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Facts And Figures About Bank Of America
By Imus Jackson | July 10, 2009
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One of the major banks on the financial scene and a force to be reckoned with on the international stage of banking, is Bank Of America. With all of its assets it is the largest bank in the USA by assets, and the third largest commercial bank by deposits. Its history is full of twists and turns and as a result it is a powerful institution and a giant in finance.
Starting out with very modest beginnings in San Francisco in 1904, the organization started out its climb to greatness as the Bank of Italy. As it grew and expanded, became larger with a set over the years of exacted mergers and acquisitions in a positive manner, the whole organization was moved lock stock and barrel to Charlotte, NC and renamed Bank of America in 1930. After certain legalities were cleared up and became law, banks could issue their own credit cards and as a result the bank came out with their own card called Bankcard later renamed VISA. The rival banks soon jumped on the bandwagon, and in short order, Mastercard became a reality.
Because so many US citizens are in severe financial straits these days, Bank of America has come out with a loan plan to try and help people that are struggling to pay their bills. Called the Clean Sweep Consolidated Loan plan, it essentially offers a lower interest loan up to $50,000 for those folks with acceptable credit to get a lump sum of money to consolidate and pay off their higher interest loans and debt in general. Some detractors of the plan say it is nothing more than trading off one debt for another and is not much of a help, and is nothing more than the bank laying out another avenue to make money off desperate people. There are pros and cons for both sides of the controversy.
If you have a small business and are in need of financing for the business, Bank of America can help. They have several options for owners to apply for and get financing for their businesses and help them apply for small business loans. There are all kinds of mortgage plans available at the bank to help folks who want to buy a house for the first time, or need to refinance to get money to fix the existing property and renovate it. And the bank has multiple avenues available for the average person to be able to borrow money for anything they need it for, whether to fix up your home or go on vacation.
Bank of America has all kinds of areas and resources where they can sit down with someone and try and work out a solution to their financial dilemma. The separate departments of the bank can work in tandem so that they try and eliminate your debt, no matter what your income or station in life; and also try and set up a reasonable plan so you do not fall back into the same problem existence as before.
Among the many services offered at Bank of America are banking, financial services, and investment services. The organization has assets of approximately $2.88 trillion and employs over 171,000 people. There are branches all over the USA and the company deals with financial institutions worldwide.
The powerful giant in the financial and investment and banking worlds known as Bank of America can be found operating all over the world, and is still a major force in the world economy. Even as shaky as the world economy is these days, this bank is still going strong and will be for much time to come.
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