Bank of America cuts prime lending rate to 4.5 pct Bank of America Corp. said Wednesday it is cutting its prime lending rate to 4.5 percent from 5 percent effective immediately.
The rate cut is effective for Bank of America and LaSalle Bank, which Bank of America acquired last year.
The cut in the prime rate matches the 0.5 percent rate cut the Federal Reserve Board announced earlier in the day. The prime rate usually move in lockstep with the fed funds rate, which is now 1.5 percent.
The prime rate is often used for consumer loans such as car loans and home equity loans.
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