Bank of America, the largest commercial bank in the United States by deposits and the second largest by market capitalization, is headquartered in Charlotte, North Carolina. As of 2007, the bank holds $1.72 trillion in assets, and has 203,425 employees. The Home Equity Line of Credit from Bank of America offers either a variable interest rate, or a fixed interest rate that is available on all or some of the balance by using the Home Equity Fixed Rate Loan option. Interest is only charged on the amount withdrawn. Payment options include interest only, 1.5% of outstanding balance (variable payment), and 1.5% of credit limit (fixed payment). Automatic deduction is available, and interest is up to 100% tax deductable.