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Re: Bank of America
Old 05-01-2007, 02:54 PM   #21
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Re: Bank of America

BofA bought MBNA a while back and the transition was NOT smooth. What they said on their website did not match my experience during the change.
Ditto, they bought Nations Bank about 10 years ago. They still have not integrated their military banking with the rest of BofA. If I have a question about my account they have to call San Antonio to find out because the systems are not linked at the teller. You have to go over to the customer service desk to get them to access my info. This month I just opened up a bank account with a local bank in GA and the manager knows my name, my wife's name and my son's name. Can't say the same about BofA. Their too big to care as another poster mentioned.

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Re: Bank of America
Old 05-01-2007, 03:24 PM   #22
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Re: Bank of America

Originally Posted by Arif
Ditto, they bought Nations Bank about 10 years ago.
It is a wonder Bank of America can find the keys to the front door since they have undergone so many mergers and acquisitions over the years. Think system integration projects from hell.

Wikipedia traces the bank's lineage as follows:

Commercial National Bank (CNB), the earliest forerunner of NationsBank, was formed in 1874.

In 1957, Commercial National merged with its longtime rival in Charlotte, American Trust Co., forming American Commercial Bank. American Commercial changed its name to North Carolina National Bank (NCNB) in 1960 after acquiring of Greensboro-based Security National Bank. In the early 70s, it reorganized as the leading subsidiary of NCNB Corporation.

NCNB expanded beyond North Carolina for the first time in 1982, when it purchased Lake City, Florida-based First National Bank of Lake City, its first interstate expansion. Hugh McColl became CEO of NCNB the following year.
In 1988, NCNB's assets grew to $60 billion after it bought the failed First Republic Bank of Dallas, Texas from the FDIC.

NCNB became NationsBank in 1991 after acquiring Atlanta-based C&S/Sovran Corp. Following the merger, the Bank's assets grew to $118 billion.
In 1996, NationsBank acquired St. Louis-based Boatmen's Bancshares for $9.6 billion. The combined bank became the largest in the American south, with assets of $225 billion, and 2,600 branches stretching from North Carolina to New Mexico.

The following year, NationsBank acquired Florida's largest bank, Jacksonville-based Barnett Bank, for $15.5 billion, growing the company's total assets to $284 billion.

In 1998, it acquired BankAmerica, San Francisco, California, and the whole unit took on the name of Bank of America.... Headquarters for the new enterprise were established in Charlotte.

And this doesn't even touch the M&A activity on the BofA California side or any M&A activity in the merged or acquired banks!

One additional note: After NCNB purchased the failed First Republic Bank and moved into Texas, the word on the street was NCNB was an acronym for “No Cash for No Body” based on the bank’s reluctance to make small business loans in the state. :P


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Re: Bank of America
Old 05-01-2007, 04:17 PM   #23
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Re: Bank of America

Well I guess Im in the younger generation and really dont have a reason to step into a bank. That being said I have never stepped foot in my bank, BofA, and I love them! I have a free military checking account and free online billpay. I can go almost anywhere and have access to a BofA ATM which many of my friend envy.

I did try USAA out just for the heck of it. What I found is I would never stay with USAA becuase of how slow their system is. I would go out to eat and pay with my debit card and this purchase would finally update the next day. BofA in contrast has always had my account updated instantly.

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