Bank of America


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Bank of America

One of the largest banks in the United States. It traces its origins to the Bank of Italy in the early 20th century, which served immigrants in San Francisco. It grew to serve all of California and, through a number of acquisitions, spread throughout the United States. In the 1990s, while named BankAmerica, it lent a hedge fund more than $1 billion; when this hedge fund lost out in the Russian financial crisis, the bank was bought by NationsBank, which took the name Bank of America. It bought MBNA, at the time the world's largest credit card issuer, in 2005. In 2008, it acquired Merrill Lynch, which was near bankruptcy, after pressure from U.S. authorities. In 2008 and 2009 it received a federal bailout worth more than $150 billion in cash and guarantees.
References in periodicals archive ?
As people increasingly turn to cashless solutions to move and manage their money, Bank of America now has nearly 8.4 million clients actively using Zelle1.
"Our 37 million digital banking clients are driving the person-to-person growth trend," said David Tyrie, head of advanced solutions and digital banking at Bank of America. "Cashless payment solutions are helping them safely and quickly send and receive money with family, friends and small businesses.
The Oregonian/OregonLive reported Rebekah Adams filed the lawsuit last week, claiming a teller failed to inform her that the money she wanted transferred was actually sent to a different Bank of America account.
Clients with an eligible Bank of America business checking account, and a three-month average combined balance of USD 20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill Edge or Merrill Lynch business investment accounts, can now enroll in Business Advantage Relationships Rewards by visiting a Bank of America financial center or calling 888.287.4637.
A live audio webcast will be at Bank of America Investor Relations website - http://investor.bankofamerica.com, the company said, adding that a replay will also be available.
To be fair, Bank of America doesn't have the top banking app when it comes to the number of users. That distinction goes to JPMorgan Chase ((https://www.fool.com/quote/nyse/jpmorgan-chase/jpm) NYSE:JPM ) , which also happens to be the nation's biggest bank by assets.
"We are delighted Bank of America is extending their lease at 1133 where a $10 million building enhancement program was completed in 2013." said Jonathan (Jody) Durst, President of The Durst Organization.
"The decision to close a banking center is never an easy one," Bank of America spokeswoman Colleen Haggerty said.
Bank of America spokeswoman Anne Pace said the three new branches will be the first of several new planned Bank of America locations, including additional branches, 10 remote ATMs opening over the next year, and the new ATM with Teller Assist, planned for later in 2015 and 2016.
In a press release issued by the bank, the company said, "In return, FHFA's pending lawsuits will be dismissed with prejudice and Bank of America and its affiliates will be released from all securities laws and fraud claims, as well as certain other claims related to the private-label RMBS in dispute."
Prior to mediation, the beneficiary, Bank of America, submitted an appraisal that satisfied the various FMRs.
The case is part of overlapping litigation begun in 2011, when AIG sued Bank of America for $10 billion over activities it said helped trigger its near collapse in 2008 and subsequent $182.3 billion federal bailout.