If you are looking at the banking sector, the name Bank of America (NYSE: BAC) has almost certainly crossed your mind. It is up there with and Wells Fargo when it comes to brand recognition and size. But you should probably step back and consider these three facts before you pull the trigger on Bank of America.

The traditional banking business isn't all that complex. A bank takes in deposits from customers and then uses that cash to support its lending activities, often in the form of mortgages. The bank earns the difference between the interest it pays on deposits and the interest it charges for loans. Very few banks are as simple as that, but some focus heavily on being traditional lenders. Bank of America is not one of those banks.

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Source Fool.com