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Traders work on the floor of the New York Stock Exchange (NYSE) in New York, October 27, Brendan McDermid | Reuters. Signs of a late-cycle. Description. Welcome to Bank of America in Bakersfield, CA, home to a variety of your financial needs including checking and savings accounts, online banking. Bank of America and BofA Securities (formerly Bank of America Merrill Lynch) provide global perspectives, comprehensive solutions and strategic guidance.

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NACA’s “AMERICAN DREAM PROGRAM” FEATURED ON HOPETV DIGITAL NETWORK

10/22/

NACA is proud to announce a new partnership with “The House of Hope Atlanta” and its HOPETV Digital Network. NACA’s American Dream Program will air each Monday at 3 pm on HOPETV and airs live each Monday at p.m. Eastern Standard Time on NACA’s official Facebook page .

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NACA ENDORSES MICHELLE WU FOR BOSTON MAYOR, PLUS SIX CITY COUNCIL CANDIDATES

11/01/

NACA is proudly endorsing Michelle Wu for Mayor and six candidates for Boston City Council. NACA encourages NACA Members and all Boston voters to head to the polls on Election Day, November 2, to not only vote for Wu but also David Halbert, Julia Mejia, Carla B. Monteiro and Ruthzee Louijeune for Boston City Council At-Large. Additionally, NACA supports Brian Worrell for District 4 and Kendra Hicks for District 6.

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Bank of America

American multinational banking and financial services corporation

This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.

"BofA" redirects here. For the French illustrator, see Gus Bofa.

Bank of America mynewextsetup.us
Bank of America Corporate mynewextsetup.us

The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

TypePublic company

Traded as

ISINUS
IndustryFinancial services
PredecessorBank America
NationsBank
Founded (via the merger of BankAmerica & NationsBank)
(as BankAmerica)
(as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in )
FounderAmadeo Giannini (BankAmerica)
Hugh McColl
(NationsBank)
HeadquartersCharlotte, North Carolina, U.S. (Corporate)
New York, NY (Investment banking)

Number of locations

4, retail financial centers & approximately 16, ATMs[1]

Area served

Worldwide

Key people

ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
RevenueDecreaseUS$ billion ()[1]

Operating income

DecreaseUS$ billion ()[1]

Net income

DecreaseUS$ billion ()[1]
Total assetsIncreaseUS$ trillion ()[1]
Total equityDecreaseUS$ billion ()[1]
OwnersBerkshire Hathaway (%) The Vanguard Group (%) BlackRock (%)[2][3]

Number of employees

, ()[1]
DivisionsBofA Securities
Merrill
Bank of America Private Bank
Websitemynewextsetup.us

The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as BofA or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately % of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini in , which provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in The passage of landmark federal banking legislation facilitated a rapid growth in the s, quickly establishing a prominent market share. After suffering a significant loss after the Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in and , respectively (since renamed BofA Securities).[6]

Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of [update].[7] Its wealth management side manages US$ trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, 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.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4, banking centers and 15, automated teller machines (ATMs).

The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August&#;[update], Bank of America has a $ billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $ billion in sales as of June&#;[update].[10] Bank of America was ranked #25 on the Fortune rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the Global rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their Awards for Excellence.[12]

History[edit]

The Bank of America name first appeared in , with the formation of Bank of America, Los Angeles. In , it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

The eastern portion of the Bank of America franchise can be traced to , when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in In , Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in to form American Commercial Bank.[14] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In , it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

The central portion of the franchise dates to , when Commercial National Bank and Continental National Bank of Chicago merged in to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

Bank of Italy[edit]

Main article: Bank of Italy (United States)

From a naming perspective, the history of Bank of America dates back to October 17, , when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] In , Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in and consolidated with other bank holdings to create what would become the largest banking institution in the country.[15] In , Deutsche Bank AG acquired % of Banca d'America e d'Italia, a bank established in Naples, Italy, in following the name-change of Banca dell'Italia Meridionale with the latter established in [citation needed] In , another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] In , the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] In , Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, , to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]

Expansion in California[edit]

Giannini introduced branch banking shortly after legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in in San Jose. By the bank had banking offices in California with aggregate resources of over US$ billion.[19] There is a replica of the Bank of Italy branch bank in History Park in San Jose, and the Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[20] The passage of the Bank Holding Company Act of prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in Only in the s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

New technologies also allowed the direct linking of credit cards with individual bank accounts. In , the bank introduced the BankAmericard, which changed its name to Visa in [21] A coalition of regional bankcard associations introduced Interbank in to compete with BankAmericard. Interbank became Master Charge in and then MasterCard in [22]

[edit]

Following the passage of the Bank Holding Company Act of by the US Congress,[23] BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries.

Bank of America expanded outside California in , with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the merger with NationsBank.[24]

BankAmerica experienced huge losses in and due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] The company fired its CEO, Sam Armacost in Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost.[citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of , although BankAmerica rebuffed it, mostly by selling operations.[25] It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the stock-market crash, BankAmerica's share price had fallen to $8, but by it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

BankAmerica's next big acquisition came in The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late s. This represented, at the time, the largest bank acquisition in history.[26] Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

In BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.[29]Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.[30]

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in behind North Carolina's fast-growing NationsBank Corporation, and to third in behind First Union Corp.[citation needed]

Bank of America logo used from to

On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[31] In addition, in , BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $&#;million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

Merger of NationsBank and BankAmerica[edit]

Logo of the former Bank of America (BA), –

In , BankAmerica lent hedge fundD. E. Shaw & Co. $&#;billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October in what was the largest bank acquisition in history at that time.[37]

While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.[38] The combined bank operates under Federal Charter , which was granted to Giannini's Bank of Italy on March 1, However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre stock price history. All U.S. Securities and Exchange Commission (SEC) filings before are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]

In , Bank of America possessed combined assets of $&#;billion, as well as 4, branches in 22 states.[citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in [citation needed]

to present[edit]

Typical Bank of America branch in Los Angeles

In , McColl stepped down and named Ken Lewis as his successor.

In , Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47&#;billion in cash and stock.[40] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $&#;billion in assets, over 20 million customers and revenue of $12&#;billion.[40] Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

On June 30, , Bank of America announced it would purchase credit card giant MBNA for $35&#;billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, , and the merger closed on January 1, The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $&#;billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.

Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In May , Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August

Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and , clients in Brazil. BankBoston in Chile had 44 branches and 58, clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served , clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach %. Banco de Boston de Brazil had been founded in

On November 20, , Bank of America announced the purchase of The United States Trust Company for $&#;billion, from the Charles Schwab Corporation. US Trust had about $&#;billion of assets under management and over years of experience. The deal closed July 1, [41]

On September 14, , Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21&#;billion. With this purchase, Bank of America possessed $&#;trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in Bank of America took over the event starting with the race.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by branches, 17, commercial bank clients, &#;million retail customers, and 1, ATMs. Bank of America became the largest bank in the Chicago market with offices and 14% of the deposit share, surpassing JPMorgan Chase.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, [42]

Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, , in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, , and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45&#;billion it had received from the Troubled Assets Relief Program.[43][44]

Acquisition of Countrywide Financial[edit]

On August 23, , the company announced a $2&#;billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of % per annum and provided the option to purchase common stock at a price of $18 per share.[45]

On January 11, , Bank of America announced that it would buy Countrywide Financial for $&#;billion.[46] In March , it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[47] This news did not hinder the acquisition, which was completed in July ,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $&#;trillion as of December 31, [50]

This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[51] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

Chart showing the trajectory of BOA share value and transaction volume during the – financial crisis

In December , the Justice Department announced a $ million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from to He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[53]

Acquisition of Merrill Lynch[edit]

On September 14, , Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50&#;billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.[58] However, taking a loss Reuters estimated at $3&#;billion, the Singaporesovereign wealth fund sold its whole stake in Bank of America in the first quarter of [59]

Shareholders of both companies approved the acquisition on December 5, , and the deal closed January 1, [60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[62]

The bank, in its January 16, , earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $&#;billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45&#;billion, less than the $50&#;billion it offered for Merrill just four months earlier, and down $&#;billion from the merger announcement.

Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[64]

Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[66] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $&#;billion of Bank of America's $&#;billion in profit by the end of quarter one in , and over 25% in quarter 3 [67][68]

On September 28, , Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $ billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of – to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

Federal Troubled Asset Relief Program[edit]

On January 16, , Bank of America received $20&#;billion and a guarantee of $&#;billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).[70] This was in addition to the $25&#;billion given to the bank in the fall of through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.[71] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[72] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

According to an article in The New York Times published on March 15, , Bank of America received an additional $&#;billion in government bailout money via the bailout of American International Group.[73]

As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[74]

On December 2, , Bank of America announced it would repay the entire $45&#;billion it received in TARP and exit the program, using $&#;billion of excess liquidity along with $&#;billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[75][76]

Bonus settlement[edit]

On August 3, , Bank of America agreed to pay a $33&#;million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $&#;billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December The issue was originally investigated by New York Attorney GeneralAndrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $&#;billion, of which $&#;million was "guaranteed" and the rest was shared amongst 39, workers who received average payments of $91,; people received more than $1&#;million in bonuses; at least one person received a more than $33&#;million bonus.[79]

On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."[80]

While ultimately deferring to the SEC, in February , Judge Rakoff approved a revised settlement with a $&#;million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33&#;million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., cv, United States District Court for the Southern District of New York.[81]

Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

Fraud[edit]

In , the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $&#;million, including $25&#;million to the Internal Revenue Service and $&#;million to the state attorney general, to the affected organizations to settle the allegations.[84]

Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January&#;[update], other bankers and brokers are under indictment or investigation.[85]

On October 24, , the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.[86][87] On May 23, , the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.[88]

Downsizing ( to )[edit]

During , Bank of America began conducting personnel reductions of an estimated 36, people, contributing to intended savings of $5 billion per year by [89]

In December , Forbes ranked Bank of America's financial wealth 91st out of the nation's largest banks and thrift institutions.[90]

Bank of America cut around 16, jobs in a quicker fashion by the end of as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30, jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter of , Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

In April and May , Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[92]

As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of [update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4, as a result of increased mobile banking use and a decline in customer branch visits. By , the number of mobile users has increased to million and the number of locations fell to 4, at the end of June.[93]

Sale of stake in China Construction Bank[edit]

In , Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3&#;billion.[94] It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. In , Bank of America was awarded Project Finance Deal of the Year at the ALB Hong Kong Law Awards.[95] In November , Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

In September , Bank of America sold its remaining stake in the China Construction Bank for as much as $ billion, marking the firm's full exit from the country.[97]

$17 billion settlement with Justice Department[edit]

In August , Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $ billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.[98] Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $ billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."[99]

Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $ million in whistleblower awards.[]

[edit]

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[] on U.S. military installations in Guantanamo Bay Naval BaseCuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $, despite the fact that none of Community's operating branches are located within the jurisdictional borders of the United States.

Decision not to finance makers of military-style guns[edit]

In April , Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR rifle.[] In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

Return to expansion (–present)[edit]

In , Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

In January , Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[][] this coincided with Chase making a similar expansion into Pittsburgh.[] By the end of the fiscal year , Bank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[] By , Bank of America had moved up to 12th in the market.[]

In February , Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[][] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally-based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[] As of , Bank of America is the 9th largest bank by deposits in all of Ohio.[]

Operations[edit]

Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[]

Consumer Banking[edit]

Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in [1] The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4, retail financial centers and approximately 15, automated teller machines.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

Global Banking[edit]

The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in [1]

Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

Global Wealth and Investment Management[edit]

The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in [1] It is among the 10 largest U.S. wealth managers. It has over $ trillion in client balances.[1] GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

Global Markets[edit]

The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in [1]

Labor[edit]

On April 9, , the company announced minimum wage will be increased beginning May 1, , to $ an hour until it reaches a goal of $ an hour in []

Offices[edit]

The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at North Tryon Street, and stands at &#;ft ( m), having been completed in

In , Bank of America cut ties to the American Legislative Exchange Council (ALEC).[]

International offices[edit]

Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[]

Corporate Governance[edit]

Charitable efforts[edit]

Bank of America volunteers at the Los Angeles LGBT pride parade in

In , the bank offered employees a $3, rebate for the purchase of hybrid vehicles. The company also provided a $1, rebate or a lower interest rate for customers whose homes qualified as energy efficient.[] In , Bank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.[] In , the bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[]

Bank of America has also donated money to help health centers in Massachusetts[] and made a $1 million donation in to help homeless shelters in Miami.[]

In , the bank made a ten-year commitment of $ billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighborhoods.[]

In , the bank pledged $ million over a ten-year period for community development lending and affordable housing programs.[]

Chief Executive Officer[edit]

List of CEOs[edit]

  1. Hugh McColl (–)[]
  2. Ken Lewis (–)[]
  3. Brian Moynihan (– )[]

CEO Pay Ratio[edit]

Pursuant to Section (b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[]

Total compensation for Brian Moynihan, CEO, amounted to $22,,, and total compensation of the median employee was determined to be $92, The resulting pay ratio is estimated to be []

Lawsuits[edit]

In August , Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September pertained to $ billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[] That December, Bank of America agreed to pay $ million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from to , prior to being acquired by BofA.[] In September , BofA settled out of court for $ billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[]

On February 9, , it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[] The five banks were also required to comply with new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, , American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.[] In March , Bank of America settled the suit by agreeing to pay $ billion to Fannie Mae and Freddie Mac and to buy back around $ billion worth of mortgage bonds.[]

In April , the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $ million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly million customers were affected by deceptive marketing of add-on products, and million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately million accounts, and failed to provide the product benefit.[]

A $ million settlement was reached in April with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its merger with Merrill Lynch.[] In August , the United States Department of Justice and the bank agreed to a $ billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in [] As a whole, the three firms provided $ billion of mortgage-backed securities from to [] The settlement was structured to give $7 billion in consumer relief and $ billion in penalty payments to the federal government and state governments; California, for instance, received $ million to recompense public pension funds.[][] The settlement was the largest in United States history between a single company and the federal government.[][]

In , former senior executive Omeed Malik filed a $ million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.[] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[] Malik received an eight-figure settlement in July.[][]

Controversies[edit]

Parmalat controversy[edit]

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's bankruptcy, the company sued Bank of America for $10&#;billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July , resulting in Bank of America paying Parmalat $&#;million in October [][] In a related case, on April 18, , an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.[]

Consumer credit controversies[edit]

In January , Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.[][] In September , a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.[][][] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[]

Purchasing of Internet Domains in apparent premtive PR campaign.[edit]

In October , Julian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.[]

In November , Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".[] In response to this announcement, Bank of America stock dropped %.[]

In December , Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[] stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."[]

Later in December, it was announced that Bank of America purchased more than Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as mynewextsetup.us, mynewextsetup.us and similar names for other top executives of the bank.[][][][]

Sometime before August , WikiLeaks claimed that 5&#;GB of Bank of America leaks was part of the deletion of over communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.

Settled $ million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[][edit]

On March 14, , members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,[] was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.[]

On April 7, , Bank of America and QBE settled a class-action lawsuit stemming from the leak for $ million.[]

"Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

In the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.[]

Investment in coal mining[edit]

On May 6, , Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.

Competition[edit]

Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, Chase Bank, US Bank, Citizens Financial Group, Citigroup and M&T Bank.

Notable buildings[edit]

Notable buildings which Bank of America currently occupies include:

  • Bank of America Tower in Phoenix, Arizona
  • Bank of America Center in Los Angeles, California
  • Transamerica Pyramid, in San Francisco
  • California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
  • Bank of America Plaza in Fort Lauderdale, Florida
  • Bank of America Tower in Jacksonville, Florida
  • Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami, Florida
  • Bank of America Center in Orlando, Florida
  • Bank of America Tower in St. Petersburg, Florida
  • Bank of America Plaza in Tampa, Florida
  • Bank of America Plaza in Atlanta, Georgia
  • Bank of America Building, formerly the LaSalle Bank Building in Chicago, Illinois
  • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
  • Bank of America Building in Baltimore, Maryland
  • Bank of America Plaza in St Louis, Missouri
  • Bank of America Tower in Albuquerque, New Mexico
  • Bank of America Tower in New York City
  • Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
  • Bank of America Plaza in Charlotte, North Carolina
  • Bank of America Tower in Charlotte, North Carolina
  • Hearst Tower in Charlotte, North Carolina
  • Bank of America Plaza in Dallas, Texas
  • Bank of America Tower in Midland, Texas
  • Bank of America Plaza in San Antonio, Texas
  • Bank of America Fifth Avenue Plaza in Seattle, Washington
  • Columbia Center in Seattle, Washington
  • Bank of America Tower in Hong Kong
  • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
  • Wilshire Boulevard in Beverly Hills, California

Former buildings[edit]

The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage.

The Bank of America Building (Providence) opened in as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from to and has been vacant since March The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18, , the AIA's Florida Chapter placed it on its list of Florida Architecture: Years. Places as the Bank of America Tower.[]

TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in []

See also[edit]

References[edit]

  1. ^ abcdefghijkl"Bank of America Corporation Annual Report (Form K)"(PDF). mynewextsetup.us. U.S. Securities and Exchange Commission. February Archived from the original on March 3, Retrieved April 2,
  2. ^" Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21,
  3. ^"Warren Buffett pumps another $ million into Bank of America, boosting his stock purchases to $ billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28,
  4. ^ONeil, Erin (August 2, ). "The Biggest Banks in the United States". The Balance.
  5. ^"Who Made America? – Innovators – A.P. Giannini". mynewextsetup.us Archived from the original on January 7, Retrieved December 17,
  6. ^ abCohan, William D. (September ), "An offer he couldn't refuse", The Atlantic
  7. ^Team, Trefis (June 14, ). "Five Largest U.S. Investment Banks Have Over $ Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, Retrieved August 17,
  8. ^Shelby-Green, Michael (June 11, ). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, Retrieved August 11,
  9. ^B of A has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1, , at the Wayback Machine. Click "Browse locations by state." © Bank of America Corporation. Retrieved June 30,
  10. ^"Bank of America on the Forbes Global List". Forbes. Archived from the original on July 28, Retrieved August 11,
  11. ^"Fortune Companies Who Made the List". Fortune. Archived from the original on November 10, Retrieved January 2,
  12. ^"World's best bank Bank of America". Euromoney. July 11, Archived from the original on August 19, Retrieved August 10,
  13. ^ ab"Bank of America

    In summary

    After the Great Recession, California signed an exclusive contract with Bank of America to distribute unemployment benefits through prepaid debit cards. A CalMatters investigation reveals that to this day, no one knows how much the bank has made off the deal. Lawmakers are examining the bank’s role in mass account freezes and untold amounts of missing money for thousands of struggling jobless Californians — as well as where the bank may have failed to keep unemployment money safe from fraud.

    For a brief moment this summer, Stephanie Moore thought she might finally see a glimmer of hope at the end of the coronavirus recession. Unemployment benefits provided a lifeline for the year-old Los Angeles housekeeper to leave a bad relationship and rent an Airbnb while she looked for a job. But in early October, her state-issued Bank of America debit card balance plummeted from around $ to negative $1, after a credit for fraudulent charges from months earlier was reversed without warning. 

    So began her unofficial full-time job trying to get the money back.

    “It’s kind of like a nightmare,” Moore said. “Every day I’m wondering what’s more important. Do I get on the phone with the bank and try again so I have a place to sleep tomorrow, or do I just accept that I’m going to be on the street and focus on my job search? Because you can’t do both.”

    For months, California’s Employment Development Department has attracted the ire of jobless workers and state lawmakers for a backlog of unpaid unemployment claims that peaked at million. Now, Moore is among those entangled by potential security lapses and payment errors involving Bank of America, which since has had an exclusive contract to deliver state unemployment benefits through prepaid debit cards.

    It’s a breakdown of the state’s job safety net that raises questions about the best way to get money into the hands of workers who desperately need it, since California is one of only three U.S. states that does not offer a direct deposit option, according to a CalMatters review of public documents. To this day, it’s not clear how much Bank of America has made from handling the bulk of the unprecedented $ billion California has paid out in benefits since March. Lawmakers are examining the bank’s role in payment issues that began during a two-week identity-verification update, and whether the bank has provided adequate security for unemployment insurance money in the face of rampant fraud. 

    Bank of America, whose contract is up next July, declined to answer detailed questions about how many unemployed Californians are still unable to use their debit cards, how much money has been withdrawn from accounts flagged for potential fraud, when and how claimants may be paid back or how much the bank has made in fees on the cards. The state told CalMatters that some , debit cards were frozen this fall and as of Thursday, around , accounts remain impacted, meaning progress has been slow.

    “Unfortunately, there has been billions of dollars of fraud during this pandemic in state unemployment programs, including California,” Bank of America said in a statement to CalMatters, urging those impacted to contact the bank. “We are working with the state and law enforcement to identify and take action against fraudulent applicants, protect taxpayer money and ensure that legitimate applicants can access their benefits.” 

    For San Francisco Assemblymember David Chiu, a progressive Democrat who authored a public banking bill and has pushed to reduce state reliance on Wall Street, the confusion marks “another failure” by the state and its corporate vendors. The employment agency hinted it was the bank&#;s fault, insisting in an Oct. 29 statement that it “has no direct access to debit funds on any accounts” and that those impacted by card issues should contact Bank of America.

    “They’re playing the blame game. Someone needs to take responsibility for this,” Chiu said. “I think we’re going to have to revisit that contract if BofA can’t provide the services it promised.”

    The state agency said it will review all options this summer.

    Banking on debit cards  

    In August , California was still in the depths of the Great Recession. Unemployment was %, and the state was paying out $66 million a day in jobless benefits. But at the state agency, a major tech overhaul was underway after a new debit card contract with Bank of America.

    At no cost to the state, the bank had begun rolling out prepaid cards to replace paper unemployment checks. It would be faster and more efficient, the EDD argued in a public report at the time, and much more accessible to Californians without bank accounts. The bank promised to share some revenue from merchant transaction fees with the state and guaranteed low fees for the unemployed: a few dollars for multiple ATM withdrawals, $10 for expedited or lost cards, and normal merchant fees whenever the card is swiped. “Terms are more favorable than most people have for their own personal bank accounts,” the report said. 

    The result was what United Way of California Communications Director Unai Montes-Irueste calls a “NASCAR card,” thanks to its flashy corporate logos for Visa and Interlink. Most other states have moved from paper checks to direct deposit or hybrid debit card and direct deposit systems. This past spring, millions of Californians received their federal coronavirus stimulus payments via direct deposit to personal bank accounts.

    Still, California was far from alone in betting that debit cards would be a big part of the future of government benefits. Use of the cards exploded in the last decade at state, local and federal agencies as Bank of America, U.S. Bank, KeyBank, Comerica and others pursued more government contracts. By , government agencies had paid out $ billion in benefits through prepaid debit cards, generating $ million in revenue for banks, the Federal Reserve reported. Today, 43 states use a combination of direct deposit and debit card systems, which consumer groups favor to reach unemployment claimants with the widest variety of financial situations.

    Michele Evermore, a senior policy analyst at worker advocacy group the National Employment Law Project cautioned that banks acting as middlemen in debit card contracts can sometimes divert funds from workers — a missed opportunity for economic stimulus. “It may seem like a 2% fee here and a 2% fee there doesn’t amount to much, but in the aggregate, it really does,” Evermore said. 

    In California, paper checks are still available by request, and Bank of America notes that debit card customers can transfer the money from the card to their own bank accounts — both time-consuming alternatives, said Lauren Saunders, associate director of the National Consumer Law Center. In a report, the organization found that despite the relatively consumer-friendly terms in the state’s Bank of America unemployment contract, Californians paid almost $ million in fees in a year. 

    Bank of America referred questions about fees generated by its California unemployment contract to EDD. The employment agency has not yet responded to a CalMatters request for records of revenue and fees related to the debit card contract.

    Debit card problems pile up

    In the meantime, the stories of Californians dealing with debit card problems continue to pile up. For Santa Maria single mother Aimy Onan, a drained account meant falling behind on rent and moving into a shared bedroom with her daughter in her ex’s home with a new girlfriend. For furloughed Disney candy maker Julie Hansen, a negative $12, balance threatened her ability to care for her autistic son. For Demarcus Sparks, who was self-employed before the pandemic, a frozen debit card led to a Greyhound trip from L.A. to stay with his mom in Georgia for fear of ending up in a shelter.

    “They treat you like trash,” said Paul Dease, a year-old antiques dealer in San Diego County, who has been locked in a dispute with Bank of America over $1, withdrawn from his account without notice. “How many people have the same story I have, that have lost $1, or $ and haven’t gotten it back?”


    How are you getting by on unemployment benefits? 

    We invite you to share your story here. 

    ¿Cómo te las estás arreglando sin los beneficios del Seguro de Desempleo?

    Te invitamos a compartir tu historia aquí.


    That much remains unclear. Chiu said lawmakers also have yet to receive updated account information, or answers about the “mind boggling” omission of microchips in the cards to root out fraud. 

    Bank of America declined to comment on the security of California&#;s unemployment debit cards. But bank personnel also say their own outdated customer service systems have contributed to claimants&#; financial purgatory. The bank’s internal processes for reporting and investigating unemployment debit card complaints have led to long delays and shifting timelines, two workers told CalMatters, as they juggle antiquated technology and shifting corporate scripts. 

    “We’re actually no longer allowed to tell them a timeframe, because we have no clue,” said one Bank of America customer service worker, who asked to remain anonymous since they were not authorized to discuss the matter. “Every day, I talk to 30 people with the same story. I just pray for them after my shift, honestly.”

    A field day for fraud

    Matt Hoffman, seen at his girlfriend’s house in Escalon on Nov. 13, , spends his days sitting on the porch while on hold with EDD, Bank of America and FEMA. According to Hoffman, he spends an average of 4 hours on hold per call. Photo by Anne Wernikoff for CalMatters

    If the world wasn’t paralyzed by a deadly pandemic, it might look like Matthew Hoffman has been traveling quite a bit. His Bank of America unemployment card ledger shows transactions and ATM withdrawals in Alabama, Modesto, Sacramento, Tennessee, Connecticut and even a series of overseas charges.

    But Hoffman, a former Comcast employee who has been out of work since a stroke last year, said he’s never used the card in any of those places. In total, he saw almost $7, disappear. He said one bank representative told him the fraud dispute he filed had been closed without investigation. Another said it was reopened. Finally, he was told that a credit would arrive on Nov. It didn’t.

    “What’s the point of having and paying into unemployment insurance if it’s not actually made available to me when I need it?” said Hoffman, who is alternating staying with his girlfriend and in his car after the loss of his Livermore rental home in a recent wildfire.

    Stories like Hoffman’s aren’t hard to find after a governor-appointed Strike Team in September advised EDD that organized fraud &#;represents a serious risk to the state, and EDD must develop capabilities to understand and combat it.” 

    In total, , paid and unpaid unemployment claims out of the more than 14 million filed from March to early October were temporarily suspended for potential fraud during the agency’s late September reset, according to an EDD statement to CalMatters. From dark web conspiracies to YouTube rap videos, the range of apparent fraud could cost the state “hundreds of millions,” Sacramento Assemblymember Jim Cooper predicted at a recent EDD hearing.

    In one instance, Beverly Hills police arrested  people and seized fraudulent unemployment debit cards worth more than $4 million after a series of shopping sprees on Rodeo Drive. Until fraud is detected, Bank of America reaps normal transaction fees every time the cards are swiped under the terms of its state contract. The bank promised California &#;best-in-class&#; fraud monitoring in its original unemployment debit card pitch, and assured the state that &#;EDD has no liability for issues related to fraud.&#;

    But amid the unemployment surge during the pandemic, Beverly Hills Assistant Police Chief Marc Coopwood said much of the burden has fallen on local law enforcement, rather than EDD or the bank, to uncover such schemes. 

    “The real victim in this, the people whose identities were stolen, they’re going to get a next year,” Coopwood said. “They’re going to spend years fighting this with the IRS.”

    Lawsuits ahead?

    Where California goes from here to remedy its unemployment woes isn’t clear. The EDD has vowed to work through its remaining backlog of , unpaid unemployment claims by January. Bank of America said it has increased staffing at prepaid customer service centers “nearly fold” to deal with unprecedented demand, and that it continues “to review and decision claims in a timely fashion and within the regulations.” 

    Chiu said he is one of multiple state lawmakers considering new EDD reform bills in the coming year. Several unemployment claimants interviewed by CalMatters said they have contacted lawyers about bringing potential claims against Bank of America. Labor lawyers also see courtrooms in EDD’s future if problems persist.

    “I’m skeptical this will be resolved without litigation,” said Daniela Urban, director of Sacramento’s Center for Workers’ Rights. “I think that it’s warranted. The question is whether EDD fixes it first, or what the response is.”

    Lauren covers the California economy for CalMatters. Her past stories have been published by the New York Times, the L.A. Times, the Guardian and others. She previously worked as a staff reporter for Protocol More by Lauren Hepler

    Stephen is working as an Audience Intern this summer and is a rising junior at Northwestern University&#;s Medill School of Journalism. More by Stephen Council

    Источник: mynewextsetup.us
    History, Services, Acquisitions, & Facts". Encyclopedia Britannica. Retrieved January 29,
  14. ^Roberts, Deon (August 31, ). "Here's what to know about the area's biggest employers". The Charlotte Observer. Retrieved January 29,
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  18. ^Vance, Marian (). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p.&#; ISBN&#;.
  19. ^"Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF versionArchived September 4, , at the Wayback Machine
  20. ^Transamerica Corporation, a corporation of DelawareArchived August 30, , at the Wayback Machine, has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. §
  21. ^"The History of Visa". Visa Inc. Archived from the original on November 3, Retrieved October 29,
  22. ^Stearns, David L. (). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. pp.&#;25– ISBN&#;. Available through SpringerLink.
  23. ^"FDIC Law, Regulations, Related Acts - Bank Holding Company Act". mynewextsetup.us. Retrieved January 29,
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  25. ^"BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, Retrieved January 29,
  26. ^"BankAmerica Takes Over at Security Pacific&#;: Acquisitions: The merger becomes official today, creating the nation's second-largest banking company". Los Angeles Times. April 22, Retrieved January 29,
  27. ^Matassa Flores, Michele (April 2, ). "Key Bank, West One Finalize Purchases". Seattle Times. Archived from the original on May 19, Retrieved September 27,
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  29. ^FDIC (). "Continental Illinois and Continental Illinois and 'Too Big to Fail'"(PDF). FDIC. Retrieved January 29,
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  31. ^BankAmerica Adds 4 Traders To Its High-Yield Bond SectorArchived April 1, , at the Wayback Machine. American Banker, June 17,
  32. ^Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, ). "BankAmerica Agrees to Pay $ Million for Robertson". Wall Street Journal. ISSN&#; Retrieved January 29,
  33. ^BankAmerica to Buy Robertson, Stephens Investment CompanyArchived August 26, , at the Wayback Machine. The New York Times, June 9,
  34. ^O'Brien, Timothy L. (October 15, ). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN&#; Retrieved January 29,
  35. ^Mulligan, Thomas S. (October 21, ). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Archived from the original on December 3, Retrieved June 22,
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  37. ^Martin, Mitchell (April 14, ). "Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks". The New York Times
Источник: mynewextsetup.us

The Bakersfield Homeless Center was announced Wednesday as Bank of America’s Neighborhood Champion for its work addressing homelessness and food insecurity in Kern County.

The designation comes with a $50, grant and leadership training meant to help the organization take its services to the next level.

This is the third Neighborhood Champion award given in Kern County. The first went to Garden Pathways in The second was awarded to the Boys & Girls Clubs of Kern County, which was attempting to continue its services early in the coronavirus pandemic.

“It goes to an organization that has made a difference and we want to continue to help move them to the opportunity to make a greater impact,” Karen Zuber, president of Bank of America Bakersfield, said of the award.

She noted the organization’s efforts to provide educational enrichment to homeless students through the Champ Camp program. The program offers tutoring and homework help to children ages 5 to During the pandemic, when many students across the state struggled academically, the program proved especially vital.

“The Champ Camp was really there to help the students during the pandemic,” she said. “The kids at the homeless center, they were not only impacted by a global pandemic, but during their time of homelessness and a school shutdown, those poor kids have been through so much.”

The Homeless Center is not only in the early stages of moving to a new location, where it plans to increase its capacity by beds, but the organization hopes to use the grant and training to more carefully track client outcomes to improve its service.

“We really try to make our environment at the homeless center a place of wrap-around services and degrees of kindness to our clients,” said Homeless Center CEO Lauren Skidmore. “We know that once people come to our doors, we are going to do our best to make sure they have everything they need.”

As part of the training, Homeless Center leaders will receive guidance on topics like human capital management, increasing financial sustainability and storytelling. In addition to the Neighborhood Champions award, Bank of America has donated $95, to the Homeless Center along with toys.

Skidmore said the Homeless Center was beginning to enter a period of growth, and the grant would help the organization with the process.

“We’re just really grateful for their continued support and partnership,” she added.

You can reach Sam Morgen at You may also follow him on Twitter @smorgenTBC.

Источник: mynewextsetup.us

Capital One drops all overdraft fees, latest bank to do so

NEW YORK -- Capital One said Wednesday that will get rid of all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to shy away from the long-hated practice.

The Virginia-based bank said it will still allow customers to overdraft, but it will no longer charge a fee to do so. Any eligible customers can opt into fee-free overdraft at any times, the bank said.

A number other banks have announced this year — Ally Bank and regional banking giant PNC for example — that they would end overdraft fees or create programs that would greatly lower the chance a customer would get hit with an overdraft fees.

In an email to employees, Capital One CEO Richard Fairbank said the move was part of “our effort to bring ingenuity, simplicity and humanity” back to banking.

That said, overdraft fees are still a prevalent practice in banking, often causing millions of bank customers to pay $34 for a cup of coffee. The Consumer Financial Protection Bureau released a study on Wednesday that showed the industry brought in $ billion in overdraft fees in , of which three banks — JPMorgan Chase, Wells Fargo and Bank of America — made up 44% of that revenue.

Consumer advocates applauded the move, especially since Capital One is one of the nation's largest banks.

“Capital One’s complete elimination of overdraft and NSF (non-sufficient funds) fees is a landmark moment for American families,” said Lauren Saunders, associate director at the National Consumer Law Center, in a statement.

Источник: mynewextsetup.us
Skip to main content
  • Piedmont, CA
  • Rockridge, CA
  • San Leandro, CA
  • Berkeley, CA
  • San Francisco, CA
  • Albany, CA
  • Lamorinda, CA
  • El Cerrito, CA
  • Castro Valley, CA
  • South San Francisco, CA

ALAMEDA, CA — A card skimmer was found on an automated teller machine (ATM) at the Alameda Bank of America at the South Shore Center this week, Alameda Police report.

A service technician found the device. It had been on the machine for up to four weeks.

The skimmer consisted of a replica of the machine's mirror and camera bar attached to the ATM that contained a pinhole camera.

Find out what's happening in Alameda with free, real-time updates from Patch.

"It appears people have been targeting Bank of America ATMs and customers using California Employment Development Department (EDD) debit cards," APD said in a social media post. "EDD cards typically do not have an EMV security chip, making it easier for the skimming devices to obtain account information embedded on the magnetic strip."

If you receive EDD funds, the police department suggests that you withdraw money in person or transfer the money into an account protected with an EMV-chipped card. Other tips:

Find out what's happening in Alameda with free, real-time updates from Patch.

  • Change your PIN.
  • Never use an ATM that appears damaged or altered.
  • Always cover the PIN pad with your hand when you enter your PIN.
  • Review your bank statements.
  • Report fraud to your bank and file an online police report.
  • Have a "Fraud Alert/Victim Impact" statement placed on your credit file. The three credit bureaus are Equifax , Experian , and Trans Union

The police department is reviewing bank security footage to see if the person who installed the device was caught on camera.

To request removal of your name from an arrest report, submit these required items to [email protected]

The rules of replying:

  • Be respectful. This is a space for friendly local discussions. No racist, discriminatory, vulgar or threatening language will be tolerated.
  • Be transparent. Use your real name, and back up your claims.
  • Keep it local and relevant. Make sure your replies stay on topic.
  • Review the Patch Community Guidelines.
Источник: mynewextsetup.us

Bank of america california -

Skip to main content
  • Piedmont, CA
  • Rockridge, CA
  • San Leandro, CA
  • Berkeley, CA
  • San Francisco, CA
  • Albany, CA
  • Lamorinda, CA
  • El Cerrito, CA
  • Castro Valley, CA
  • South San Francisco, CA

ALAMEDA, CA — A card skimmer was found on an automated teller machine (ATM) at the Alameda Bank of America at the South Shore Center this week, Alameda Police report.

A service technician found the device. It had been on the machine for up to four weeks.

The skimmer consisted of a replica of the machine's mirror and camera bar attached to the ATM that contained a pinhole camera.

Find out what's happening in Alameda with free, real-time updates from Patch.

"It appears people have been targeting Bank of America ATMs and customers using California Employment Development Department (EDD) debit cards," APD said in a social media post. "EDD cards typically do not have an EMV security chip, making it easier for the skimming devices to obtain account information embedded on the magnetic strip."

If you receive EDD funds, the police department suggests that you withdraw money in person or transfer the money into an account protected with an EMV-chipped card. Other tips:

Find out what's happening in Alameda with free, real-time updates from Patch.

  • Change your PIN.
  • Never use an ATM that appears damaged or altered.
  • Always cover the PIN pad with your hand when you enter your PIN.
  • Review your bank statements.
  • Report fraud to your bank and file an online police report.
  • Have a "Fraud Alert/Victim Impact" statement placed on your credit file. The three credit bureaus are Equifax , Experian , and Trans Union

The police department is reviewing bank security footage to see if the person who installed the device was caught on camera.

To request removal of your name from an arrest report, submit these required items to [email protected]

The rules of replying:

  • Be respectful. This is a space for friendly local discussions. No racist, discriminatory, vulgar or threatening language will be tolerated.
  • Be transparent. Use your real name, and back up your claims.
  • Keep it local and relevant. Make sure your replies stay on topic.
  • Review the Patch Community Guidelines.
Источник: mynewextsetup.us

In summary

After the Great Recession, California signed an exclusive contract with Bank of America to distribute unemployment benefits through prepaid debit cards. A CalMatters investigation reveals that to this day, no one knows how much the bank has made off the deal. Lawmakers are examining the bank’s role in mass account freezes and untold amounts of missing money for thousands of struggling jobless Californians — as well as where the bank may have failed to keep unemployment money safe from fraud.

For a brief moment this summer, Stephanie Moore thought she might finally see a glimmer of hope at the end of the coronavirus recession. Unemployment benefits provided a lifeline for the year-old Los Angeles housekeeper to leave a bad relationship and rent an Airbnb while she looked for a job. But in early October, her state-issued Bank of America debit card balance plummeted from around $ to negative $1, after a credit for fraudulent charges from months earlier was reversed without warning. 

So began her unofficial full-time job trying to get the money back.

“It’s kind of like a nightmare,” Moore said. “Every day I’m wondering what’s more important. Do I get on the phone with the bank and try again so I have a place to sleep tomorrow, or do I just accept that I’m going to be on the street and focus on my job search? Because you can’t do both.”

For months, California’s Employment Development Department has attracted the ire of jobless workers and state lawmakers for a backlog of unpaid unemployment claims that peaked at million. Now, Moore is among those entangled by potential security lapses and payment errors involving Bank of America, which since has had an exclusive contract to deliver state unemployment benefits through prepaid debit cards.

It’s a breakdown of the state’s job safety net that raises questions about the best way to get money into the hands of workers who desperately need it, since California is one of only three U.S. states that does not offer a direct deposit option, according to a CalMatters review of public documents. To this day, it’s not clear how much Bank of America has made from handling the bulk of the unprecedented $ billion California has paid out in benefits since March. Lawmakers are examining the bank’s role in payment issues that began during a two-week identity-verification update, and whether the bank has provided adequate security for unemployment insurance money in the face of rampant fraud. 

Bank of America, whose contract is up next July, declined to answer detailed questions about how many unemployed Californians are still unable to use their debit cards, how much money has been withdrawn from accounts flagged for potential fraud, when and how claimants may be paid back or how much the bank has made in fees on the cards. The state told CalMatters that some , debit cards were frozen this fall and as of Thursday, around , accounts remain impacted, meaning progress has been slow.

“Unfortunately, there has been billions of dollars of fraud during this pandemic in state unemployment programs, including California,” Bank of America said in a statement to CalMatters, urging those impacted to contact the bank. “We are working with the state and law enforcement to identify and take action against fraudulent applicants, protect taxpayer money and ensure that legitimate applicants can access their benefits.” 

For San Francisco Assemblymember David Chiu, a progressive Democrat who authored a public banking bill and has pushed to reduce state reliance on Wall Street, the confusion marks “another failure” by the state and its corporate vendors. The employment agency hinted it was the bank&#;s fault, insisting in an Oct. 29 statement that it “has no direct access to debit funds on any accounts” and that those impacted by card issues should contact Bank of America.

“They’re playing the blame game. Someone needs to take responsibility for this,” Chiu said. “I think we’re going to have to revisit that contract if BofA can’t provide the services it promised.”

The state agency said it will review all options this summer.

Banking on debit cards  

In August , California was still in the depths of the Great Recession. Unemployment was %, and the state was paying out $66 million a day in jobless benefits. But at the state agency, a major tech overhaul was underway after a new debit card contract with Bank of America.

At no cost to the state, the bank had begun rolling out prepaid cards to replace paper unemployment checks. It would be faster and more efficient, the EDD argued in a public report at the time, and much more accessible to Californians without bank accounts. The bank promised to share some revenue from merchant transaction fees with the state and guaranteed low fees for the unemployed: a few dollars for multiple ATM withdrawals, $10 for expedited or lost cards, and normal merchant fees whenever the card is swiped. “Terms are more favorable than most people have for their own personal bank accounts,” the report said. 

The result was what United Way of California Communications Director Unai Montes-Irueste calls a “NASCAR card,” thanks to its flashy corporate logos for Visa and Interlink. Most other states have moved from paper checks to direct deposit or hybrid debit card and direct deposit systems. This past spring, millions of Californians received their federal coronavirus stimulus payments via direct deposit to personal bank accounts.

Still, California was far from alone in betting that debit cards would be a big part of the future of government benefits. Use of the cards exploded in the last decade at state, local and federal agencies as Bank of America, U.S. Bank, KeyBank, Comerica and others pursued more government contracts. By , government agencies had paid out $ billion in benefits through prepaid debit cards, generating $ million in revenue for banks, the Federal Reserve reported. Today, 43 states use a combination of direct deposit and debit card systems, which consumer groups favor to reach unemployment claimants with the widest variety of financial situations.

Michele Evermore, a senior policy analyst at worker advocacy group the National Employment Law Project cautioned that banks acting as middlemen in debit card contracts can sometimes divert funds from workers — a missed opportunity for economic stimulus. “It may seem like a 2% fee here and a 2% fee there doesn’t amount to much, but in the aggregate, it really does,” Evermore said. 

In California, paper checks are still available by request, and Bank of America notes that debit card customers can transfer the money from the card to their own bank accounts — both time-consuming alternatives, said Lauren Saunders, associate director of the National Consumer Law Center. In a report, the organization found that despite the relatively consumer-friendly terms in the state’s Bank of America unemployment contract, Californians paid almost $ million in fees in a year. 

Bank of America referred questions about fees generated by its California unemployment contract to EDD. The employment agency has not yet responded to a CalMatters request for records of revenue and fees related to the debit card contract.

Debit card problems pile up

In the meantime, the stories of Californians dealing with debit card problems continue to pile up. For Santa Maria single mother Aimy Onan, a drained account meant falling behind on rent and moving into a shared bedroom with her daughter in her ex’s home with a new girlfriend. For furloughed Disney candy maker Julie Hansen, a negative $12, balance threatened her ability to care for her autistic son. For Demarcus Sparks, who was self-employed before the pandemic, a frozen debit card led to a Greyhound trip from L.A. to stay with his mom in Georgia for fear of ending up in a shelter.

“They treat you like trash,” said Paul Dease, a year-old antiques dealer in San Diego County, who has been locked in a dispute with Bank of America over $1, withdrawn from his account without notice. “How many people have the same story I have, that have lost $1, or $ and haven’t gotten it back?”


How are you getting by on unemployment benefits? 

We invite you to share your story here. 

¿Cómo te las estás arreglando sin los beneficios del Seguro de Desempleo?

Te invitamos a compartir tu historia aquí.


That much remains unclear. Chiu said lawmakers also have yet to receive updated account information, or answers about the “mind boggling” omission of microchips in the cards to root out fraud. 

Bank of America declined to comment on the security of California&#;s unemployment debit cards. But bank personnel also say their own outdated customer service systems have contributed to claimants&#; financial purgatory. The bank’s internal processes for reporting and investigating unemployment debit card complaints have led to long delays and shifting timelines, two workers told CalMatters, as they juggle antiquated technology and shifting corporate scripts. 

“We’re actually no longer allowed to tell them a timeframe, because we have no clue,” said one Bank of America customer service worker, who asked to remain anonymous since they were not authorized to discuss the matter. “Every day, I talk to 30 people with the same story. I just pray for them after my shift, honestly.”

A field day for fraud

Matt Hoffman, seen at his girlfriend’s house in Escalon on Nov. 13, , spends his days sitting on the porch while on hold with EDD, Bank of America and FEMA. According to Hoffman, he spends an average of 4 hours on hold per call. Photo by Anne Wernikoff for CalMatters

If the world wasn’t paralyzed by a deadly pandemic, it might look like Matthew Hoffman has been traveling quite a bit. His Bank of America unemployment card ledger shows transactions and ATM withdrawals in Alabama, Modesto, Sacramento, Tennessee, Connecticut and even a series of overseas charges.

But Hoffman, a former Comcast employee who has been out of work since a stroke last year, said he’s never used the card in any of those places. In total, he saw almost $7, disappear. He said one bank representative told him the fraud dispute he filed had been closed without investigation. Another said it was reopened. Finally, he was told that a credit would arrive on Nov. It didn’t.

“What’s the point of having and paying into unemployment insurance if it’s not actually made available to me when I need it?” said Hoffman, who is alternating staying with his girlfriend and in his car after the loss of his Livermore rental home in a recent wildfire.

Stories like Hoffman’s aren’t hard to find after a governor-appointed Strike Team in September advised EDD that organized fraud &#;represents a serious risk to the state, and EDD must develop capabilities to understand and combat it.” 

In total, , paid and unpaid unemployment claims out of the more than 14 million filed from March to early October were temporarily suspended for potential fraud during the agency’s late September reset, according to an EDD statement to CalMatters. From dark web conspiracies to YouTube rap videos, the range of apparent fraud could cost the state “hundreds of millions,” Sacramento Assemblymember Jim Cooper predicted at a recent EDD hearing.

In one instance, Beverly Hills police arrested  people and seized fraudulent unemployment debit cards worth more than $4 million after a series of shopping sprees on Rodeo Drive. Until fraud is detected, Bank of America reaps normal transaction fees every time the cards are swiped under the terms of its state contract. The bank promised California &#;best-in-class&#; fraud monitoring in its original unemployment debit card pitch, and assured the state that &#;EDD has no liability for issues related to fraud.&#;

But amid the unemployment surge during the pandemic, Beverly Hills Assistant Police Chief Marc Coopwood said much of the burden has fallen on local law enforcement, rather than EDD or the bank, to uncover such schemes. 

“The real victim in this, the people whose identities were stolen, they’re going to get a next year,” Coopwood said. “They’re going to spend years fighting this with the IRS.”

Lawsuits ahead?

Where California goes from here to remedy its unemployment woes isn’t clear. The EDD has vowed to work through its remaining backlog of , unpaid unemployment claims by January. Bank of America said it has increased staffing at prepaid customer service centers “nearly fold” to deal with unprecedented demand, and that it continues “to review and decision claims in a timely fashion and within the regulations.” 

Chiu said he is one of multiple state lawmakers considering new EDD reform bills in the coming year. Several unemployment claimants interviewed by CalMatters said they have contacted lawyers about bringing potential claims against Bank of America. Labor lawyers also see courtrooms in EDD’s future if problems persist.

“I’m skeptical this will be resolved without litigation,” said Daniela Urban, director of Sacramento’s Center for Workers’ Rights. “I think that it’s warranted. The question is whether EDD fixes it first, or what the response is.”

Lauren covers the California economy for CalMatters. Her past stories have been published by the New York Times, the L.A. Times, the Guardian and others. She previously worked as a staff reporter for Protocol More by Lauren Hepler

Stephen is working as an Audience Intern this summer and is a rising junior at Northwestern University&#;s Medill School of Journalism. More by Stephen Council

Источник: mynewextsetup.us

Bank of America’s Native American support tops $17 million since

News Release

Bank of America

Bank of America announced November 30 that it has directed more than $17 million to support Native American communities since the onset of the pandemic. Funding includes capital investments and philanthropic grants to nonprofits and institutions providing services to Indigenous communities as part of the bank&#x;s effort to advance racial equality and economic opportunity through its $ billion, five-year commitment.

Through investments in Native American communities, we are working to connect Indigenous people to opportunities that will help them build stability and a more successful future, said Andrew Plepler, global head of Environmental, Social and Governance (ESG), Bank of America. We recognize that more needs to be done, and we continue to explore partnerships and expand our commitment to invest in Native American-owned small businesses, jobs development, and critical needs.

In , the company recognized the disproportionate impact of the health crisis and directed more than $13 million to Native American communities across the U.S., including $10 million in capital to Native American Bank, a community development financial institution (CDFI) providing funding for small businesses, affordable housing, community facilities, and consumer lending needs. The company also donated personal protection equipment (PPE) including over 1 million masks, , gloves, and hand sanitizer to Native American communities.

On November 30, in observance of Native American Heritage Month, the company announced an additional $ million in funding to support nonprofit partners working to address critical needs in Native American communities. This includes philanthropic grants to 39 nonprofits and institutions providing critical services to Indigenous communities.

Investments entail $ million in grants to national and local nonprofits focused on meeting health, hunger, workforce development, small business and entrepreneurship needs in Native American communities. Many of Bank of America&#x;s longstanding partners that address needs related to housing and community revitalization have also received funding, including First Nations Development Institute, the National Congress of American Indians, the National American Indian Housing Council (NAIHC), and First Nations Oweesta.

Bank of America is also expanding its partnership with the American Indian Higher Education Consortium (AIHEC) and education company EAB to support student success, financial sustainability, and ongoing institutional transformation at 37 tribal colleges and universities. Lastly, the company is launching a $1 million, four-year partnership with Water First in Canada to support access to clean drinking water in Indigenous communities, which includes training young Indigenous adults for a career in water science.

Additional organizations receiving grant funding include: American Indian College Fund; Citizen Potawatomi Community Development Corporation; Community Food Bank of Eastern Oklahoma; Community Outreach & Patient Empowerment (COPE); Native American Connections; New Mexico Foundation; Our Native America Business Entrepreneurship Network (ONABEN); Regional Food Bank of Oklahoma; United National Indian Tribal Youth Inc. (UNITY); and others.

Bank of America has provided critical financial services to Native American governments and territories for more than 60 years, and is equally committed to supporting its Native American employees. Founded in , Bank of America&#x;s Native American Professional Network (NAPN) aids in the recruitment, retention and career development of Native Americans, Alaskan Natives and Hawaiian Natives at Bank of America, growing membership more than 80% in the past five years. Members actively promote financial education in Native American territories and communities, help raise awareness of Native business opportunities and cultural issues, and support Bank of America&#x;s business strategy of enlarging its profile in Native American communities.

Bank of America

At Bank of America (NYSE: BAC) , we&#x;re guided by a common purpose to help make financial lives better, through the power of every connection. We&#x;re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It&#x;s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, register for news email alerts.

Related coverage:

Bank of America directed more than $13 million to Native American communities hardest hit by the coronavirus pandemic in

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Capital One drops all overdraft fees, latest bank to do so

NEW YORK -- Capital One said Wednesday that will get rid of all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to shy away from the long-hated practice.

The Virginia-based bank said it will still allow customers to overdraft, but it will no longer charge a fee to do so. Any eligible customers can opt into fee-free overdraft at any times, the bank said.

A number other banks have announced this year — Ally Bank and regional banking giant PNC for example — that they would end overdraft fees or create programs that would greatly lower the chance a customer would get hit with an overdraft fees.

In an email to employees, Capital One CEO Richard Fairbank said the move was part of “our effort to bring ingenuity, simplicity and humanity” back to banking.

That said, overdraft fees are still a prevalent practice in banking, often causing millions of bank customers to pay $34 for a cup of coffee. The Consumer Financial Protection Bureau released a study on Wednesday that showed the industry brought in $ billion in overdraft fees in , of which three banks — JPMorgan Chase, Wells Fargo and Bank of America — made up 44% of that revenue.

Consumer advocates applauded the move, especially since Capital One is one of the nation's largest banks.

“Capital One’s complete elimination of overdraft and NSF (non-sufficient funds) fees is a landmark moment for American families,” said Lauren Saunders, associate director at the National Consumer Law Center, in a statement.

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All Members receive a below market fixed rate. At NACA, there is no shopping around for the best interest rate. Members’ credit scores, loan to value ratios, or debt to income ratios have no impact on the interest rate.

NACA provides two interest rates that are less than the market rate. This is based on the below criteria utilizing the Metropolitan Statistical Area (“MSA”) and the Area Median Income (“AMI”).

  1. Priority Members:
    Priority Members are low to moderate income Members or Members purchasing in a low to moderate income census trac.  They receive a mortgage one percent below market rate.
    1. Low &#; to Moderate &#; Income Members:  Members who have a total bank application income that is % or less of the AMI in the applicable MSA where the Member is purchasing, or
    2. Higher Income Members Purchasing in a Low to Moderate Income Census Trac: Members who have a total bank application income greater than % of the AMI in the applicable MSA where the Member is purchasing and the Member is purchasing a home in a census trac with a median family income that is 80% or less of the AMI of the applicable.
  2. Non-Priority Members:
    Non-Priority Members are higher income Members purchasing in a higher income area meeting NACA’s eligibility or other criteria.  They still get a low rate without paying discount points, but one percent higher than Priority Members.

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NACA’s “AMERICAN DREAM PROGRAM” FEATURED ON HOPETV DIGITAL NETWORK

10/22/

NACA is proud to announce a new partnership with “The House of Hope Atlanta” and its HOPETV Digital Network. NACA’s American Dream Program will air each Monday at 3 pm on HOPETV and airs live each Monday at p.m. Eastern Standard Time on NACA’s official Facebook page .

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NACA ENDORSES MICHELLE WU FOR BOSTON MAYOR, PLUS SIX CITY COUNCIL CANDIDATES

11/01/

NACA is proudly endorsing Michelle Wu for Mayor and six candidates for Boston City Council. NACA encourages NACA Members and all Boston voters to head to the polls on Election Day, November 2, to not only vote for Wu but also David Halbert, Julia Mejia, Carla B. Monteiro and Ruthzee Louijeune for Boston City Council At-Large. Additionally, NACA supports Brian Worrell for District 4 and Kendra Hicks for District 6.

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Источник: mynewextsetup.us
History, Services, Acquisitions, & Facts". Encyclopedia Britannica. Retrieved January 29,
  • ^Roberts, Deon (August 31, ). "Here's what to know about the area's biggest employers". The Charlotte Observer. Retrieved January 29,
  • ^ abcd"Settlement: Part II - Italian American Museum of Los Angeles". Google Arts & Culture. Retrieved January 29,
  • ^"Bank of Italy". Archived from the original on July 18, Retrieved July 22,
  • ^"World's biggest bank (Fortune Classics, )". Fortune. Archived from the original on March 25, Retrieved March 25,
  • ^Vance, Marian (). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p.&#; ISBN&#;.
  • ^"Statewide Expansion" pp. 34–38 In: Branch Banking California. Report for the U.S. Federal Reserve System. web version at: PDF versionArchived September 4, , at the Wayback Machine
  • ^Transamerica Corporation, a corporation of DelawareArchived August 30, , at the Wayback Machine, has petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. §
  • ^"The History of Visa". Visa Inc. Archived from the original on November 3, Retrieved October 29,
  • ^Stearns, David L. (). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. pp.&#;25– ISBN&#;. Available through SpringerLink.
  • ^"FDIC Law, Regulations, Related Acts - Bank Holding Company Act". mynewextsetup.us. Retrieved January 29,
  • ^ abColumnist, Jon Talton / (August 15, ). "Remember Seafirst? It's more than a local tale". The Seattle Times. Retrieved January 29,
  • ^"BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, Retrieved January 29,
  • ^"BankAmerica Takes Over at Security Pacific&#;: Acquisitions: The merger becomes official today, creating the nation's second-largest banking company". Los Angeles Times. April 22, Retrieved January 29,
  • ^Matassa Flores, Michele (April 2, ). "Key Bank, West One Finalize Purchases". Seattle Times. Archived from the original on May 19, Retrieved September 27,
  • ^"Bank takes famous name, poises for future". Las Vegas Review-Journal. April 29, Retrieved January 29,
  • ^FDIC (). "Continental Illinois and Continental Illinois and 'Too Big to Fail'"(PDF). FDIC. Retrieved January 29,
  • ^"About Banks - Bank of America". mynewextsetup.us. Retrieved January 29,
  • ^BankAmerica Adds 4 Traders To Its High-Yield Bond SectorArchived April 1, , at the Wayback Machine. American Banker, June 17,
  • ^Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, ). "BankAmerica Agrees to Pay $ Million for Robertson". Wall Street Journal. ISSN&#; Retrieved January 29,
  • ^BankAmerica to Buy Robertson, Stephens Investment CompanyArchived August 26, , at the Wayback Machine. The New York Times, June 9,
  • ^O'Brien, Timothy L. (October 15, ). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN&#; Retrieved January 29,
  • ^Mulligan, Thomas S. (October 21, ). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Archived from the original on December 3, Retrieved June 22,
  • ^Petruno, Tom (October 15, ). "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. Archived from the original on December 3, Retrieved June 22,
  • ^Martin, Mitchell (April 14, ). "Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks". The New York Times
  • Источник: mynewextsetup.us
    bank of america california

    Bank of America

    American multinational banking and financial services corporation

    This article is about a commercial bank unaffiliated with any government. For the central bank of the United States, see Federal Reserve System.

    "BofA" bank of america california here. For bank of america california French illustrator, see Gus Bofa.

    Bank of America mynewextsetup.us
    Bank of America Corporate mynewextsetup.us

    The Bank of America Corporate Center, headquarters of Bank of America in Charlotte, North Carolina

    TypePublic company

    Traded as

    ISINUS
    IndustryFinancial services
    PredecessorBank America
    NationsBank
    Founded (via the merger of BankAmerica & NationsBank)
    (as BankAmerica)
    (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in )
    FounderAmadeo Giannini (BankAmerica)
    Hugh McColl
    (NationsBank)
    HeadquartersCharlotte, North Carolina, U.S. (Corporate)
    New York, NY (Investment banking)

    Number of locations

    4, retail financial centers & approximately 16, ATMs[1]

    Area served

    Worldwide

    Key people

    ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
    RevenueDecreaseUS$ billion ()[1]

    Operating income

    DecreaseUS$ billion ()[1]

    Net income

    DecreaseUS$ billion ()[1]
    Total assetsIncreaseUS$ trillion ()[1]
    Total equityDecreaseUS$ billion ()[1]
    OwnersBerkshire Hathaway (%) The Vanguard Group (%) BlackRock (%)[2][3]

    Number of employees

    , ()[1]
    DivisionsBofA Securities
    Merrill
    Bank of America Private Bank
    Websitemynewextsetup.us

    The Bank of America Corporation (simply referred to as Bank of America, often abbreviated as BofA or BoA) is an American multinational investment bank and financial servicesholding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco, and took its present form when NationsBank of Charlotte acquired it in It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States.[4] It serves approximately % of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

    One branch of its history stretches back to Bank of Italy, founded by Amadeo Pietro Giannini inwhich provided various banking options to Italian immigrants who faced service discrimination.[5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in The passage of landmark federal banking legislation facilitated a rapid growth in the s, quickly establishing a prominent market share. After suffering a significant loss after the Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch bank of america california wealth management and Bank of America Merrill Lynch for investment banking in andrespectively (since renamed BofA Securities).[6]

    Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of [update].[7] Its wealth management side manages US$ trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS.[8] In commercial banking, 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.[9] Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4, banking centers and 15, automated teller machines (ATMs).

    The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August&#;[update], Bank of America has a $ billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $ billion in sales as of June&#;[update].[10] Bank of America was ranked #25 on the Fortune rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the Global rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their Awards for Excellence.[12]

    History[edit]

    The Bank of America name first appeared inwith the formation of Bank of America, Los Angeles. Init was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.[13]

    The eastern portion of the Bank of America franchise can be traced towhen Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in InCommercial National Bank was founded in Charlotte. That bank merged with American Trust Company in to form American Commercial Bank.[14] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. Init merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

    The central portion of the franchise dates towhen Commercial National Bank and Continental National Bank of Chicago merged in to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.

    Bank of Italy[edit]

    Main article: Bank of Italy (United States)

    From a naming perspective, the history of Bank of America dates back to October 17,when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] InBank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in and consolidated with other bank holdings to create what would become the largest banking institution in the country.[15] InDeutsche Bank AG acquired % of Banca d'America e d'Italia, a bank established in Naples, Italy, in following the name-change of Banca dell'Italia Meridionale with the latter established in [citation needed] Inanother corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[15] This company acquired the stocks of various banks located in New York City and certain foreign countries.[15][16] Inthe Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] InGiannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3,to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.[18]

    Expansion in California[edit]

    Giannini introduced branch banking shortly after legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in in San Jose. By the bank had banking offices in California with aggregate resources of over US$ billion.[19] There is a replica of the Bank of Italy branch bank in History Park in San Jose, and the Bank of Italy Building is an important bank of america california landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[20] The passage of the Bank Holding Company Act of prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in Only in the s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.

    New technologies also allowed the direct linking of credit cards with individual bank accounts. Inthe bank introduced the BankAmericard, which changed its name to Visa in [21] A coalition of regional bankcard associations introduced Interbank in to compete with BankAmericard. Interbank became Master Charge in and then MasterCard in [22]

    [edit]

    Following the passage of the Bank Holding Company Act of by the US Congress,[23] BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries.

    Bank of America expanded outside California inwith its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.[24] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the merger with NationsBank.[24]

    BankAmerica experienced huge losses in and due to the placement of a series of bad loans in the Third World, particularly in Latin America.[citation needed] The company fired its CEO, Sam Armacost in Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost.[citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall ofalthough BankAmerica rebuffed it, mostly by selling operations.[25] It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the stock-market crash, BankAmerica's share price had fallen to $8, but by it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

    BankAmerica's next big acquisition came in The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late s. This represented, at the time, the largest bank acquisition in history.[26] Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[27] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.[28]

    In BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.[29]Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.[30]

    These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in behind North Carolina's fast-growing NationsBank Corporation, and to third in behind First Union Corp.[citation needed]

    Bank of America logo used from to

    On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[31] In addition, inBankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $&#;million.[32] Robertson Stephens was integrated into BancAmerica Securities, and the combined subsidiary was renamed "BancAmerica Robertson Stephens".[33]

    Merger of NationsBank and BankAmerica[edit]

    Logo of the former Bank of America (BA), –

    InBankAmerica lent hedge fundD. E. Shaw & Co. $&#;billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October in what was the largest bank acquisition in history at that time.[37]

    While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity.[38] The combined bank operates under Federal Charterwhich was granted to Giannini's Bank of Italy on March 1, However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre stock price history. All U.S. Securities and Exchange Commission (SEC) filings before are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company.[citation needed]

    InBank of America possessed combined assets of $&#;billion, as well as 4, branches in 22 states.[citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.[39] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in [citation needed]

    to present[edit]

    Typical Bank of America branch in Los Angeles

    InMcColl stepped down and named Ken Lewis as his successor.

    InBank of America announced it would purchase Boston-based bank FleetBoston Financial for $47&#;billion in cash and stock.[40] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $&#;billion in assets, over 20 million customers and revenue of $12&#;billion.[40] Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.

    On June 30,Bank of America announced it would purchase credit card giant MBNA for $35&#;billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15,and the merger closed on January 1, The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $&#;billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.

    Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In MayBank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay, in exchange for Itaú shares. The deal was signed in August

    Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches andclients in Brazil. BankBoston in Chile had 44 branches and 58, clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly servedclients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach %. Banco de Boston de Brazil had been founded in

    On November 20,Bank of America announced the purchase of The United States Trust Company for $&#;billion, from the Charles Schwab Corporation. US Trust had about $&#;billion of assets under management and over years of experience. The deal closed July 1, [41]

    On September 14,Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21&#;billion. With this purchase, Bank of America possessed $&#;trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in Bank of America took over the event starting with the race.

    The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by branches, 17, commercial bank clients, &#;million retail customers, and 1, ATMs. Bank of America became the largest bank in the Chicago market with offices and 14% of the deposit share, surpassing JPMorgan Chase.

    LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, [42]

    Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31,in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1,and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45&#;billion it had received from the Troubled Assets Relief Program.[43][44]

    Acquisition of Countrywide Financial[edit]

    On August 23,the company announced a $2&#;billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of % per annum and provided the option to purchase common stock at a price of $18 per share.[45]

    On January 11,Bank of America announced that it would buy Countrywide Financial for $&#;billion.[46] In Marchit was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[47] This news did not hinder the acquisition, which was completed in July ,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[49] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $&#;trillion as of December 31, [50]

    This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[51] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[52] Countrywide Financial has changed its name to Bank of America Home Loans.

    Chart showing the trajectory of BOA share value and transaction volume during the – financial crisis

    In Decemberthe Justice Department announced a $ million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney GeneralEric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from to He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[53]

    Acquisition of Merrill Lynch[edit]

    On September 14,Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50&#;billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[55] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[56] This acquisition made Bank of America the largest financial services company in the world.[57]Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake.[58] However, taking a loss Reuters estimated at $3&#;billion, the Singaporesovereign wealth fund sold its whole stake in Bank of America in the first quarter of [59]

    Shareholders of both companies approved the acquisition on December 5,and the deal closed January 1, [60] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[61] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[62]

    The bank, in its January 16,earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $&#;billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45&#;billion, less than the $50&#;billion it offered for Merrill just four months earlier, and down $&#;billion from the merger announcement.

    Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[64]

    Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[65] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter.

    The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[66] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $&#;billion of Bank of America's $&#;billion in profit by the end of quarter one inand over 25% in quarter 3 [67][68]

    On September 28,Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $ billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of – to settle. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment.

    Federal Troubled Asset Relief Program[edit]

    On January 16,Bank of America received $20&#;billion and a guarantee of $&#;billion in potential losses from the U.S. government through the Troubled Asset Relief Program (TARP).[70] This was in addition to the $25&#;billion given to the bank in the fall of through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch.[71] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[72] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts.

    According to an article in The New York Times published on March 15,Bank of America received an additional $&#;billion in government bailout money via the bailout of American International Group.[73]

    As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[74]

    On December 2,Bank of America announced it would repay the entire $45&#;billion it received in TARP and exit the program, using $&#;billion of excess liquidity along with $&#;billion to be gained in "common equivalent securities" union savings bank mt washington 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[75][76]

    Bonus settlement[edit]

    On August 3,Bank of America agreed to pay a $33&#;million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $&#;billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December The issue was originally investigated by New York Attorney GeneralAndrew Cuomo, who commented after the suit and announced a settlement that "the timing of the bonuses, as well as the disclosures relating to them, constituted a 'surprising fit of corporate irresponsibility'" and "our investigation of these and other matters pursuant to New York's Martin Act will continue." Congressman Kucinich commented at the same time that "This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch."[77] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5.[78] A first hearing before the judge on August 10 was at times heated, and he was "sharply critic[al]" of the bonuses. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. The actual amount of bonuses paid was $&#;billion, of which $&#;million was "guaranteed" and the rest was shared amongst 39, workers who received average payments of $91,; people received more than $1&#;million in bonuses; at least one person received a more than $33&#;million bonus.[79]

    On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth."[80]

    While ultimately deferring to the SEC, in FebruaryJudge Rakoff approved a revised settlement with bank of america california $&#;million fine "reluctantly", calling the accord "half-baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders', an improvement on the prior $33&#;million while still "paltry", according to the judge. Case: SEC v. Bank of America Corp., cv, United States District Court for the Southern District of New York.[81]

    Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform,[80] under chairman Edolphus Towns (D-NY)[82] and in its investigative Domestic Policy Subcommittee under Kucinich.[83]

    Fraud[edit]

    Inthe U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $&#;million, including $25&#;million to the Internal Revenue Service and $&#;million to the state attorney general, to the affected organizations to settle the allegations.[84]

    Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. As of January&#;[update], other bankers and brokers are under indictment or investigation.[85]

    On October 24,the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.[86][87] On May 23,the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract," not fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.[88]

    Downsizing ( to )[edit]

    DuringBank of America began conducting personnel reductions of an estimated 36, people, contributing to intended savings of $5 billion per year by [89]

    In DecemberForbes ranked Bank of America's financial wealth 91st out of the nation's largest banks and thrift institutions.[90]

    Bank of America cut around 16, jobs in a quicker fashion by the end of as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30, jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter ofBerkshire bank purchased 20 Bank of America branches in Central and eastern New York for million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

    In April and MayBank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.[92]

    As part of its new strategy Bank of America is focused on growing its mobile banking platform. As of [update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4, as a result of increased mobile banking use and a decline in customer branch visits. Bythe number of mobile users has increased to million and the number of locations fell to 4, at the end of June.[93]

    Sale of stake in China Construction Bank[edit]

    InBank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in Bank of america california, for $3&#;billion.[94] It represented the company's largest foray into China's growing banking sector. Bank of America has offices in Hong Kong, Shanghai, and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. InBank of America was awarded Project Finance Deal of the Year at the ALB Hong Kong Law Awards.[95] In NovemberBank of America announced plans to divest most of its stake in the Us bank new account Construction Bank.[96]

    In SeptemberBank of America sold its remaining stake in the China Construction Bank for as much as $ billion, marking the firm's full exit from the country.[97]

    $17 billion settlement with Justice Department[edit]

    In AugustBank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $ billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities.[98] Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $ billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."[99]

    Much of the government's prosecution was based on information provided by three whistleblowers – Shareef Abdou (a senior vice president at the bank), Robert Madsen (a professional appraiser employed by a bank subsidiary), and Edward O'Donnell (a Fannie Mae official). The three men received $ million in whistleblower awards.[]

    [edit]

    Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[] on U.S. military installations in Guantanamo Bay Naval BaseCuba, Diego Garcia, Germany, Japan, Italy, Kwajalein Atoll, South Korea, the Netherlands, and the United Kingdom. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. Deposits made into checking and savings accounts are insured by the Federal Deposit Insurance Corporation up to $, despite the fact that none of Bank of america california operating branches are located within the jurisdictional borders of the United States.

    Decision not to finance makers of military-style guns[edit]

    In AprilBank of America announced that it would stop providing financing to makers of military-style weapons such as the AR rifle.[] In announcing the decision, Bank of America referenced recent mass shootings and said that it wanted to "contribute in any way we can" to reduce them.

    Return to expansion (–present)[edit]

    InBank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.[] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

    In JanuaryBank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. Before the expansion, Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four, with locally based PNC Financial Services (no. 6 nationally) having a commanding market share in the area;[][] this coincided with Chase making a similar expansion into Pittsburgh.[] By the end of the fiscal yearBank of America had become Pittsburgh's 16th largest bank by deposits, which considering the dominance of PNC and BNY Mellon in the market is considered relatively impressive.[] ByBank of America had moved up to 12th in the market.[]

    In FebruaryBank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase.[][] Columbus serves as the bank's hub in Ohio due to its central location as the state's capital, its overall size and growth, and an existing Bank of America call center for its credit card division in suburban Westerville. Within a year of entering Ohio, Columbus quickly saw the bank become the 5th largest in the market by deposits, behind only banks either based in Ohio (Fifth Third Bank and locally-based Huntington Bancshares) or have a major presence as a result of an acquisition of an Ohio-based institution (Chase and PNC), and ahead of US Bancorp (also with a large presence due to acquiring an Ohio-based bank), Ohio-based KeyBank, and several local institutions.[] As ofBank of America is the 9th largest bank by deposits in all of Ohio.[]

    Operations[edit]

    Bank of America generates 90% of its revenues in its domestic market. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[]

    Consumer Banking[edit]

    Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. It provides stockbroker services via Merrill Edge, an electronic trading platform. The consumer banking division represented 38% of the company's total revenue in [1] The company earns revenue from interest income, service charges, and fees. The company is also a mortgage servicer. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. The Consumer Banking organization includes over 4, retail financial centers and approximately 15, automated teller machines.

    Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that provides for reduced fees for consumers using their ATM card or check card at another bank within the Global ATM Alliance when traveling internationally. This feature is restricted to withdrawals using a debit card and users are still subject to foreign currency conversion fees, credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees.

    Global Banking[edit]

    The Global Banking division provides banking services, including investment banking and lending products to businesses. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. The division represented 22% of the company's revenue in [1]

    Before Bank of America's acquisition of Merrill Lynch, the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Bank of America Merrill Lynch is headquartered in New York City.

    Global Wealth and Investment Management[edit]

    The Global Wealth and Investment Management (GWIM) division manages investment assets of institutions and individuals. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in [1] It is among the 10 largest U.S. wealth managers. It has over $ trillion in client balances.[1] GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, and Bank of America Specialist.

    Global Markets[edit]

    The Global Markets division offers services to institutional clients, including trading in financial securities. The division provides research and other services such as market maker, and risk management using derivatives. The division represented 19% of the company's total revenues in [1]

    Labor[edit]

    On April 9,the company announced minimum wage will be increased beginning May 1,to $ an hour until it reaches a goal of $ an hour in []

    Offices[edit]

    The Bank of America principal executive offices are located in the Bank of America Corporate Center, Charlotte, North Carolina. The skyscraper is located at North Tryon Street, and stands at &#;ft ( m), having been completed in

    InBank of America cut ties to the American Legislative Exchange Council (ALEC).[]

    International offices[edit]

    Bank of America's Global Corporate and Investment Banking has its U.S. headquarters in Charlotte, European headquarters in Dublin, and Asian headquarters in Hong Kong and Singapore.[]

    Corporate Governance[edit]

    Charitable efforts[edit]

    Bank of America volunteers at the Los Angeles LGBT pride parade in

    Inthe bank offered employees a $3, rebate for the purchase of hybrid vehicles. The company also provided a $1, rebate or a lower interest rate for customers whose homes qualified as energy efficient.[] InBank of America partnered with Brighter Planet to offer an eco-friendly credit card, and later a debit card, which help build renewable energy projects with each purchase.[] Inthe bank completed construction of the 1 Bank of America Center in Charlotte center city. The tower, and accompanying hotel, is a LEED-certified building.[]

    Bank of America has also donated money to help health centers in Massachusetts[] and made a $1 million donation in to help homeless shelters in Miami.[]

    Inthe bank made a ten-year commitment of $ billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighborhoods.[]

    Inthe bank pledged $ million over a ten-year period for community development lending and affordable housing programs.[]

    Chief Executive Officer[edit]

    List of CEOs[edit]

    1. Hugh McColl (–)[]
    2. Ken Lewis (–)[]
    3. Brian Moynihan (– )[]

    CEO Pay Ratio[edit]

    Pursuant to Section (b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio).[]

    Total compensation for Brian Moynihan, CEO, amounted to $22,, and total compensation of the median employee was determined to be $92, The resulting pay ratio is estimated to be []

    Lawsuits[edit]

    In AugustBank of America was sued for $10 billion by American International Group. Another lawsuit filed in September pertained to $ billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[] That December, Bank of America agreed to pay $ million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from toprior to being acquired by BofA.[] In SeptemberBofA settled out of court for $ billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[]

    On February 9,it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and the federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[] The five banks were also required to comply with new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

    On October 24,American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA and the special inspector for the Troubled Asset Relief Program.[] In MarchBank of America settled the suit by agreeing to pay $ billion to Fannie Mae and Freddie Mac and to buy back around $ billion worth of mortgage bonds.[]

    In Aprilthe Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $ million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly million customers were affected by deceptive marketing of add-on products, and million customers were illegally charged for credit monitoring and reporting services they were not receiving. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. The unfair billing practices involved billing customers for privacy-related products without having the authorization necessary to perform the credit monitoring and credit report retrieval services. As a result, the company billed customers for services they did not receive, unfairly charged consumers for interest and fees, illegally charged approximately million accounts, and failed to provide the product benefit.[]

    A $ million settlement was reached in April with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its merger with Merrill Lynch.[] In Augustthe United States Department of Justice and the bank agreed to a $ billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in [] As a whole, the three firms provided $ billion of mortgage-backed securities from to [] The settlement was structured to give $7 billion in consumer relief and $ billion in penalty payments to the federal government and state governments; California, for instance, received $ million to recompense public pension funds.[][] The settlement was the largest in United States history between a single company and the federal government.[][]

    Informer senior executive Omeed Malik filed a $ million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.[] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[] Malik received an eight-figure settlement in July.[][]

    Controversies[edit]

    Parmalat controversy[edit]

    Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's bankruptcy, the company sued Bank of America for $10&#;billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in Julyresulting in Bank of America paying Parmalat $&#;million in October [][] In a related case, on April 18,an Italian court acquitted Bank of America and three other large banks, along with their employees, of charges they assisted Parmalat in concealing its fraud, and of lacking sufficient internal controls to prevent such frauds. Prosecutors did not immediately say whether they would appeal the rulings. In Parma, the banks were still charged with covering up the fraud.[]

    Consumer credit controversies[edit]

    In JanuaryBank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.[][] In Septembera Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.[][][] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents.[]

    Purchasing of Internet Domains in apparent premtive PR campaign.[edit]

    In OctoberJulian Assange of WikiLeaks claimed that his organization possessed a 5 gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.[]

    In NovemberForbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out".[] In response to this announcement, Bank of America stock dropped %.[]

    In DecemberBank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[] stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments."[]

    Later in December, it was announced that Bank of America purchased more than Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as mynewextsetup.us, mynewextsetup.us and similar names for other top executives of the bank.[][][][]

    Sometime before AugustWikiLeaks claimed that 5&#;GB of Bank of America leaks was part of the deletion of over communications by New mexico bank and trust louisiana Domscheit-Berg, a now ex-WikiLeaks volunteer.

    Settled $ million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[][edit]

    On March 14,members of hacker group Anonymous began releasing emails said to be from a former Bank of America https www suntrust online banking. According to the group, the emails documented alleged "corruption and fraud". The source, identified publicly as Brian Penny,[] was a former Bank of america california Specialist from Balboa Insurance, a firm which used to be owned by the bank, but was sold to Australian Reinsurance Company QBE.[]

    On April 7,Bank of America and QBE settled a class-action lawsuit stemming from the leak for $ million.[]

    "Repeatedly has deceived" Mortgagors, and Then "impeding" Investigation - said State of Arizona[edit]

    In the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.[]

    Investment in coal mining[edit]

    On May 6,Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.

    Competition[edit]

    Bank of America's major competitors are Wells Fargo, Santander, PNC Financial Services, Ally Financial, Capital One, Chase Bank, US Bank, Citizens Financial Group, Citigroup and M&T Bank.

    Notable buildings[edit]

    Notable buildings which Bank of America currently occupies include:

    • Bank of America Tower in Phoenix, Arizona
    • Bank of America Center in Los Angeles, California
    • Transamerica Pyramid, in San Francisco
    • California Street, formerly the Bank of America Center and world headquarters, in San Francisco, California
    • Bank of America Plaza in Fort Lauderdale, Florida
    • Bank of America Tower in Jacksonville, Florida
    • Bank of America Financial Center (Brickell) and Bank of America Museum Tower (Downtown Miami) in Miami, Florida
    • Bank of America Center in Orlando, Florida
    • Bank of America Tower in St. Petersburg, Florida
    • Bank of America Plaza in Tampa, Florida
    • Bank of America Plaza in Atlanta, Georgia
    • Bank of America Building, formerly the LaSalle Bank Building in Chicago, Illinois
    • One City Center, often called the Bank of America building due to signage rights, in Portland, Maine
    • Bank of America Building in Baltimore, Maryland
    • Bank of America Plaza in St Louis, Missouri
    • Bank of America Tower in Albuquerque, New Mexico
    • Bank of America Tower in New York City
    • Bank of America Corporate Center in Charlotte, North Carolina (the corporate headquarters)
    • Bank of America Plaza in Charlotte, North Carolina
    • Bank of America Tower in Charlotte, North Carolina
    • Hearst Tower in Charlotte, North Carolina
    • Bank of America Plaza in Dallas, Texas
    • Bank of America Tower in Midland, Texas
    • Bank of America Plaza in San Antonio, Texas
    • Bank of America Fifth Avenue Plaza in Seattle, Washington
    • Columbia Center in Seattle, Washington
    • Bank of America Tower in Hong Kong
    • City Place I, also known as United Healthcare Center, in Hartford, Connecticut (the tallest building in Connecticut)
    • Wilshire Boulevard in Beverly Hills, California

    Former buildings[edit]

    The Robert B. Atwood Building in Anchorage, Alaska, was at one time named the Bank of America Center, renamed in conjunction with the bank's acquisition of building tenant Security Pacific Bank. This particular branch was later acquired by Alaska-based Northrim Bank bank of america california moved across the street to the Linny Pacillo Parking Garage.

    The Bank of America Building (Providence) opened in as the Industrial Trust Building and remains the tallest building in Rhode Island. Through a number of mergers it was later known as the Industrial National Bank building and the Fleet Bank building. The building was leased by Bank of America from to and has been vacant since March The building is commonly known as the Superman Building based on a popular belief that it was the model for the Daily Planet building in the Superman comic books.

    The Miami Tower iconic in its appearance in Miami Vice was known as the Bank of America Tower for many years. It is located in Downtown Miami. On April 18,the AIA's Florida Chapter placed it on its list of Florida Architecture: Years. Places as the Bank of America Tower.[]

    TC Energy Center in Houston, Texas, was previously known as Bank of America Center until Bank of America ended its tenancy in the building in June Designed in the postmodern architecture style by renowned architect Philip Johnson, the building has been one of the most iconic and recognizable landmarks of the downtown Houston skyline since it was completed in []

    See also[edit]

    References[edit]

    1. ^ abcdefghijkl"Bank of America Corporation Annual Report (Form K)"(PDF). mynewextsetup.us. U.S. Securities and Exchange Commission. February Archived from the original on March 3, Retrieved April 2,
    2. ^" Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21,
    3. ^"Warren Buffett pumps another $ million into Bank of America, boosting his stock purchases to $ billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28,
    4. ^ONeil, Erin (August 2, ). "The Biggest Banks in the United States". The Balance.
    5. ^"Who Made America? – Innovators – A.P. Giannini". mynewextsetup.us Archived from the original on January 7, Retrieved December 17,
    6. ^ abCohan, William D. (September ), "An offer he couldn't refuse", The Atlantic
    7. ^Team, Trefis (June 14, ). "Five Largest U.S. Investment Banks Have Over $ Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, Retrieved August 17,
    8. ^Shelby-Green, Michael (June 11, ). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, Retrieved August 11,
    9. ^B of Https www suntrust online banking has operations (for example, Merrill Lynch offices), but no retail branches in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Bank of America Branches and ATMsArchived July 1,at the Wayback Machine. Click "Browse locations by state." © Bank of America Corporation. Retrieved June 30,
    10. ^"Bank of America on the Forbes Global List". Forbes. Archived from the original on July 28, Retrieved August 11,
    11. ^"Fortune Companies Who Made the List". Fortune. Archived from the original on November 10, Retrieved January 2,
    12. ^"World's best bank Bank of America". Euromoney. July 11, Archived from the original on August 19, Retrieved August 10,
    13. ^ ab"Bank of America
      Skip to main content
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      ALAMEDA, CA — A card skimmer was found on an automated teller machine (ATM) at the Alameda Bank of America at the South Shore Center this week, Alameda Police report.

      A service technician found the device. It had been on the machine for up to four weeks.

      The skimmer consisted of a replica of the machine's mirror and camera bar attached to the ATM that contained a pinhole camera.

      Find out what's happening in Alameda with free, real-time updates from Patch.

      "It appears people have been targeting Bank of America ATMs and customers using California Employment Development Department (EDD) debit cards," APD said in a social media post. "EDD cards typically do not have an EMV security chip, making it easier for the skimming devices to obtain account information embedded on the magnetic strip."

      If you receive EDD funds, the police department suggests that you withdraw money in person or transfer the money into an account protected with an EMV-chipped card. Other tips:

      Find out what's happening in Alameda with free, real-time updates from Patch.

      • Change your PIN.
      • Never use an ATM that appears damaged or altered.
      • Always cover the PIN pad with your hand when you enter your PIN.
      • Review your bank statements.
      • Report fraud to your bank and file an online police report.
      • Have a "Fraud Alert/Victim Impact" statement placed on your credit file. The three credit bureaus are EquifaxExperianand Trans Union

      The police department is reviewing bank security footage to see if the person who installed the device was caught on camera.

      To request removal of your name from an arrest report, submit these required items to [email protected]

      The rules of replying:

      • Be respectful. This is a space for friendly local discussions. No racist, discriminatory, vulgar or threatening language will be tolerated.
      • Be transparent. Use your real name, and back up your claims.
      • Keep it local and relevant. Make sure your replies stay on topic.
      • Review the Patch Community Guidelines.
      Источник: mynewextsetup.us

      In summary

      After the Great Recession, California signed an exclusive contract with Bank of America to distribute unemployment benefits through prepaid debit cards. A CalMatters investigation reveals that to this day, no one knows how much the bank has made off the deal. Lawmakers are examining the bank’s role in mass account freezes and untold amounts of missing money for thousands of struggling jobless Californians — as well as where the bank may have failed to keep unemployment money safe from fraud.

      For a brief moment this summer, Stephanie Moore thought she might finally see a glimmer of hope at the end of the coronavirus recession. Unemployment benefits provided a lifeline for the year-old Los Angeles housekeeper to leave a bad relationship and rent an Airbnb while she looked for a job. But in early October, her state-issued Bank of America debit card balance plummeted from around $ to negative $1, after a credit for fraudulent charges from months earlier was reversed without warning. 

      So began her unofficial full-time job trying to get the money back.

      “It’s kind of like a nightmare,” Moore said. “Every day I’m wondering what’s more important. Do I get on the phone with the bank and try again so I have a place to sleep tomorrow, or do I just accept that I’m going to be on the street and focus on my job search? Because you can’t do both.”

      For months, California’s Employment Development Department has attracted the ire of jobless workers and state lawmakers for a backlog of unpaid unemployment claims that peaked at million. Now, Moore is among those entangled by potential security lapses and payment errors involving Bank of America, which since has had an exclusive contract to deliver state unemployment benefits through prepaid debit cards.

      It’s a breakdown of the state’s job safety net that raises questions about the best way to get money into the hands of workers who desperately need it, since California is one of only three U.S. states that does not offer a direct deposit option, according to a CalMatters review of public documents. To this day, it’s not clear how much Bank of America has made from handling the bulk of the unprecedented $ billion California has paid out in benefits since March. Lawmakers are examining the bank’s role in payment issues that began during a two-week identity-verification update, and whether the bank has provided adequate security for unemployment insurance money in the face of rampant fraud. 

      Bank of America, bank of america california contract is up next July, declined to answer detailed questions about how many unemployed Californians are still unable to use their debit cards, how much money has been withdrawn from accounts flagged for potential fraud, when and how claimants may be paid back or how much the bank has made in fees on the cards. The state told CalMatters that somedebit cards were frozen this fall and as of Thursday, aroundaccounts remain impacted, meaning progress has been slow.

      “Unfortunately, there has been billions of dollars of fraud during this pandemic in state unemployment programs, including California,” Bank of America said in a statement to CalMatters, urging those impacted to contact the bank. “We are working with the state and law enforcement to identify and take action against fraudulent applicants, protect taxpayer money and ensure that legitimate applicants can access their benefits.” 

      For San Francisco Assemblymember David Chiu, a progressive Democrat who authored a public banking bill and has pushed to reduce state reliance on Wall Street, the confusion marks “another failure” by the state and its corporate vendors. The employment agency hinted it was the bank&#;s fault, insisting in an Oct. 29 statement that it “has no direct access to debit funds on any accounts” and that those impacted by card issues should contact Bank of America.

      “They’re playing the blame game. Someone needs to take responsibility for this,” Chiu said. “I think we’re going to have to revisit that contract if BofA can’t provide the services it promised.”

      The state agency said it will review all options this summer.

      Banking on debit cards  

      In AugustCalifornia was still in the depths of the Great Recession. Unemployment was %, and the state was paying out $66 million a day in jobless benefits. But at the state agency, a major tech overhaul was underway after a new debit card contract with Bank of America.

      At no cost to the state, the bank had begun rolling out prepaid cards to replace paper unemployment checks. It would be faster and more efficient, the EDD argued in a public report at the time, and much more accessible to Californians without bank accounts. The bank promised to share some revenue from merchant transaction fees with the state and guaranteed low fees for the unemployed: a few dollars for multiple ATM withdrawals, $10 for expedited or lost cards, and normal merchant fees whenever the card is swiped. “Terms are more favorable than most people have for their own personal bank accounts,” the report said. 

      The result was what United Way of California Communications Director Unai Montes-Irueste calls a “NASCAR card,” thanks to its flashy corporate logos for Visa and Interlink. Most other states have moved from paper checks to direct deposit or hybrid debit card and direct deposit systems. This past spring, millions of Californians received their federal coronavirus stimulus payments via direct deposit to personal bank accounts.

      Still, California was far from alone in betting that debit cards would be a big part of the future of government benefits. Use of the cards exploded in the last decade at state, local and federal bank of america california as Bank of America, U.S. Bank, KeyBank, Comerica and others pursued more government contracts. Bygovernment agencies had paid out $ billion in benefits through prepaid debit cards, generating $ million in revenue for banks, the Federal Reserve reported. Today, 43 states use a combination of direct deposit and debit card systems, which consumer groups favor to reach unemployment claimants with the widest variety of financial situations.

      Michele Evermore, a senior policy analyst at worker advocacy group the National Employment Law Project cautioned that banks acting as middlemen in debit card contracts can sometimes divert funds from workers — a missed opportunity for economic stimulus. “It may seem like a 2% fee here and a 2% fee there doesn’t amount to much, but in the aggregate, it really does,” Evermore said. 

      In California, paper checks are still available by request, and Bank of America notes that debit card customers can transfer the money from the card to their own bank accounts — both time-consuming alternatives, said Lauren Saunders, associate director of the National Consumer Law Center. In a report, the organization found that despite the relatively consumer-friendly terms in the state’s Bank of America unemployment contract, Californians paid almost $ million in fees in a year. 

      Bank of America referred questions about fees generated by its California unemployment contract to EDD. The employment agency has not yet responded to a CalMatters request for records of revenue and fees related to the debit card contract.

      Debit card problems pile up

      In the meantime, the stories of Californians dealing with debit card problems continue to pile up. For Santa Maria single mother Aimy Onan, a drained account meant falling behind on rent and moving into a shared bedroom with her daughter in her ex’s home with a new girlfriend. For furloughed Disney candy maker Julie Hansen, a negative $12, balance threatened her ability to care for her autistic son. For Demarcus Sparks, who was self-employed before the pandemic, a frozen debit card led to a Greyhound trip from L.A. to stay with his mom in Georgia for fear of ending up in a shelter.

      “They treat you like trash,” said Paul Dease, a year-old antiques dealer in San Diego County, who has been locked in a dispute with Bank of America over $1, withdrawn from his account without notice. “How many people have the same story I have, that have lost $1, or $ and haven’t gotten it back?”


      How are you getting by on unemployment benefits? 

      We invite you to share your story here. 

      ¿Cómo te las estás arreglando sin los beneficios del Seguro de Desempleo?

      Te invitamos a compartir tu historia aquí.


      That much remains unclear. Chiu said lawmakers also have yet to receive updated account information, or answers about the “mind boggling” omission of microchips in the cards to root out fraud. 

      Bank of America declined to comment on the security of California&#;s unemployment debit cards. But bank personnel also say their own outdated customer service systems have contributed to claimants&#; financial purgatory. The bank’s internal processes for reporting and investigating unemployment debit card complaints have led to long delays and shifting timelines, two workers told CalMatters, as they juggle antiquated technology and shifting corporate scripts. 

      “We’re actually no longer allowed to tell them a timeframe, because we have no clue,” said one Bank of America customer service worker, who asked to remain anonymous since they were not authorized to discuss the matter. “Every day, I talk to 30 people with the same story. I just pray for them after my shift, honestly.”

      A field day for fraud

      Matt Hoffman, seen at his girlfriend’s house in Escalon on Nov. 13,spends his days sitting on the porch while on hold with EDD, Bank of America and FEMA. According to Hoffman, he spends an average of 4 hours on hold per call. Photo by Anne Wernikoff for CalMatters

      If the world wasn’t paralyzed by a deadly pandemic, it might look like Matthew Hoffman has been traveling quite a bit. His Bank of America unemployment card ledger shows transactions and ATM withdrawals in Alabama, Modesto, Sacramento, Tennessee, Connecticut and even a series of overseas charges.

      But Hoffman, a former Comcast employee who has been out of work since a stroke last year, said he’s never used the card in any of those places. In total, he saw almost $7, disappear. He said one bank representative told him the fraud dispute he filed had been closed without investigation. Another said it was reopened. Finally, he was told that a credit would arrive on Nov. It didn’t.

      “What’s the point of having and paying into unemployment insurance if it’s not actually made available to me when I need it?” said Hoffman, who is alternating staying with his girlfriend and in his car after the loss of his Livermore rental home in a recent wildfire.

      Stories like Hoffman’s aren’t hard to find after a governor-appointed Strike Team in September advised EDD that organized fraud &#;represents a serious risk to the state, and EDD must develop capabilities to understand and combat it.” 

      In total,paid and unpaid unemployment claims out of the more than 14 million filed from March to early October were temporarily suspended for potential fraud during the agency’s late September reset, according to an EDD statement to CalMatters. From dark web conspiracies to YouTube rap videos, the range of apparent fraud could cost the state “hundreds of millions,” Sacramento Assemblymember Jim Cooper predicted at a recent EDD hearing.

      In one instance, Beverly Hills police arrested  people and seized fraudulent unemployment debit cards worth more than $4 million after a series of shopping sprees on Rodeo Drive. Until fraud is detected, Bank of America reaps normal transaction fees every time the cards are swiped under the terms of its state contract. The bank promised California &#;best-in-class&#; fraud monitoring in its original unemployment debit card pitch, and assured the state that &#;EDD has no liability for issues related to fraud.&#;

      But amid the unemployment surge during the pandemic, Beverly Hills Assistant Police Chief Marc Coopwood said much of the burden has fallen on local law enforcement, rather than EDD or the bank, to uncover such schemes. 

      “The real victim in this, the people whose identities were stolen, they’re going to get a next year,” Coopwood said. “They’re going to spend years fighting this with the IRS.”

      Lawsuits ahead?

      Where California goes from here to remedy its unemployment woes isn’t clear. The EDD has vowed to work through its remaining backlog ofunpaid unemployment claims by January. Bank of America said it has increased staffing at prepaid customer service centers “nearly fold” to deal with unprecedented demand, and that it continues “to review and decision claims in a timely fashion and within the regulations.” 

      Chiu said he is one of multiple state lawmakers considering new EDD reform bills in the coming year. Several unemployment claimants interviewed by CalMatters said they have contacted lawyers about bringing potential claims against Bank of America. Labor lawyers also see courtrooms in EDD’s future if problems persist.

      “I’m skeptical this will be resolved without litigation,” said Daniela Urban, director of Sacramento’s Center for Workers’ Rights. “I think that it’s warranted. The question is whether EDD fixes it first, or what the response is.”

      Lauren covers the California economy for CalMatters. Her past stories have been published by the New York Times, the L.A. Times, the Guardian and others. She previously worked as a staff reporter for Protocol More by Lauren Hepler

      Stephen is working as an Audience Intern this summer and is a rising junior at Northwestern University&#;s Medill School of Journalism. More by Stephen Council

      Источник: mynewextsetup.us

      iPhone Screenshots

      Description

      With the BofA Prepaid app, you can easily access your BofA Prepaid accounts anytime anywhere all from your phone! You must have received a BofA Prepaid card from an employer, government agency or company with whom you do business prior to using the BofA Prepaid app.*
      This application is free to download and makes it easy for you to manage your Prepaid accounts on the go!
      FEATURES
      Once you've created a passcode for logging on, you'll have access to:
      * View Prepaid Card balances
      * View Prepaid Card transaction history
      * ATM Locator
      * Suspend or reactivate Prepaid Cards
      * Manage alerts
      MOBILE SECURITY
      Your security is our priority. Mobile data transmissions and account information are protected by the same highly secure SSL Standards, just like they are when you access your Prepaid accounts online. Experience the freedom of mobile account access at the palm of your hands!
      For questions about the BofA Prepaid app, please contact us by calling or emailing [email protected]
      *This is not the Bank of America Mobile Banking app, which allows you to access your Bank of America, N.A. bank and Merrill Lynch brokerage accounts.

      Terms and Conditions: mynewextsetup.us

      Privacy Notice: mynewextsetup.us
      Bank of America N.A. Member FDIC
      © Bank of America Corporation

      Version

      Security updates, new look and feel.

      Ratings and Reviews

      out of 5

      K Ratings

      Expedited transfer via app-reminder/securuty

      Roxanne Teran was extremely quick to pick up the phone (get on the line) to help me. She mentioned the convenience of online transfers, and assured me that the language used only referred to a short period of time as opposed to one-and-done, per sé. In any event, after verifying my identity, I did the transfer in less than a minute, partially since my bank info was already saved from a previous transfer a couple months prior. I told Roxanne that I was also cut-off 3 or 4 tines that previous date, so not having this time to keep calling in and verifying my card number/security hint made me feel safer.
      Roxanne showed great patience early when I realized that I had the wrong card in hand (not BofA but stimulous) and waited while I hunted down in about a minute through a crowded drawer, the correct one. Thank you to her and BofA for your support during ongoing challenging covid-related instances.

      Almost does everything you need it to do,( the app not the bank account!)

      This app works pretty good considering the kind of account it’s made to accompany. I mean being as it is for the EDD’s prepaid card,and apart from the deposits you receive from the EDD, there are no other deposits allowed but it really gives you quite a few options as far as the different kind of notices you can receive in terms of low balance, usage above a certain amount, potential fraud notification and the best option, I feel, is the one where you can actually shut off your card if you misplace it and then turn it back on once you find it. It’s SO much better than having to call in to cancel your card and wait business days for the replacement when you find your card the next day in a back pocket of your jeans or the purse you changed out of in a hurry!!! It happens to me all the time with other cards. wish they all had the option. On the other hand, the one thing I don’t like is that you’ve got to log into another app to see your monthly statement and I can’t understand why. It would be so much easier to have it all there in the same app, especially since you do have a couple days of transactions available to you on this app. If they’d change that, the. I’d give this app five stars.

      Very limited app - almost useless and borderline criminal

      The EDD BofA app does not allow transferring money from your prepaid account to another bank. There is only about 2 weeks of transactions to be found. No history or statements.
      Truly frustrating and dastardly when you need to access your account urgently.
      For transfers and statements you must log into the full website whose login ID and password can not be the same as on the app. Then the login malfunctions and locks up. Then you have to call BofA customer service and spend minimum 45 minutes to get into the website to touch https www suntrust online banking own money. For a few months I gave up on the site and would go from bank to bank atm to transfer money.
      I fix this please.
      I have often thought to involve the federal watch dog groups to look at how Bank of America is using time delays to profit from people dependent on a fixed income.

      The developer, Bank of America, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

      Data Linked to You

      The following data may be collected and linked to your identity:

      • Financial Info
      • Location
      • Contact Info
      • Identifiers

      Data Not Linked to You

      The following data may be collected but it is not linked to your identity:

      • Contacts
      • User Content
      • Usage Data
      • Diagnostics

      Privacy practices may vary, for example, based on the features you use or your age. Learn More

      Information

      Seller
      Bank of America

      Size
      MB

      Category
      Finance

      Compatibility
      iPhone
      Requires iOS or later.
      iPod touch
      Requires iOS or later.
      Languages

      English, Albanian, Bosnian, Dutch, French, German, Greek, Hungarian, Icelandic, Italian, Macedonian, Polish, Romanian, Russian, Serbian, Spanish

      Age Rating
      4+

      Copyright
      © Bank of America

      Price
      Free

      Supports

      • Wallet

        Get all of your passes, tickets, cards, and more in one place.

      • Family Sharing

        With Family Sharing set up, up to six family members can use this app.

      More By This Developer

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      Источник: mynewextsetup.us

      Capital One drops all overdraft fees, latest bank to do so

      NEW YORK -- Capital One said Wednesday that will get rid of all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to shy away from the long-hated practice.

      The Virginia-based bank said it will still allow customers to overdraft, but it will no longer charge a fee to do so. Any eligible customers can opt into fee-free overdraft at any times, the bank said.

      A number other banks have announced this year — Ally Bank and regional banking giant PNC for example — that they would end overdraft fees or create programs that would greatly lower the chance a customer would get hit with an overdraft fees.

      In an email to employees, Capital One CEO Richard Fairbank said the move was part of “our effort to bring ingenuity, simplicity and humanity” back to banking.

      That said, overdraft fees are still a prevalent practice in banking, often causing millions of bank customers to pay $34 for a cup of coffee. The Consumer Financial Protection Bureau released a study on Wednesday that showed the industry brought in $ billion in overdraft fees inof which three banks — JPMorgan Chase, Wells Fargo and Bank of America — made up 44% of that revenue.

      Consumer advocates applauded the move, especially since Capital One is one of the nation's largest banks.

      “Capital One’s complete elimination of overdraft and NSF (non-sufficient funds) fees is a landmark moment for American families,” said Lauren Saunders, associate director at the National Consumer Law Center, in a statement.

      Источник: mynewextsetup.us

      Bank of America’s Native American support tops $17 million since

      News Release

      Bank of America

      Bank of America announced November 30 that it has directed more than $17 million to support Native American communities since the onset of the pandemic. Funding includes capital investments and philanthropic grants to nonprofits and institutions providing services to Indigenous communities as part of the bank&#x;s effort to advance racial equality and economic opportunity through its $ billion, five-year commitment.

      Through investments in Native American communities, we are working to connect Indigenous people to opportunities that will help them build stability and a more successful future, said Andrew Plepler, global head of Environmental, Social and Governance (ESG), Bank of America. We recognize that more needs to be done, and we continue to explore partnerships and expand our commitment to invest in Native American-owned small businesses, jobs development, and critical needs.

      Inthe company recognized the disproportionate impact of the health crisis and directed more than $13 million to Native American communities across the U.S., including $10 million in capital to Native American Bank, a community development financial institution (CDFI) providing funding for small businesses, affordable housing, community facilities, and consumer lending needs. The company also donated personal protection equipment (PPE) including over 1 million masks,gloves, and hand sanitizer to Native American communities.

      On November 30, in observance of Native American Heritage Month, the company announced an additional $ million in funding to support nonprofit partners working bank of america california address critical needs in Native American communities. This includes philanthropic grants to 39 nonprofits and institutions providing critical services to Indigenous communities.

      Investments entail $ million in grants to national and local nonprofits focused on meeting health, hunger, workforce development, small business and entrepreneurship needs in Native American communities. Many of Bank of America&#x;s longstanding partners that address needs related to housing and community revitalization have also received funding, including First Nations Development Institute, the National Congress of American Indians, the National American Indian Housing Council (NAIHC), and First Nations Oweesta.

      Bank of America is also expanding its partnership with the American Indian Higher Education Consortium (AIHEC) and education company EAB to support student success, financial sustainability, and ongoing institutional transformation at 37 tribal colleges and universities. Lastly, the company is launching a $1 million, four-year partnership with Water First in Canada to support access to clean drinking water in Indigenous communities, which includes training young Indigenous adults for a career in water science.

      Additional organizations receiving grant funding include: American Indian College Fund; Citizen Potawatomi Community Development Corporation; Community Food Bank of Eastern Oklahoma; Community Outreach & Patient Empowerment (COPE); Native American Connections; New Mexico Foundation; Our Native America Business Entrepreneurship Network (ONABEN); Regional Food Bank of Oklahoma; United National Indian Tribal Youth Inc. (UNITY); and others.

      Bank of America has provided critical financial services to Native American governments and territories for more than 60 years, and is equally committed to supporting its Native American employees. Founded inBank of America&#x;s Native American Professional Network (NAPN) aids in the recruitment, retention and career development of Native Americans, Alaskan Natives and Hawaiian Natives at Bank of America, growing membership more than 80% in the past five years. Members actively promote financial education in Native American territories and communities, help raise awareness of Native business opportunities and cultural issues, and support Bank of America&#x;s business strategy of enlarging its profile in Native American communities.

      Bank of America

      At Bank of America (NYSE: BAC)we&#x;re guided by a common purpose to help make financial lives better, through the power of every connection. We&#x;re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight pay my best buy credit card of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It&#x;s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).

      For more Bank of America news, including dividend announcements and other important information, register for news email alerts.

      Related coverage:

      Bank of America directed more than $13 million to Native American communities hardest hit by the coronavirus pandemic in

      Источник: mynewextsetup.us
      bank of america california

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