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Bank of America

Bank of America is based in Charlotte, North Carolina.  It is also the second largest commercial bank in the United States—based on assets—and the and the third-largest company in the world (2006 Forbes Global 2000). Bank of America traces its roots back to the Bank of Massachusetts, founded in 1784.  This makes Bank of America it the second oldest bank in the United States.

On June 30, 2005 Bank of America announced the intended purchase of credit card mogul MBNA, for $35 billion in cash and stock. Final approval to the merger between Bank of America and MBNA was granted by the Federal Reserve Board on December 15, 2005. The merger closed on January 1, 2006, which solidified Bank of America’s position as the largest issuer of credit cards in the United States. With the merger complete, Bank of America Card Services will handle more than 40 million active U.S. accounts, totaling more than $140 billion in outstanding balances.

Currently, Bank of America is in the process of constructing an immense corporate headquarters for their New York City operations.  The skyscraper, located on 42nd Street and the Avenue of the Americas, will feature environmentally friendly technology.  The building will encompass more than 1.2 million square feet of office space, and will be the headquarters for Bank of America’s investment banking division.

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Throughout its history, Bank of America has strived to provide affordable and attractive lending options to its customers.  This tradition continues with the variety of debt consolidation options that are offered to customers, including Home Equity Loans.  Below you will find the diverse selection offered by Bank of America, including their features and benefits.

Home Equity Lines of Credit

  • No application fees;
  • No closing costs;
  • Works like a credit card, with lower rates.

With the home equity line of credit, you have three options:

Fixed-Rate Loan Option

  • There are no fees to convert your home equity line of credit to a fixed-rate loan option;
  • Create multiple fixed-rate loans for terms you decide;
  • Lower interest rate;
  • Tax deductible.

Equity Maximizer Visa

  • Use just like a credit card, anywhere that accepts Visa;
  • Zero liability for fraudulent use on a lost or stolen card;
  • Tax deductible.

Borrowers Protection Plan

  • Optional feature of home equity loans;
  • Should you become injured or lose your job, you can cancel up to 12 months of principal and interest payments;
  • You decide the protection options and benefit period.

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* Debt Basics is not a lender or broker. We provide information and research on debt help and debt consolidation. Product and service offerings differ by state.