American Banking and Bank of America
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- Category :Banking
Bank of America is an icon in banking in the USA. It looks after US interests and has also has a lot of social responsibility
Introduction
Bank of America is an American icon. It is the 3rd largest non oil company in the United States and one of the big 4 banks in the USA. After acquiring Merrill Lynch in 2008, it is the worlds largest wealth management corporation in the world. The history of the bank dates to 1904 and the present name was adopted in 1930. Earlier it was known as the Bank of Italy. However though it traces it’s origin to Italian migrants, the bank is now a symbol of US economic might
. Bank products and services offered
Bank of America is a banking corporation with a global presence.
The bank has a 9% stake in China construction Bank, one of the 4 biggest banks in China. It also has global presence in India, Asia, Europe and America.
The bank has 3 distinct areas of operations. Its US operations are headquartered in New York, European headquarters are in London and Asia headquarters is located in Hongkong.
The Bank of America carries out a wide range of activities that cover the entire gamut of banking operations. The bank maintains checking and savings account and also issues credit cards. The bank also disburses auto and home loans with mortgage and refinances facility.
The bank has an investment and wealth management service which is run through Merrill Lynch. Bank of America has also ventured into the field of insurance and medical health. The bank has incorporated the latest software to help in its operations and also keeps in mind its social responsibility to the American people.
The bank is a banking corporation within the meaning of that term and carries out all banking operations.
The bank underwrites all deposits and accounts with the bank. The bank also disburses loans for home equity and guarantees the lowest rates of interest. The bank feels it has a social responsibility and believes in furthering the American dream. As a part of this the bank donates 1000 properties to veterans. These are men who have served in the US armed forces. It’s a great gesture and shows the esteem with which the US armed forces personnel are held in USA. One wishes something similar could be done by Indian banking in India.
the bank has kept pace with the latest advancements in online banking and incorporates the latest technology for its clients and services provided. Almost all activities can be carried out bya customet in the comfort of his house or office. The bank has superfast servers that provide real time facilities and banking operation at the touch of a mouse.
Feedback
The Bank has a a favorable response from the US public. As it caters mainly to its American clientele, the bank has its own niche. However though the bank has a presence in India, it is not among the mainstream banking corporations here
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