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Bank Of America Essay

669 Words3 Pages

An example or two of the way BOA makes our financial lives better through the "power of connection." What do they really mean here?
Bank of America partners with companies and or learning academies to teach better money habits. For example, BOA partners with Khan Academy to provide a free online education resource to deliver simple, easy to understand information on a wide range of personal finance topics. There are free tools and information on BetterMoneyHabits.com that helps people to get the know how they need to make smarter, more confident financial decisions. In addition to, they partner with children museums to teach children better money habits. Bank of America also helps service members and veterans in the financial transition …show more content…

People prefer to use digital technology to shop online, bank online and just overall conduct a lot of business transactions through social networks on various devices. Changes in the social factors can impact a firm in many different ways, therefore Social Bank helps you save for what you crave for the most. Track your savings targets, compete with friends via social networking and get updates when you’ve met your goals. They have to keep up with the trends to be accessible and provide the customer what they need to conduct their financial needs accordingly.
What's an example of a regulation that is particularly costly for the bank to manage but provides important safety for consumers?
Anti-money laundering and anti-terrorism. Financial institutions are required to implement certain basic controls, they must know who their customers are, they must understand their customers' normal and expected transactions, and they must keep the necessary records and make the necessary reports on their customers. Financial institutions are required to assist government agencies to detect and prevent money laundering. Specially, the act requires financial institutions to keep records of cash purchase that exceeds $10,000. In addition, to report suspicious activity that might signify money laundering, tax evasion or other criminal

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