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Bank of America

Wachovia

Many would be hard pressed to recognize the name of a bank that recently opened this millenium. Yet Bank of America is known to Americans from Washington to Florida. Technically, this is not a new bank, but rather the result of a merger between Bank America and Nations Bank. It has since then emerged as the nation's first coast-to-coast bank. It is the third largest U.S. bank in assets and has more branches than any other. As a leader in the banking industry, one can look to Bank of America for the latest innovations. Wachovia is another old player with a new name in the banking industry. Wachovia resulted from the acquisition of Wachovia by First Union. The smaller firm's name was kept. Wachovia ranks just below Bank of America as the fourth largest U.S. bank and serves the east coast from Connecticut to Florida.

The two banks are similar in both size and services. They offer wealth management services, mutual funds, and of course commercial banking services. Customers can acces all their accounts--savings, checking, money market, and even investment accounts--by entering a unique identification name and password. All these accounts can be serviced in the same way as they are in a physical bank branch, however, one does not need to worry about making the trip to the bank when it is open. 24/7 access is a must for any bank.