Bank of America is the second-largest bank in the United States by total assets

As of the most recent public filings, Bank of America holds roughly $3.4 trillion in total assets. That means it manages more money than the entire economy of most countries. To put that in perspective, only JPMorgan Chase holds more assets among U.S. banks.

What "total assets" means: it is the sum of everything the bank owns or controls — customer deposits, loans it has made, investments, buildings, equipment, and cash on hand. A larger asset base generally means the bank serves more customers and has more financial reach, but it does not necessarily mean it is safer or offers better service than smaller banks.

Bank of America operates in all 50 states and more than 35 countries. It serves roughly 68 million customers worldwide, including both individual people and businesses. The bank employs around 215,000 people globally.

Key Takeaways

  • Bank of America holds approximately $3.4 trillion in total assets, making it the second-largest U.S. bank by size.
  • The bank operates more than 4,300 branch locations and roughly 16,000 ATMs across the United States.
  • Bank of America serves both individual customers and large corporations, with divisions for consumer banking, wealth management, and investment banking.
  • Size alone does not determine whether a bank is right for you — consider fees, customer service, and the specific products you need.

How many branches and ATMs does Bank of America have

Bank of America operates more than 4,300 branch locations in the United States. That makes it one of the largest branch networks in the country. The bank also maintains roughly 16,000 ATMs, both in its own branches and through partnerships with other banks and networks.

The number of branches has declined over the past decade as more customers use mobile banking and online services. Bank of America, like most large banks, has shifted resources toward digital banking tools rather than physical locations. If you live in a rural area, you may have fewer branch options than someone in a major city.

What divisions does Bank of America operate

Bank of America is organized into four main business divisions. Consumer Banking handles checking accounts, savings accounts, credit cards, mortgages, and auto loans for individual customers. Global Wealth and Investment Management serves high-net-worth individuals and families who want investment information and portfolio management. Global Banking works with large corporations and institutions on loans, treasury services, and financial advisory. Global Markets handles trading, investment banking, and capital markets services.

Most individual customers interact only with Consumer Banking. The other divisions serve businesses, investors, and wealthy clients. Understanding which division handles your account type helps you know where to direct questions or complaints.

How does Bank of America's size affect you as a customer

A large bank like Bank of America offers some advantages: extensive branch and ATM networks, a wide range of products under one roof, and the stability that comes with a well-capitalized institution. You can open a checking account, get a mortgage, invest money, and manage business banking all with the same company.

Size also comes with trade-offs. Large banks often charge higher fees than smaller regional or community banks. Customer service can be harder to reach — you may speak with someone in a call center rather than a local branch manager who knows your account. Decisions about account closures, credit limits, or disputes may take longer because they go through multiple approval layers.

Whether Bank of America's size works in your favor depends on what you need. If you travel frequently and value having branches everywhere, size is an advantage. If you prefer personal relationships and lower fees, a smaller bank or credit union might serve you better.

How Bank of America compares to other large U.S. banks

JPMorgan Chase is the only U.S. bank larger than Bank of America by total assets, holding roughly $3.7 trillion. Wells Fargo ranks third with approximately $1.9 trillion in assets. Citigroup and U.S. Bancorp follow as the fourth and fifth largest banks.

These five banks are sometimes called "systemically important" because their failure could destabilize the entire financial system. That designation means they face stricter regulatory oversight and must maintain higher capital reserves than smaller banks. For customers, it generally means these banks are unlikely to fail, but it does not may provide they offer the best rates or service.

What regulatory oversight applies to a bank this size

Bank of America is regulated by multiple federal agencies: the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits up to $250,000 per account holder per bank, so your money in a Bank of America checking or savings account is protected at that level even if the bank fails.

Large banks also undergo annual stress tests conducted by the Federal Reserve. These tests examine whether the bank could survive a severe economic downturn. Results are public, and the Federal Reserve can restrict a bank's dividends or share buybacks if it fails the test. This oversight exists specifically because large banks pose systemic risk — their problems become everyone's problem.

Frequently Asked Questions

Is my money safe at Bank of America?

Deposits up to $250,000 per account holder are insured by the FDIC, so your money is protected even if the bank fails. Bank of America is also one of the most heavily regulated banks in the country and must maintain substantial capital reserves. For amounts over $250,000, consider spreading deposits across multiple banks or account types to stay within FDIC limits.

Does Bank of America's size mean it has better rates than smaller banks?

No. Large banks often offer lower interest rates on savings accounts and charge higher fees than smaller regional banks or credit unions. Size brings stability and convenience, not necessarily better pricing. Compare rates across several banks before opening an account.

Can I get personal service at a large bank like Bank of America?

It depends on the type of account and service you need. Consumer Banking customers typically reach phone support or visit branches. Wealth Management and Global Banking clients have dedicated relationship managers. If personal service is important to you, ask about account tiers or consider a smaller bank where you can build a relationship with a local branch manager.

What happens if Bank of America fails?

The FDIC would step in to protect insured deposits and either merge the bank with another institution or pay out deposits directly. Because Bank of America is systemically important, federal regulators would likely intervene before failure occurred. The last major bank failure in the U.S. was in 2008, and the regulatory system has been strengthened since then.