How financially strong is Bank of America?
Bank of America is one of the largest banks in the United States, with over $2.8 trillion in assets. It operates in all 50 states and serves more than 66 million customers. Its financial health is crucial to the stability of the US banking system.
Bank of America has the Financial Strength Rank of 4.
GuruFocus Financial Strength Rank measures how strong a company's financial situation is.
| Fiscal year is January-December. All values USD Millions. | 2023 | 2021 |
|---|---|---|
| Other Borrowed Funds | 2,043 | 1,128 |
| Total Interest Expense Growth | 264.78% | -42.40% |
| Net Interest Income | 56,931 | 42,934 |
| Net Interest Income Growth | 8.52% | -0.98% |
Bank of America could be good for personal banking if you want to manage accounts such as checking, savings, CDs and investments in one place. It could also be a good choice for you if you value online and mobile banking, as its mobile app has high reviews.
Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
| Bank | Forbes Advisor Rating | Learn more CTA below text |
|---|---|---|
| Chase Bank | 5.0 | Read Our Full Review |
| Bank of America | 4.2 | |
| Wells Fargo Bank | 4.0 | Read Our Full Review |
| Citi® | 4.0 |
Total debt on the balance sheet as of December 2023 : $334.30 B. According to Bank of America 's latest financial reports the company's total debt is $334.30 B. A company's total debt is the sum of all current and non-current debts.
Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
No, we are not detecting any problems with Bank of America right now. The last outage detected for Bank of America was on Tuesday, February 13, 2024 with a duration of about 59 minutes. Want to advertise in this space?
Fast forward to today, BofA is thriving despite concerns over inflation and threats of a possible recession. The bank reported net income of $31.9 billion in 2021, compared with just $4 billion in 2008.
Why is Bank of America closing accounts?
Not enough activity with your account
According to the deposit agreement accounts of major banks such as Chase, Wells Fargo and Bank of America, a bank may close your account if you maintain little to no activity and keep it at a zero balance.
Asset-heavy, diversified and regulated banks like JPMorgan Chase, Wells Fargo, PNC Bank and U.S. Bank are among the safest banks in the U.S. and should be considered if you are weighing your options.
Companies Considered Too Big to Fail
Bank of America Corp. The Bank of New York Mellon Corp. Citigroup Inc. The Goldman Sachs Group Inc.
- Low rate of income in the countries outside of the U.S: Bank of America gets 90% of its annual revenue from the banks in the United States. ...
- Higher Rate of Interest: Most customers believe that the bank incurred a higher Rate of Interest.
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
| Bank Name | City | Acquiring Institution |
|---|---|---|
| Heartland Tri-State Bank | Elkhart | Dream First Bank, N.A. |
| First Republic Bank | San Francisco | JPMorgan Chase Bank, N.A. |
| Signature Bank | New York | Flagstar Bank, N.A. |
| Silicon Valley Bank | Santa Clara | First–Citizens Bank & Trust Company |
In most cases, the FDIC will try to find another banking institution to acquire the failed bank. If that happens, customers' accounts will simply transfer over to the new bank. You will get information about the transition, and you will likely get new debit cards and checks (if applicable).
Chase is the largest bank in the country, holding over $3.38 trillion in assets. Bank of America is the second-largest bank with over $2.45 trillion in assets. Wells Fargo is the third-largest bank, holding over $1.7 trillion in assets.
Bank of America is owned by Bank of America Corporation, a U.S.-based financial services holding company headquartered in Charlotte, North Carolina. Bank of America Corporation was founded in 1904 and has owned Bank of America ever since.
What's the safest bank to have your money in?
Among the safest US banks, according to Global Finance's November 2022 rankings, are AgriBank, US Bank, CoBank, AgFirst Bank, and Farm Credit Bank of Texas, primarily for those in the agricultural sector.
- JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
- Bank of America Private Bank. ...
- Citi Private Bank. ...
- Chase Private Client.
- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Citibank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
- AgriBank.
| Holder | # of Shares | % Holding |
|---|---|---|
| Berkshire Hathaway Inc. | 1,032,852,006.00 | 13.12% |
| Warren Buffett | 1,032,852,006.00 | 13.12% |
| Vanguard | 523,167,793.00 | 6.65% |
| Vanguard Index Funds | 442,803,079.00 | 5.62% |
The federal government needs to borrow money to pay its bills when its ongoing spending activities and investments cannot be funded by federal revenues alone. Decreases in federal revenue are largely due to either a decrease in tax rates or individuals or corporations making less money.
