Bank of America remains one of the largest banks in the United States, as well as one of the largest company’s in the world. As you discovered in the first part of this article, there are many costs that come with such power. Read on for part two of these interesting facts.
Number Eight: 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 Seven: 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 Six: 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 Five: 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 Four: 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 Three: 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 Two: 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 One: 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!