Bank of America stands as a major financial institution, offering a wide array of services across various sectors. It’s important for customers and potential investors to understand the structure and different entities operating under the Bank of America Corporation umbrella. This article provides a clear overview of the services offered by Bank of America and its key subsidiaries.
When considering investment opportunities, it’s crucial to remember that investing in securities always carries risk. There’s a potential for financial loss, and it’s advisable to consult with a qualified tax or legal advisor regarding any planned financial transactions and their potential tax or legal implications.
Securities products are primarily channeled through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), often referred to simply as “Merrill.” As a registered broker-dealer and investment adviser, and a Member of SIPC, Merrill Lynch is a wholly-owned subsidiary of Bank of America Corporation. It’s important to note that MLPF&S often provides investment products that are sponsored, managed, distributed, or offered by companies affiliated with Bank of America Corporation.
For high-net-worth individuals, Bank of America Private Bank represents a specialized division of Bank of America, N.A., which is itself a Member of FDIC and a wholly-owned subsidiary of Bank of America Corporation. Trust and fiduciary services within this realm are delivered by Bank of America, N.A., and U.S. Trust Company of Delaware. Both of these entities function as indirect subsidiaries of Bank of America Corporation.
Insurance products are also part of the Bank of America financial ecosystem. These are offered through Merrill Lynch Life Agency Inc. (MLLA) and Banc of America Insurance Services, Inc. Both are licensed insurance agencies and operate as wholly-owned subsidiaries of Bank of America Corporation.
For everyday banking needs, Bank of America, N.A., along with its affiliated banks, provides a comprehensive suite of services. These include banking, credit cards, automobile loans, mortgages, and home equity products. Bank of America, N.A. and its affiliates are Members of FDIC and wholly owned subsidiaries of Bank of America Corporation. It’s essential to remember that all credit and loans are subject to approval, with terms and conditions applying. It is also important to understand that this information is not a commitment to lend, and programs, rates, terms, and conditions are subject to change without prior notice.
