The choice of the bank Essay
The choice of the bank is very important because the right bank is a sort of guarantee of the certainty in your stable financial position. In this regard, I chose Bank of America but recently, I have started to consider the possibility of changing the bank to work with. In fact, my choice was grounded on the reputation, size, and capitalization of the bank but the recent scandal the Bank of America was involved in has made me consider the possibility of changing the bank.
At first, the Bank of America was a renowned and reputable bank, which was and still is one of the largest banks in the US. In addition, this bank operates internationally that makes it very convenient to use services of this bank because I can travel worldwide and use its services as well as I can make purchases internationally and I can use my bank’s services to save on bank’s fees and interest rates. In fact, the reputation of the bank was one of the major criteria for my choice.
In addition, I paid attention to the size and capitalization of the bank. In fact, the size and capitalization were markers of the financial stability of the company. The larger the size and capitalization of the bank is the more reliable I considered the bank is. Basically, the Bank of America has proved to be quite reliable in the time of the economic recession. Moreover, the bank kept growing after the acquisition of Merrill Lynch. Therefore, I considered the bank was still growing and I could keep my money in that bank.
Moreover, the bank offered international financial services at very attractive rate as well as I could use the special loyalty program developed by the bank for its loyal customers. The loyalty program allowed me to save my money on transactions and obtain bank loans at lower interest rates. At this point, I would like to place emphasis on the fact that I have a good bank loan history that contributes to my close and effective cooperation with my bank. However, I have started to spend more since the beginning of the economic recession because I had to save money facing uncertain financial future.
At the moment bank faces the stricter government control and regulations. In this regard, two factors contributed to the enhancement of the government control over the Bank of America. First, the government has enhanced its regulations in the banking industry since the beginning of the economic recession in the US to stabilize the situation in financial markets. Second, the bank has been recently accused of municipal frauds that resulted in the enhancement of the government control over the bank and the bank agreed to pay off considerable compensations for its defrauding activities. This is actually why I have started to consider the possibility of changing the bank.
On the other hand, the bank acquired Merrill Lynch and improved its position in the market expanding its market share considerably. Nevertheless, the reputation of the bank is still of the utmost importance for me. At any rate, I am not going to wait till the government’s accusations of the Bank of America will be supported by companies and individuals. Moreover, now I start doubting whether the bank was fair with me. This is why I am now considering what the bank to choose.
