Bank of America, sometimes abbreviated as BofA, is a multinational baking and financial services corporation. That’s of course, a fancy way of saying that it’s a bank. It’s not just any bank, though, it’s the second largest banking company in the United States in terms of assets.
Today I’m going to walk you through the Bank of America application. We’ll start with the company’s history, then move into their hiring process so you have everything you need to start your career.
The Company’s History
Bank of America is headquartered in Charlotte, North Carolina. As of 2013 it is the twenty-first largest company in the United States in terms of total revenue. There are 5,100 banking locations, 16,300 ATMs, in addition to call centers and online platforms for people to do their banking. The company has a Consumer Real Estate Services portion of the company as well.
This portion of Bank of America offers fixed and adjustable-rate loans for the purpose of refinancing or purchasing a home. In 2008, Bank of America purchased Merrill Lynch and became the largest wealth management corporation in the world as a large part of the investment banking market.
As of August 2009, the company had 12.2% of all bank deposits in the United States. It’s one of the four largest banks along with Citigroup, JPMorgan, Chase, and Wells Fargo. Bank of America has branches in all 50 U.S. States. There are over 50 million people who manage their funds with this bank.
Bank of America’s history goes all the way back to October 17, 1904. It began when Amadeo Giannini founded the Bank of Italy in San Francisco. At the time, this bank was huge for immigrants coming into the country who were denied service at the major banks of the time.
Giannini was raised by his mother and stepfather. His father was shot in an altercation with an employee when he was young. The San Francisco earthquake in 1906 burned down many of the major banks, but Giannini was able to save all the deposits from his building from the fires.
He used these funds to continue lending within a few days after the disaster. He created a desk made from two barrels and a couple planks. He was offering loans to those who wished to rebuild after the quake. He established Bank of America and Italy in 1922 after purchasing one of the major banks there.
He merged his company in 1928 with Bank of America, Los Angeles. He consolidated this with other holdings to create the largest banking company in the country. It was renamed in 1930 to Bank of America National Trust and Savings Association.
Fast forward to 2001 and the company has grown immensely. In 2004, it announced the purchase of FleetBoston Financial for $47 billion. The next step was in 2005 when Bank of America announced it would be purchasing MBNA, a massive credit card issuer.
The Federal Reserve Board gave the approval and on January 1, 2006 the merge occurred after a purchase price of $35 billion. This purchase made Bank of America one of the largest domestic and foreign credit card issuers.
The largest acquisition recently was when Bank of America purchased Merrill Lynch within days of it going bankrupt. Not only did this save the Merrill Lynch, but it made Bank of America the largest financial services company in the world.
When they’re not handling the world’s wealth, Bank of America also donates to multiple charitable causes. Donations are made to both local and national food banks in the fight against hunger. BofA commonly makes donations to Feeding America, Give a Meal, and working with local organizations.
Employees consistently donate their own time to volunteering at these food banks. As you can see, this is a strong company with a lot of good employees among the 200,00 people who work for the company.
Working in a bank is similar to other retail type jobs, only with more math involved. When I worked at GameStop, I often went to a Bank of America location to do the daily deposits. You could try applying there, or you can pursue a career with OfficeMax which is also a massive and growing company. Finally, you should look into a career with Five Below.
Bank of America Application Online
The wide range of departments and services that Bank of America offers means that there are a lot of roles to fill within the ranks. You can work in the physical branches as a teller, or remotely at a call center. You can head online to the company’s career page on the website to use the intuitive career search tools.
The only things you need are a high school diploma, and you must be eighteen-years-old. Beyond this, many of the positions don’t require anything else. The best way to make yourself stand out is to showcase a passion for customer service. This kind of quality is absolutely needed for someone to success in this industry.
Once you’ve found a position to apply for on the career page, you can set up a profile to apply for multiple positions at a time. Once you begin the online process, you’ll need to fill out everything with accuracy, so be sure to take your time and double check all of the information you provide.
It is most common to hear back from Bank of America within a week after submitting your online forms. Don’t worry if it takes a little longer, the amount of inquiries they receive is incredibly high.
With a company as large as this, benefits are to be expected. That being said, Bank of America goes above and beyond to ensure employees are rewarded for their hard work. Here are some of the benefits you can expect:
- Medical, dental, and vision coverage
- Paid and unpaid time-off options
- Parental leave
- Adoption and tuition reimbursement
- Childcare compensation
- Employee assistance programs
- 401(k) retirement plans
Your Bank of America application is all that you need to start an exciting and rewarding career. The company isn’t going anywhere, and it’s only going to get bigger from here. Best of luck to you in your career!