Bank of America Corporation is a leading global commercial bank known for its long history, extensive international footprint and innovative financial services. Since its founding in 1904, Bank of America has become the second-largest bank in the United States through numerous mergers and acquisitions, serving approximately 69 million customers, including individual consumers, small and medium-sized businesses, and large corporations. Here's a comprehensive overview of Bank of America, covering its basics, deposit and loan offerings, digital services, technological innovations, unique services, and market position.
basic bank information
Bank of America is a commercial bank, non-state-owned or joint venture, founded on October 17, 1904, initially under the name Bank of Italy in San Francisco by A.P. Founded by Giannini. Founded in 1998 through the merger of BankAmerica and NationsBank, Hyundai Bank of America is headquartered in Charlotte, North Carolina, with operations in New York, London, Hong Kong, Dallas and Toronto. As a public company, its shares are listed on the New York Stock Exchange (ticker symbol: BAC), and its major shareholders include institutional investors and public shareholders. Bank of America is regulated by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), and deposits are protected by FDIC insurance up to $250,000 per depositor.
Deposit & Loan Products
deposits
demand deposits: Includes Advantage Savings, Interest Checking, and Money Market Savings accounts, with a minimum opening amount of $100 and a base annualized rate of return (APY) of 0.01%, with higher interest rates for Preferred Rewards members (see region).
Term Deposits (CDs): Standard CDs (1 month to 10 years) and specialty CDs (7 months to 37 months) are available, with a minimum deposit of $1,000. On March 11, 2025, the annualized rate of return of featured CDs in the New York area can reach up to 3.80%, but it is lower than the market maximum (about 4.55%).
Featured products:
high-yield savings accounts: Money Market Savings, for example, offers higher interest rates than traditional savings accounts, depending on the bank.
Large Certificate of Deposit (CD): Support flexible tenor, suitable for large amount of money customers, early withdrawal penalty is 7 days to 365 days of interest.
Customers can check the latest interest rates through online banking or mobile app.
loans
mortgages: Fixed and variable rate mortgage loans for up to 90% of the value of the property, with tenors of 15, 20 and 30 years. In 2025, interest rates are based on the SOFR index (floating rate) or fixed rate, depending on the bank. Grants for first-time homebuyers (up to $10,000) and programs for medical professionals (low down payment, excluding student loan debt) are available.
Car Loans: New car, used car and refinancing loans are available for 48, 60 or 72 months with competitive interest rates and discounts of 0.25%-0.50% for Preferred Rewards members.
Personal Line of Credit: Doesn't offer a traditional personal loan, but does offer a Balance Assist microloan (up to $500, repaid over 3 months, no interest or fees, for existing customers).
Flexible repayment options: Mortgage and car loans support early repayment and adjustment of repayment schedules, so customers can choose a term that suits their financial situation.
All loans are subject to bank approval, credit history and financial documents are required from the customer, and the specific terms are subject to the loan agreement.
Digital Service ExperienceBank
of America Mobile Banking and online banking platform are at the heart of its digital services, supporting iOS 14.0 and above and Android 9.0 and above devices. Core functions include:
Face recognition: support Touch ID and Face ID to ensure transaction security.
Real-time transfers: Enable fast transfers with Zelle, which supports instant transfers between domestic accounts.
Bill management: Support online bill pay, automatic debits, and e-statements.
Investment Tool Integration: Support stocks, ETFs, mutual fund trading with Merrill Edge, providing real-time market data and advisor communication.
In terms of user reviews, the mobile app has a Google Play rating of 4.7 and an App Store rating of 4.6, with users praising its fast launch speed (in less than 2 seconds) and simple interface, but some users mention occasional technical issues. The online banking platform supports multiple browsers and provides similar features to ensure that customers can manage their accounts at any time.
Technological InnovationBank
of America is leading the way in fintech:
AI customer service: Erica is its AI virtual assistant, launched in 2018, to enable customers to query transactions, Pay bills and get financial advice, and more than 90% of employees use the in-house version of Erica, reducing the need for IT support.
Robo-advisors: Provide investment management tools through Merrill Edge and mobile apps, combined with AI technology to provide personalized financial advice to clients.
Open Banking APIs: Support open banking APIs to allow third-party service providers to access and improve the interoperability of financial services.
Other innovations: AI for fraud detection (reducing false positives through behavioral analytics), contact center optimization (improving customer service efficiency), and software development (AI-assisted coding, 20% more efficient). In 2025, Bank of America plans to invest $4 billion in AI and new technologies, a third of its technology budget.
Distinctive Services & DifferentiationBank
of America is known for its global operations and customer-oriented services:
global network: approximately 3,700 branches and 15,000 ATMs in several countries around the world , serving 69 million customers, covering individuals, small and medium-sized enterprises and large enterprises.
Sustainability: Pledge to support green finance and engage in sustainable projects and community development, such as financial education through Better Money Habits.
SME support: Customized financial solutions, including online products and services, for approximately 4 million small businesses.
Wealth Management: Merrill Lynch provides professional investment management to meet the needs of high-end clients.
Market Position & Accolades
Bank of America is the second-largest bank in the United States (after JPMorgan Chase) and the eighth largest in the world, with total assets of approximately $3.2 trillion and serving approximately 10.73% of U.S. bank deposits. Key accolades include:
being named "World's Most Innovative Bank" by The Banker magazine in 2023.
Named "Europe's Best Digital Banking Experience" by Forrester for five years in a row.
Received the SME Banking and Midsize Corporate Banking Customer Experience Awards from Greenwich Associates.
Recognized as a "Best Employer" in 2025 for employee development and community support.
SummaryBank
of America is a leading global commercial bank with a long history and a strong presence in the global financial markets with its innovation-driven strategy and customer-first philosophy. It offers a wide range of deposit and loan products, including high-yield savings accounts, term deposits, and flexible mortgages and car loans. The mobile banking app is well-received and supports real-time money transfers, investment management, and AI-powered personalization. In terms of technological innovation, Bank of America is leading the way in AI customer service, robo-advisory, and open banking APIs, and its Erica virtual assistant has become an industry benchmark. With its global network, commitment to sustainability, and numerous industry accolades, Bank of America has demonstrated excellence in the global financial sector.
