With locations in every state, Bank of America is a household name. It is the second-largest banking institution in the country and has clients across various industries. With a number of clients in the transportation industry, Bank of America makes sure to provide services that are specifically catered towards its clients’ businesses such as bus charters, taxi services, etc.
Matthew St. Germaine, a Senior Vice President of Commercial Banking, has been with Bank of America for 15 years. With most of St. Germaine’s transportation clients being based in Massachusetts, some of the services Bank of America provides include equipment financing, cash management, strategic planning and merchant processing. Bank of America offers programs that help solve state-specific issues its transportation clients face.
What makes Bank of America stand out is that “There’s nothing in this industry (transportation) that we don’t offer,” said St. Germaine. “Our clients don’t have to go to different companies for their merchant process, to issue commercial cards, collect ACH payments, or any kind of fraud preventives. We’re a single stop shop for everything!”
Bank of America believes that “clients in the transportation industry are always good to have as most of them aren’t startups and have been in the industry for a long time so they can make valuable connections with them,” St. Germaine explained. “They also have solid leadership so when they need financing we are always there to help.”
Just like with many other industries grappling with the effects of COVID-19, Bank of America has also had to readjust business practices to make sure its clients successfully manage the impact of the current pandemic. The company is unable to conduct its usual face-to-face meetings with clients but they use WebX calls to meet with clients when ultimately necessary. With the willingness to take extra steps for the benefits of their clients, Bank of America also has its banking centers open all over the country.
Bank of America has been helping its clients navigate the new world of business—from helping clients facilitate the Paycheck Protection Program (PPP) loans to now setting clients up with forgiveness piece, the company is taking all necessary steps to ensure its clients are “teed up and ready to go.”
St. Germaine learned about The Transportation Alliance at Mobilize 2019, TTA’s annual convention and expo held in Las Vegas last year, through one of his clients, Eastern Insurance Company, a commercial insurance company that does all the bonding for a number transportation companies. Impressed with his client’s experience, St. Germaine knew becoming a TTA member would open up a number of doors for Bank of America.
Welcome to The Transportation Alliance, Bank of America!
By: Kanira Kalthia