The “Big-Four” of US financing: Bank of America

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At the moment, this is a big commercial corporation providing financial services in more than 35 countries throughout all continents, but Antarctica.

What does one need to know about the Bank of America?

This financial structure keeps one of the leading positions by total assets in the USA: $2.17 trillion. This value is a bit lower than the “champions” result of J.P. Morgan Chase, which equals $2.52 trillion. The second well-known fact about this financial organization is related to credit cards. Actually, Bank of America has invented them. Their first credit card, named “BankAmericard”, has started the VISA payments technology in 1958.

The Bank of America

When representing Bank of America in numbers, one should note the following:

  • 5000 branches;
  • 16000 ATMs;
  • 50 millions consumers.

Last two years, BofA is concentrated on an advanced social technology of growing mobile banking platforms. It resulted in 15 million “mobile” consumers and decreased the total amount of retail branches down to 5,000.

A mission to "Improve the World.”

The popular business magazine “Fortune” with experts related to one included the Bank of America into the “Upgrade the World to the best” list together with other 50 companies. Indeed, one of the biggest financial companies in the USA is changing sides on the energy market.

Bank of America was always at the top of an American coal financier list till 2012. In 2013 the situation has drastically changed. This year, the BofA spent $15 billion into practical ideas that carried forward renewable energy. As of now, the bank’s combined “green colored” investments grew more than twice.

Bank of America

Bank of America has also made a few major “green steps” in recent years:

  1. The banking structure funded low-carbon ideas for a total $1billion. The key goal of that step is to help Southern Power, a fossil fuel dependent section of another US corporation, to initiate its clean energy researches.

  2. The next big step, BofA also took, is Catalytic Finance Initiative (CFI). One of the components of this project is assuming a partnership with the Global Alliance to provide clean cooking solutions to people in the developing world. It supposes to greatly reduce harmful emissions of carbon on that region.

The bank has announced to raise more than $10 billion toward investments in the following areas:

  • developing renewable energy;
  • increasing efficiency of power usage;
  • enlargement of an energy access.

For the rest of the World, Bank of America is regularly widening its discount program.

Save money on almost everything you are going to buy with Bank of America

The main strategy of BofA’s discount program is earning some points for every dollar one has spent.

 

bank of america

In addition to that, the following options have opened up for the customers:

  • special prices for all major brands of computers and other electronics;
  • a great (up to 90%) cut off on eating In or Out (approved for the 20,000 locations);
  • discount on monthly cell phone bills;
  • up to one-third off at the movies;
  • lower prices during personal vacations for the air, car and hotel rentals provided by corporate perks.

There is only one drawback for overseas customers of Bank of America - the discount program is limited to two countries: US and Canada. In that case, the bank corresponds its name literally, because the most part of privileges still kept in Americas.

If one are going overseas

These are some good news too. BofA is a member of the Global ATM Alliance. Initially, bank’s customers were allowed to use their plastic cards at another member of Alliance without access fees. Since 2013, situation has changed to a new policy. According that agreement, customers are charged 3% of funds withdrawn from non BofA ATMs by traveling overseas.

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