When consumers want to make an effective and fair comparison of major national banks, such as Chase and Bank of America, it can be hard to see any big difference at the very beginning.
How to compare Bank of America vs. Chase?
Each bank has many ATM machines, branches, account types and technologies in 2018.
Bank of America
Nowadays, Bank of America is a leading wealth management company, and it has its branches in all states.
This fact provides it with the advantage of being one of the biggest US banks, and it also operates in other countries.
One of the main arguments in its favor when comparing Bank of America with Chase is that its earnings, value and top-line growth allowed it to outperform.
This company keeps attracting valuable investors, because they are confident in profitability.
Note: Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina.
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It is the second largest bank holding company in the United States by assets.
It also belongs to the largest banks internationally, and it has a huge total asset.
This bank operates in more than 70 countries, and it offers reorganized operations in such divisions as:
- Commercial banking;
- Asset management;
- Consumer and community banking;
- Corporate and investment banking.
When making a case in its favor, focus on its assets, operating margins and returns.
Deciding Which One Is Better
Ultimately, your decision of Bank of America vs Chase is a matter of your personal preference.
It’s worth thinking how their approaches to investment differ.
Based on the opinions of financial experts, these banks approach investments from different viewpoints.
First of all, Bank of America coped with huge losses after the crisis, and it spent many years after it in the recovery mode.
On the contrary, Chase Bank took advantage of this situation, because it obtained Bear Sterns and Washington Mutual at low rates.
These additions to its banking profile increased the number of its retail branches and beneficial investment opportunities.
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According to this increase, Chase is ahead in this comparison.
After considering this information, you may conclude that Chase Bank is the winner in this debate.
In many scenarios, this opinion is correct, but Bank of America keeps progressing. Your final choice depends on specific investment goals.
For example, if you prefer stocks that produce high returns, Chase is your best option.
If you want to buy low and wait, Bank of America is perfect for you, so think twice and you won’t lose.