Is Bank of America in trouble?
Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse.
FDIC insurance covers all types of deposit accounts (checking, savings, money market savings and CDs), as well as bank individual retirement accounts (IRAs).
| Type | Moody's | Standard & Poor's |
|---|---|---|
| Outlook | Negative | Stable |
| Deposits | Aa1 | A+ |
| Long-term senior | Aa1 | A+ |
| Subordinated | Aa2 | A- |
Bank of America was ordered to pay millions of dollars after regulators learned it had opened fake accounts, double charged customers and withheld credit card rewards.
No, we are not detecting any problems with Bank of America right now. The last outage detected for Bank of America was on Friday, April 12, 2024 with a duration of about 31 minutes.
- 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) .
JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.
BofA branches in Hayward, Los Altos, Pinole and St. Helena, among others, have also already closed. “Financial center closures are driven by changing banking behaviors and where we have multiple financial centers close together,” a BofA spokesperson told KRON4.
Banks often pursue acquisitions of competitors to cut expenses on overlapping staff, services and facilities. The savings support profits. In recent years, closing branches has often proven integral to deal-related cost-cutting.
Key takeaways. When a bank fails, the FDIC or a state regulatory agency takes over and either sells or dissolves the bank. Most banks in the US are insured by the FDIC, which provides coverage up to $250,000 per depositor, per FDIC bank, per ownership category.
Is Bank of America merging with another bank?
Bank of America Corporation and FleetBoston Financial Corporation today announced a definitive agreement to merge, creating the nation's premier financial services company. The company will bring unmatched convenience, innovation and resources to customers and clients throughout the nation and around the world.
You'll be treated as retiring under The Bank of America 401(k) Plan if, when your employment ends, you have at least 10 years of vesting service and your age plus years of vesting service equal at least 60. Make the most of what you've accumulated. It's wise to review your options with your personal advisor.
The bank largely stands out because of its long-standing reputation and the accessibility of its branch locations and ATMs in much of the country. However, Bank of America receives lower ratings for its savings accounts and CDs because most options have low annual percentage yields (APYs).
Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse.
Recently, a report posted on the Social Science Research Network found that 186 banks in the United States are at risk of failure or collapse due to rising interest rates and a high proportion of uninsured deposits.
2024 in Brief
There are no bank failures in 2024. See detailed descriptions below.
Earlier last year Silicon Valley Bank failed March 10, 2023, and then Signature Bank failed two days later, ending the unusual streak of more than 800 days without a bank failure. Before Citizens Bank failed in November 2023, Heartland Tri-State Bank failed July 28, 2023 and First Republic Bank failed May 1, 2023.
| Bank | The Ascent's Rating | FDIC Insured? |
|---|---|---|
| Western Alliance Bank | 4.25 | Yes |
| SoFi | 4.00 | Yes |
| Wells Fargo | 4.00 | Yes |
| Axos Bank | 3.50 | Yes |
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
- JPMORGAN CHASE. Member FDIC.
- U.S. BANK. U.S. Bank, also referred to as U.S. Bancorp, is a large bank based in Minneapolis, Minnesota, and currently stands as the fifth-largest banking institution in the U.S. ...
- PNC BANK. ...
- CITIBANK. ...
- WELLS FARGO. ...
- CAPITAL ONE. ...
- M&T BANK CORPORATION. ...
- AGRIBANK.
Is Bank of America closing in 2024?
-- Bank of America plans to close approximately 134 branches by 2024, some new records show, a move that will substantially decrease the institution's retail banking footprint in at least 24 states, including New York.
Two major California banks — Silicon Valley Bank and First Republic — have failed. While some banking industry leaders have said the immediate crisis is over, stock prices for other regional banks, including PacWest and Western Alliance, fell this week.
They close down checking and credit-card accounts in part to keep regulators, who are worried about money laundering and other criminal activity, out of their hair. The closures often happen without warning, and chaos ensues when people lose access to their money for weeks and can't pay their bills.
Generally, credit unions are viewed as safer than banks, although deposits at both types of financial institutions are usually insured at the same dollar amounts. The FDIC insures deposits at most banks, and the NCUA insures deposits at most credit unions.
Although Bank of America had a hypothetical hiring freeze last year, Moynihan said the bank actually hired 15,000 people in 2023, but ended the year down 5,000 people. It will end the first quarter down a few more. Managing directors who've worked for the bank told us it's unusual for BofA to cut so close to bonuses.
