BofA Sees Savings in Redeeming $5.1 Billion in Trust Notes

BofA Sees Savings in Redeeming $5.1 Billion in Trust Notes

Victor J. Blue/Bloomberg

Bank of America Corp. pays about $500 million a quarter in interest for its $1 trillion of deposits compared with about $2.5 billion for $300 billion of long-term debt, Chief Executive Officer Brian T. Moynihan said on a July 18 investor call.