a proud member of the Global ATM Alliance which is a venture including a lot of major international banks that allowed their customers to use the ATM card at another bank without additional fees even when they are abroad. After some changes in the policy, the customers are charged 3% of the funds they withdraw from an oversea ATM. Some of the participating banks includes Ukrsibbank in Ukraine, Barclays in United Kingdom, China construction bank in China, BNP Paribas in France, Scotiabank in Canada, Santander Serfin in Mexico, Westpac in New Zealand and Australia and Deutsche Bank in Germany.
GWIM or the Global Wealth and Investment Management is the one that manages the assets of individuals and institutions. It is one of the 10 largest US wealth managers. It has five primary line of business and the Bank of America is one of them together with Premier Banking and Investments, Family Wealth Advisor, The Private Bank and the Bank of America Investment Services, Inc.
In order to build the US investment banking business, the Bank of America has spent around $675 million and is hoping to be included in the top 5 investment banks in the world.
The new headquarters of the Bank of America is located at the Bank of America Tower in New York city. It features some state of the art technology within its 2.1 million square feet of space. There was an article in the New York Times saying that the Bank of America is a corporate member of the ALEC or the American Legislative Exchange Council.
Around 2005, the Bank of America has acquired at 9% stake on the China Construction Bank, which is one of the big four banks of China for the cost of $3 billion. This has meant a great deal for the bank of America as the bank began to have offices in Hong Kong, Guangzhou and Shanghai and was even awarded the Project Finance Deal of the Year on 2008 at the ALB Hong Kong Law Awards.
Under the pseudonym of BankBoston, the Bank of America operated in Brazil and other Latin American countries. Around 2006, the Bank of America has decided to sell its operations as the BankBoston to a Brazilian bank, Banco Itau in exchange for their shares.
Bank of Italy
To start off with the history of the Bank of America, it is necessary to go back to the 17th of October 1904, when Amadeo Pietro Giannini has founded Bank of Italy in San Francisco. The bank has serve the needs of a lot of immigrants that were settling in the United States during that time which were denied to them by the existing banks in America which were discriminatory and often denied service to anyone but the wealthiest people.
Giannini was raised by his stepfather Lorenzo Scatena and his mother because his father was shot because of a pay dispute with his employee. As the 1906 San Francisco earthquake struck, Giannini was fortunately able to save every single deposit out of the building and away from the fires. Because of the fire, the banks vaults were smoldering in ruins and Giannini was able to use the funds he rescued to start lending a few days after the disaster has occurred. Using a makeshift desk that was a plank over barrels, he lent money to people who wanted to rebuild.
Around 1928, Giannini decided to merge his bank with the Bank of America headed by Orra Monnette and it became one of the country’s largest banking institution. The Bank of Italy was then changed into the Bank of America National Trust and Savings association on the 3rd of November 1930.
Expansion of Bank of America in California
Shortly after the 1909 legislation in California allowed branch banking, the said banking was introduced by Giannini in the state. The very first branch of the bank was built outside San Francisco on 1909. Around 1929, the bank already had 453 bank offices in California with resources amounting to $1.4 billion. There is even a replica of the Bank of Italy in the history park in San Jose as it was an important landmark. Giannini wanted to build a bank that will expand to the Westerns states and into the insurance part of the industry.
Nowadays, because of new technologies, credit cards are allowed to be linked to individual bank accounts. In 1958, the BankAmericard was introduced although it later changed the name to Visa around 1977. Nowadays it is called MasterCard which came from the original name Master Charge that is competing with the so called Visa which was BankAmericard before.
Expansion outside California
Because of the passage regarding the Bank Holding Company Act of 956, the BankAmerica Corporation emerged with the sole purpose of owning and operating the Bank of America and its branches. The bank has greatly expanded outside the borders of California around 1983 due to its acquisition of the Seafirst Corporation located at Seattle Washington and its subsidiary, the Seattle first national bank. This is because it was at the risk of being sized by the federal government due to some bad loans that it made to the oil industry. The BankAmerica continued its operation as SeaFirst rather than as The Bank of America until it merged with NationsBank.
The next biggest acquisition of BankAmerica was around 1992 when the company has acquired its rival in California, the Security Pacific Corporation and the subsidiary, Security Pacific National Bank and its other banks located at Oregon, Idaho, Arizona, and Washington. During that time this was the largest acquisition of the bank. Unfortunately, federal regulators forced the sale of the subsidiary Rainier Bank as that they have given BankAmerica a too large share in the state market so the Washington branches were divided and then sold to KeyBank and the West One Bancorp now known as the US Bancorp. During the same year, BankAmerica expanded in Nevada by acquiring the Valley Bank of Nevada.
Nowadays, the BofA bank has been continuously expanding throughout the globe with acquisitions here and then and it seems that it is going to compete to become the world’s largest bank and so on. It is one of the most trusted bank in the United States and a lot of people are willing to deposit their money there because they are ensured that it is very safe.
To cut the long story short, it all started with a man named Giannini that has made the bank flourish. Whether it was luck that he has managed to save the bank deposits from his bank, it was lucky he did and decide to merge with the Bank of America and then be part of the world’s second largest bank that serves the people of the United States their daily financial needs. There are so much more to this story than what meets the eye. The Bank of America has served the people of the state and is even banking internationally and that is truly what matters. Although it has faced several lawsuits against it, it is still standing tall and proud, ready to take any challenges that it would face.