Exhibit 99.1

August 12, 2002

Investors may contact:
Kevin Stitt, Bank of America, 704.386.5667
Lee McEntire, Bank of America, 704.388.6780

Media may contact:
Eloise Hale, Bank of America, 704.387.0013
eloise.hale@bankofamerica.com

               Bank of America will expense employee stock options

CHARLOTTE - Bank of America Corporation today announced its intention to begin
accounting for all employee stock options as an expense beginning in fiscal
2003.

The company strongly urges the Financial Accounting Standards Board (FASB) to
establish a standard process companies should use to expense stock options so
there will be a uniform methodology in terms of valuation and transition. Such
an approach is critical, the company said, so that investors can see and compare
the impact of options across companies and industries.

"Bank of America is dedicated to the highest level of corporate accountability,"
said Ken Lewis, chairman and chief executive officer. "For example, we
consistently work to enhance transparency of the company's condition through our
financial statements, improve the processes of our Board of Directors and raise
the standards to which we hold our employees, and especially management. While
we believe that expensing stock employee stock options is the right thing to do,
we have been cautious about adopting this approach without a uniform standard to
be used by our company as well as competitors."

Until now, Bank of America has annually disclosed the potential impact of
expensing options on its earnings in its annual report on form10-K.

One of the world's leading financial services companies, Bank of America is
committed to making banking work for customers and clients like it never has
before. Through innovative technologies and the ingenuity of its people, Bank of
America provides individuals, small businesses and commercial, corporate and
institutional clients across the United States and around the world new and
better ways to manage their financial lives. The company enables customers to do
their banking and investing whenever, wherever and however they choose through
the nation's largest financial services network, including approximately 4,400
domestic offices and 13,000 ATMs, as well as 30 international offices serving
clients in more than 150 countries, and an Internet Web site that provides
online banking access for more than 3.8 million active users, more than any
other bank.


Bank of America stock (ticker: BAC) is listed on the New York, Pacific and
London stock exchanges. The company's Web site is www.bankofamerica.com. News,
speeches and other corporate information may be found at
www.bankofamerica.com/newsroom.

Forward Looking Statements

This press release contains forward-looking statements, including without
limitation, the Corporation's financial conditions, results of operations and
earnings outlook. These forward-looking statements involve certain risks and
uncertainties. Actual conditions, results and earnings may differ materially
from those contemplated by such forward-looking statements. Factors that could
cause this difference include, among others, the following: 1) projected
business increases following process changes and other investments are lower
than expected; 2) competitive pressure among financial services companies
increases significantly; 3) costs or difficulties related to the integration of
acquisitions are greater than expected; 4) general economic conditions,
internationally, nationally or in the states in which the company does business,
including the impact of the events of September 11, 2001 and the energy crisis,
are less favorable than expected; 5) changes in the interest rate environment
reduce interest margins and affect funding sources; 6) changes in market rates
and prices may adversely affect the value of financial products; 7) legislation
or regulatory requirements or changes may adversely affect the businesses in
which the company is engaged; 8) litigation liabilities, including without
limitation, costs, expenses, settlements and judgements, that may adversely
affect the Corporation or its businesses; and 9) decisions to downsize, sell or
close units or otherwise change the business mix of the company. For further
information, please refer to the Bank of America reports filed with the SEC.

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