Bank of America

Bank of America is based in Charlotte. Consumer checking, cards, and home loans sit beside Merrill wealth management and the BofA Securities investment bank, so a household and a Fortune 500 treasury can both be customers.

Deposit share is the funding advantage, and Merrill advisor recruiting is how the bank adds fee-based assets that do not reprice like a savings account. Zelle transfers move money among the large banks, which is a shared rail rather than a Bank of America product.

Corporate and investment-banking mandates are won deal by deal against JPMorgan, Goldman Sachs, and Morgan Stanley. A treasury that uses Bank of America for operating accounts, cards, and a credit facility has an operating relationship that is slow to rebid all at once.

Branch deposits and Merrill advisory assets are two different gathering systems under one holding company.

Card and merchant relationships overlap the payment networks customers already use.

Operating accounts and credit facilities make a primary-bank change a treasury project.

Retail customers who receive pay into a Bank of America account and hold investments at Merrill face two migrations if they leave.

Companies that run payables through the bank depend on file formats and account structures their ERP already maps.