Bank of America

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Bank of America

 

(full name, Bank of America National Trust and Savings Association), a major banking monopoly of the United States and the entire capitalist world.

Founded by the Italian A. Giannini in 1904 in San Francisco under the name Bank of Italy, the Bank of America gained its present name in 1930 after merging with the Bank of America of California. It has absorbed a number of large and small banks and penetrated deeply into industry and agriculture. The Bank of America is half commercial and half savings and mortgage. It participates actively in placing foreign loans offered by American banking syndicates, by the United States’ Export-Import Bank, and by the International Bank for Reconstruction and Development (IBRD). At the beginning of 1969 the bank had 948 branches in California, 86 branches and ten representatives abroad, 48 military branches in California and abroad, the large subsidiary Banca d’America e d’Italia with 85 branches in Italy, a subsidiary bank in New York, and participation in 50 credit institutions in 39 nations. The Bank of America secretly controls the largest American bank holding company, Western Bancorporation, which owns the controlling block of shares in 24 banks with 591 branches in 11 western states with deposits of $8.3 billion. The Bank of America has actual control over the Transamerica Corporation, which has assets of $3.3 billion. This corporation owns insurance companies, companies financing installment buying of goods with 600 branches in the United States and Canada, mortgage companies, and industrial enterprises. The Bank of America is closely related to such companies as the Kaiser Corporation (motor vehicles, steel casting, and aluminum plants), the Getty Oil Company (oil magnate), the Douglas Aircraft Company, the Hearst newspaper trust, and the California Land Company, which with 240,000 hectares of citrus orchards and other holdings is the largest agricultural joint-stock society in the capitalist world. The stock capital of the Bank of America at the beginning of 1969 was $214 million, with reserves of $883 million. The total balance is $24.2 billion, the balance of deposits has risen from $5.4 billion at the beginning of 1947 to $21.5 billion at the beginning of 1969; discounting and loans were $13.4 billion; and investments were $4.9 billion, including $2.5 billion in federal bonds, $1.9 billion in local bonds, and $500 million in other securities.

M. IU. BORTNIK

References in periodicals archive ?
BusinessWeek magazine called SiteKey one of the best consumer
If a customer is not sure whether it's the real bank site, clicking on the SiteKey button will reveal the image and phrase; otherwise, the site may be a fake.
Bank of America has been a leader in introducing innovative online services, such as free online bill pay, SiteKey, free online equity trades and Business 24/7(TM).
Combined with SiteKey, SafePass provides online customers with a much greater level of security," said Lance Drummond, e-Commerce executive for Bank of America.
Transferring money for amounts over current limits - Authorizing new payees in bill pay - Adding new accounts for online transfers - Signing in from a computer not recognized by SiteKey
In addition to SafePass and SiteKey, Bank of America provides the following security features to help ensure customers are fully protected and safe when they bank online:
Bank of America leads the industry with the SiteKey service, which provides an extra level of authentication.
Using SiteKey is like getting a safe deposit box that takes two keys to open.
The SiteKey authentication service will help customers increase their online banking security easily, without adding any new hardware or software," said Sanjay Gupta, e-Commerce executive.
We launched the SiteKey service, we're rolling out 18 more e-alerts to help consumers monitor account activity, we launched a free toolbar to prevent pop-up ads and we posted new security-related education material online.
Through the implementation of SiteKey, a risk-based authentication application, Bank of America customers can authenticate the bank's online banking application while the bank authenticates the identity of customers seeking to access the online banking application.
The TowerGroup report titled, "Doing the Right Thing: Bank of America Voluntarily Implements Strong Online Authentication" by George Tubin, senior analyst in the Delivery Channels research service at TowerGroup, provides insight into the process Bank of America used to develop and implement SiteKey and explores key learnings acquired by the bank during implementation.