Bank of America – A long road to the countries top credit card issuer.
Bank of America is currently the largest issuer of both credit and debit cards in the United States. It is also third in the nation when measured by assets and handles about 10% of deposits made in the country.
Open for business in 29 states, it’s a safe assumption that Bank of America is a large force in credit and banking. More evidence supporting my very vague claim can be drawn from the bank’s purchase of MBNA last year. MBNA was formerly the largest issuer of credit cards in the country.
More interesting than its acquisitions and statistics is Bank of America’s history. The bank’s roots, while wide-ranging, can be followed all the way back to the Bank of Massachusetts, which was the hot new thing on the block back in ’84. 1784, that is.
Perhaps more interesting than a few lame history facts would be Bank of America’s curious checking policy that landed them in court in 1999. The policy is that the biggest check is processed first, regardless of chronology. Some people (namely the sort that filed the lawsuit over this) felt that it was...
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