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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 logo.svg
Bank of America Corporate Center.jpg

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

TypePublic company

Traded as

ISINUS0605051046
IndustryFinancial services
PredecessorBank America
NationsBank
Founded1998 (via the merger of BankAmerica & NationsBank)
1956 (as BankAmerica)
1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999)
FounderAmadeo Giannini (BankAmerica)
Hugh McColl
(NationsBank)
HeadquartersCharlotte, North Carolina, U.S. (Corporate)
New York, NY (Investment banking)

Number of locations

4,600 retail financial centers & approximately 16,200 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$85.52 billion (2020)[1]

Operating income

DecreaseUS$18.99 billion (2020)[1]

Net income

DecreaseUS$17.89 billion (2020)[1]
Total assetsIncreaseUS$2.819 trillion (2020)[1]
Total equityDecreaseUS$272.92 billion (2020)[1]
OwnersBerkshire Hathaway (11.9%) The Vanguard Group (7.1%) BlackRock (6.2%)[2][3]

Number of employees

200,000 (2020)[1]
DivisionsBofA Securities
Merrill
Bank of America Private Bank
Websitebankofamerica.com

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 1998. 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 10.73% 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 1904, 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 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 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 2008 and 2009, 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 2018[update].[7] Its wealth management side manages US$1.081 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 4,600 banking centers and 15,900 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 2008 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 2018[update], Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018[update].[10] Bank of America was ranked #25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue.[11] Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.[12]

History[edit]

The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles. In 1928, 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 1784, 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 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 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 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.

The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 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, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.[13] In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[15] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples, Italy, in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, 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 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[15] In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was renamed on November 3, 1930, 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 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.[19] There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 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 1953 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 1956 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 1996. Only in the 1980s, 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 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.[21] A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979.[22]

[edit]

Following the passage of the Bank Holding Company Act of 1956,[23] BankAmerica Corporation was established[by whom?] for the purpose of owning and operating Bank of America and its subsidiaries.

Bank of America expanded outside California in 1983, 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 1998 merger with NationsBank.[24]

BankAmerica experienced huge losses in 1986 and 1987 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 1986. 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 1986, 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 1987 stock-market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.[citation needed]

BankAmerica's next big acquisition came in 1992. 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 1980s. 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 1994 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 1997 behind North Carolina's fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.[citation needed]

Bank of America logo used from 1998 to 2018

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 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 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), 1969–1998

In 1997, BankAmerica lent hedge fundD. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank.[34] However, D.E. Shaw suffered significant loss after the 1998 Russia bond default.[35][36]NationsBank of Charlotte acquired BankAmerica in October 1998 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 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, the merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 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 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 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 1998.[citation needed]

2001 to present[edit]

Typical Bank of America branch in Los Angeles

In 2001, McColl stepped down and named Ken Lewis as his successor.

In 2004, 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 $197 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, 2005, 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, 2005, and the merger closed on January 1, 2006. 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 $140 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 2006, 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 2006.

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 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 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 372,000 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 11.51%. Banco de Boston de Brazil had been founded in 1947.

On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.[41]

On September 14, 2007, 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 $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. 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 1996. Bank of America took over the event starting with the 2007 race.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 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, 2008.[42]

Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became president and CEO effective January 1, 2010, 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, 2007, 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 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[45]

On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[46] In March 2008, 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 2008,[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 $1.4 trillion as of December 31, 2007.[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 2007–2009 financial crisis

In December 2011, the Justice Department announced a $335 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 2004 to 2008. 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, 2008, 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 2009.[59]

Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[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, 2009, 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 $21.5 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 $7.18, 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 $108 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 $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.[67][68]

On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.[69] This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 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, 2009, Bank of America received $20 billion and a guarantee of $118 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 2008 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, 2009, Bank of America received an additional $5.2 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, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 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, 2009, 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 $5.8 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 2008. 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 $3.6 billion, of which $850 million was "guaranteed" and the rest was shared amongst 39,000 workers who received average payments of $91,000; 696 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, 2010. 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 2010, Judge Rakoff approved a revised settlement with a $150 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., 09-cv-06829, 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 2010, 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 $137.7 million, including $25 million to the Internal Revenue Service and $4.5 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 2011[update], other bankers and brokers are under indictment or investigation.[85]

On October 24, 2012, 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, 2016, 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 (2011 to 2014)[edit]

During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.[89]

In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[90]

Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.[91] In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. The branches were from Utica/Rome region and down the Mohawk Valley east to the capital region.

In April and May 2014, 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 2014[update], Bank of America has 31 million active online users and 16 million mobile users. Its retail banking branches have decreased to 4,900 as a result of increased mobile banking use and a decline in customer branch visits. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June.[93]

Sale of stake in China Construction Bank[edit]

In 2005, 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 2008, Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards.[95] In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.[96]

In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.[97]

$17 billion settlement with Justice Department[edit]

In August 2014, 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 $9.65 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 $700 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 $170 million in whistleblower awards.[100]

[edit]

Bank of America has formed a partnership with the United States Department of Defense creating a newly chartered bank DOD Community Bank[101] ("Community Bank") providing full banking services to military personnel at 68 branches and ATM locations[102] 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,[103] 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 $250,000 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 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.[104] 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 (2015–present)[edit]

In 2015, 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.[105] The Twin Cities market is also the home market of U.S. Bancorp, the largest non-Big Four rival.

In January 2018, 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;[105][106] this coincided with Chase making a similar expansion into Pittsburgh.[107] By the end of the fiscal year 2020, 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.[108] By 2021, Bank of America had moved up to 12th in the market.[109]

In February 2018, 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.[110][111] 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.[112] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio.[113]

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.[114]

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 2016.[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 4,600 retail financial centers and approximately 15,900 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 2016.[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 2016.[1] It is among the 10 largest U.S. wealth managers. It has over $2.5 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 2016.[1]

Labor[edit]

On April 9, 2019, the company announced minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.[115]

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 100 North Tryon Street, and stands at 871 ft (265 m), having been completed in 1992.

In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).[116]

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.[117]

Corporate Governance[edit]

Charitable efforts[edit]

Bank of America volunteers at the Los Angeles LGBT pride parade in 2011

In 2007, the bank offered employees a $3,000 rebate for the purchase of hybrid vehicles. The company also provided a $1,000 rebate or a lower interest rate for customers whose homes qualified as energy efficient.[119] In 2007, 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.[120] In 2010, 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.[121]

Bank of America has also donated money to help health centers in Massachusetts[122] and made a $1 million donation in 2007 to help homeless shelters in Miami.[123]

In 1998, the bank made a ten-year commitment of $350 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in disadvantaged neighborhoods.[124]

In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.[125]

Chief Executive Officer[edit]

List of CEOs[edit]

  1. Hugh McColl (1998–2001)[126]
  2. Ken Lewis (2001–2009)[127]
  3. Brian Moynihan (2010– )[128]

CEO Pay Ratio[edit]

Pursuant to Section 953(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).[129]

Total 2018 compensation for Brian Moynihan, CEO, amounted to $22,765,354, and total compensation of the median employee was determined to be $92,040. The resulting pay ratio is estimated to be 247:1.[130]

Lawsuits[edit]

In August 2011, Bank of America was sued for $10 billion by American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.[131] That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.[132] In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[133]

On February 9, 2012, 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.[134] 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.[135] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.

On October 24, 2012, 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.[136] In March 2014, Bank of America settled the suit by agreeing to pay $6.3 billion to Fannie Mae and Freddie Mac and to buy back around $3.2 billion worth of mortgage bonds.[137]

In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 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 1.9 million accounts, and failed to provide the product benefit.[138]

A $7.5 million settlement was reached in April 2014 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 2008 merger with Merrill Lynch.[139] In August 2014, the United States Department of Justice and the bank agreed to a $16.65 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 2008.[140] As a whole, the three firms provided $965 billion of mortgage-backed securities from 2004 to 2008.[141] The settlement was structured to give $7 billion in consumer relief and $9.65 billion in penalty payments to the federal government and state governments; California, for instance, received $300 million to recompense public pension funds.[140][142] The settlement was the largest in United States history between a single company and the federal government.[143][144]

In 2018, former senior executive Omeed Malik filed a $100 million arbitration case through FINRA against Bank of America after the company investigated him for alleged sexual misconduct.[145] His defamation claim was on the basis of retaliation, breach of contract, and discrimination against his Muslim background.[146] Malik received an eight-figure settlement in July.[147][148]

Controversies[edit]

Parmalat controversy[edit]

Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 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 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.[149][150] In a related case, on April 18, 2011, 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.[151]

Consumer credit controversies[edit]

In January 2008, 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.[152][153] In September 2009, 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.[154][155][156] 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.[157]

Purchasing of 300 Internet Domains in apparent premtive PR campaign.[edit]

In October 2009, 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.[158]

In November 2010, 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".[159] In response to this announcement, Bank of America stock dropped 3.2%.[160]

In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks,[161] 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."[162]

Later in December, it was announced that Bank of America purchased more than 300 Internet domain names in an attempt to preempt bad publicity that might be forthcoming in the anticipated WikiLeaks release. The domain names included as BrianMoynihanBlows.com, BrianMoynihanSucks.com and similar names for other top executives of the bank.[163][164][165][166]

Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.

Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners.[169][edit]

On March 14, 2011, 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,[170] 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.[171]

On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak for $228 million.[172]

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

In 2010 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.[173]

Investment in coal mining[edit]

On May 6, 2015, 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
  • 555 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)
  • 9454 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 1928 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 2004 to 2012 and has been vacant since March 2013. 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, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. 100 Places as the Bank of America Tower.[175]

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 2019. 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 1983.[176]

See also[edit]

References[edit]

  1. ^ abcdefghijkl"Bank of America Corporation 2020 Annual Report (Form 10-K)"(PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. Archived from the original on March 3, 2018. Retrieved April 2, 2020.
  2. ^"2020 Proxy Statement – Bank of America Corporation". Bank of America. Retrieved December 21, 2020.
  3. ^"Warren Buffett pumps another $400 million into Bank of America, boosting his stock purchases to $1.2 billion in 8 days. This move by Buffett came right before the Ripple partnership announcement". Markets Insider. Retrieved July 28, 2020.
  4. ^ONeil, Erin (August 2, 2016). "The Biggest Banks in the United States". The Balance.
  5. ^"Who Made America? – Innovators – A.P. Giannini". PBS.org. Archived from the original on January 7, 2010. Retrieved December 17, 2009.
  6. ^ abCohan, William D. (September 2009), "An offer he couldn't refuse", The Atlantic
  7. ^Team, Trefis (June 14, 2018). "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets". Forbes. Archived from the original on August 19, 2018. Retrieved August 17, 2018.
  8. ^Shelby-Green, Michael (June 11, 2018). "The 15 biggest wealth managers in the world". Business Insider. Archived from the original on August 19, 2018. Retrieved August 11, 2018.
  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, 2014, at the Wayback Machine. Click "Browse locations by state." © 2014 Bank of America Corporation. Retrieved June 30, 2014.
  10. ^"Bank of America on the Forbes Global 2000 List". Forbes. Archived from the original on July 28, 2018. Retrieved August 11, 2018.
  11. ^"Fortune 500 Companies 2020: Who Made the List". Fortune. Archived from the original on November 10, 2018. Retrieved January 2, 2021.
  12. ^"World's best bank 2018: Bank of America". Euromoney. July 11, 2018. Archived from the original on August 19, 2018. Retrieved August 10, 2018.
  13. ^ ab"Bank of America

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    ASCENT STUDENT LOAN OPTIONS WITH OR WITHOUT A COSIGNER

    Ascent offers benefits that put students first:

    • Over $70,000 in scholarships this year (Learn More)
    • 1% CASH BACK Graduation Reward*
    • NON-COSIGNED option for eligible students*
    • COSIGNER RELEASE option*
    • DISCOUNT for enrolling in auto payments*
    • AFFORDABLE fixed or variable rates
    • 100% US-BASED Customer Service
    • FREE financial Tools

    Check your rate without impacting your credit score.



    *Ascent Loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs

    Rates displayed above are effective as of 11/01/2021 and reflect an automatic payment discount of 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates

    1% Cash Back Graduation Reward subject to terms and conditions, please visit AscentFunding.com/Cashback. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner.

    Loan

    MORE OPPORTUNITIES

    Ascent’s private student loan options give students more opportunities to get money to pay for school with or without a cosigner. Ascent offers loan products to help undergraduate and graduate students pay for higher education.

    Undergraduate students have the option to apply for a Cosigned Credit-Based Loan, Non-Cosigned Credit-Based Loan or Non-Cosigned Outcomes-Based Loan (for eligible juniors and seniors*).

    Graduate students have the option to apply for a Cosigned Credit-Based Loan or Non-Cosigned Credit-Based Loan. Ascent created customized repayment terms for:

    • – Business School (MBA)
    • – Dental School (DMD, DDS)
    • – Law School (JD, LLM)
    • – Medical School (MD, DO, DVM, VMD, DPM)
    • – General Graduate School (Health Professionals, Nursing, Pharmacy, MA, MS, PhD, etc.)

    APPLY NOW »

    Limits

    COVER UP TO 100% college tuition and living expenses with a minimum loan amount of $2,001 and up to $200,000 (or total cost of attendance less aid received).

    Rates

    AFFORDABLE RATES

    Undergraduate Rates:

    • Fixed: 3.15% – 12.99%*

    • Variable: 1.50% – 11.33%*

    Graduate Rates:

    • Fixed APR with ACH: 3.09% – 12.99%*

    • Variable APR with ACH: 1.48% – 10.83%*

    CHECK MY RATES »

    Check your rate without impacting your credit score.

    Fees and Terms

    AVOID FEES

    • No application, origination or disbursement fees.

    • NO PENALTY FEE if you pay off your loan early.

    FLEXIBLE PLANS (depending on loan type)

    • In-School Interest-Only Repayment

    • $25 Minimum Payment

    • Deferred Repayment – Start payments up to 9 months after graduation

    REPAYMENT TERMS (depending on loan type)

    • Undergraduate: 5-year, 7-year, 10-year, 12-year or 15-year repayment terms*

    • Graduate: 7-year, 10-year, 12-year, 15-year or 20-year repayment terms*


    Citizens

    Citizens offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts.

    Multi-year approval* option available for qualified applicants.  Multi-Year approval provides an easy way to secure funding for additional years in school without completing a full application and impacting your credit score each year.




    Loan

    Choose between our student or parent loan options with competitive interest rates and flexible payment terms.

    Limits

    Loans from $1,000 to $295,000 depending on education level.

    Rates

    Fixed rates as low as 3.49% APR* including all available discounts.

    Fees and Terms

    No application or origination fees. 5, 10, or 15 year options available. Rate and Repayment Examples.


    Citizens

    Citizens offer loan options for undergrad, grad students, and parents with competitive rates, flexible terms, and interest rate discounts. 

    Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.


    Loan

    A Citizens Student Loan™ lets you choose from competitive fixed and variable rates, and repayment options that give you the freedom to pay back your loan on your schedule.

    Limits

    Loans from $1,000 to $150,000

    Rates

    Fixed rates as low as 3.49% APR* including all available discounts.

    Fees and Terms

    No application or origination fees.

    Multiple repayment options and terms available.


    Citizens

    Citizens offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts. 

    Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.


    Loan

    Citizens provides parents with the unique opportunity to take out their own loan to supplement their child’s college education costs as an investment in their future.

    Parents can save with no application, origination or disbursement fees and discounts for automatic payments and loyalty. 

    Limits

    Loans from  $1,000 to $350,000

    Rates

    Fixed rates as low as 4.55% APR* including all available discounts.

    Fees and Terms

    No prepayment penalty.

    Multiple repayment options and terms available.


    Citizens

    Citizens offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts. 

    Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.


    Loan

    With graduate loans from Citizens Student Loans™, you’ll get the rate options and repayment flexibility you’re looking for — along with a team of Student Lending Advisors to help you through the process.

    So whether you’re enrolled in medical, dental or law school, or want to get an MBA or other advanced degree, find out how we could help make it happen. 

    Limits

    Loans from $1,000 up to $350,000

    Rates

    Fixed rates as low as 4.64% APR* including all available discounts.

    Fees and Terms

    No origination, application or disbursement fees or prepayment penalty. 

    Multiple repayment options and terms available.


    College Ave Student Loans – Undergraduate Student Loans

    College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible.

    Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help.



    For footnotes, please refer to the links for product specifics (undergraduate, graduate or parent).

    Loan

    Undergraduate Student Loan Help cover tuition and other education costs for students in associates and bachelors degree programs.2

    You decide whether to make loan payments during school:

    • Full Principal and interest payments

    • Interest only payments

    • $25 payments each month during school3

    • Defer payments while in school

    Limits

    COA-Aid ($1,000 minimum)2

    Rates

    Variable Rates: 0.94%-11.98% APR (with auto-pay discount)1

    Fixed Rates: 2.94%-12.99% APR (with auto-pay discount)1

    Fees and Terms

    No application or origination fees and no penalties for paying early.

    Choose between 5, 8, 10 or 15 year options.3


    College Ave Student Loans – Graduate Student Loans

    College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible.

    Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help.



    For footnotes, please refer to the links for product specifics (undergraduate, graduate or parent).

    Loan

    Graduate Student Loan Cover the costs of school for students pursuing a masters, doctoral or professional degree.2

    Graduate students should also check out our other graduate loan products…

    • Dental Loan

    • Medical Loan

    • Law School Loan

    • MBA Loan

    • Graduate Health Professional Loan

    Find out more

    You can also choose from 4 different repayment options

    Limits

    COA-Aid ($1,000 minimum)2

    Rates

    Variable Rates: 1.99%-10.97% APR (with auto-pay discount)1

    Fixed Rates: 4.49%-11.98% APR (with auto-pay discount)1

    Fees and Terms

    No application or origination fees and no penalties for paying early.

    Choose between 5, 8, 10 or 15 year options.3


    College Ave Student Loans – Parent Loans

    College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible.

    Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help.



    For footnotes, please refer to the links for product specifics (undergraduate, graduate or parent).

    Loan

    Parent Loan

    Help pay for your child’s education with a customized loan.

    Choose how quickly to pay back the loan:

    • Full Principal and interest payments

    • Interest plus payment

    • Interest only payments

    Limits

    COA-Aid ($1,000 minimum)2

    Rates

    Variable Rates: 1.04%-11.98% APR (with auto-pay discount)1

    Fixed Rates: 3.34%-12.99% APR (with auto-pay discount)1

    Fees and Terms

    No application or origination fees and no penalties for paying early.

    Choose to pay back the loan in as little as 5 years or take up to 12 years (or pick something in between).3


    Credible

    Credible offers borrowers a “kayak-style” experience while shopping for student loans. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized offers from multiple lenders. Checking rates on Credible is free and does not impact a user’s credit score to compare offers.

    Credible’s marketplace includes:

    • Ascent
    • CollegeAve
    • Custom Choice
    • EDvestinU
    • INvested
    • Mefa
    • Sallie Mae

    Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation may impact the location and order in which the companies (and/or their products) are presented.

    Loan

    Choose between fixed and variable rate loans, as well as deferred and interest-only repayment options for your school loans.

    Graduate and undergraduate loans for almost every degree type.

    Repayment options range from immediate full repayment (principal and interest payments immediately after the loan is fully disbursed), interest only (interest-only payments while you are in school, and start making principal and interest payments after you leave school), full deferral while in school, flat payment while in-school, graduated repayment (payments increase over time).

    Limits

    COA-Aid (annual limit)

    Borrow up to $170,000 through Credible’s marketplace.

    Annual max (100% of school certified costs minus other financial aid received).

    Lifetime aggregate loan amount 200K.

    Rates

    Fixed rates as low as 3.34% APR (with autopay)* and variable rates as low as 1.04% APR (with autopay)*. Access special discounts from some lenders.

    *Read rates and terms at Credible.com.

    Fees and Terms

    No fees.

    5, 7, 8, 10, 12, 15 and 20 year terms available.


    Discover Student Loans – Undergraduate Student Loan

    At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you a cash reward for good grades when you get a 3.0 GPA or higher on a new Discover undergraduate student loan.

    Repayment Options

    • In-School Interest-Only
    • In-School Fixed
    • Deferred

    Application Process

    Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

    Rewards

    Loan

    Discover Undergraduate Loan

    • For students enrolled at least half-time in a Bachelor’s or Associate’s degree program at an eligible school.

    • Customize your loan with rate and repayment options.

    • Eligible borrowers may also be pre-qualified for future loans with our Multi-Year Option.

    Limits

    COA-AID ($1,000 minimum)

    Rates

    • Variable Rates: 1.29%–10.59% APR

    • Fixed Rates: 3.99%–11.59% APR

    • Lowest APRs apply to undergraduate loans, are available to the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward.1

    • Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower rate.

    • Rates advertised valid as of November 25, 2021.

    1 The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 0.125% as of November 14, 2021. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover® Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover® Student Loans interest rates.

    Fees and Terms

    • No fees, including no application, origination or late fees.

    • No prepayment penalties.

    • See DiscoverStudentLoans.com for repayment details.


    Discover Student Loans – Graduate Student Loans

    At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you a cash reward for good grades when you get a 3.0 GPA or higher on a new Discover graduate student loan. 

    Loan Types

    • Graduate
    • MBA
    • Health Professions
    • Law

    Repayment Options

    • In-School Interest-Only
    • In-School Fixed
    • Deferred

    Application Process

    Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

    Rewards

    Loan

    Discover Graduate Loans

    • For graduate, MBA, health professions, and law students enrolled at least half-time in a master’s or doctoral degree program at an eligible school.

    • Customize your loan with rate and repayment options.

    Limits

    COA-AID ($1,000 minimum)

    Rates

    • Graduate Variable Rates: 1.99%–11.99% APR

    • Graduate Fixed Rates: 3.99%–12.99% APR

    • MBA Variable Rates: 2.24%–8.34% APR

    • MBA Fixed Rates: 3.99%–9.34% APR

    • Health Professions Variable Rates: 1.99%–6.24% APR

    • Health Professions Fixed Rates: 3.99%–6.99% APR

    • Law Variable Rates: 1.99%–10.59% APR

    • Law Fixed Rates: 3.99%–11.59% APR

    • Lowest APRs are available to the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward.1

    • Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower rate.

    • Rates advertised valid as of November 25, 2021.

    1 The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 0.125% as of November 14, 2021. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover® Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover® Student Loans interest rates.

    Fees and Terms

    • No fees, including no application, origination or late fees.

    • No prepayment penalties.

    • See DiscoverStudentLoans.com for repayment details.


    Discover Student Loans – Parent Loan

    At Discover® Student Loans, we can help cover your student’s college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you a 0.25% interest rate reduction while enrolled in automatic payments.

    Application Process

    Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

    Reward

    0.25% Auto Debit Reward while enrolled in automatic payments.

    Loan

    Discover Parent Loan

    • For parents or other creditworthy individuals of students enrolled at least half-time in a Bachelor’s, Associate’s or graduate degree program at an eligible school.

    • Repayment begins after the loan’s final disbursement.

    Limits

    COA-AID ($1,000 minimum)

    Rates

    • Variable Rates: 3.99%–12.24% APR

    • Fixed Rates: 5.49%–13.24% APR

    • Lowest APRs apply to parent loans, are available to the most creditworthy applicants, and include an Auto Debit Reward.1

    • Rates advertised valid as of November 25, 2021.

    1 The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 0.125% as of November 14, 2021. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover® Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover® Student Loans interest rates.

    Fees and Terms

    • No fees, including no application, origination or late fees.

    • No prepayment penalties.

    • See DiscoverStudentLoans.com for repayment details.


    MPOWER Financing

    A student loan based on your future potential.

    By international students, for international students.

    MPOWER offers student loans that don’t require cosigners, collateral, or a credit history to international and DACA students attending over 350 universities in the U.S. and Canada.

    To apply, you must be:

    • An undergraduate or graduate student within 2-years of graduating or about to begin a 1- or 2-year program.
    • An international student, DACA recipient, a U.S. citizen, refugee, or asylum seeker.
    • Admitted to or attending one of over 350+ universities in the U.S. or Canada we partner with

    Check your loan eligibility in 30 seconds. Our application process is fully online and seamless.




    Loan

    Student loan options without cosigner, collateral, or credit history. We offer fixed-rate student loans based on your future potential to international and DACA students in 150+ countries studying in the U.S. or Canada.

    Limits

    Loans from $2,001 to $50,000

    Rates

    Fixed rates from 6.49% (7.52% APR) to 12.49% (13.63% APR), including 1.50% in available discounts.

    See repayment terms.

    Fees and Terms

    No prepayment penalty.

    Interest-only payments in school and for 6 months after graduation. 10-year repayment of interest and principal starting 6 months after graduation.

    See repayment examples.


    Sallie Mae – Undergraduate Student Loans

    Special Features/Benefits:

    • Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments by auto debit.*
    • You can get the money you need to cover 100% of your school-certified expenses whether you’re studying online or on campus.*
    • Choose from multiple repayment options, including no payments while in school.*

    Application Process:

    Borrower can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result.

    Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply.

    *Please click here for important information about this loan.

    Information advertised valid as of 9/27/2021.

    Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.



    Loan

    Smart Option Student Loan®

    For Undergraduate Students attending degree-granting institutions only. (School Certified)

    Pay now or later – choose an in-school repayment option that fits your needs or defer your payments until after school.*

    • Make interest payments each month

    • Pay $25* per month

    • Defer payments

    The only undergraduate student loan that offers 4 months of free Chegg® study help.

    Click here for more information on Sallie Mae student loans.

    Limits

    COA-Aid ($1,000 minimum)*

    Rates

    • Variable Rates: 30-day SOFR + 1.38% (1.13% APR) to 30-day SOFR + 12.25% (11.23% APR)*

    • Fixed Rates: 4.50% (3.50% APR) to 13.63% (12.60% APR)*

    • Lowest APRs shown include the auto debit discount.

    Fees and Terms

    • 5-15 years based on cumulative Sallie Mae loan balance, repayment option and year in school.*

    • No origination fee or prepayment penalty.

    • Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.


    Sallie Mae – Graduate Student Loans

    Special Features/Benefits:

    • Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments by auto debit.*
    • You can get the money you need to cover 100% of your school-certified expenses whether you’re studying online or on campus.*
    • Choose from multiple repayment options, including no payments while in school.*
    • The only graduate student loan that offers 4 months of free Chegg® study help.*

    Application Process:

    Borrower can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result.

    Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply.

    Information advertised valid as of 9/27/2021.

    Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.

    *Please click here for important information about Sallie Mae loans for Graduate students.

    *This promotional benefit is provided at no cost to borrowers with undergraduate, graduate, or parent loans with a first disbursement between May 1, 2021 and April 30, 2022. Borrowers are not eligible to activate the benefit until July 1, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.

    Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.



    Loan

    Sallie Mae® Graduate Student Loan Suite

    Graduate students aren’t all the same; graduate school loans shouldn’t be, either.

    For Graduate and Professional School Students attending degree-granting institutions only. Our suite of school-certified graduate loans include the MBA Loan, Medical School Loan, Law School Loan, Dental School Loan, Graduate School Loan, and Health Professions Graduate Loan.

    Choose from multiple repayment options.

    Click here for more information on Sallie Mae graduate student loans.

    Limits

    Visit Sallie Mae.com for details on individual graduate loans.

    Rates

    Visit Sallie Mae.com for details on individual graduate loans.

    Fees and Terms

    • No origination fee or prepayment penalty.

    • Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.


    Sallie Mae – Parent Loans

    Special Features/Benefits:

    • Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments with auto debit.*
    • You can get the money you need to cover 100% of your school-certified expenses whether you’re studying online or on campus.*

    Application Process:

    Borrower can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result.

    Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply.

    *Please click here for important information about Sallie Mae loans for Parents.

    Information advertised valid as of 9/27/2021.

    Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.

    #Please click here to view a typical payment example for a Sallie Mae parent loan.

    Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.



    Loan

    Sallie Mae® Parent Loan

    Any creditworthy individual other than the student can take out a Sallie Mae Parent Loan, including grandparents, aunts, uncles, spouses, and guardians. The Loan, which is available to pay for education expenses of both undergraduate and graduate students.

    Choose a repayment option that fits your needs:

    • Interest Repayment: Borrowers make monthly interest payments while the student is enrolled in school for up to 48 months, followed by principal and interest payments#

    • Principal and Interest Repayment: Borrowers make monthly principal and interest payments while the student is enrolled in school and through the life of the loan#

    The only undergraduate student loan that offers 4 months of free Chegg® study help.

    *See additional Parent Loan information at https://www.salliemae.com/student-loans/parent-loan/compare-student-loan-options-for-parents/

    Click here for additional important information.

    Limits

    COA-AID ($1,000 minimum)*

    Rates

    • Variable Rates: 30-day SOFR + 3.50% (3.37% APR) to 30-day SOFR + 9.88% (12.99% APR)*

    • Fixed Rates: 5.75% (5.49% APR) to 12.88% (13.87 APR)*

    • Lowest APRs shown include the auto debit discount.

    Fees and Terms

    • 10 years of principal and interest payments#

    • No origination fee or prepayment penalty.

    • Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.



    Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented.

    Additional Lenders listed below. Please visit lender website for updated information.

    Definitions

    • LIBOR is the 3-month average of the London Interbank Offered Rate. LIBOR is the average interest rate paid on deposits of US dollars in the London market.
    • PRIME is the Prime Lending Rate as published in the Wall Street Journal. This is the rate banks charge their most creditworthy customers.
    • COA-Aid is the Cost of Attendance minus all other student aid received.
    • APR is the Annual Percentage Rate, a rate that factors in the interest rate, fees, and other terms.
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    Источник: https://finaid.org/loans/privatestudentloans/

    Student Loans

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    Looking for a student loan? We have the student loan for you - whether you need to borrow money to pay for your everyday college expenses or want a more specific loan for your student contribution charge.

    Student Loans

    Student loan

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    Want to buy something, but don't have the cash? Talk to us today about a low rate student loan for your first car, car insurance or that laptop you really want.

    Features

    • Variable rate of 5.0% APR
    • Borrow up to €5,000

    Benefits

    • Defer 1st 3 month repayments
    • Loan term of up to 60 months

    Apply Online Find Out More

    Postgraduate Loan

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    The Postgraduate loan is available to you if you are considering undertaking a full time postgraduate course. Our Postgraduate Loan is an easy and affordable way for you to cover your fees.

    Features

    • 5.6% APR variable
    • Flexible repayment options
    • Repay your loan over 1–5 years

    Benefits

    • Borrow up to €14,000
    • Defer repayments

    Find Out More

    Ways we can help

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    Loans support phone numbers

    New Student Lending   Open 9am - 5pm   Monday to Friday
    1800 818 998
    Loans arrears support Open 9am - 5pm   Monday to Friday
    0818 210 625
    New/Existing applications Open 9am - 5pm   Monday to Friday
    0818 200 334

    Find your local branch

    For details on branch services, National Sort Code (NSC), BIC / IBAN, branch contact details and opening hours.

    Use the dropdown to search for a branch across the country:

    Источник: https://personalbanking.bankofireland.com/borrow/loans/student-loans/
    History, Services, Acquisitions, & Facts". Encyclopedia Britannica. Retrieved January 29, 2020.
  14. ^Roberts, Deon (August 31, 2016). "Here's what to know about the area's biggest employers". The Charlotte Observer. Retrieved January 29, 2020.
  15. ^ abcd"Settlement: Part II - Italian American Museum of Los Angeles". Google Arts & Culture. Retrieved January 29, 2020.
  16. ^"Bank of Italy". Archived from the original on July 18, 2011. Retrieved July 22, 2019.
  17. ^"World's biggest bank (Fortune Classics, 1947)". Fortune. Archived from the original on March 25, 2019. Retrieved March 25, 2019.
  18. ^Vance, Marian (2006). Bucyrus (OH) (Images of America). United States: Arcadia Publishing. p. 84. 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, 2016, at the Wayback Machine
  20. ^Transamerica Corporation, a corporation of DelawareArchived August 30, 2009, 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. § 18.
  21. ^"The History of Visa". Visa Inc. Archived from the original on November 3, 2007. Retrieved October 29, 2007.
  22. ^Stearns, David L. (2011). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. pp. 25–28. ISBN . Available through SpringerLink.
  23. ^"FDIC Law, Regulations, Related Acts - Bank Holding Company Act". www.fdic.gov. Retrieved January 29, 2020.
  24. ^ abColumnist, Jon Talton / (August 15, 2015). "Remember Seafirst? It's more than a local tale". The Seattle Times. Retrieved January 29, 2020.
  25. ^"BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings". Los Angeles Times. October 8, 1986. Retrieved January 29, 2020.
  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, 1992. Retrieved January 29, 2020.
  27. ^Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". Seattle Times. Archived from the original on May 19, 2011. Retrieved September 27, 2008.
  28. ^"Bank takes famous name, poises for future". Las Vegas Review-Journal. April 29, 2012. Retrieved January 29, 2020.
  29. ^FDIC (1995). "Continental Illinois and Continental Illinois and 'Too Big to Fail'"(PDF). FDIC. Retrieved January 29, 2020.
  30. ^"About Banks - Bank of America". www.bank-locations.com. Retrieved January 29, 2020.
  31. ^BankAmerica Adds 4 Traders To Its High-Yield Bond SectorArchived April 1, 2012, at the Wayback Machine. American Banker, June 17, 1996
  32. ^Journal, Stephen E. Frank and Patrick McGeehan - Staff Reporters of The Wall Street (June 9, 1997). "BankAmerica Agrees to Pay $540 Million for Robertson". Wall Street Journal. ISSN 0099-9660. Retrieved January 29, 2020.
  33. ^BankAmerica to Buy Robertson, Stephens Investment CompanyArchived August 26, 2016, at the Wayback Machine. The New York Times, June 9, 1997.
  34. ^O'Brien, Timothy L. (October 15, 1998). "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk". The New York Times. ISSN 0362-4331. Retrieved January 29, 2020.
  35. ^Mulligan, Thomas S. (October 21, 1998). "BankAmerica's Coulter to Step Down Oct. 30". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  36. ^Petruno, Tom (October 15, 1998). "Surprise BofA Losses Trigger Plunge in Stock". Los Angeles Times. Archived from the original on December 3, 2013. Retrieved June 22, 2013.
  37. ^
Источник: https://en.wikipedia.org/wiki/Bank_of_America

5 Alternatives to Bank of America Personal Loans

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

When it comes to banking, Bank of America is one of the most well-known companies. In fact, according to the most recent J.D. Power survey on national banking, Bank of America was No. 6 in terms of customer satisfaction.

If you have a Bank of America checking or savings account, you’ve already built a level of trust with the company. So when it comes to your other banking needs, you likely think of going to it first, especially when it comes to taking out a personal loan.

But although Bank of America offers several financial products — including home loans, credit cards, and auto loans — it doesn’t offer personal loans.

5 Bank of America personal loan alternatives

If you’re a devoted Bank of America customer, finding out that you can’t take out a personal loan through the company can be disheartening. However, that doesn’t mean you can’t take out a loan.

Here are five alternatives available to you when Bank of America personal loans aren’t an option.

1. Online personal loan lenders

If you need your money quickly, an online personal loan lender may be your best bet. Online lenders typically review and approve your application within minutes; you could get your money in just a few days.

Keep in mind that loan rates vary depending on your credit. If you’re not sure where to start to find a reputable lender, check out our list of the best personal loan lenders.

Compare Rates Now

2. Traditional banks

While Bank of America doesn’t offer personal loans, some other banks do. For example, Lightstream, a division of SunTrust Bank, and Wells Fargo offer unsecured personal loans. With an unsecured personal loan, you don’t have to put up any form of collateral, such as your home or your car, to guarantee the loan. That means there’s less risk to you.

For unsecured personal loans from traditional banks, you can typically borrow up to $100,000 and have up to 10 years to pay it off. Loans with shorter terms tend to have a lower rate.

3. Credit unions

Another option to consider is applying for a personal loan from a credit union. Unlike most banks, which are for-profit institutions, credit unions are nonprofit organizations. Their goal is to help customers like you. A credit union can often offer lower interest rates and a better loan term on personal loans than other financial groups.

If you aren’t a member of a credit union already, you can find one near you by using the Credit Union Locator tool.

4. Peer-to-peer lending

If you have trouble getting a personal loan from other lenders — for example, if your credit score is too low for traditional banks or lenders — peer-to-peer lending services like LendingClub or Prosper may be able to help.

With this approach, individual investors pool their resources to issue you a loan. They’re often willing to take greater risks, so you’re more likely to get approved for a loan than with other alternatives. As a tradeoff, you’ll likely pay higher interest rates, but it can be a way to get the money you need when you’ve exhausted your other options.

5. Secured loan lenders

Most personal loans are unsecured loans. But if your credit is less-than-stellar (or if you have bad credit), you may need to put down a form of collateral to qualify for a personal loan that’s secured. When you have to put down a valuable to guarantee the debt, the loan is known as a secured personal loan.

Different banks, such as TD Bank and BB&T, will accept different forms of collateral, such as real estate, savings accounts, cars, or even your home. Keep in mind that if you fall behind on your monthly payments, the bank can seize your collateral to pay for the debt, so there’s more risk to you with this approach.

Applying for a personal loan

Although Bank of America personal loans might have been your first choice, it’s important to know that there are several alternatives available to help you reach your financial goals.

If you’re ready to apply for a loan, it’s a good idea to compare both variable and fixed rates from several different lenders to make sure you’re getting the best deal. Credible allows you to compare rates from multiple lenders in just 2 minutes.

Источник: https://www.credible.com/blog/personal-loan/bank-of-america-personal-loans-review/

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