Bank of America is not just a red sign housing astronomical sums of money we walk or drive by every day. It remains one of the largest banks in the United States, as well as one of the largest companies in the world.
Number One: It Has Italian Roots. Bank of America all started in Italy and dates back to 1904 when Amadeo Giannini founded the Bank of Italy in San Fransisco. The bank served the needs of immigrants settling in the U.S. at the time. This service was denied to them by the current American banks who often only assisted only the wealthy.
Number Two: The Bank Got Schooled. In 2010, Bank of America wrongfully foreclosed a couple. The couple sued and won $2500 in Legal expenses. However, Bank of America didn’t pay. That just encouraged the couple to show up at the bank with a deputy, a moving company, and a writ allowing them to obtain furniture and cash.
Number Three: Bank of America Used A Well-Known Actor’s Voice for Its Commercial. Beginning in 2009, Keifer Sutherland was the voice-over for Bank of America commercials. His soothing and distinctive voice remained on air for several years. It’s no wonder some of those ads sounded familiar to you.
Number Four: It’s The Bank Most Prominently Known for Phishing Scams. We all know Bank of America sends out text messages when suspicious activity is occurring. Well beginning in 2012, a surge of SMS phishing attacks surprised security experts when these messages were sent to more than 500 victims which provided their credit card information to scammers. The threat remains an issue today, there’s even an informational warning page on the bank’s website.
Number Five: It’s All About The Consumers. While there may be countless divisions throughout Bank of America, their largest one is consumer banking. That’s because the bank’s main purpose is to profit small businesses and consumers.
Number Six: They Had a Sticky Frozen Account Debacle. In Spring of 2014, a large group of Iranian students living in the U.S. discovered their accounts had been frozen by Bank of America. The bank declined to reveal any information regarding the occurrence and publicly denied it. However, the students believed it was related to the sanctions again Iran. The incident was not explained to this day.
Number Seven: The Bank Has Multiple Owners. Besides the bank being owned by CEO Brian Thomas Moynihan, an America lawyer and businessman, the bank is also owned by the United States. Yes, the United States is a partner with Mr. Moynihan, in ownership of the second largest bank in the U.S.
Number Eight: Title For Most Foreclosures In the Country. Bank of America services over one million home loans under foreclosure, which are more than 60 days delinquent. The bank continues to hold the record as the institution with the most foreclosures in the city of Chicago, as well as hundreds of other urban areas. We hope you enjoyed these interesting facts about the illustrious Bank of America you may not have known!
Number Nine: They Have More ATMs Around Than You Think! Just when you thought you could ever find an ATM when you need one, think again. The popular bank has more than 18,000 ATMs across the United States.
Number Ten: Their Headquarters Aren’t in a Big City. You would think the headquarters of such a massive corporation would be in New York City or Washington D.C. On the contrary, the main headquarters of principal executive offices are located in Charlotte, NC.
Number Eleven: It’s Infamous for Being Involved With the Largest Settlement in U.S Corporate History. In late 2013, the company was found liable for fraud in faulty loans, wherein the victims included homeowners, borrowers, and those with pension funds and municipalities. In 2014, Bank of America agreed to a near $17-billion settlement in what was the largest settlement in U.S. corporate history.
Number Twelve: The Bank Has an Ongoing Tax Issue. The company did not only choose not to pay federal taxes for 2010 or 2009 by making use of its posted pre-tax loss of $5.4 billion, but the bank also cited a tax benefit of $1 billion the following year. It’s true!
Number Thirteen: Bank of America Is Even Larger Than You Think. Along with Bank of America being the 21st largest company in the United States and the second-largest bank in the U.S., it also tops the charts worldwide. According to Forbes, this bank is the third-largest company in the world.
Number Fourteen: It Has Merrill Lynch to Thanks For Its Wealth. Bank of America holds the title for the world’s largest wealth management corporation. It was able to obtain this record after it acquired Merrill Lynch, which is now the wealth management division of Bank of America.
Number Fifteen: Can You Say Trillion? Bank of America’s total current assets are almost unspeakably high. Try to imagine it, the bank’s total assets are over two trillion U.S. dollars.