Bank of America, National Association Articles
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Bank of America, National Association
Headquarters
100 N Tryon St
Charlotte, NC 28202
See all branch locations →
ACH 026009593
Phone 800 432 1000
2023 Overview
General Bank Information
Bank of America, National Association is an FDIC insured institution located in Charlotte, NC. It was founded in 1904 and has approximately $2440.02 billion in assets. Customers can open an account at one of its 5,138 branches.
One of the largest banks in the US by assets (along with Citigroup and JPMorgan Chase), Bank of America also boasts one of the country's most extensive branch networks with more than 5,900 locations covering some 40 states from coast to coast. Its core services include consumer and small business banking, credit cards, and asset management. In early 2009 Bank of America paid some $50 billion in stock for Merrill Lynch, which had been crippled by the global credit crisis. The acquisition of the once-mighty investment bank known as "The Bull," which has an extensive retail brokerage network, beefs up Bank of America's wealth management, investment banking, and international business
| FDIC Insured | Yes |
| FDIC Certificate | # 3510 |
| Date Established | 1904 |
| Assets | $ 2,147.48 billion |
| Loans | $ 1,016.78 billion |
| Deposits | $ 2,034.38 billion |
| Capital | $ 228.94 billion |
For a more detailed analysis of Bank of America, National Association's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - March 23, 2023
Your Current Location: Virginia, VA 20146
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings
|
0.01% | $2,500 | $4,999 |
Learn More
|
| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Mo CD
|
0.03% | $10,000 | $14,999 |
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|
| 6 Mo CD
|
0.03% | $100,000 | $199,999 |
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|
| 12 Mo CD
|
0.05% | $10,000 | $14,999 |
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|
| 12 Mo CD
|
0.05% | $100,000 | $199,999 |
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|
| 18 Mo CD
|
0.07% | $10,000 | $14,999 |
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|
| 18 Mo CD
|
0.07% | $100,000 | $199,999 |
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|
| 24 Mo CD
|
0.08% | $10,000 | $14,999 |
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|
| 24 Mo CD
|
0.08% | $100,000 | $199,999 |
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|
| 30 Mo CD
|
0.08% | $10,000 | $14,999 |
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|
| 30 Mo CD
|
0.08% | $100,000 | $199,999 |
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|
| 36 Mo CD
|
0.08% | $10,000 | $14,999 |
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|
| 36 Mo CD
|
0.08% | $100,000 | $199,999 |
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|
| 48 Mo CD
|
0.08% | $10,000 | $14,999 |
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|
| 48 Mo CD
|
0.08% | $100,000 | $199,999 |
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|
| 60 Mo CD
|
0.08% | $10,000 | $14,999 |
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|
| 60 Mo CD
|
0.08% | $100,000 | $199,999 |
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|
| Fixed IRA Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Fixed IRA
|
0.05% | $1 | $999 | Learn More |
| Variable IRA Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Var IRA
|
0.02% | $1 | $499 | Learn More |
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Int Ckg
|
0.01% | $1 | $99 | Learn More |
| Int Ckg
|
0.01% | $2,500 | $3,499 | Learn More |
| Checking Rates | APY | MIN | FEE | |
|---|---|---|---|---|
| Bank of America Advantage SafeBalance Banking™ | 0.00% | $0 | $4.95 | Learn More |
| Bank of America Advantage Plus Banking™ | 0.00% | $1,500 | $12.00 | Learn More |
Bank of America, National Association often runs savings promotions for new accounts.
See Bank of America, National Association current offers here.
Loan Rates - March 23, 2023
Your Current Location: Virginia, VA 20146
| Home Equity Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| Line of Credit See Table |
7.09% | 7.09% | Varies | |
Compare with RATE Line of Credit from New American Funding, LLC
See All Home Equity Rates |
||||
| Auto Loan Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 3 Year | 2.59% | 2.59% | $722.52 | |
| 4 Year | 2.59% | 2.59% | $548.84 | |
| 5 Year | 4.69% | 4.69% | $468.24 |
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 5 Year Adjustable Jumbo See Amortization Table |
5.51% | 5.50% | $1,419.47 | |
| 5 Year Adjustable Conforming See Amortization Table |
5.58% | 5.63% | $1,439.14 | |
| 15 Year Fixed Jumbo See Amortization Table |
5.86% | 5.63% | $2,059.33 | |
| 15 Year Fixed Conforming See Amortization Table |
5.86% | 5.63% | $2,059.33 | |
| 30 Year Fixed Jumbo See Amortization Table |
6.56% | 6.38% | $1,559.67 | |
| 30 Year Fixed Conforming See Amortization Table |
6.81% | 6.63% | $1,600.78 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 5 Year Adjustable Jumbo See Amortization Table |
5.65% | 5.50% | $1,419.47 | |
| 5 Year Adjustable Conforming See Amortization Table |
5.61% | 5.50% | $1,419.47 | |
| 15 Year Fixed Jumbo See Amortization Table |
5.84% | 5.50% | $2,042.71 | |
| 15 Year Fixed Conforming See Amortization Table |
6.04% | 5.63% | $2,059.33 | |
| 30 Year Fixed Jumbo See Amortization Table |
6.71% | 6.38% | $1,559.67 | |
Compare with 6.770% APR and 6.625% 30-Year Fixed RATE from Quicken Loans NMLS #3030
See All Mortgage Rates |
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| 30 Year Fixed Conforming See Amortization Table |
6.67% | 6.38% | $1,559.67 | |
|
Compare with 6.770% APR and 6.625% 30-Year Fixed RATE from Quicken Loans NMLS #3030
See All Mortgage Rates |
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Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Bank of America, National Association branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Ashburn,Virginia
Climate Initiatives
Bank of America, National Association is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
Financial Details
Bank of America, National Association Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Bank of America, National Association. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Bank of America, National Association | U.S. Bank Average |
|---|---|
| 2.46% | 8.03% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of September 30, 2022, Bank of America, National Association had $5,630,000,000 in non-current loans and $308,000,000 in owned real estate. To cover these potential losses it had $228,937,000,000 in equity and $12,275,000,000 in loans loss reserves. That gives it a Texas Ratio of 2.46%.
Return on Equity
| Bank of America, National Association | U.S. Bank Average |
|---|---|
| 10.03% | 10.00% |
Bank of America, National Association has a Return on Equity of 10.03% versus the BestCashCow average of 10.00%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Bank of America, National Association | U.S. Bank Average |
|---|---|
| 10.66% | 9.96% |
Bank of America, National Association has a Capitalization of 10.66% versus the BestCashCow average of 9.96. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Bank of America, National Association Balance Sheet Analysis
As of September 30, 2022, Bank of America, National Association had assets of $2,440,022,000,000, loans of $1,016,784,000,000, and deposits of $2,034,383,000,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
September 30, 2022| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 190.77 billion |
| Interest-bearing balances | $ 168.39 billion |
| Total securities | $ 841.43 billion |
| Federal funds sold and reverse repurchase | $ 30.06 billion |
| Net loans and leases | $ 1,016.78 billion |
| Loan loss allowance | $ 12.28 billion |
| Trading account assets | $ 148.31 billion |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 308.00 million |
| Goodwill and other intangibles | $ 58.71 billion |
| All other assets | $ 104.30 billion |
| Total Assets | $ 2,147.48 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 2,034.38 billion |
| Interest-bearing deposits | $ 1,250.27 billion |
| Deposits held in domestic offices | $ 1,931.59 billion |
| % insured (estimated) | 36.00% |
| Federal funds purchased and repurchase agreements | $ 47.11 billion |
| Trading liabilities | $ 36.13 billion |
| Other borrowed funds | $ 18.69 billion |
| Subordinated debt | $ 1,485.00 million |
| All other liabilities | $ 41.98 billion |
| Total Liabilities | $ 2,147.48 billion |
| Shareholders’ Equity | N.A. |
Summary Income Statement
September 30, 2022| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 41.00 billion |
| Total Interest Expense | $ 2.41 billion |
| Net interest income | $ 38.58 billion |
| Provision for loan and lease losses | $ 1,433.00 million |
| Total non interest income | $ 17.05 billion |
| Total non interest expense | $ 32.51 billion |
| Pre-tax Net Operating Income | $ 12.92 billion |
Bank Loan Profile?
The top three loan types in Bank of America, National Association’s loan portfolio are Commercial and Industrial Loans, 1-4 Family Residential Loans, and Credit Card Loans.
Compared to other banks in North Carolina, Bank of America, National Association has a significantly higher percent of Credit Card Loans, Consumer Auto Loans, Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 23.86 | ✓ | ||
| Multifamily Mortgages |
0.58 | ✓ | ||
| Credit Card Loans | 8.44 | ✓ | ||
| Consumer Auto Loans | 3.66 | ✓ | ||
| Small Business Loans | 0.32 | ✓ | ||
| Construction and Development Loans | 0.96 | ✓ | ||
| Commercial Real Estate | 5.72 | ✓ | ||
| Commercial and Industrial Loans | 32.65 | ✓ | ||
| Farm Loans | 0.28 | ✓ | ||
Customer Reviews for Bank of America, National Association
Carrie
January 24, 2019 |
Cut tellers, no drive up, pitiful rates
Is this review helpful? Yes:5 / No: 0
Thomas777999
October 24, 2017 |
Overall, BofA offers accessible products with a high tech mobile app and online banking platform. With their large network of ATMs and branches, you'll likely be able to easily access cash in most states. BofA is one of the "big four," meaning that you're not going to get small town personalized service unless you're a high net worth private banking client. You may have to wait in line or on the phone. Both of these things are not indicative of poor customer service. BofA customer service is decent, I personally have never had any issues with them. BofA is a good bank for those that know how to handle their money and don't plan or expect to overdraft. When I see complaints about BofA, it seems to be coming from the type of people that struggle with this. However, my biggest gripe is that they got rid of their online chat platform, which seems to be counter intuitive. Also, they could offer a middle of the road account with some benefits. Instead of a basic checking with no benefits or interest checking which requires a high balance for little benefit.
Is this review helpful? Yes:5 / No: 0
Coco
May 30, 2017 |
Very poor customer service
Is this review helpful? Yes:4 / No: 2
Larry Sweat
February 26, 2015
I own a 3/2 brick home built in 2006 in North Richland Hills, TX near Fort Worth that has a tax appraised value of $196,000. I currently have a single mortgage with a balance of $46,000. I will have this mortgage paid off within 12 months because I am paying at an accelerated monthly amount of $5000. My credit score is 806. Can you offer me a 3.93% HELOC for $75,000 that is locked for the first 24 months of the note which will not vary more than 2% per year after the first 24 months and can I pay interest only for the first 24 months?
Is this review helpful? Yes:6 / No: 1
Gus
January 29, 2015
It's an average bank. Nothing great. Good technology but high fees. Customer service is okay. It's the McDonald's of banking.
Is this review helpful? Yes:6 / No: 2
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