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In today’s troubled economy, there are a few bastions of finance still standing strong and Bank of America is one of them. It is the largest bank in the USA by assets and the third largest commercial bank by deposits. It has a rich and varied history in the USA from the early part of the 20th century to the giant of financial services that it is today.

The institution was founded in San Francisco in 1904 as Bank of Italy and after a series of mergers and major acquisitions, it was renamed as Bank of America in 1930. As the bank became larger and had branches in more and more states beyond its holdings in the west, its corporate headquarters was moved to Charlotte, NC where it remains today. When banks as such were allowed to have their own credit cards, BOA created its Bankcard which later was renamed as VISA, and the rival banks got together and created their own card which eventually became Mastercard.

Because so many US citizens are in severe financial straits these days, Bank of America has come out with a loan plan to try and help people that are struggling to pay their bills. Called the Clean Sweep Consolidated Loan plan, it essentially offers a lower interest loan up to $50,000 for those folks with acceptable credit to get a lump sum of money to consolidate and pay off their higher interest loans and debt in general. Some detractors of the plan say it is nothing more than trading off one debt for another and is not much of a help, and is nothing more than the bank laying out another avenue to make money off desperate people. There are pros and cons for both sides of the controversy.

Bank of America is structured in such a way that they have numerous avenues that folks can use to either pay off debt or borrow money for other needs, such as home repair or vacations; and also have many mortgage plans available for the first time buyer or someone looking to refinance their existing home. They have multiple options for business owners as well and will work with you to set up what financing you need for your business and help you apply for loans to get started.

Debt problems of all kinds can be worked out with the different departments in the bank itself; where you are helped with your financial problems to the point of trying to eliminate your debt and also helping you to manage your finances so you don’t fall prey to the same situation in the future. Bank of America has the resources to help most people who are account holders and homeowners work out a plan that fits their needs and income.

Bank of America offers many services such as financial services, investment services and of course, banking services. The entire operation has assets of approximately $2.88 trillion and has over 171,000 employees on the payroll. Branches of the bank exist all over the USA and the services extend to numerous countries around the world.

The powerful giant in the financial and investment and banking worlds known as Bank of America can be found operating all over the world, and is still a major force in the world economy. Even as shaky as the world economy is these days, this bank is still going strong and will be for much time to come.

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