Bank of America
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a. The institution selected as the "object" of this researcher's investigation is a branch of the Bank of America (BofA) in Los Angeles, California. Since financial management is one of the most critical concerns for many seniors, the analysis of a financial institution is highly relevant to the older population. In addition, as the third largest banking corporation in the country (Music Entertainment Marketing, p. 1), the BofA is a prominent organization that can be considered to be representative of banking organizations in the country. Moreover, it has launched numerous campaigns and provided various types of services that target specific market segments based on age and race (Mandaro & Boraks, 2003; "Bank of America Launches 'Advantage for Seniors'," p. 1). In fact, one of its most recent programsùthe "Advantage for Seniors" programùwas designed to attract seniors over the age of 55 ("Bank of America Launches 'Advantage for Seniors'," p. 1). The examination of the specific features of this program and other products and services offered by BofA will illuminate how it has sought to cater to the needs of the population. b. For this investigation, various research methods were used to gather information about this institution. First, an interview with a senior personal banker at a local branch who is responsible for home loans/refinance, along with new accounts, was conducted. Second, the local branch was observed for approximately 60 minutes on three separate occ
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eferred treatment: Members can enjoy free banking services, special rates on deposits and loans, along with bonuses for customers that utilize certificate of deposit (CD) laddering. CD laddering enables CD customers to maximize their earning potential, while gaining frequent access to their funds. Furthermore, with the bonuses, members can withdraw amounts up to $2,500 on CDs without incurring penalties.
Increased financial security: Members' consumer credit and debit cards are protected by Total Security Protection" that includes features such as PhotoSecurity« and BofA's Privacy.
Access to financial education: By inviting guest speakers to present information, BofA educated members in order to help them better manage their finances.
Outstanding Customer Service: In accordance with its continuous efforts to provide quality customer service, the BofA offers services that are responsive to the concerns and interests of its customers (Interview, December 11, 2003; ("Bank of America Launches 'Advantage for Seniors'," 2002).
Seniors who do not join the program are also qualified to participate in different packages that cater to basic banking needs and their lifestyles: Silver or Gold Banking. With Silver Banking, the seniors a
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Approximate Word count = 2654
Approximate Pages = 11 (250 words per page)
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