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This pricing supplement, which is not complete, relates to an effective Registration Statement under the Securities Act of 1933. We may not sell these securities until we deliver a final pricing supplement. This pricing supplement is not an offer to sell these securities in any country or jurisdiction where such an offer would not be permitted.

Filed Pursuant to Rule 424(b)(5)

Registration No. 333-112708

Pricing Supplement No.             

Preliminary Pricing Supplement - Subject to Completion

(To Prospectus dated April 14, 2004

and Prospectus Supplement dated April 15, 2004)

October 26, 2006

$                    

STrategic Equity Exposure Performance Linked Securities^™ “STEEPLS^™,”

due November 24, 2008, Linked to the Nasdaq-100 Index^®

STEEPLS are unsecured and are not savings accounts, deposits, or other obligations of a bank. STEEPLS are not guaranteed by Bank of America, N.A. or any other bank, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and involve investment risks. Potential purchasers of STEEPLS should consider the information in “ Risk Factors” beginning on page PS-10. You may lose some or all of your investment in the STEEPLS.

None of the Securities and Exchange Commission (the “SEC”), any state securities commission, or any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this pricing supplement, the accompanying prospectus supplement, or the accompanying prospectus. Any representation to the contrary is a criminal offense.

We will deliver STEEPLS in book-entry form only through The Depository Trust Company on or about November     , 2006 against payment in immediately available funds.

Agents

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STEEPLS^™ and STrategic Equity Exposure Performance Linked Securities^™ are our trademarks.

“Nasdaq^®,” “Nasdaq-100 Index^®,” and “Nasdaq-100^®” are trade or service marks of The Nasdaq Stock Market, Inc. (with its affiliates, “Nasdaq^®”) and have been licensed for use by us. STEEPLS have not been passed on by Nasdaq^® as to their legality or suitability. STEEPLS are not sponsored, endorsed, sold, or promoted by Nasdaq^®. Nasdaq^® makes no representation regarding the advisability of investing in STEEPLS.

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SUMMARY

This pricing supplement relates only to STEEPLS and does not relate to the securities of any of the companies comprising the Nasdaq-100 Index^®. This summary includes questions and answers that highlight selected information from the accompanying prospectus, prospectus supplement, and this pricing supplement to help you understand STEEPLS. You should read carefully the entire prospectus, prospectus supplement, and pricing supplement to understand fully the terms of STEEPLS, as well as the tax and other considerations important to you in making a decision about whether to invest in STEEPLS. In particular, you should review carefully the section in this pricing supplement entitled “Risk Factors,” which highlights a number of risks of an investment in STEEPLS, to determine whether an investment in STEEPLS is appropriate for you. If information in this pricing supplement is inconsistent with the prospectus or prospectus supplement, this pricing supplement will supersede those documents.

Certain capitalized terms used and not defined in this pricing supplement have the meanings ascribed to them in the prospectus supplement and prospectus.

In light of the complexity of the transaction described in this pricing supplement, you are urged to consult with your own attorneys and business and tax advisors before making a decision to purchase any STEEPLS.

The information in this “Summary” section is qualified in its entirety by the more detailed explanation set forth elsewhere in this pricing supplement and the accompanying prospectus supplement and prospectus. You should rely only on the information contained in this pricing supplement, the accompanying prospectus supplement, and the prospectus. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. Neither we nor any of the agents is making an offer to sell STEEPLS in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this pricing supplement, the accompanying prospectus supplement, and prospectus is accurate as of the date on their respective front covers only.

What are STEEPLS?

STEEPLS are senior debt securities issued by Bank of America Corporation, and are not secured by collateral. STEEPLS rank equally with all of our other unsecured senior indebtedness from time to time outstanding. STEEPLS will mature on November 24, 2008. We cannot redeem STEEPLS at any earlier date. We will not make any payments on STEEPLS until maturity. STEEPLS are not principal protected.

Are STEEPLS equity or debt securities?

STEEPLS are our senior debt securities. However, STEEPLS differ from traditional debt securities in that they contain a derivative component, they are not principal protected, and you will not receive interest payments. At maturity, instead of receiving the face amount, you may receive an amount that is greater or less than the face amount, depending upon the average of the closing levels of the Nasdaq-100 Index^® during a period of three trading days (as defined below) occurring prior to the end of the term of STEEPLS. We describe below how this amount is determined. STEEPLS have been designed for investors who are willing to forgo market interest rates on their investment, such as fixed interest rates paid on conventional non-callable debt securities.

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Is it possible for you to lose some or all of your investment in STEEPLS?

Yes. If the Ending Level (as defined below) is less than the Starting Level (as defined below), then at maturity you will receive a cash amount that is less than the face amount of STEEPLS, determined in proportion to the decrease in the level of the Nasdaq-100 Index^®. As a result, you may lose a substantial portion of the amount that you invested to purchase STEEPLS.

How is the payment at maturity calculated?

At maturity, you will receive a cash payment for each $1,000 face amount of STEEPLS that you hold. This payment will be calculated as follows:

Payment at maturity  =  $1,000  ×  (1 + Index Return)

The “Index Return” will be calculated as follows:

The Index Return will be rounded to the nearest ten-thousandth and then expressed as a percentage.

In no event will the Index Return exceed [20.00 – 24.00]%, which we call the “Maximum Return.” We will set the Maximum Return on the pricing date. As a result of this limitation on the Index Return, the cash payment that you will receive at maturity for each $1,000 face amount of STEEPLS will not exceed $[1,200.00 – 1,240.00].

We will determine the Starting Level on the pricing date. The “Starting Level” will be equal to the closing level of the Nasdaq-100 Index^® on the pricing date. The calculation agent will determine the “Ending Level,” which is the average of the closing levels of the Nasdaq-100 Index^® during the Maturity Valuation Period.

“Maturity Valuation Period” means the period of three trading days from, and including, the sixth scheduled trading day immediately preceding the maturity date to, and including, the fourth scheduled trading day immediately preceding the maturity date.

“Trading day” means any day, as determined by the calculation agent, that is not a day on which the principal securities market (or markets) on which the constituent stocks of the Nasdaq-100 Index^® are traded is closed.

The “Enhancement Factor” is 3. The Enhancement Factor represents the extent to which the upside performance of STEEPLS is affected by the upside price performance of the Nasdaq-100 Index^®, limited by the Maximum Return.

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Is the return on STEEPLS limited in any way?

Yes. Your investment return is limited to [20.00 – 24.00]%, which we refer to as the “Maximum Return.” Because you will not receive more than the Maximum Return, you will realize the maximum effect of the Enhancement Factor if the Ending Level exceeds the Starting Level by [6.67 – 8.00]%. See “Hypothetical Payments on STEEPLS at Maturity,” and “Description of STEEPLS—Hypothetical Returns.”

Who will determine the amount to be paid at maturity?

A calculation agent will make all the calculations associated with determining the amount to be paid on STEEPLS at maturity. We have appointed our affiliate, Banc of America Securities LLC, or “BAS,” to act as calculation agent. See the section entitled “Description of STEEPLS—Role of the Calculation Agent.”

Who publishes the Nasdaq-100 Index^® and what does the Nasdaq-100 Index^® measure?

The Nasdaq-100 Index^® is a modified capitalization-weighted index of 100 of the largest and most actively traded stocks of non-financial companies listed on The Nasdaq Global Market tier of the Nasdaq Market System. The Nasdaq-100 Index^® was first published in January 1985 and includes companies across a variety of major industry groups. The Nasdaq-100 Index^® is determined, comprised, and calculated by The Nasdaq Stock Market, Inc. without regard to the STEEPLS. The Nasdaq-100 Index^® is described further in the section entitled “The Nasdaq-100 Index^®.”

How has the Nasdaq-100 Index^® performed historically?

There have been significant fluctuations in the Nasdaq-100 Index^®. The table on page PS-25 shows the quarterly performance of the Nasdaq-100 Index^® since the first calendar quarter of 2002. However, it is not possible to accurately predict how the Nasdaq-100 Index^® or STEEPLS will perform in the future. Past performance of the Nasdaq-100 Index^® is not necessarily indicative of future results for any other period.

How will you be able to find the Nasdaq-100 Index^® level?

You can obtain the Nasdaq-100 Index^® level from the Bloomberg Financial^® service under the symbol “^NDX,” the Nasdaq website, www.nasdaq.com, as well as from The New York Times, The Wall Street Journal, and the Financial Times.

Will you have an ownership interest in the stocks that are included in the Nasdaq-100 Index^®?

No. An investment in STEEPLS does not entitle you to any ownership interest, including any voting rights, dividends paid, or other distributions, in the stocks of the companies included in the Nasdaq-100 Index^®.

Who are the selling agents for STEEPLS?

Our affiliates, BAS and Banc of America Investment Services, Inc., or “BAI,” are acting as our agents in connection with this offering and will receive a commission based on the total principal amount of STEEPLS sold. In this capacity, neither of the agents is your fiduciary or advisor, and you should not rely upon any communication from either of them in connection with STEEPLS as investment advice or a recommendation to purchase STEEPLS. You should make your own investment decision regarding STEEPLS after consulting with your legal, tax, and other advisors.

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How are STEEPLS being offered?

BAS and BAI are offering STEEPLS, as agents, to selected investors on a best efforts basis. We have registered STEEPLS with the SEC in the United States. However, we are not registering STEEPLS for public distribution in any jurisdiction other than the United States. The agents may solicit offers to purchase STEEPLS from non-United States investors in reliance on available private placement exemptions. See the section entitled “Notices for Certain Non-United States Investors.”

Are STEEPLS exchange-traded funds?

No. STEEPLS are not part of an exchange-traded fund. The value of STEEPLS will not rise or fall at the same rate, or in the same manner, as the Nasdaq-100 Index^®. We do not expect STEEPLS to trade with the same volume or liquidity as certain exchange-traded funds.

Will STEEPLS be listed on an exchange?

No. STEEPLS will not be listed on any securities exchange, and a market for them may never develop.

Can the maturity date be postponed if a Market Disruption Event occurs?

No. See the section entitled “Description of STEEPLS – Market Disruption.”

Does ERISA impose any limitations on purchases of STEEPLS?

Yes. An employee benefit plan subject to the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974 (commonly referred to as “ERISA”) or a plan that is subject to Section 4975 of the Internal Revenue Code, or the “Code,” including individual retirement accounts, individual retirement annuities, or Keogh plans, or any entity the assets of which are deemed to be “plan assets” under the ERISA regulations, should not purchase, hold, and dispose of STEEPLS unless that plan or entity has determined that its purchase, holding, and disposition of STEEPLS will not constitute a prohibited transaction under ERISA or Section 4975 of the Code.

Any plan or entity purchasing STEEPLS will be deemed to be representing that it has made that determination, or that a prohibited transaction class exemption (“PTCE”) exists.

Are there any risks associated with your investment?

Yes, an investment in STEEPLS is subject to risk. STEEPLS are not principal protected. Please refer to the section entitled “Risk Factors” on page PS-10 of this pricing supplement and page S-3 of the attached prospectus supplement.

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Hypothetical Payments on STEEPLS at Maturity

The following graph illustrates the Nasdaq-100 Index^® and STEEPLS percentage returns for a range of hypothetical Nasdaq-100 Index^® returns. The graph is for purposes of illustration only. The percentage returns for STEEPLS and the Nasdaq-100 Index^® set forth in the graph may not reflect the actual returns. The graph is based on a hypothetical Maximum Return of 22.00%, and the Enhancement Factor of 3.

Because you will not receive more than the Maximum Return, the following graph illustrates that you will realize the maximum effect of the Enhancement Factor when the Ending Level exceeds the Starting Level by 7.33%.

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RISK FACTORS

Your investment in STEEPLS entails significant risks. Your decision to purchase STEEPLS should be made only after carefully considering the risks of an investment in STEEPLS, including those discussed below, with your advisors in light of your particular circumstances. STEEPLS are not an appropriate investment for you if you are not knowledgeable about significant elements of STEEPLS or financial matters in general.

Your investment may result in a loss; there is no guaranteed return of principal. STEEPLS are not principal protected and do not pay interest. There is no fixed repayment amount of principal on STEEPLS at maturity. The payment at maturity on STEEPLS will depend on the change in the level of the Nasdaq-100 Index^®. If the Ending Level is less than the Starting Level, as a result of a decrease in the level of the Nasdaq-100 Index^®, your return at maturity will be an amount in cash that reflects that index decline and that is less than the face amount of your STEEPLS. As a result, you may lose a substantial portion of your investment. See “Summary—Hypothetical Payments on STEEPLS at Maturity” and “Description of STEEPLS—Hypothetical Returns.”

Your yield may be less than the yield on a conventional debt security of comparable maturity. Any yield that you receive on STEEPLS, which could be negative, may be less than the return you would earn if you purchased a conventional debt security with the same maturity date. As a result, your investment in STEEPLS may not reflect the full opportunity cost to you when you consider factors that affect the time value of money. Additionally, although any positive return on STEEPLS is based on triple the amount of the percentage increase in the Nasdaq-100 Index^®, in no event will your return at maturity be greater than the Maximum Return.

Your investment return may be less than a comparable investment in a Nasdaq-100 Index^® fund or the Nasdaq-100 Index^® stocks directly. The appreciation potential of STEEPLS is limited by the Maximum Return. Because you will not receive more than the Maximum Return, the effect of the Enhancement Factor will be reduced once the Ending Level exceeds the Starting Level by [6.67 – 8.00]%. In contrast, a direct investment in a Nasdaq-100 Index^® fund or the stocks directly would allow you to receive the full benefit of any appreciation in the price of those shares. In addition, your return will not reflect the return you would realize if you actually owned the stocks and received the dividends paid or distributions made on those stocks, because the Index Return will be calculated without taking into consideration the value of dividends paid or distributions made on those stocks.

We cannot assure you that a trading market for the STEEPLS will ever develop or be maintained. We will not list the STEEPLS on any securities exchange. We cannot predict how STEEPLS will trade in the secondary market, or whether that market will be liquid or illiquid. The number of potential buyers of STEEPLS in any secondary market may be limited. BAS currently intends to act as a market-maker for the STEEPLS, but it is not required to do so. BAS may discontinue its market-making activities at any time.

To the extent that BAS engages in any market-making activities, it may bid for or offer STEEPLS. Any price at which BAS may bid for, offer, purchase, or sell any STEEPLS may differ from the values determined by pricing models that may be used by BAS, whether as a result of dealer discounts, mark-ups, or other transaction costs. These bids, offers, or completed transactions may affect the prices, if any, at which STEEPLS might otherwise trade in the market.

In addition, if at any time BAS were to cease acting as a market-maker, it is likely that there would be significantly less liquidity in the secondary market, in which case the price at which STEEPLS could be sold likely would be lower than if an active market existed.

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If you attempt to sell STEEPLS prior to maturity, the market value of STEEPLS, if any, may be less than the principal amount of STEEPLS. Unlike savings accounts, certificates of deposit, and other similar investment products, you have no right to redeem STEEPLS prior to maturity. If you wish to liquidate your investment in STEEPLS prior to maturity, your only option would be to sell them. At that time, there may be a very illiquid market for STEEPLS or no market at all. Even if you were able to sell your STEEPLS, there are many factors outside of our control that may affect their market value, some of which, but not all, are stated below. Some of these factors are interrelated in complex ways. As a result, the effect of any one factor may be offset or magnified by the effect of another factor. The following paragraphs describe the expected impact on the market value of STEEPLS from a change in a specific factor, assuming all other conditions remain constant.

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In general, assuming all relevant factors are held constant, we anticipate that the effect on the market value of STEEPLS based on a given change in most of the factors listed above will be less if it occurs later in the term of STEEPLS than if it occurs earlier in their term.

Changes in our credit ratings are expected to affect the value of STEEPLS. Our credit ratings are an assessment by ratings agencies of our ability to pay our obligations. Consequently, actual or anticipated changes in our credit ratings prior to the maturity date may affect the trading value of STEEPLS. However, because your return on STEEPLS depends upon factors in addition to our ability to pay our obligations, such as the level of the Nasdaq-100 Index^®, an improvement in our credit ratings will not reduce the other investment risks related to STEEPLS.

Hedging activities may affect the amounts to be paid at maturity and the market value of STEEPLS. Hedging activities we or one or more of our affiliates, including the agents, may engage in may affect the level of the Nasdaq-100 Index^®. Accordingly, our hedging activities may increase or decrease the market value of STEEPLS prior to maturity and the payment that you may receive at maturity. In addition, we or one or more of our affiliates, including the agents, may purchase or otherwise acquire a long or short position in STEEPLS. We or one of our affiliates, including the agents, may hold or resell STEEPLS. Although we have no reason to believe that any of those activities will have a material impact on the level of the Nasdaq-100 Index^®, we cannot assure you that these activities will not affect that level and the market value of STEEPLS prior to maturity or the payment you will receive at maturity.

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You have no shareholder rights, no rights to receive any shares of the Nasdaq-100 Index^® stocks, and are not entitled to dividends or other distributions on the Nasdaq-100 Index^® stocks. STEEPLS are our debt securities. They are not equity instruments or shares of stock. Investing in STEEPLS will not make you a holder of any of the Nasdaq-100 Index^® stocks. You will not have any voting rights, any rights to receive dividends or other distributions, or any other rights with respect to the Nasdaq-100 Index^® stocks. As a result, the return on your STEEPLS may not reflect the return you would realize if you actually owned these stocks and received the dividends paid or other distributions made in connection with them. Your STEEPLS will be paid in cash and you have no right to receive delivery of any Nasdaq-100 Index^® stocks.

We are not affiliated with any Nasdaq-100 Index^® company and are not responsible for any disclosure made by any Nasdaq-100 Index^® company. Neither we nor any of our affiliates, including the agents, assume any responsibility for the adequacy or accuracy of any publicly available information about any of the companies represented by constituent stocks of the Nasdaq-100 Index^® or the calculation of the Nasdaq-100 Index^®. You should make your own investigation into the Nasdaq-100 Index^® and the companies represented by its constituent stocks. See the section entitled “The Nasdaq-100 Index^®” below for additional information about the Nasdaq-100 Index^®.

None of The Nasdaq Stock Market, Inc., any of its affiliates, or any Nasdaq-100 Index^® company is involved in this offering of STEEPLS or has any obligation of any sort with respect to STEEPLS. As a result, none of those companies has any obligation to take your interests into consideration for any reason, including taking any corporate actions that might affect the value of STEEPLS.

Our trading and hedging activities may create conflicts of interest with you. We or one or more of our affiliates, including the agents, may engage in trading activities related to the Nasdaq-100 Index^® and the Nasdaq-100 Index^® stocks that are not for your account or on your behalf. We and our affiliates from time to time may buy or sell the stocks included in the Nasdaq-100 Index^® or futures or options contracts on the Nasdaq-100 Index^® for our own accounts, for business reasons, or in connection with hedging our obligations under STEEPLS. We also may issue, or our affiliates may underwrite, other financial instruments with returns based upon the Nasdaq-100 Index^®. These trading and underwriting activities could affect the level of the Nasdaq-100 Index^® in a manner that would be adverse to your investment in the STEEPLS.

In addition, we expect to enter into an arrangement or arrangements with one or more of our affiliates to hedge the market risks associated with our obligation to pay the amounts due under STEEPLS. Our affiliates expect to make a profit in connection with this arrangement. We do not intend to seek competitive bids for this arrangement from unaffiliated parties.

We or our affiliates may enter into these transactions on or prior to the pricing date, in order to hedge some or all of our anticipated obligations under the STEEPLS. This hedging activity could increase the Starting Level. If this occurs, you would be less likely to receive more than the principal amount of your STEEPLS on the maturity date.

In addition, from time to time during the term of the STEEPLS and in connection with their maturity, we or our affiliates may enter into additional hedging transactions or adjust or close out existing hedging transactions. We or our affiliates also may enter into hedging transactions relating to other notes or instruments that we issue, some of which may have

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returns calculated in a manner related to that of the STEEPLS described in this pricing supplement. We or our affiliates will price these hedging transactions with the intent to realize a profit, considering the risks inherent in these hedging activities, whether the value of STEEPLS increases or decreases. However, these hedging activities may result in a profit that is more or less than initially expected, or could result in a loss.

These trading activities may present a conflict of interest between your interest in STEEPLS and the interests we and our affiliates may have in our proprietary accounts, in facilitating transactions, including block trades, for our other customers, and in accounts under our management. These trading activities, if they influence the level of the Nasdaq-100 Index^® or secondary trading activity in the STEEPLS, could be adverse to your interests as a beneficial owner of STEEPLS.

Our business activities may create conflicts of interest with you. We and our affiliates, at present or in the future, may engage in business with Nasdaq-100 Index^® companies, including making loans to, equity investments in, or providing investment banking, asset management, or other services to those companies, their affiliates, and their competitors. In connection with these activities, we may receive information about those companies that we will not divulge to you or other third parties. One or more of our affiliates have published, and in the future may publish, research reports on one or more of the Nasdaq-100 Index^® companies. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding STEEPLS. Any of these activities may affect the market value of STEEPLS.

Secondary market prices of STEEPLS may be affected adversely by the inclusion in the original issuance price of STEEPLS of the agents’ commissions and costs of hedging our obligations under STEEPLS. Assuming no change in market conditions or any other relevant factors, the market price, if any, at which a party may be willing to purchase STEEPLS in secondary market transactions likely will be lower than the original issue price. This is because the original issue price included, and secondary market prices are likely to exclude, commissions paid for STEEPLS and the potential profit included in the cost of hedging our obligations under STEEPLS. The price of hedging our obligations was determined by our affiliates with the intention of realizing a profit. However, because hedging our obligations entails risks and may be influenced by market forces beyond our control or our affiliates’ control, these hedging activities may result in a profit that is more or less than initially expected, or could result in a loss.

There may be potential conflicts of interest between you and the calculation agent. We have the right to appoint and remove the calculation agent. Our subsidiary, BAS, is the calculation agent for STEEPLS and, as such, will determine the Ending Level, the Index Return, and the amount of the cash payment you will receive at maturity. Under some circumstances, these duties could result in a conflict of interest between BAS’ status as our subsidiary and its responsibilities as calculation agent. These conflicts could occur, for instance, in connection with the calculation agent’s determination as to whether a “Market Disruption Event” has occurred, or in connection with judgments that it would be required to make if the publication of the Nasdaq-100 Index^® is discontinued. See the sections entitled “Description of STEEPLS—Market Disruption” and “—Discontinuance of the Nasdaq-100 Index^®; Alteration of Method of Calculation.”

The United States federal income tax consequences of STEEPLS are uncertain. No statutory, judicial, or administrative authority directly addresses the characterization of STEEPLS or securities similar to STEEPLS for United States federal income tax purposes. As a result, significant aspects of the United States federal income tax consequences of an investment in STEEPLS are not certain. Under the terms of STEEPLS, you will have agreed with us to treat STEEPLS as a single financial contract, as described under “United States Federal Income Taxation—General.” If the Internal Revenue Service (the “IRS”) were successful in asserting an alternative characterization for STEEPLS, the timing and character of income or loss with respect to STEEPLS may differ. No ruling is being requested from the IRS with respect to STEEPLS and no assurance can be given that the IRS will agree with the statements made in the section entitled “United States Federal Income Tax Summary.”

You are urged to consult with your own tax advisor regarding all aspects of the United States federal income tax consequences of investing in STEEPLS.

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USE OF PROCEEDS

We will use the net proceeds we receive from the sale of STEEPLS for the purposes described in the accompanying prospectus under “Use of Proceeds.” In addition, we expect that we or our affiliates will use a portion of the net proceeds to hedge our obligations under STEEPLS.

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DESCRIPTION OF STEEPLS

General

STEEPLS are part of a series of medium-term notes entitled “Medium-Term Notes, Series K” issued under the Senior Indenture, as amended and supplemented from time to time. The Senior Indenture is described more fully in the accompanying prospectus and prospectus supplement. The following description of STEEPLS supplements the description of the general terms and provisions of the notes and debt securities set forth under the headings “Description of the Notes” in the prospectus supplement and “Description of Debt Securities” in the prospectus.

The aggregate principal amount of STEEPLS is $            . STEEPLS are issued in $1,000 denominations. The STEEPLS will mature on November 24, 2008.

We will not pay interest on STEEPLS.

STEEPLS are not principal protected.

Prior to maturity, STEEPLS are not redeemable by us or repayable at the option of any holder. STEEPLS are not subject to any sinking fund.

STEEPLS will be issued in book-entry form only. The CUSIP number for the STEEPLS is 06050 MGH4.

Payment at Maturity

At maturity, you will receive a cash payment for each $1,000 face amount of STEEPLS that you hold. This amount will be calculated as follows:

Payment at maturity = $1,000 × (1 + Index Return)

The Index Return will be calculated as follows:

The Index Return will be rounded to the nearest ten-thousandth and then expressed as a percentage.

In no event will the Index Return exceed [20.00 – 24.00]%, which we call the “Maximum Return.” We will set the Maximum Return on the pricing date. As a result of this limitation on the Index Return, the cash payment you will receive at maturity for each $1,000 face amount of STEEPLS will not exceed $[1,200.00 – 1,240.00].

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We will determine the Starting Level on the pricing date. The calculation agent will determine the Ending Level based upon the average of the closing levels of the Nasdaq-100 Index^® during the Maturity Valuation Period.

The Enhancement Factor is 3. The Enhancement Factor represents the extent to which the upside performance of STEEPLS is affected by the upside price performance of the Nasdaq-100 Index^®, limited by the Maximum Return.

“Business day” means a business day of the kind described in the accompanying prospectus supplement, but that is not a day on which the principal securities market (or markets) on which the constituent stocks of the Nasdaq-100 Index^® are traded is closed.

“Calculation day” means any trading day during the Maturity Valuation Period on which a Market Disruption Event has not occurred.

For purposes of determining the average closing levels of the Nasdaq-100 Index^® during the Maturity Valuation Period:

(i) if any trading day during the Maturity Valuation Period is not a calculation day and a later trading day during the Maturity Valuation Period is a calculation day, then the closing level for that non-calculation day will be the same as the closing level for the next calculation day that occurs during the Maturity Valuation Period (for example, if the first and second days in the Maturity Valuation Period are not calculation days, but the third day is a calculation day, then the closing level for that third day will also be the closing level for the first and second days);

(ii) if the final trading day during the Maturity Valuation Period is not a calculation day, then the calculation agent will determine the closing level for that day by applying the procedures described below for use when a Market Disruption Event has occurred; and

(iii) if the closing level for the final trading day during the Maturity Valuation Period is determined in accordance with clause (ii) of this sentence, then that day will be treated as a calculation day for purposes of clause (i) of this sentence.

Market Disruption

Each of the following will be a “Market Disruption Event” if, in the sole opinion of the calculation agent, that event materially affects the Nasdaq-100 Index^®:

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For purposes of determining whether a Market Disruption Event has occurred:

If on the last trading day of the Maturity Valuation Period, a Market Disruption Event (as defined below) has occurred, then the calculation agent will make a good faith estimate of the closing level of the Nasdaq-100 Index^® based on its assessment, made in its sole discretion, of the level of the Nasdaq-100 Index^® at that time.

Discontinuance of the Nasdaq-100 Index^®; Alteration of Method of Calculation

If Nasdaq discontinues publication of the Nasdaq-100 Index^®, and Nasdaq or another entity publishes a successor or substitute index that the calculation agent determines, in its sole discretion, is comparable to the discontinued Nasdaq-100 Index^® (the new index being referred to as a “Successor Index”), then the relevant closing levels will be determined by reference to the Successor Index at the close of trading on the New York Stock Exchange, the American Stock Exchange LLC, The Nasdaq Global Market, or the relevant exchange or market for the constituent stocks of the Successor Index.

If the calculation agent selects a Successor Index, the calculation agent immediately will notify us and the trustee of the Senior Indenture, and the trustee will provide written notice of a change to the holders of the STEEPLS within three business days of that selection.

If Nasdaq discontinues publication of the Nasdaq-100 Index^® or a Successor Index is discontinued, and the calculation agent determines that no Successor Index is available, then the calculation agent will notify us and the trustee of the Senior Indenture, and will calculate the appropriate closing levels. These calculations by the calculation agent will be in accordance with the formula for and method of calculating the Nasdaq-100 Index^® last in effect prior to that discontinuance. If a Successor Index is selected or the calculation agent calculates a level as a substitute for the Nasdaq-100 Index^®, that Successor Index or level will be substituted for the Nasdaq-100 Index^® for all purposes.

If at any time the method of calculating the Nasdaq-100 Index^® or a Successor Index, or the level of that index, is changed in a material respect, or if the Nasdaq-100 Index^® or a Successor Index in any other way is modified so that it does not, in the opinion of the calculation agent, fairly represent the level of the Nasdaq-100 Index^® or that Successor Index had those changes or modifications not been made, then, from and after that time, the calculation agent will notify us and the trustee of the Senior Indenture. The calculation agent will make those calculations and adjustments as, in the good faith judgment of the calculation agent, may be necessary in order to arrive at a level of a stock index comparable to the Nasdaq- 100 Index^®

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or that Successor Index, as the case may be, as if those changes or modifications had not been made, and calculate the closing levels with reference to the Nasdaq-100 Index^® or that Successor Index, as adjusted. Accordingly, if the method of calculating the Nasdaq-100 Index^® or a Successor Index is modified so that the level of that index is a fraction of what it would have been if it had not been modified (e.g., due to a split in the index), then the calculation agent will adjust that index in order to arrive at a level of the Nasdaq-100 Index^® or that Successor Index as if it had not been modified (e.g., as if the split had not occurred).

Role of the Calculation Agent

The calculation agent has the sole discretion to make all determinations regarding STEEPLS, including determinations regarding the Ending Level, the Index Return, the payment at maturity, any Market Disruption Events, a Successor Index, trading days, business days and calculation days. Absent manifest error, all determinations of the calculation agent will be final and binding on you and us, without any liability on the part of the calculation agent.

We have initially appointed our affiliate, BAS, as the calculation agent, but we may change the calculation agent at any time without notifying you.

Same-Day Settlement and Payment

STEEPLS will be delivered in book-entry form only through The Depository Trust Company against payment by purchasers of STEEPLS in immediately available funds. We will make the cash payment due at maturity in immediately available funds so long as the STEEPLS are maintained in book-entry form.

Events of Default and Acceleration

If an event of default, as defined in the Senior Indenture, with respect to STEEPLS shall have occurred and be continuing, the amount payable to a holder of STEEPLS upon any acceleration permitted under the Senior Indenture will be equal to the cash amount described under the caption “—Payment at Maturity,” determined as if (a) STEEPLS matured on the date of acceleration and (b) the Ending Level was determined based upon the closing levels of the Nasdaq-100 Index^® during the three trading days prior to that date.

Listing

STEEPLS will not be listed on any securities exchange.

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THE NASDAQ-100 INDEX^®

We have obtained all information regarding the Nasdaq-100 Index^® contained in this pricing supplement, including its make up, method of calculation, and changes in its components, from publicly available information. That information reflects the policies of, and is subject to change by, Nasdaq^®, which owns the copyright and all other rights to the Nasdaq-100 Index^®. Nasdaq^® has no obligation to continue to publish, and may discontinue publication of, the Nasdaq-100 Index^®. The consequences of Nasdaq^® discontinuing publication of the Nasdaq-100 Index^® are discussed in the section entitled “Description of STEEPLS—Discontinuance of the Nasdaq-100 Index^®; Alteration of Method of Calculation.” We do not assume any responsibility for the accuracy or completeness of any information relating to the Nasdaq-100 Index^®.

The Nasdaq-100 Index^® is a modified capitalization-weighted index of 100 of the largest and most actively traded stocks of domestic and international non-financial companies listed on The Nasdaq Global Market tier of the Nasdaq^®. The Nasdaq-100 Index^® was first published in January 1985 and includes companies across a variety of major industry groups. As of September 29, 2006, the major industry groups covered in the Nasdaq-100 Index^® (listed according to their respective capitalization in the Nasdaq-100 Index^®) were as follows: technology (56.83%), consumer services (18.10%), health care (14.19%), industrials (5.90%), consumer goods (2.76%), telecommunications (1.60%), basic materials (0.34%), and oil and gas (0.28%). Current information regarding the market value of the Nasdaq-100 Index^® is available from Nasdaq^® as well as numerous market information services. The Nasdaq-100 Index^® is determined, comprised, and calculated by Nasdaq^® without regard to STEEPLS.

At any moment in time, the value of the Nasdaq-100 Index^® equals the aggregate value of the then-current Nasdaq-100 Index^® share weights of each of the Nasdaq-100 Index^® securities, which are based on the total shares outstanding of each such Nasdaq-100 Index^® security, subject in certain cases to rebalancing, multiplied by each such security’s respective last sale price on The Nasdaq Stock Market, and divided by a scaling factor (the “divisor”), which becomes the basis for the reported Nasdaq-100 Index^® value. The divisor serves the purpose of scaling such aggregate value (otherwise in the trillions) to a lower order of magnitude which is more desirable for Nasdaq-100 Index^® reporting purposes.

As a result of these calculations, each underlying stock’s influence on the value of the Nasdaq-100 Index^® is directly proportional to the value of its Nasdaq-100 Index^® share weight.

Computation of the Nasdaq-100 Index^®

To be eligible for inclusion in the Nasdaq-100 Index^®, a security must be listed on Nasdaq^® and meet the following criteria:

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In addition, to be eligible for continued inclusion in the Nasdaq-100 Index^®, the security must have an adjusted market capitalization equal to or exceeding 0.10% of the aggregate adjusted market capitalization of the Index at each month end. In the event a company does not meet this criterion for two consecutive month ends, it will be removed from the Nasdaq-100 Index^® effective after the close of trading on the third Friday of the following month.

These Nasdaq-100 Index^® eligibility criteria may be revised from time to time by the National Association of Securities Dealers, Inc., the corporate parent of Nasdaq^®, without regard to STEEPLS.

The underlying stocks comprising the Nasdaq-100 Index^® are evaluated on an annual basis, except under extraordinary circumstances which may result in an interim evaluation (the “Ranking Review”). Securities listed on Nasdaq^® which meet the above eligibility criteria are ranked by market value using closing prices as of the end of October and publicly available total shares outstanding as of the end of November. Index-eligible securities which already are in the Nasdaq-100 Index^® and which are in the top 100 eligible securities (based on market value) are retained in the Nasdaq-100 Index^®. Those securities that are ranked 101 to 150 in the Nasdaq-100 Index^® are also retained in the Nasdaq-100 Index^® provided that such securities were ranked in the top 100 eligible securities as of the previous Ranking Review. Securities not meeting such criteria are replaced. The replacement securities chosen are those index-eligible securities not currently in the Nasdaq-100 Index^® which have the largest market capitalization. Generally, the list of annual additions and deletions is publicly announced by a press release in the early part of December and replacements are made effective after the close of trading on the third Friday in December. Additionally, Nasdaq^® may periodically (ordinarily, several times per quarter) replace one or more component securities in the Nasdaq-100 Index^® due to mergers, acquisitions, bankruptcies, or other market conditions, or if the issuers of such component securities fail to meet the criteria for continued inclusion in the Nasdaq-100 Index^®. Moreover, if at any time during the year, a Nasdaq-100 Index^® security is no longer traded on Nasdaq^®, or is otherwise determined by Nasdaq^® to become ineligible for continued inclusion in the Nasdaq-100 Index^®, the security will be replaced with the largest market capitalization security not currently in the Nasdaq-100 Index^® and meeting the Nasdaq-100 Index^® eligibility criteria listed above.

In addition to the Ranking Review, the underlying stocks comprising the Nasdaq-100 Index^® are monitored every day by Nasdaq^® with respect to changes in total shares outstanding arising from secondary offerings, stock repurchases, conversions, or other corporate actions. Nasdaq^® has adopted the following quarterly scheduled weight adjustment procedures with

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respect to such changes. If the change in total shares outstanding arising from such corporate action is greater than or equal to 5.00%, such change is made to the Nasdaq-100 Index^® on the evening prior to the effective date of such corporate action or as soon as practical thereafter. Otherwise, if the change in total shares outstanding is less than 5.00%, then all such changes are accumulated and made effective at one time on a quarterly basis after the close of trading on the third Friday in each of March, June, September, and December. In either case, the Nasdaq-100 Index^® share weights for such underlying stocks are adjusted by the same percentage amount by which the total shares outstanding have changed in such Nasdaq-100 Index^® securities. Ordinarily, whenever there is a change in the Nasdaq-100 Index^® share weights or a change in a component security included in the Nasdaq-100 Index^®, Nasdaq^® adjusts the divisor to assure that there is no discontinuity in the value of the Nasdaq-100 Index^® which might otherwise be caused by any such change.

Rebalancing of the Nasdaq-100 Index^®

The Nasdaq-100 Index^® is calculated under a “modified capitalization-weighted” methodology, which is a hybrid between equal weighting and conventional capitalization weighting. This methodology is expected to: (1) retain in general the economic attributes of capitalization weighting; (2) promote portfolio weight diversification (thereby limiting domination of the Nasdaq-100 Index^® by a few large stocks); (3) reduce Nasdaq-100 Index^® performance distortion by preserving the capitalization ranking of companies; and (4) reduce market impact on the smallest Nasdaq-100 Index^® securities from necessary weight rebalancings.

Under the methodology employed, on a quarterly basis coinciding with Nasdaq’s^® quarterly scheduled weight adjustment procedures, the underlying stocks comprising the Nasdaq-100 Index^® are categorized as either “Large Stocks” or “Small Stocks” depending on whether their current percentage weights (after taking into account such scheduled weight adjustments due to stock repurchases, secondary offerings, or other corporate actions) are greater than, or less than, or equal to, the average percentage weight in the Nasdaq-100 Index^® (i.e., as a 100-stock index, the average percentage weight in the Nasdaq-100 Index^® is 1.00%).

Such quarterly examination will result in a Nasdaq-100 Index^® rebalancing if either one or both of the following two weight distribution requirements are not met: (1) the current weight of the single largest market capitalization Nasdaq-100 Index^® security must be less than or equal to 24.00% and (2) the “collective weight” of those Nasdaq-100 Index^® securities whose individual current weights are in excess of 4.50%, when added together, must be less than or equal to 48.00%. In addition, Nasdaq^® may conduct a special rebalancing if it is determined necessary to maintain the integrity of the Nasdaq-100 Index^®.

If either one or both of these weight distribution requirements are not met upon quarterly review, or if Nasdaq^® determines that a special rebalancing is required, a weight rebalancing will be performed. First, relating to weight distribution requirement (1) above, if the current weight of the single largest Nasdaq-100 Index^® security exceeds 24.00%, then the weights of all Large Stocks will be scaled down proportionately towards 1.00% by enough for the adjusted weight of the single largest Nasdaq-100 Index^® security to be set to 20.00%. Second, relating to weight distribution requirement (2) above, for those Nasdaq-100 Index^® securities whose individual current weights or adjusted weights in accordance with the preceding step are in excess of 4.50%, if their “collective weight” exceeds 48.00%, then the weights of all Large Stocks will be scaled down proportionately towards 1.00% by just enough for the “collective weight,” so adjusted, to be set to 40.00%.

The aggregate weight reduction among the Large Stocks resulting from either or both of the above rescalings will then be redistributed to the Small Stocks in the following iterative manner. In the first iteration, the weight of the largest Small Stock will be scaled upwards by a

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factor which sets it equal to the average Nasdaq-100 Index^® weight of 1.00%. The weights of each of the smaller remaining Small Stocks will be scaled up by the same factor reduced in relation to each stock’s relative ranking among the Small Stocks such that the smaller the Nasdaq-100 Index^® security in the ranking, the less the scale-up of its weight. This is intended to reduce the market impact of the weight rebalancing on the smallest component securities in the Nasdaq-100 Index^®.

In the second iteration, the weight of the second largest Small Stock, already adjusted in the first iteration, will be scaled upwards by a factor which sets it equal to the average index weight of 1.00%. The weights of each of the smaller remaining Small Stocks will be scaled up by this same factor reduced in relation to each stock’s relative ranking among the Small Stocks such that, once again, the smaller the stock in the ranking, the less the scale-up of its weight.

Additional iterations will be performed until the accumulated increase in weight among the Small Stocks exactly equals the aggregate weight reduction among the Large Stocks from rebalancing in accordance with weight distribution requirement (1) and/or weight distribution requirement (2).

Then, to complete the rebalancing procedure, once the final percent weights of each of the Nasdaq-100 Index^® securities are set, the Nasdaq-100 Index^® share weights will be determined anew based upon the last sale prices and aggregate capitalization of the Nasdaq-100 Index^® at the close of trading on the Thursday in the week immediately preceding the week of the third Friday in March, June, September, and December. Changes to the Nasdaq-100 Index^® share weights will be made effective after the close of trading on the third Friday in March, June, September, and December and an adjustment to the Index divisor will be made to ensure continuity of the Nasdaq-100 Index^®.

Ordinarily, new rebalanced weights will be determined by applying the above procedures to the current Nasdaq-100 Index^® share weights. However, Nasdaq^® may from time to time determine rebalanced weights, if necessary, by instead applying the above procedure to the actual current market capitalization of the Nasdaq-100 Index^® components. In such instances, Nasdaq^® would announce the different basis for rebalancing prior to its implementation.

Historical Closing Levels of the Nasdaq-100 Index^®

Since its inception, the Nasdaq-100 Index^® has experienced significant fluctuations. Any historical upward or downward trend in the level of the Nasdaq-100 Index^® during any period shown below is not an indication that the level of the Nasdaq-100 Index^® is more or less likely to increase or decrease at any time during the term of STEEPLS. The historical Nasdaq-100 Index^® levels do not give an indication of future performance of the Nasdaq-100 Index^®. We cannot assure you that the future performance of the Nasdaq-100 Index^® or the constituent stocks of the Nasdaq-100 Index^® will result in your receiving an amount greater than the outstanding face amount of STEEPLS on the maturity date.

The table below sets forth the high, the low, and the last closing levels at the end of each calendar quarter of the Nasdaq-100 Index^® since 2002. The closing levels listed in the table below were obtained from publicly available sources, without independent verification.

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Nasdaq-100 Index^® Quarterly Levels

Before investing in STEEPLS, you should consult publicly available sources for the levels and trading pattern of the Nasdaq-100 Index^®. The generally unsettled international environment and related uncertainties, including the risk of terrorism, may result in financial markets generally and the Nasdaq-100 Index^® exhibiting greater volatility than in earlier periods.

License Agreement

We have entered into a non-exclusive license agreement with Nasdaq^® providing for the license to us and certain of our affiliated or subsidiary companies, in exchange for a fee, of the right to use indices owned and published by the Nasdaq^® (including the Nasdaq-100 Index^®) in connection with certain securities, including STEEPLS.

The license agreement between us and Nasdaq^® requires that the following language be stated in this pricing supplement:

STEEPLS are not sponsored, endorsed, sold, or promoted by Nasdaq^®. Nasdaq^® has not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, STEEPLS. Nasdaq^® makes no representation or warranty, express or implied to the owners of STEEPLS or any

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member of the public regarding the advisability of investing in securities generally or in STEEPLS particularly, or the ability of the Nasdaq-100 Index^® to track general stock market performance. Nasdaq^®’s only relationship to us is in the licensing of the Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® trademarks or service marks, and certain trade names of Nasdaq^® and the use of the Nasdaq-100 Index^®, which is determined, composed, and calculated by Nasdaq^® without regard to us or STEEPLS. Nasdaq^® has no obligation to take our needs or your needs into consideration in determining, composing, or calculating the Nasdaq-100 Index^®. Nasdaq^® is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of STEEPLS to be issued or in the determination of the amount to be paid on STEEPLS. Nasdaq^® has no liability in connection with the administration, marketing, or trading of STEEPLS.

NASDAQ^® DOES NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100 INDEX^® OR ANY DATA INCLUDED THEREIN. NASDAQ^® MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY BANK OF AMERICA CORPORATION, OWNERS OF STEEPLS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX^® OR ANY DATA INCLUDED THEREIN. NASDAQ^® MAKES NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100 INDEX^® OR ANY DATA INCLUDED THEREIN WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL NASDAQ^® HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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SUPPLEMENTAL PLAN OF DISTRIBUTION

Our affiliates, BAS and BAI, have been appointed as our agents to solicit offers on a best efforts basis to purchase STEEPLS. The agents are parties to the Distribution Agreement described in the “Supplemental Plan of Distribution” on page S-25 of the accompanying prospectus supplement. Each agent will receive a commission of 1.75% of the principal amount of STEEPLS sold through its efforts. You must have an account with one of the agents in order to purchase STEEPLS.

No agent is acting as your fiduciary or advisor, and you should not rely upon any communication from any agent in connection with STEEPLS as investment advice or a recommendation to purchase STEEPLS. You should make your own investment decision regarding STEEPLS after consulting with your legal, tax, and other advisors.

BAS and any of our other affiliates, may use this pricing supplement, the accompanying prospectus supplement, and the prospectus in a market-making transaction for any STEEPLS after their initial sale.

NOTICES FOR CERTAIN NON-UNITED STATES INVESTORS

Argentina: We have not made, and will not make, any application to obtain an authorization from the Comisión Nacional de Valores (the “CNV”) for the public offering of STEEPLS in Argentina. The CNV has not approved STEEPLS, the offering, or any document relating to the offering of STEEPLS. The agents have not offered or sold, and will not offer or sell, STEEPLS in Argentina, except in transactions that will not constitute a public offering of securities within the meaning of Section 16 of the Argentine Public Offering Law N° 17,811. Argentine pension funds and insurance companies may not purchase STEEPLS.

Brazil: STEEPLS have not been registered in Brazil. The Comissão de Valores Mobiliários of Brazil has not approved STEEPLS, the offering, nor any document relating to the offering of the STEEPLS, including this pricing supplement. Neither STEEPLS nor the offering have been registered with the Comissão de Valores Mobiliários in Brazil. Persons wishing to offer or acquire STEEPLS within Brazil should consult with their own counsel as to the applicability of registration requirements or any exemption therefrom, and such persons are solely responsible for compliance with the requirements of Brazilian law applicable to the remittance of funds outside Brazil in connection with any such transaction, including any applicable tax and exchange control laws. No action should be taken by such persons that would result in the offering of STEEPLS being deemed a public offering under Brazilian law. In addition, any resale of STEEPLS must be made in a manner that will not constitute a public offering in Brazil. This offering is not being made to any Brazilian financial institution, pension fund, insurance company, or capitalization company.

Chile: STEEPLS have not been registered with the Superintendency of Securities and Insurance of Chile, and STEEPLS may not be publicly offered in Chile, within the meaning of Chilean Law.

Mexico: STEEPLS have not been registered under the Mexican Securities Market Law or recorded in the Mexican National Securities Registry. No action may be taken in Mexico that would render the offering of STEEPLS a public offering in Mexico. No Mexican regulatory authority has approved or disapproved of STEEPLS or passed on our solvency. In addition, any resale of STEEPLS must be made in a manner that will not constitute a public offering in Mexico.

Taiwan: STEEPLS may not be issued, sold, or publicly offered in Taiwan. No subscription or other offer to purchase STEEPLS shall be binding on us until received and

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accepted by us, BAS, or BAI outside of Taiwan (the “Place of Acceptance”), and the purchase/sale contract arising therefrom shall be deemed a contract entered into in the Place of Acceptance.

Uruguay: STEEPLS have not been registered under the Uruguayan Securities Market Law or recorded in the Uruguayan Central Bank. No action may be taken in Uruguay that would render the offering of STEEPLS a public offering in Uruguay. No Uruguayan regulatory authority has approved STEEPLS or passed on our solvency. In addition, any resale of STEEPLS must be made in a manner that will not constitute a public offering in Uruguay.

Venezuela: STEEPLS have not been registered with the Comisión Nacional de Valores of Venezuela and are not being publicly offered in Venezuela. No document relating to the offering of STEEPLS, including this pricing supplement, shall be deemed to constitute an offer of securities or an offer or the rendering of any investment advice or securities brokerage services in Venezuela. Investors wishing to acquire STEEPLS may use only funds located outside of Venezuela.

UNITED STATES FEDERAL INCOME TAX SUMMARY

The following summary of certain United States federal income tax consequences of the purchase, ownership, and disposition of STEEPLS is based upon laws, regulations, rulings, and decisions now in effect, all of which are subject to change (including changes in effective dates) or possible differing interpretations. It deals only with initial purchasers of STEEPLS who hold them as capital assets and does not deal with persons in special tax situations, such as financial institutions, insurance companies, regulated investment companies, dealers in securities or currencies, tax-exempt entities, persons holding STEEPLS in a tax-deferred or tax-advantaged account, persons holding STEEPLS as a hedge, a position in a “straddle” or as part of a “conversion” transaction for tax purposes, or persons who are required to mark-to-market for tax purposes. The discussion assumes that STEEPLS constitute a single financial contract with respect to the Nasdaq-100 Index^® for United States federal income tax purposes. If STEEPLS did not constitute a single financial contract, the tax consequences described below would be materially different. You must consult your own tax advisors concerning the application of United States federal income tax laws to your particular situation as well as any consequences of the purchase, ownership, and disposition of STEEPLS arising under the laws of any other jurisdiction.

As used in this pricing supplement, the term “United States Holder” means a beneficial owner of STEEPLS that is for United States federal income tax purposes (1) an individual who is a citizen or resident of the United States, (2) an entity which is a corporation or a partnership for United States federal income tax purposes created or organized in or under the laws of the United States or of any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury regulations), (3) an estate the income of which is subject to United States federal income tax regardless of its source, (4) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or (5) any other person whose income or gain with respect to STEEPLS is effectively connected with the conduct of a United States trade or business. Notwithstanding the preceding sentence, to the extent provided in Treasury regulations, certain trusts in existence on August 20, 1996, and treated as United States persons prior to that date, that elect to continue to be treated as United States persons also will be United States Holders. A “Non-United States Holder” is a holder that is not a United States Holder.

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General

Under the terms of STEEPLS, we and every investor in STEEPLS agree, in the absence of an administrative determination or judicial ruling to the contrary, to treat STEEPLS for all tax purposes as a single financial contract with respect to the Nasdaq-100 Index^® that (1) requires the investor to pay us at inception an amount equal to the purchase price of STEEPLS and (2) entitles the investor to receive at maturity an amount in cash based upon the performance of the Nasdaq-100 Index^®. However, this characterization of STEEPLS is not binding on the IRS or the courts. No statutory, judicial, or administrative authority directly addresses the characterization of STEEPLS or any similar instruments for United States federal income tax purposes, and no ruling is being requested from the IRS with respect to their proper characterization and treatment. Due to the absence of authorities that directly address the terms of STEEPLS, significant aspects of the United States federal income tax consequences of an investment in them are not certain, and no assurance can be given that the IRS or any court will agree with the characterization and tax treatment described in this section. Accordingly, you are urged to consult your tax advisor regarding the United States federal income tax consequences of an investment in STEEPLS, including possible alternative characterizations, and regarding any tax consequences arising under the laws of any state, local, or foreign taxing jurisdiction. Unless otherwise stated, the following discussion is based on the characterization described above.

United States Holders – Income Tax Considerations

Tax Basis

A United States Holder’s tax basis in STEEPLS will equal the amount paid by that holder to acquire them.

Settlement of STEEPLS at Maturity

Upon receipt of the cash payment at maturity, a United States Holder generally will recognize capital gain or loss equal to the difference between the amount of cash received and the United States Holder’s basis in STEEPLS. This capital gain or loss generally will be long-term capital gain or loss, as the case may be, if the United States Holder held STEEPLS for more than one year at maturity. The deductibility of capital losses is subject to limitations under the Code and applicable Treasury regulations.

Sale or Exchange of STEEPLS

Upon a sale or exchange of STEEPLS prior to their maturity, a United States Holder generally will recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and the United States Holder’s basis in STEEPLS sold or exchanged. This gain or loss generally will be long-term capital gain or loss if the United States Holder held STEEPLS for more than one year at the time of disposition. Otherwise, this gain or loss will be short-term capital gain or loss. As discussed above, the deductibility of capital losses is subject to limitations under the Code and applicable Treasury regulations.

Possible Alternative Tax Treatments of an Investment in STEEPLS

Due to the absence of authorities that directly address the proper tax treatment of STEEPLS, prospective investors are urged to consult their tax advisors regarding all possible alternative tax treatments of an investment in STEEPLS. In particular, the IRS could seek to analyze the United States federal income tax consequences of owning STEEPLS under Treasury regulations governing contingent payment debt instruments (the “Contingent Payment Regulations”).

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If the IRS were successful in asserting that the Contingent Payment Regulations applied to STEEPLS, the timing and character of income on STEEPLS would be affected significantly. Among other things, a United States Holder would be required to accrue original issue discount on STEEPLS every year at a “comparable yield” determined at the time of issuance. In addition, any gain realized by a United States Holder at maturity, or upon a sale or other disposition of STEEPLS generally would be treated as ordinary income, and any loss realized at maturity would be treated as ordinary loss to the extent of the United States Holder’s prior accruals of original issue discount, and as capital loss thereafter.

Even if the Contingent Payment Regulations do not apply to STEEPLS, other alternative United States federal income tax characterizations of STEEPLS are possible which, if applied, also could affect the timing and the character of the income or loss with respect to them. It is possible, for example, that STEEPLS could be treated as a unit consisting of a loan and a forward contract, in which case a United States Holder would be required to accrue interest income or original issue discount on a current basis.

Proposed Treasury regulations require the accrual of income on a current basis for contingent payments made under certain notional principal contracts. The preamble to the regulations states that the “wait and see” method of accounting does not properly reflect the economic accrual of income on those contracts, and requires current accrual of income for some contracts already in existence. While the proposed regulations do not apply to prepaid forward contracts, the preamble to the proposed regulations expresses the view that similar timing issues exist in the case of prepaid forward contracts. If the IRS or the United States Treasury Department publishes future guidance requiring current economic accrual for contingent payments on prepaid forward contracts, it is possible that you could be required to accrue income over the term of STEEPLS.

Backup Withholding and Reporting

A United States Holder of STEEPLS may be subject to information reporting. In addition, such holders may be subject to backup withholding at a rate of 28% for amounts paid to the United States Holder, unless the United States Holder provides proof of an applicable exemption or a correct taxpayer identification number, and otherwise complies with applicable requirements of the backup withholding rules. The amounts withheld under the backup withholding rules are not an additional tax and may be refunded, or credited against the United States Holder’s United States federal income tax liability, provided the required information is furnished to the IRS.

Applicable Treasury regulations require taxpayers that participate in “reportable transactions” to disclose their participation to the IRS by attaching Form 8886 to their tax returns and to retain a copy of all documents and records related to the transaction. In addition, “material advisors” with respect to such a transaction may be required to file returns and maintain records, including lists identifying investors in the transaction, and to furnish those records to the IRS upon demand. A transaction may be a “reportable transaction” based on any of several criteria, one or more of which may be present with respect to an investment in STEEPLS. Whether an investment in STEEPLS constitutes a “reportable transaction” for any investor depends on the investor’s particular circumstances. Investors should consult their own tax advisors concerning any possible disclosure obligation they may have for their investment in STEEPLS and should be aware that, should any “material advisor” determine that the return filing or investor list maintenance requirements apply to this transaction, they would comply with these requirements.

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Non-United States Holders – Income Tax Considerations

United States Federal Income and Withholding Tax

A Non-United States Holder will not be subject to United States federal income or withholding tax for amounts paid to the Non-United States Holder, except that gain from the sale or exchange of STEEPLS or their settlement at maturity may be subject to United States federal income tax if that Non-United State Holder is a non-resident alien individual and is present in the United States for 183 days or more during the taxable year of the sale or exchange (or settlement at maturity) and certain other conditions are satisfied.

As discussed above, alternative characterizations of STEEPLS for United States federal income tax purpose are possible. Should an alternative characterization, by reason of change or clarification of the law, by regulation or otherwise, cause payments as to STEEPLS to become subject to withholding tax, we will withhold tax at the applicable statutory rate. Prospective Non-United States Holders of STEEPLS should consult their own tax advisors in this regard.

Backup Withholding and Reporting

Information returns may be filed with the IRS in connection with the payment at maturity as well as in connection with the proceeds from a sale, exchange, or other disposition. A Non-United States Holder will be subject to backup withholding for amounts paid to the Non-United States Holder, unless the Non-United States Holder complies with certain certification procedures establishing that it is not a United States person for United States federal income tax purposes (e.g., by providing a completed IRS Form W-8BEN certifying, under penalties of perjury, that the Non-United States Holder is not a United States person) or otherwise establishes an exemption. The amount of any backup withholding from a payment to a Non-United States Holder will be allowed as a credit against the Non-United States Holder’s United States federal income tax liability and may entitle the Non-United States Holder to a refund, provided that the required information is furnished to the IRS.

ERISA CONSIDERATIONS

A fiduciary of a pension plan or other employee benefit plan (including a governmental plan, an individual retirement account, or a Keogh plan) subject to ERISA should consider fiduciary standards under ERISA in the context of the particular circumstances of the plan before authorizing an investment in STEEPLS. A fiduciary also should consider whether the investment is authorized by, and in accordance with, the documents and instruments governing the plan.

In addition, ERISA and the Code prohibit a number of transactions (referred to as “prohibited transactions”) involving the assets of a plan subject to ERISA or the assets of an individual retirement account, or plan subject to Section 4975 of the Code (referred to here as an “ERISA plan”), on the one hand, and persons who have specified relationships of the plan (“parties in interest” within the meaning of ERISA or “disqualified persons” within the meaning of the Code), on the other. If we (or an affiliate) are considered a party in interest or disqualified person for an ERISA plan, then the investment in STEEPLS by that ERISA plan may give rise to a prohibited transaction. There are several ways by which we or our affiliates may be considered a party in interest or a disqualified person for an ERISA plan. For example, if we provide banking or financial advisory services to an ERISA plan, or act as a trustee or in a similar fiduciary role for ERISA plan assets, we may be considered a party in interest or a disqualified person for that ERISA plan.

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A violation of the prohibited transaction rules may result in civil penalties or other liabilities under ERISA and an excise tax under Section 4975 of the Code for those persons, unless exemptive relief is available under an applicable statutory, regulatory, or administrative exemption. In addition, a prohibited transaction may require “correction” of the transaction. Some types of employee benefit plans and arrangements including those that are governmental plans (as defined in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA) and foreign plans (as described in Section 4(b)(4) of ERISA) (“non-ERISA arrangements”) are not subject to the requirements of ERISA or Section 4975 of the Code but may be subject to similar provisions under applicable federal, state, local, foreign or other regulations, rules, or laws (“similar laws”).

Therefore, an ERISA plan should not invest in STEEPLS unless the plan fiduciary or other person acquiring them on behalf of the ERISA plan determines that neither we nor an affiliate is a party in interest or a disqualified person or, alternatively, that an exemption from the prohibited transaction rules is available. The United States Department of Labor has issued five prohibited transaction class exemptions, or “PTCEs,” that may provide exemptive relief if required for direct or indirect prohibited transactions that may arise from the purchase or holding of STEEPLS. These exemptions include:

(1) PTCE 84-14, an exemption for some transactions determined by independent qualified professional asset managers;

(2) PTCE 90-1, an exemption for some types of transactions involving insurance company pooled separate accounts;

(3) PTCE 91-38, an exemption for some types of transactions involving bank collective investment funds;

(4) PTCE 95-60, an exemption for transactions involving some types of insurance company general accounts; and

(5) PTCE 96-23, an exemption for plan asset transactions managed by in-house asset managers.

There also may be other exemptions available depending on the particular circumstances.

Because we may be considered a party in interest or a disqualified person with respect to many plans, STEEPLS may not be purchased, held, or disposed of by any ERISA plan or any person investing “plan assets” of any ERISA plan, unless the purchase, holding, or disposition is eligible for exemptive relief or such purchase, holding, or disposition is otherwise not prohibited. Therefore, any purchaser, including any fiduciary purchasing on behalf of an ERISA plan, transferee, or holder of these securities will be deemed to have represented, in its corporate and its fiduciary capacity, by its purchase and holding, that either (a) it is not an ERISA plan and is not purchasing STEEPLS on behalf of or with “plan assets” of any ERISA plan, or with any assets of a non-ERISA arrangement, or (b) its purchase, holding, and disposition are eligible for exemptive relief or such purchase, holding, or disposition are not prohibited by ERISA or Section 4975 of the Code (or, in the case of a non-ERISA arrangement, any similar laws).

The sale of STEEPLS to an ERISA plan or non-ERISA arrangement is not a representation by us to you or any other person associated with the sale that those securities meet any legal requirements for investments by those entities generally or any particular entities.

If you are the fiduciary of a pension plan or non-ERISA arrangement, or an insurance company that is providing investment advice or other features to a pension plan or other ERISA plan, and you propose to invest in STEEPLS with the assets of the ERISA plan or a non-ERISA arrangement, you should consult your own legal counsel for further guidance.

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$10,000,000,000

Medium-Term Notes, Series K

We may offer to sell our Bank of America Corporation Medium-Term Notes, Series K, from time to time. The specific terms of any notes that we offer will be determined before each sale and will be described in a separate pricing supplement. Terms may include:

We may sell notes to the agents as principal for resale at varying or fixed offering prices or through the agents as agents using their best efforts on our behalf. We also may sell the notes directly to investors.

We may use this prospectus supplement and accompanying prospectus in the initial sale of any note. In addition, Banc of America Securities LLC, or any of our other affiliates, may use this prospectus supplement and accompanying prospectus in a market-making transaction in any note after its initial sale. Unless we or our agent inform the purchaser otherwise in the confirmation of sale, this prospectus supplement and accompanying prospectus are being used in a market-making transaction.

Unless otherwise specified in the pricing supplement, we do not intend to list the notes on any securities exchange.

Our notes are unsecured and are not savings accounts, deposits, or other obligations of a bank. Our notes are not guaranteed by Bank of America, N.A. or any other bank, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, and may involve investment risks. Potential purchasers of the notes should consider the information set forth in the “ Risk Factors” section beginning on page S-3.

None of the Securities and Exchange Commission, any state securities commission, or any other regulatory body has approved or disapproved of these notes or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

Prospectus Supplement to Prospectus dated April 14, 2004

April 15, 2004

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ABOUT THIS PROSPECTUS SUPPLEMENT AND ANY PRICING SUPPLEMENTS

We have registered the notes on a registration statement on Form S-3 with the Securities and Exchange Commission under Registration No. 333-112708.

From time to time, we intend to use this prospectus supplement, the accompanying prospectus, and a related pricing supplement to offer the notes. You should read each of these documents before investing in the notes.

This prospectus supplement describes additional terms of the notes and supplements the description of the debt securities contained in the accompanying prospectus. If the information in this prospectus supplement is inconsistent with the prospectus, this prospectus supplement will supersede the information in the prospectus.

Each time we issue notes, we will prepare a pricing supplement which will contain additional terms of the offering and a specific description of the notes being offered. The pricing supplement also may add, update, or change information in this prospectus supplement or the accompanying prospectus, including provisions describing the calculation of interest and the method of making payments under the terms of a note. We will state in the pricing supplement the interest rate or interest rate basis or formula, issue price, any relevant index or indices, the maturity date, interest payment dates, redemption or repayment provisions, if any, and other relevant terms and conditions for each note at the time of issuance. A pricing supplement can be quite detailed and always should be read carefully.

Any term that is used, but not defined, in this prospectus supplement shall have the meaning set forth in the accompanying prospectus.

RISK FACTORS

Your investment in the notes involves significant risks. Your decision to purchase the notes should be made only after carefully considering the risks of an investment in the notes, including those discussed below, with your advisors in light of your particular circumstances. The notes are not an appropriate investment for you if you are not knowledgeable about significant elements of the notes or financial matters in general.

We cannot assure you that a trading market for the notes exists, will develop, or will be maintained if developed.

We do not intend to list the notes on any securities exchange. Even if the notes are listed at a later date, we cannot guarantee that a trading market for the notes ever will develop or be maintained if developed. The agents have advised us that they intend under ordinary market conditions to indicate prices for the notes on request. However, we cannot guarantee that bids for outstanding notes will be made in the future, nor can we predict the price at which those bids will be made.

The amount of interest we may pay on the notes may be limited by state law.

New York law governs the notes. New York usury laws limit the amount of interest that can be charged and paid on loans, including debt securities like the notes. Under present New York law, the maximum permissible rate of interest is 25% per year on a simple interest basis. This limit may not apply to debt securities in which $2,500,000 or more has been invested. While we believe that a state or federal court sitting outside of New York may give effect to New York law, many other states also have laws that regulate the amount of interest that may be charged to and paid by a borrower. We do not intend to claim the benefits of any laws concerning usurious rates of interest.

Redemption of the notes prior to maturity may result in a reduced return on your investment.

If the terms of a note permit or require redemption prior to maturity, that redemption may occur at times when prevailing interest rates are relatively low. As a result, you may not be able to reinvest the redemption proceeds in a comparable replacement security at an effective interest rate as high as the return on your redeemed note.

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The trading value of the notes may be less than the principal amount of the notes.

The trading market for, and trading value of, the notes may be affected by a number of factors. These factors include:

Often, the only way to liquidate your investment in the notes prior to maturity will be to sell the notes. At that time, there may be a very illiquid market for the notes or no market at all.

For indexed notes that have very specific investment objectives or strategies, the applicable trading market may be more limited, and the price may be more volatile, than for other notes. The trading value of indexed notes may be adversely affected by the complexity of the formula and volatility of the applicable reference asset, including any dividend rates or yields of other securities or financial instruments that relate to the indexed notes. Moreover, the trading value of indexed notes could be adversely affected by changes in the amount of outstanding equity or other securities linked to the applicable reference asset or formula applicable to the indexed notes.

Hedging activities may affect your return at maturity and the market value of the notes.

Hedging activities also may affect trading in the notes. At any time, we or our affiliates may engage in hedging activities contemporaneous with an offering of the notes. This hedging activity, in turn, may increase or decrease the value of the notes. In addition, we or our affiliates may acquire a long or short position in the notes from time to time. In the case of indexed notes, we or our affiliates may engage in hedging activity related to the indexed notes or to a component of the index or formula applicable to the indexed notes. All or a portion of these positions may be liquidated at or about the time of the maturity date of the notes. The aggregate amount and the composition of these positions are likely to vary over time. We have no reason to believe that any of our activities will have a material effect on the notes. However, we cannot assure you that our activities or the activities of our affiliates will not affect the prices at which you may sell your notes.

Changes in our credit ratings are expected to affect the value of the notes.

Our credit ratings are an assessment of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings may affect the trading value of the notes. However, because your return on the notes depends upon factors in addition to our ability to pay our obligations, an improvement in our credit ratings will not reduce the other investment risks related to the notes.

Holders of notes denominated in a foreign currency are subject to governmental action impacting currency transfer and other exchange rate risks.

If you invest in notes that are not denominated or payable in your home country currency, you will be subject to significant risks not associated with an investment denominated and payable in your home country currency.

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If a governmental authority imposes exchange controls or other conditions, such as taxes on the transfer of a foreign currency, there may be limited availability of that foreign currency for payment on the notes at their maturity or on any other payment date. In addition, the ability of a holder to move currency freely out of the country in which payment in the currency is received or to convert the currency at a freely determined market rate could be limited by governmental actions.

In courts outside of New York, you may not be able to obtain a judgment in a specified currency other than U.S. dollars. For example, a judgment for money in an action based on the notes in other U.S. federal or state courts ordinarily would be enforced in the United States only in U.S. dollars. The date used to determine the rate of conversion of the foreign currency into U.S. dollars will depend upon various factors, including which court renders the judgment.

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Holders of indexed notes are subject to important risks that are not associated with more conventional debt securities.

If you invest in indexed notes, you will be subject to significant risks not associated with conventional fixed-rate or floating-rate debt securities. These risks include the possibility that the particular index or indices may be subject to fluctuations, and the possibility that an investor will receive a lower, or no, amount of principal, premium, or interest, and at different times than expected. In recent years, interest rates and indices have been volatile, and this volatility may be expected in the future. However, past experience is not necessarily indicative of what may occur in the future. We have no control over a number of matters, including economic, financial, and political events, that are important in determining the existence, magnitude, and longevity of these risks and their impact on the value of, or payments made on, the indexed notes. Some of the additional risks that you should consider in connection with an investment in indexed notes are as follows:

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BANK OF AMERICA CORPORATION

General

Bank of America Corporation is a Delaware corporation, a bank holding company, and a financial holding company. Bank of America Corporation was incorporated in 1998 as part of the merger of BankAmerica Corporation with NationsBank Corporation. We provide a diversified range of banking and nonbanking financial services and products in 29 states and the District of Columbia and in selected international markets. We provide services and products through four business segments: (1) Consumer and Small Business, (2) Commercial Banking, (3) Global Corporate and Investment Banking, and (4) Wealth and Investment Management.

On October 27, 2003, we entered into an Agreement and Plan of Merger with FleetBoston Financial Corporation, or “FleetBoston,” providing for the merger of FleetBoston with and into us (the “FleetBoston Merger”). The FleetBoston Merger closed on April 1, 2004, and we were the surviving corporation in the transaction. Following the FleetBoston Merger, our principal banking subsidiaries are Bank of America, N.A. and Fleet National Bank.

Acquisitions and Sales

As part of our operations, we regularly evaluate the potential acquisition of, and hold discussions with, various financial institutions and other businesses of a type eligible for financial holding company ownership or control. In addition, we regularly analyze the values of, and submit bids for, the acquisition of customer-based funds and other liabilities and assets of such financial institutions and other businesses. We also regularly consider the potential disposition of certain of our assets, branches, subsidiaries, or lines of businesses. As a general rule, we publicly announce any material acquisitions or dispositions when a definitive agreement has been reached.

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Outstanding Debt

The following table sets forth: (1) our outstanding long-term debt as of December 31, 2003, (2) the pro forma combined outstanding long-term debt of us and FleetBoston as of December 31, 2003, and (3) the pro forma combined outstanding long-term debt of us and FleetBoston as adjusted for the issuance and maturity of some of our and FleetBoston’s long-term debt during the period beginning January 1, 2004 through April 15, 2004. The pro forma information assumes that we had been combined with FleetBoston on January 1, 2003, on a purchase accounting basis.

Also, as of December 31, 2003, there was approximately $2.6 billion of Bank of America Corporation commercial paper and other short-term notes payable outstanding and approximately $759 million of FleetBoston commercial paper and other short-term notes payable outstanding.

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DESCRIPTION OF THE NOTES

This section describes the general terms and conditions of the notes, which may be senior or subordinated medium-term notes. We will describe the particular terms of the notes we sell in a pricing supplement. The terms and conditions stated in this section will apply to each note unless the note, the pricing supplement, or an amendment or supplement to the registration statement indicates otherwise.

General

We will issue the notes as part of a series of debt securities under the Indentures, which are exhibits to our registration statement and are contracts between us and The Bank of New York, the trustee. The trustee has two principal functions:

The Indentures are subject to, and governed by, the Trust Indenture Act of 1939. We, the agents, and the depository, in the ordinary course of our respective businesses, have conducted and may conduct business with The Bank of New York or its affiliates.

The following summary of the terms of the notes and the Indentures is not complete and is qualified in its entirety by reference to the actual notes and the specific provisions of the applicable Indentures. The following description of notes will apply to each note we offer unless we otherwise specify in the applicable pricing supplement.

The notes are our direct unsecured obligations and are not obligations of our subsidiaries. The notes are being offered on a continuous basis. The total initial public offering price of the Senior and Subordinated Medium-Term Notes, Series K, that may be offered using this prospectus supplement is $10,000,000,000. We may issue other debt securities under the Indentures from time to time in one or more series up to the aggregate initial offering price authorized for the particular series. We also may increase the size of Medium-Term Notes, Series K, without notice to, or the consent of, the registered holders of the notes of that series or other debt securities under the Indentures.

Unless otherwise provided in the pricing supplement, the minimum denomination of the notes will be $1,000 and any larger amount that is a whole multiple of $1,000.

For purposes of calculating the aggregate principal amount of notes issued from time to time:

Types of Notes

We may issue notes that bear interest at a fixed rate described in the pricing supplement, which we refer to as “fixed-rate notes.” We also may issue fixed-rate notes that combine principal and interest payments in installment payments over the life of the note, which we refer to as “amortizing notes.”

We may issue notes that will bear interest at a floating rate of interest determined by reference to one or more interest rate bases, or by reference to one or more interest rate formulae, described in the pricing supplement, which we refer to as “floating-rate notes.” In some cases, the interest rate of a floating-rate note also may be adjusted by adding or subtracting a spread or by multiplying the interest rate by a spread multiplier. A floating-rate note also may be subject to:

We may issue notes that provide that the rate of return, including the principal, premium (if any), interest, or other amounts payable (if any), is determined by reference, either directly or indirectly, to the

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price or performance of one or more securities, currencies or composite currencies, commodities, interest rates, stock indices, or other indices or formulae, in each case as specified in the pricing supplement. We refer to these notes as “indexed notes.”

We may issue notes at a price lower than their principal amount or lower than their minimum guaranteed repayment amount at maturity, which we refer to as “original issue discount notes” or “OID notes.” OID notes may be fixed-rate, floating-rate, or indexed notes and may bear no interest (“zero coupon notes”) or may bear interest at a rate that is below market rates at the time of issuance.

The pricing supplement for each offering of notes will contain additional terms of the offering and a specific description of those notes, including:

Payment of Principal, Interest, and Other Amounts Due

Unless otherwise provided in the pricing supplement, the trustee will act as our sole paying agent, security registrar, and transfer agent with respect to the notes through the trustee’s office. That office is currently located at 101 Barclay Street, New York, New York 10286. At any time, we may rescind the designation of a paying agent, appoint a successor paying agent, or approve a change in the office through which any successor paying agent acts in accordance with the applicable Indenture. In addition, we may decide to act as our own paying agent with respect to some or all of the notes, and the paying agent may resign.

The trustee also will act as the calculation agent for floating-rate notes, unless otherwise specified in the pricing supplement. We will identify the calculation agent for any indexed notes in the pricing supplement. The calculation agent will be responsible for calculating the interest rate, reference rates, principal, premium (if any), interest, or other amounts payable (if any) applicable to the floating-rate notes or indexed

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notes, as the case may be, and for certain other related matters. The calculation agent, at the request of the holder of any floating-rate note, will provide the interest rate then in effect and, if already determined, the interest rate that is to take effect on the next interest reset date, as described below, for the floating-rate note. At the request of the holder of any floating-rate note that is an indexed note, the calculation agent will provide the reference rate, index, or formula then in effect. We may replace any calculation agent or elect to act as the calculation agent for some or all of the notes, and the calculation agent may resign.

We refer to each date on which interest is payable on a note as an “interest payment date.” Unless otherwise specified in the pricing supplement, interest payments on the notes will be made on each interest payment date applicable to, and at the maturity date of, the notes. Interest payable at any interest payment date will be paid to the registered holder of the note on the regular record date for that interest payment date, as described below. Unless otherwise specified in the pricing supplement, the regular record date for an interest payment date will be 15 calendar days prior to the interest payment date, whether or not that date is a business day. The principal and interest payable at maturity will be paid to the holder of the note at the close of business on the maturity date.

If any interest payment date or the maturity date of a fixed-rate note falls on a day that is not a business day, the required payment of principal, premium (if any), interest, or other amounts payable (if any) will be made on the next business day, and no additional interest will accrue in respect of the payment made on the next business day. If any interest payment date or the maturity date of a floating-rate note falls on a day that is not a business day, the interest payment date will be postponed to the next business day. However, in the case of a floating-rate note with an interest rate based on the London interbank offered rate, referred to as a “LIBOR note” and described below, if an interest payment date falls on a date that is not a business day, and the next business day is in the next calendar month, the interest payment date will be the immediately preceding business day.

Each note will mature on a business day nine months or more from the issue date. Unless otherwise specified in the pricing supplement, the term “business day” means any weekday that is not a legal holiday in New York, New York, Charlotte, North Carolina, or any other place of payment of the note, is not a date on which banking institutions in those cities are authorized or required by law or regulation to be closed, and:

The “Principal Financial Center” is:

The notes are not subject to any sinking fund, which means we will not deposit money on a regular basis into any separate custodial account to repay the notes.

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We will issue each note in book-entry only form. This means that we will not issue actual notes or certificates to each holder. Instead, the notes will be in the form of a global note held in the name of The Depository Trust Company, which is known as “DTC,” or its nominee. In order to own a beneficial interest in a note, you must be an institution that has an account with DTC or has a direct or an individual account with such an institution that has an account with DTC.

Notes will not be issued in certificated form unless:

No service charge will be made for any registration of transfer or exchange of notes issued in certificated form, but we may require payment of a sum sufficient to cover any related tax or other governmental charges.

Unless otherwise stated in the pricing supplement, we will pay principal, premium (if any), interest, and other amounts payable (if any) on the notes in book-entry form in accordance with arrangements then in place between the paying agent, DTC, and its nominee, as holder. Unless otherwise stated in the pricing supplement, we will pay any interest on notes in certificated form on each interest payment date other than the maturity date by check mailed to holders of the notes on the applicable record date at the address appearing on our records. Unless otherwise stated in the pricing supplement, we will pay any principal, premium (if any), interest, and other amounts payable (if any) at the maturity date of a note in certificated form by wire transfer of immediately available funds upon surrender of the note at the corporate trust office of the applicable trustee or paying agent.

Ranking

Senior Notes. The senior notes will be unsecured and will rank equally with all our other unsecured and unsubordinated obligations from time to time outstanding, except obligations, including deposit liabilities, that are subject to any priorities or preferences by law. Under United States law, claims of our subsidiaries’ creditors, including their depositors, would be entitled to priority over the claims of our unsecured general creditors, including holders of senior notes, in the event of our liquidation or other resolution.

The Indenture and the senior notes do not contain any limitation on the amount of obligations that we may incur in the future.

Subordinated Notes. Our indebtedness evidenced by the subordinated notes, including the principal, premium (if any), interest, and other amounts payable (if any) will be subordinate and junior in right of payment to all of our senior indebtedness from time to time outstanding. Payment of principal of our subordinated indebtedness, including any subordinated notes, may not be accelerated if there is a default in the payment of amounts due under, or a default in any of our other covenants applicable to, our subordinated indebtedness.

The Indenture and the subordinated notes do not contain any limitation on the amount of obligations ranking senior to the subordinated notes, or the amount of obligations ranking equally with the subordinated notes, that we may incur in the future.

Fixed-Rate Notes

Generally. Each fixed-rate note will bear one or more designated rates of interest. Unless otherwise indicated in the pricing supplement, interest on fixed-rate notes will be payable semi-annually in arrears and will be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.

Interest for fixed-rate notes will accrue from the most recent interest payment date to which interest has been paid, or, if no interest has been paid, from the original issue date, to, but excluding, the next interest payment date (or maturity date, as the case may be). However, the initial interest payment on fixed-rate notes issued between a regular record date and the interest payment date immediately following the regular record date will be made on the second interest payment date following the original issue date to the holder of record on the regular record date preceding the second interest payment date.

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The pricing supplement and each fixed-rate note will contain the provisions of that note, including the interest rate, the original issue date, the interest payment dates, the maturity date, and any additional terms.

Amortizing Notes. We may issue amortizing notes, which are fixed-rate notes for which combined principal and interest payments are made in installments over the life of the notes. Payments on amortizing notes are applied first to interest due and then to the reduction of the unpaid principal amount. The pricing supplement for an amortizing note will include a table setting forth repayment information.

Floating-Rate Notes

Interest Rate Bases. Each floating-rate note will have an interest rate basis or formula, which may be based on:

The specific terms of each floating-rate note, including the initial interest rate in effect until the first interest reset date, will be specified in the pricing supplement and in the floating-rate note. Thereafter, the interest rate will be determined by reference to the specified interest rate basis or formula, plus or minus the spread, if any, or multiplied by the spread multiplier, if any. The “spread” is the number of basis points we specify on the floating-rate note to be added to or subtracted from the base rate. The “spread multiplier” is the percentage we specify on the floating-rate note by which the base rate is multiplied in order to calculate the applicable interest rate.

Interest Reset Dates. The interest rate of each floating-rate note may be reset daily, weekly, monthly, quarterly, semi-annually, or annually, as we specify in the pricing supplement. We refer to the period during which an interest rate is effective as an “interest reset period” and the date in each such period on which the interest is reset as an “interest reset date.” Unless otherwise specified in the pricing supplement, the interest reset date will be:

However, the interest rate in effect from the issue date to the first interest reset date for a floating-rate note will be the initial interest rate, as specified in the pricing supplement.

If any interest reset date for any floating-rate note would otherwise be a day that is not a business day for the floating-rate note, the interest reset date for the floating-rate note will be postponed to the next day that is a business day for the floating-rate note. However, in the case of a LIBOR note, if the next business day is in the next succeeding calendar month, the interest reset date will be the immediately preceding business day.

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Interest Determination Dates. Unless otherwise specified in the pricing supplement, the interest determination date for an interest reset date will be:

The “index maturity” is the period to maturity of the instrument for which the interest rate basis is calculated.

Treasury bills usually are sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction usually is held on the following Tuesday, except that the auction may be held on the preceding Friday. If, as a result of a legal holiday, an auction is held on the preceding Friday, that preceding Friday will be the interest determination date pertaining to the interest reset date occurring in the next succeeding week. Each base rate will be determined as of that date, and the applicable interest rate will take effect on the applicable interest reset date.

For a floating-rate note for which interest rate is determined by reference to two or more base rates, the interest determination date will be the most recent business day that is at least two business days prior to the applicable interest reset date for the floating-rate note on which each applicable base rate is determinable.

Calculation Date. Unless otherwise specified in the pricing supplement, the calculation date for any interest determination date will be the date by which the calculation agent computes the amount of interest owed on a floating-rate note for the related interest reset period. Unless otherwise specified in the pricing supplement, the calculation date will be the earlier of:

Interest Payments. Except as provided below and unless otherwise provided in the pricing supplement, interest on floating-rate notes will be payable, in the case of floating-rate notes with an interest reset date that resets:

Unless otherwise indicated in the pricing supplement, interest payments for floating-rate notes will include interest accrued from the most recent interest payment date to which interest has been paid or, if no interest has been paid, from the original issue date, to, but excluding, the next interest payment date. However, the initial interest payment on a floating-rate note issued between a regular record date and the interest payment date immediately following the regular record date will be made on the second interest payment date following the original issue date to the holder of record on the regular record date preceding the second interest payment date.

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Accrued interest on a floating-rate note is calculated by multiplying the principal amount of a note by an accrued interest factor. This accrued interest factor is the sum of the interest factors calculated for each day in the period for which accrued interest is being calculated. Unless otherwise indicated in the pricing supplement, the accrued interest factor will be computed and interest will be paid (including payments for partial periods) as follows:

All dollar amounts used in or resulting from any calculation on floating-rate notes will be rounded to the nearest cent, with one-half cent being rounded upward. Unless otherwise specified in the pricing supplement, all percentages resulting from any calculation with respect to a floating-rate note will be rounded, if necessary, to the nearest one hundred-thousandth of a percent, with five one-millionths of a percentage point rounded upwards, e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655).

The calculation agent, upon the request of the holder of any floating-rate note, will provide the interest rate then in effect and, if different, the interest rate that will become effective on the next interest reset date as a result of a determination made on the most recent interest determination date with respect to the floating-rate note.

LIBOR Notes. Each LIBOR note will bear interest at the LIBOR base rate, adjusted by any spread or spread multiplier, as specified in the pricing supplement. The LIBOR base rate will be the London interbank offered rate for deposits in U.S. dollars or any index currency, as specified in the pricing supplement. Except as provided below, LIBOR for each interest reset period will be calculated on the interest determination date for the related interest reset date.

On each interest determination date, the calculation agent will determine LIBOR as follows:

If the pricing supplement does not specify “LIBOR Telerate” or “LIBOR Reuters,” the LIBOR rate will be LIBOR Telerate.

If “LIBOR Telerate” applies and the rate described above does not appear on that page, or if “LIBOR Reuters” applies and fewer than two of the rates described above appears on that page or no rate appears on any page on which only one rate normally appears, then the calculation agent will determine LIBOR as follows:

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Treasury Rate Notes. Each treasury rate note will bear interest at the treasury rate plus or minus any spread and multiplied by any spread multiplier described in the pricing supplement. Except as provided below, the treasury rate for each interest reset period will be calculated on the interest determination date for the related interest reset date.

The “treasury rate” for any interest determination date is the rate set at the auction of direct obligations of the United States (“Treasury bills”) having the index maturity described in the pricing supplement, as specified under the caption “Investment Rate” on the display on Moneyline Telerate, or any successor service, on page 56 or any other page as may replace page 56, or page 57 or any other page as may replace page 57.

If the rate cannot be determined as described above, the treasury rate will be determined as follows: