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BANK OF AMERICA

1. INTRODUCTION

Bank of America is an American multinational banking and financial services corporation
headquartered in Charlotte, North Carolina. It is the second largest bank holding
company in the United States by assets. As of 2016, Bank of America is the 26th largest
company in the United States by total revenue. In 2016, Forbes listed Bank of America as
the eleventh largest company in the world.

Bank of America provides its products and services through operating 5,100 banking
centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer
Real Estate Services segment offers consumer real estate products comprising fixed and
adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home
equity lines of credit, and home equity loans.

The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's
largest wealth management corporation and a major player in the investment
banking market. According to the Scorpio Partnership Global Private Banking Benchmark
2014 it had assets under management of US$1,866.6 Bn, an increase of 12.5% on 2013.

The company held 12.2% of all bank deposits in the United States in August 2009, and is
one of the Big Four banks in the United States, along with Citigroup, JPMorgan
Chase and Wells Fargo—its main competitors. Bank of America operates—but does not
necessarily maintain retail branches—in all 50 states of the United States, the District of
Columbia and more than 40 other countries. It has a retail banking footprint that serves
approximately 50 million consumer and small business relationships at 5,151 banking
centers and 16,259 automated teller machines (ATMs).

Bank of America has been the subject of many lawsuits and investigations regarding both
mortgages and financial disclosures dating back to the financial crisis, including a record
settlement of $16.65 billion on August 21, 2014

2. HISTORY

Bank of Italy
The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro
Giannini founded the Bank of Italy in San Francisco. The Bank of Italy served the needs of
many immigrants settling in the United States at that time, providing services denied to
them by the existing American banks which typically discriminated against them and often
denied service to all but the wealthiest. Giannini was raised by his mother and stepfather

N.) In addition. 4. Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country. 1930 to Bank of America National Trust and Savings Association. the holding company was renamed Bank of America Corporation. as the remaining legal bank entity. Hence. . Los Angeles. while NationsBank. N. McColl stepped down and named Ken Lewis as his successor. Bank of America possessed combined assets of $570 billion. When the 1906 San Francisco earthquake struck. While NationsBank was the nominal survivor. not Bank of America. In 1928 Giannini merged his bank with Bank of America. $1. as well as 4. federal regulators insisted only upon the divestiture of 13 branches in New Mexico. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank. headed by Orra E. 1927. Giannini was able to save all deposits out of the bank building and away from the fires. From a makeshift desk consisting of a few planks over two barrels. Bank of Italy was renamed on November 3. the combined broker-dealer. NationsBank president.4 billion in order to run various businesses for the bank. Giannini was able to use the rescued funds to commence lending within a few days of the disaster. 2001 TO PRESENT Typical Bank of America local office in Los Angeles In 2001. as his father was fatally shot over a pay dispute with an employee. chairman and CEO Hugh McColl took on the same roles with the merged company.E.A. Despite the mammoth size of the two companies. Bank of America lent D. all U. (Branch divestitures are only required if the combined company will have a larger than 25% Federal Deposit Insurance Corporation (FDIC) deposit market share in a particular state or 10% deposit market share overall. The combined bank still operates under Federal Charter 13044. the merged bank took the better-known name of Bank of America. D. the merged company is headquartered in Charlotte and retains NationsBank's pre-1998 stock price history. Shaw suffered significant loss after the 1998 Russia bond default. However.A. Additionally.. merged with Bank of America NT&SA to form Bank of America. was renamed Banc of America Securities in 1998. which was the only such designated bank in the United States of America at that time. Shaw & Co. a large hedge fund. 3. BankAmerica was acquired by NationsBank of Charlotte in October 1998 in what was the largest bank acquisition in history at that time. MERGER OF NATIONSBANK AND BANKAMERICA In 1997. Because San Francisco's banks were in smoldering ruins and unable to open their vaults.Lorenzo Scatena. However. E. in towns that would be left with only a single bank following the combination. Giannini and Monnette headed the resulting company. which was granted to Giannini's Bank of Italy on March 1.800 branches in 22 states. serving as co-chairs. created from the integration of BankAmerica Robertson Stephens and NationsBank Montgomery Securities. he lent money to those who wished to rebuild.S.

By merging with Bank of America. A Dutch court blocked the sale until it was later approved in July. Chile or Uruguay following the transactions.7 trillion in assets. Bank of America announced the purchase of The United States Trust Company for $3. 2007. including the former MBNA. Hundreds of FleetBoston workers lost their jobs or were demoted.S. BankBoston N. accounts and nearly $140 billion in outstanding balances. Hence. Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.000 commercial bank clients. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade.In 2004. The deal closed July 1. Prior to the transaction. 2005. OCA. FleetBoston was the seventh largest bank in United States with $197 billion in assets. Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. and Indiana by 411 branches. Michigan. 2006. 17.000 clients in Brazil.A. Under Bank of America the operation was renamed FIA Card Services. together with OCA.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay. and the merger closed on January 1. BankBoston in Chile had 44 branches and 58. all of its banks and branches were given the Bank of America logo. had more than 40 million U. The deal was signed in August 2006 under which Itaú agreed to purchase Bank of America's operations in Chile and Uruguay. . On June 30. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.500 ATMs. 2007.3 billion. 2005. US Trust had about $100 billion of assets under management and over 150 years of experience.000 clients and in Uruguay it had 15 branches. from the Charles Schwab Corporation. according to The Boston Globe. On November 20. and large corporate segments. In addition. Banco de Boston de Brazil had been founded in 1947. Chile and Uruguay. While the BankBoston name and trademarks were not part of the transaction. The deal increased Bank of America's presence in Illinois.A.000 clients. such as Lansing and Detroit based Michigan National Bank. private banking.4 million retail customers. a credit card portfolio. Bank of America and Banco Itaú (Investments Itaú S. jointly served 372. 5. in Uruguay. and 1. 1. 2007. On September 14. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The Federal Reserve Board gave final approval to the merger on December 15. Bank of America possessed $1. middle-market.51%. and small. in Uruguay. 2006. BANK OF AMERICA FOOTPRINT In May 2006. over 20 million customers and revenue of $12 billion. With this purchase. as part of the sale agreement. The combined Bank of America Card Services organization. The acquisition was completed on October 1. which had 23 branches. BankBoston's Brazilian operations included asset management. they cannot be used by Bank of America in Brazil. there was a credit card company. At the time of merger. the BankBoston name has disappeared from Brazil. It had 66 branches and 203.

Ken Lewis.Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share. Scotiabank (Canada) and Westpac (Australia and New Zealand).S. credit card withdrawals are still subject to cash advance fees and foreign currency conversion fees. D. .000 ATMs across the United States. 7. Ukrsibbank (Ukraine). Deutsche Bank (Germany).800 retail branches and over 18. The acquisition of FleetBoston and MBNA significantly expanded its size and range of services. The Consumer Banking organization includes over 5. 2008. 2009. Santander Serfin (Mexico). Bank of America is a member of the Global ATM Alliance.C. a joint venture of several major international banks that until the end of 2013 allowed customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance without access fees when traveling internationally. Bank of America generates 90% of its revenues in its domestic market and continues to buy businesses in the U. CONSUMER Consumer banking is the largest division in the company. JPMorgan Chase. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup. China Construction Bank (China). Additionally. some foreign ATMs use Smart Card technology and may not accept non-Smart Cards. This feature is restricted to withdrawals using a debit card and is subject to foreign currency conversion fees. 2010. resulting in about 51% of the company's total revenue in 2005. and afterward credit card charge offs and delinquencies declined in January. LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5. Brian Moynihan became President and CEO effective January 1. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program. It has achieved this through key acquisitions. who had lost the title of Chairman of the Board. and Wells Fargo. 6. announced that he would retire as CEO effective December 31. The core of Bank of America's strategy is to be the number one bank in its domestic market. OPERATIONS Bank of America branch in Washington. Other participating banks are Barclays (United Kingdom). A change of policy means that customers are now charged 3% of funds withdrawn from ATMs overseas. BNP Paribas (France). and provides financial services to consumers and small businesses. surpassing JPMorgan Chase. in part due to controversy and legal investigations concerning the purchase of Merrill Lynch.

It also has one of the largest research teams on Wall Street.A is a nationally chartered bank. Bank of America Merrill Lynch is headquartered in New York City. N. 9. Federal USA Government. the Global Corporate and Investment Banking (GCIB) business operated as Banc of America Securities LLC. Its strongest groups include Leveraged Finance. underwriting. capital markets. INVESTMENT MANAGEMENT . Florida Before Bank of America's acquisition of Merrill Lynch. 8. and mortgage-backed securities. as well as sales & trading in fixed income and equities markets. Syndicated Loans. Savings programs such as "Add it Up" and "Keep the Change" have been well received and are a reflection of the product development banks have taken during the 2008 recession. regulated by the Office of the Comptroller of the Currency. CORPORATE Bank of America Tower. Department of the Treasury. Bank of America.Bank of America offers banking and brokerage products as a result of the acquisition of Merrill Lynch. located on Laura Street in Jacksonville. The bank's investment banking activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory.

New York City. . Its clients include 98% of the Fortune 500 companies in the U. Bank of America acquired a 9% stake in China Construction Bank. The Private Bank. 2012 article by The New York Times named the Bank of America as a corporate member of the American Legislative Exchange Council (ALEC). wealth managers (ranked by private banking assets under management in accounts of $1 million or more as of June 30. and Bank of America Specialist. environmentally friendly technology throughout its 2. 2005). An April 21. It is among the 10 largest U. The skyscraper is located on 42nd Street and Avenue of the Americas. are the foundations for a lofty ambition. Shanghai. headquarters in New York. European headquarters in London. and also hosts most of Bank of America's New York–based staff. In 2006. Bank of America has offices in Hong Kong. investment banking business and is looking to become one of the top five investment banks worldwide. Family Wealth Advisors. Bank of America's Global Corporate and Investment Banking has its U. Bank of America has a new headquarters for its operations at the Bank of America Tower. Bank of America announced plans to divest most of its stake in the China Construction Bank. and Asian headquarters in Hong Kong.S. for $3 billion. at Bryant Park. Bank of America sold BankBoston's operations to Brazilian bank Banco Itaú. Bank of America was awarded Project Finance Deal of the Year at the 2008 ALB Hong Kong Law Awards. 10. "Bank of America already has excellent relationships with the corporate and financial institutions world. as well as a balance sheet that most banks would kill for. as part of the sale agreement. The BankBoston name and trademarks were not part of the transaction and.S. and Guangzhou and was looking to greatly expand its Chinese business as a result of this deal. The building is the headquarters for the company's investment banking division. In 2008. In July 2006. In November 2011.1 million square feet (195.S. Bank of America has spent $675 million building its U. GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services.). one of the Big Four banks in China. and 79% of the Global Fortune 500. These relationships. It represented the company's largest foray into China's growing banking sector.096 m²) of office space.S.Global Wealth and Investment Management (GWIM) manages assets of institutions and individuals. and features state-of-the-art. including Brazil. INTERNATIONAL OPERATIONS In 2005. Inc. Bank of America operated under the name BankBoston in many other Latin American countries. Chairman Ken Lewis announced that GWIM's total assets under management exceeded $500 billion. in exchange for Itaú shares. cannot be used by Bank of America (ending the BankBoston brand).

Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank. JPMORGAN CHASE & CO 1. when Chase Manhattan Corporation merged with J. It is the largest bank in the United States. multinational banking and financial services holding company headquartered in New York City. . Morgan brand. N.P. It is a major provider of financial services.P. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The J. historically known as Morgan.A. and the world's most valuable bank by market capitalization. is a U. private banking. The company was formed in 2000. private wealth management. Morgan & Co.424 trillion. with total assets of US$2. the world's fifth largest bank by total assets.S.—the actual trustee. and treasury & securities services divisions. is used by the investment banking. INTERODUCTION JPMorgan Chase & Co. asset management. and according to Forbes magazine is the world's sixth largest public company based upon a composite ranking.

Morgan & Co. JPMorgan Chase & Co.. U. An office of JPMorgan was opened in Taiwan in 1970. Its original predecessor. HISTORY The Bank began operations in Japan in 1924.The Chase brand is used for credit card services in the United States and Canada. An office of the Equitable Eastern Banking Corporation (one of J. Wells Fargo. New York City. Morgan's predecessors) opened a branch in China in 1921 and Chase National Bank was established there in 1923. Manufacturers Hanover. followed by Bank of America. Providian Financial and Great Western Bank.S. Illinois. The bank has operated in Saudi Arabia and India since the 1930s. First Chicago Bank. Texas Commerce Bank. Chicago. in Australia during the latter part of the nineteenth century. and the 31st oldest bank in the world. and in Indonesia during the early 1920s. J. 2.S. The corporate headquarters is located at 270 Park Avenue in Midtown Manhattan. its predecessors include major banking firms among which are Chemical Bank. JPMorgan Chase is one of the Big Four banks of the United States. Morgan in Large Corporations. including Chase Manhattan Bank. is considered to be a universal bank. was the second oldest banking corporation in the United States. having been established on September 1.P. As of 2016. Chicago Loop. is the result of the combination of several large U. banking companies since 1996. The J. Operations in Poland began in 1995.P. and Citigroup. logo before its merger with Chase Manhattan Bank in 2000 Influence of J. 1914 . The retail and commercial bank is headquartered in Chase Tower.P.P. 1799 by Aaron Burr. JPMorgan Chase. the Bank of the Manhattan Company. The firm's presence in Greece dates to 1968. Bank One. and commercial banking. in its current structure. the bank's retail banking activities in the United States. National Bank of Detroit. and Nordic operations began during the same year. in Russia (Soviet Union) in 1973. Bear Stearns and Washington Mutual. Morgan & Co. Going back further. Chase Manhattan Bank opened an office in Korea in 1967.

Henry S. In August 1914. on September 16. along with all integrated banking businesses in the United States. Morgan & Co. 1920 bomb explosion that took the lives of 38 and injured over 400 The heritage of the House of Morgan traces its roots to the partnership of Drexel. a Morgan partner. Davison. after being barred from securities business for over a year. the company profited from the financing and purchasing activities of the two European governments. Thus. traveled to the UK and made a deal with the Bank of England to make J.P. Led by J. (see also: J. many within J. Morgan & Co. Morgan partners." While there are many hypotheses regarding who was behind the bombing and why they did it. New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England. In 1892. which in 1895 was renamed J. The Bank of England became a "fiscal agent" of J.P. Free the political prisoners or it will be sure death for all of you.P. In 1935. In the 1930s.P. Built in 1914. J.P. the monopoly underwriter of war bonds for the UK and France. Morgan & Co. chose to operate as a commercial bank. Morgan & Co. In 1895. was required by the provisions of the Glass–Steagall Act to separate its investment banking from its commercial banking operations. Morgan headquarters in New York City following the September 16. The company also invested in the suppliers of war equipment to Britain and France. Pierpont Morgan) and Harold . At noon. The warning read: "Remember we will not tolerate any longer. Arguably the most influential financial institution of its era. American Anarchists Fighters.P.. all of J. Morgan & Co.The J. Morgan spun off its investment-banking operations. Morgan believed that a change in political climate would eventually allow the company to resume its securities businesses but it would be nearly impossible to reconstitute the bank if it were disassembled. Morgan (son of Jack Morgan and grandson of J. Shortly before the bomb went off. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. Morgan & Co. financed the formation of the United States Steel Corporation. Pierpont Morgan).P. J. because at the time commercial lending was perceived as more profitable and prestigious. injuring 400 and killing 38. the heads of J. which took over the business of Andrew Carnegie and others and was the world's first billion dollar corporation. a warning note was placed in a mailbox at the corner of Cedar Street and Broadway.P. Morgan & Co. J. 23 Wall Street was known as the "House of Morgan". and vice versa. 1920.P.P. after 20 years of investigation the FBI rendered the case inactive without ever finding the perpetrators. Additionally. Morgan & Co. Henry P.P. a terrorist bomb exploded in front of the bank. the company began to finance the New York. and for decades the bank's headquarters was the most important address in American finance..

National Association. before beginning to migrate back toward the use of the J.P. For management reporting purposes. JPMorgan Europe. the group finally purchased the Purdue National Corporation of Lafayette Indiana. the company once again began operating exclusively as J. known previously as Chase Manhattan International Limited. financial institutions. Morgan & Co. JPMorgan Chase Bank. Morgan partners. 1968. The company. In 1988. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. was founded on September 18. In August 2008. the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to mortgage- backed securities. Morgan is divided by teams: industry. in 1959. Morgan brand. In order to bolster its position. uniting a history between the two figures of Salmon Portland Chase and John Purdue. consumer and community banking. metals and mining. These plans were subsequently suspended in December 2010.P. diversified industries and transportation. and J.P. 1935. Industry teams include consumer and retail. J. The agreement did not settle criminal charges 4. commercial banking. healthcare.P. corporate and investment bank. when the bank announced the purchase of a nearby existing office tower at 25 Bank Street for use as the European headquarters of its investment bank. owns five bank subsidiaries in the United States: 1 JPMorgan Chase Bank. This was the largest corporate settlement to date. with $6. 2013. Morgan Stanley was founded on September 16. based at Canary Wharf. National Association. Ltd. The bank would continue to operate as Morgan Guaranty Trust until the 1980s. In 1984.P. Of that. JPMorgan Chase's activities are organized into a corporate/private equity segment and four business segments. National Association. STRUCTURE JPMorgan Chase & Co. Morgan Bank and Trust Company.P. 3. Much of the alleged wrongdoing stemmed from its 2008 acquisitions of Bear Sterns and Washington Mutual. media and telecommunications. $9 billion was penalties and fines and the remaining $4 billion was consumer relief. the bank announced plans to construct a new European headquarters. Dearborn. and asset management. 2013 SETTLEMENT On November 19. The investment banking division at J. real estate and technology. London. Custodial Trust Company. natural resources. M&A and capital markets. Chase Bank USA. 25 Bank Street had .Stanley.6 million of nonvoting preferred stock from J.

The banking corporation uses for this calculation Field-Programmable Gate Array technology. The regional office is in London with offices in Bournemouth. 5. private banking. and investment. Glasgow. the time taken to assess risk had been greatly reduced. from arriving at a conclusion within hours to what is now minutes. OPERATIONS Earlier in 2011 the company announced that by the use of supercomputers.originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International (Europe). . and Edinburgh for asset management.

But the details matter. Overdraft fees Overall It's a tie. Customer experience It's a tie. though. though. Here’s a closer look at how these two banking behemoths compare. . In the checking. Chase came out ahead. Among national banks. COMPARISON We looked them over top to bottom. When it comes to certificates of deposit and overall customer service experience. but each time it was enough. and here’s whose services prevailed. It wasn’t by much. not much separates these two banks. Bank of America Chase Checking Savings and money market accounts Certificates of deposit It's a tie. Chase and Bank of America are both decent options. savings and overdraft fee categories.

900 free Bank of  16.Checking accounts Bank of America Core Chase Total Checking Checking Monthly fee $12.000 free Chase surcharges America ATMs ATMs assessed by .500  Are a Bank of America  Maintain an average Preferred Rewards balance of at least client $5. Waived if you meet one of these criteria: of these criteria:  Receive direct deposits  Receive direct deposits of at least $250 each of at least $500 each month month  Maintain a minimum  Maintain a minimum daily balance of $1.500 daily balance of $1.000 among all linked Chase accounts  Are a student under 23 Minimum opening $25 $25 deposit Interest on None None balances ATM network (does not include  15. Waived if you meet one $12.

000 in your eligible Bank of America accounts or being a Preferred Rewards client.01%.01% return.50 fee for using out. Bank of America offers one interest-bearing checking account. This interest-bearing account has a $25 monthly maintenance fee. Balances above $50. Chase currently offers a couple of sign-up bonuses that can provide a quick influx of cash.50 fee for using out- of-network ATMs of-network ATMs  $5 fee for using  $5 fee for using international out-of. The bank also offers a Private Client checking account. The $4. as well as perks like waiving charges from non-Chase ATMs (rates are effective 12/5/2016 and are variable and subject to change). The bank also has a SafeBalance Banking Account that doesn’t charge overdraft fees. Chase also offers two advanced checking options: the Premier Plus and Premier Platinum accounts. which you can avoid by maintaining a combined balance above $10. However. the bank denies transactions if you don’t have enough cash in your account.95 monthly fee can’t be waived.02% while those below earn a 0. Bank of America Core Chase Total Checking Checking owners of non- network ATMs)  $2.  $2. Both come with annual percentage yields of 0. . international out-of- network ATMs network ATMs ANALYSIS Both banks’ most basic checking accounts have relatively low requirements for minimum opening deposits. But they also come with steep fees that you can dodge only by keeping a large balance or taking out a mortgage with Chase.000 earn an APY of 0. give customers several ways to avoid monthly fees and offer large networks of free ATMs. Neither account earns interest.

Waived if you meet one $5.Savings accounts Bank of America Regular Chase Savings Savings Monthly fee $5. Waived if you meet one of these criteria: of these criteria:  Maintain a daily  Maintain a daily balance of $300 balance of $300  Have a repeating  Have a repeating automatic transfer of automatic transfer of at least $25 each at least $25 each month from your Bank month from your of America checking Chase checking account account  Have a linked Bank of  Have a linked Chase America Interest Premier Plus. Premier Checking account Platinum or Private Client checking .

either account works. as these typically come with significantly higher APYs.06%. Bank of America Regular Chase Savings Savings  Are a Preferred account Rewards client  Are under 18 Interest on balances 0. you’d be better served by an online savings account. If you’re looking to maximize your return over the course of the year. though.01% APY (effective 12/5/2016.01% APY 0. so if you simply need a place to park your savings. The annual percentage yields are below the already dismal national average of 0. It’s fairly easy to avoid monthly fees. but know that Chase offers a solid sign-up bonus on its savings account. . interest rates are variable and subject to change) Minimum opening $25 $25 deposit Automatic transfer Yes Yes from linked checking? ANALYSIS The banks’ most basic savings accounts are nearly identical — and almost identically disappointing.

05% on all balances 0.000 deposit APY on 1-year term 0.01% on all balances APY on 3-year term 0.05% on all balances .Certificates of deposit Bank of America Chase Minimum opening $1.000 $1.12% on all balances 0.

The bank also has several helpful budgeting and savings tools. A note for frequent travelers: Bank of America has branches in 35 states.25% on all balances ANALYSIS A $1. while Chase serves 26 states. and fees and rates are fairly easy to spot. Bank of America and Chase both let customers make quick side-by-side comparisons of their respective checking and savings accounts. Bank of America has about 4. Chase has about 5. which typically has stronger rates and lower minimum deposit requirements. neither institution is especially forgiving when it comes to overdraft fees. although the difference isn’t significant for balances under $10. Chase checking customers qualify for slightly higher rates than those shown above.15% on all balances 0. But the APY is low and varies by location. you’d be better served by going to an online bank or credit union.200 branches across the country. Overdraft fees Compared with credit unions and online-only banks.000 just to open it. Bank of America Chase APY on 5-year term 0.000 minimum opening deposit requirement is high. and rates are low across the board. and you’ll need to cough up $5. With that kind of money. Customer experience Bank of America’s website features an excellent FAQ section. .600. such as one for which customers don’t have to pay early withdrawal fees if they need their cash before the certificate matures. Bank of America offers a few different types of CDs. and its Checking Clarity Statements provide clear overviews of what each account offers and what the associated fees are.000.

They cost $12 at Bank of America. which you can rack up as many as three times a day. moving money from a savings account or credit card to cover you. . where they are free. Transfers are free at Chase. except for on the interest-bearing checking account. Chase charges $15 when your account is in the red for five or more consecutive business days. its overdraft fee is $34. Both offer overdraft protection. Chase is slightly better.Bank of America’s is $35. and you can be charged up to four times in a day. You’ll owe an additional $35 when your account remains overdrawn for five straight business days.