What Is Bank of America?


Quick Answer

Bank of America is a financial investing and banking conglomerate, some of the constituent parts of which are over 200 years old, making it one of the oldest American financial institutions. The bank engages in loans and lending along with investment banking and a large range of additional financial practices oriented on a community and on a national scale.

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What Is Bank of America?
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Full Answer

Bank of America is a consumer investing bank, meaning that customers who hold checking or savings accounts with the bank are participating in its investment plans. The bank guarantees all accounts and offers various services such as loan consulting and financing plans for its customers.

Bank of America has branches throughout the United States. It also maintains a vast network of ATMs which allow its customers to withdraw funds when there is no proper branch available to them, making the branch's public penetration very extensive and readily accessible to most.

Customers at Bank of America can also access their finances and credit reporting through the bank's online service. Through this interface, they have constant ready access to their accounts regardless of the time of day and corresponding bank hours, allowing them to transfer between accounts, send bill payments and perform various other financial tasks.

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