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Bank of America Corp./DE – ‘10-K’ for 12/31/22 – ‘EX-101.LAB’

On:  Wednesday, 2/22/23, at 4:33pm ET   ·   For:  12/31/22   ·   Accession #:  70858-23-92   ·   File #:  1-06523

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/22/23  Bank of America Corp./DE          10-K       12/31/22  200:66M

Annual Report   —   Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML  15.88M 
 2: EX-3.2      Articles of Incorporation/Organization or Bylaws    HTML    313K 
 3: EX-4.30     Instrument Defining the Rights of Security Holders  HTML    626K 
 4: EX-10.62    Material Contract                                   HTML    133K 
 5: EX-21       Subsidiaries List                                   HTML     70K 
 6: EX-22       Published Report re: Matters Submitted to a Vote    HTML     55K 
                of Security Holders                                              
 7: EX-23       Consent of Expert or Counsel                        HTML     53K 
 8: EX-24       Power of Attorney                                   HTML     66K 
13: EX-99.1     Miscellaneous Exhibit                               HTML     69K 
 9: EX-31.1     Certification -- §302 - SOA'02                      HTML     58K 
10: EX-31.2     Certification -- §302 - SOA'02                      HTML     58K 
11: EX-32.1     Certification -- §906 - SOA'02                      HTML     55K 
12: EX-32.2     Certification -- §906 - SOA'02                      HTML     55K 
19: R1          Cover Page                                          HTML    173K 
20: R2          Audit Information                                   HTML     58K 
21: R3          Consolidated Statement of Income                    HTML    150K 
22: R4          Consolidated Statement of Comprehensive Income      HTML     88K 
23: R5          Consolidated Balance Sheet                          HTML    181K 
24: R6          Consolidated Balance Sheet (Parenthetical)          HTML    114K 
25: R7          Consolidated Statement of Changes in Shareholders'  HTML    133K 
                Equity                                                           
26: R8          Consolidated Statement of Cash Flows                HTML    180K 
27: R9          Summary of Significant Accounting Principles        HTML    143K 
28: R10         Net Interest Income and Noninterest Income          HTML    127K 
29: R11         Derivatives                                         HTML    612K 
30: R12         Securities                                          HTML    385K 
31: R13         Outstanding Loans and Leases and Allowance for      HTML   1.14M 
                Credit Losses                                                    
32: R14         Securitizations and Other Variable Interest         HTML    343K 
                Entities                                                         
33: R15         Goodwill and Intangible Assets                      HTML     67K 
34: R16         Leases                                              HTML    315K 
35: R17         Deposits                                            HTML     72K 
36: R18         Securities Financing Agreements, Short-term         HTML    162K 
                Borrowings, Collateral and Restricted Cash                       
37: R19         Long-term Debt                                      HTML    166K 
38: R20         Commitments and Contingencies                       HTML    138K 
39: R21         Shareholders' Equity                                HTML    213K 
40: R22         Employee Benefit Plans                              HTML    454K 
41: R23         Accumulated Other Comprehensive Income (Loss)       HTML    194K 
42: R24         Earnings Per Common Share                           HTML     85K 
43: R25         Regulatory Requirements and Restrictions            HTML    135K 
44: R26         Stock-based Compensation Plans                      HTML     66K 
45: R27         Income Taxes                                        HTML    179K 
46: R28         Fair Value Measurements                             HTML    771K 
47: R29         Fair Value Option                                   HTML    192K 
48: R30         Fair Value of Financial Instruments                 HTML     88K 
49: R31         Business Segment Information                        HTML    380K 
50: R32         Parent Company Information                          HTML    145K 
51: R33         Performance by Geographical Area                    HTML     97K 
52: R34         Summary of Significant Accounting Principles        HTML    200K 
                (Policies)                                                       
53: R35         Net Interest Income and Noninterest Income          HTML    124K 
                (Tables)                                                         
54: R36         Derivatives (Tables)                                HTML    682K 
55: R37         Securities (Tables)                                 HTML    388K 
56: R38         Outstanding Loans and Leases and Allowance for      HTML   1.12M 
                Credit Losses (Tables)                                           
57: R39         Securitizations and Other Variable Interest         HTML    330K 
                Entities (Tables)                                                
58: R40         Goodwill and Intangible Assets (Tables)             HTML     68K 
59: R41         Leases (Tables)                                     HTML    146K 
60: R42         Deposits (Tables)                                   HTML     70K 
61: R43         Securities Financing Agreements, Short-term         HTML    199K 
                Borrowings, Collateral and Restricted Cash                       
                (Tables)                                                         
62: R44         Long-term Debt (Tables)                             HTML    168K 
63: R45         Commitments and Contingencies (Tables)              HTML    108K 
64: R46         Shareholders' Equity (Tables)                       HTML    203K 
65: R47         Employee Benefit Plans (Tables)                     HTML    648K 
66: R48         Accumulated Other Comprehensive Income (Loss)       HTML    196K 
                (Tables)                                                         
67: R49         Earnings Per Common Share (Tables)                  HTML     84K 
68: R50         Regulatory Requirements and Restrictions (Tables)   HTML    127K 
69: R51         Stock-based Compensation Plans (Tables)             HTML     62K 
70: R52         Income Taxes (Tables)                               HTML    197K 
71: R53         Fair Value Measurements (Tables)                    HTML   1.02M 
72: R54         Fair Value Option (Tables)                          HTML    181K 
73: R55         Fair Value of Financial Instruments (Tables)        HTML     84K 
74: R56         Business Segment Information (Tables)               HTML    360K 
75: R57         Parent Company Information (Tables)                 HTML    148K 
76: R58         Performance by Geographical Area (Tables)           HTML     98K 
77: R59         Summary of Significant Accounting Principles -      HTML     76K 
                Loans and Leases and Allowance for Credit Losses                 
                (Details)                                                        
78: R60         Summary of Significant Accounting Principles -      HTML     85K 
                Nonperforming Loans and Leases, Charge-offs and                  
                Delinquencies, TDRs (Details)                                    
79: R61         Summary of Significant Accounting Principles -      HTML     59K 
                Premises and Equipment (Details)                                 
80: R62         Summary of Significant Accounting Principles -      HTML     54K 
                Other Assets (Details)                                           
81: R63         Summary of Significant Accounting Principles -      HTML     57K 
                Lessee Arrangements (Details)                                    
82: R64         Summary of Significant Accounting Principles -      HTML     58K 
                Revenue Recognition (Details)                                    
83: R65         Net Interest Income and Noninterest Income          HTML    134K 
                (Details)                                                        
84: R66         Derivatives - Derivative Balances (Details)         HTML    235K 
85: R67         Derivatives - Offsetting Assets (Details)           HTML     99K 
86: R68         Derivatives - Offsetting Liabilities (Details)      HTML     99K 
87: R69         Derivatives - Gains and Losses on Derivatives       HTML     77K 
                Designated as Fair Value Hedges (Details)                        
88: R70         Derivatives - Designated Fair Value Hedged Assets   HTML     81K 
                and Liabilities (Details)                                        
89: R71         Derivatives - Narrative (Details)                   HTML     91K 
90: R72         Derivatives - Derivatives Designated as Cash Flow   HTML     75K 
                and Net Investment Hedges (Details)                              
91: R73         Derivatives - Other Risk Management Derivatives     HTML     66K 
                (Details)                                                        
92: R74         Derivatives - Sales and Trading Revenue (Details)   HTML     98K 
93: R75         Derivatives - Credit Derivatives (Details)          HTML    128K 
94: R76         Derivatives - Credit-related Contingent Features    HTML     69K 
                and Collateral (Details)                                         
95: R77         Derivatives - Valuation Adjustments (Details)       HTML     65K 
96: R78         Securities - Debt Securities (Details)              HTML    155K 
97: R79         Securities - Narrative (Details)                    HTML     79K 
98: R80         Securities - Gross Realized Gains (Losses) on       HTML     62K 
                Sales of Available For Sale Debt Securities                      
                (Details)                                                        
99: R81         Securities - AFS Debt Securities in a Continuous    HTML    111K 
                Unrealized Loss Position (Details)                               
100: R82         Securities - Maturities of Debt Securities Carried  HTML    214K  
                at Fair Value and Held-to-maturity Debt Securities               
                (Details)                                                        
101: R83         Outstanding Loans and Leases and Allowance for      HTML    225K  
                Credit Losses - Past Due (Details)                               
102: R84         Outstanding Loans and Leases and Allowance for      HTML     69K  
                Credit Losses - Nonperforming, Narrative (Details)               
103: R85         Outstanding Loans and Leases and Allowance for      HTML     99K  
                Credit Losses - Nonperforming, Credit Quality                    
                (Details)                                                        
104: R86         Outstanding Loans and Leases and Allowance for      HTML    135K  
                Credit Losses - Residential Mortgage - Credit                    
                Quality Indicators (Details)                                     
105: R87         Outstanding Loans and Leases and Allowance for      HTML    129K  
                Credit Losses - Home Equity - Credit Quality                     
                Indicators Including Vintage (Details)                           
106: R88         Outstanding Loans and Leases and Allowance for      HTML    155K  
                Credit Losses - Credit Card and Other Consumer -                 
                Credit Quality Indicators (Details)                              
107: R89         Outstanding Loans and Leases and Allowance for      HTML    200K  
                Credit Losses - Commercial - Credit Quality                      
                Indicators (Details)                                             
108: R90         Outstanding Loans and Leases and Allowance for      HTML     56K  
                Credit Losses - Credit Quality Indicators,                       
                Narrative (Details)                                              
109: R91         Outstanding Loans and Leases and Allowance for      HTML     76K  
                Credit Losses - Troubled Debt Restructurings,                    
                Narrative (Details)                                              
110: R92         Outstanding Loans and Leases and Allowance for      HTML     70K  
                Credit Losses - Consumer Real Estate - TDRs                      
                Entered into During the Period (Details)                         
111: R93         Outstanding Loans and Leases and Allowance for      HTML     66K  
                Credit Losses - Consumer Real Estate -                           
                Modification Programs (Details)                                  
112: R94         Outstanding Loans and Leases and Allowance for      HTML     67K  
                Credit Losses - Consumer Real Estate - TDRs                      
                Entering Payment Default That Were Modified During               
                the Preceding 12 Months (Details)                                
113: R95         Outstanding Loans and Leases and Allowance for      HTML     70K  
                Credit Losses - Credit Card and Other Consumer -                 
                TDRs Entered into During the Period (Details)                    
114: R96         Outstanding Loans and Leases and Allowance for      HTML     64K  
                Credit Losses - Credit Card and Other Consumer -                 
                TDRs Modified by Program Type (Details)                          
115: R97         Outstanding Loans and Leases and Allowance for      HTML     65K  
                Credit Losses - Credit Card and Other Consumer -                 
                TDRs Entered into During the Period, Narrative                   
                (Details)                                                        
116: R98         Outstanding Loans and Leases and Allowance for      HTML     85K  
                Credit Losses - Commercial Loans, Loans                          
                Held-for-sale and Accrued Interest Receivable                    
                (Details)                                                        
117: R99         Outstanding Loans and Leases and Allowance for      HTML     94K  
                Credit Losses - Allowance for Credit Losses                      
                (Details)                                                        
118: R100        Outstanding Loans and Leases and Allowance for      HTML    100K  
                Credit Losses - Allowance by Portfolio Segment                   
                (Details)                                                        
119: R101        Securitizations and Other Variable Interest         HTML     57K  
                Entities - Narrative (Details)                                   
120: R102        Securitizations and Other Variable Interest         HTML     83K  
                Entities - First Lien Mortgage Securitizations                   
                (Details)                                                        
121: R103        Securitizations and Other Variable Interest         HTML    140K  
                Entities - First Lien Mortgages VIE (Details)                    
122: R104        Securitizations and Other Variable Interest         HTML    154K  
                Entities - Home Equity Loan, Credit Card and Other               
                Asset-backed VIEs (Details)                                      
123: R105        Securitizations and Other Variable Interest         HTML     89K  
                Entities - Other Asset-backed Securitizations,                   
                Narrative (Details)                                              
124: R106        Securitizations and Other Variable Interest         HTML    127K  
                Entities - Other Variable Interest Entities                      
                (Details)                                                        
125: R107        Securitizations and Other Variable Interest         HTML     99K  
                Entities - Other Variable Interest Entities,                     
                Narrative (Details)                                              
126: R108        Goodwill and Intangible Assets - Schedule of        HTML     66K  
                Goodwill (Details)                                               
127: R109        Goodwill and Intangible Assets - Narrative          HTML     61K  
                (Details)                                                        
128: R110        Leases - Lessor Arrangements (Details)              HTML     62K  
129: R111        Leases - Lease Income (Details)                     HTML     61K  
130: R112        Leases - Lease Cost and Supplemental Information    HTML     75K  
                (Details)                                                        
131: R113        Leases - Maturity of Lessor and Lessee              HTML    118K  
                Arrangements (Details)                                           
132: R114        Deposits - Contractual Maturities (Details)         HTML     75K  
133: R115        Deposits (Details)                                  HTML     58K  
134: R116        Securities Financing Agreements, Short-term         HTML     99K  
                Borrowings, Collateral and Restricted Cash -                     
                Securities Financing Agreements (Details)                        
135: R117        Securities Financing Agreements, Short-term         HTML     82K  
                Borrowings, Collateral and Restricted Cash -                     
                Remaining Contractual Maturity (Details)                         
136: R118        Securities Financing Agreements, Short-term         HTML     81K  
                Borrowings, Collateral and Restricted Cash - Class               
                of Collateral Pledged (Details)                                  
137: R119        Securities Financing Agreements, Short-term         HTML     63K  
                Borrowings, Collateral and Restricted Cash -                     
                Short-term Bank Notes (Details)                                  
138: R120        Securities Financing Agreements, Short-term         HTML     58K  
                Borrowings, Collateral and Restricted Cash -                     
                Collateral (Details)                                             
139: R121        Securities Financing Agreements, Short-term         HTML     56K  
                Borrowings, Collateral and Restricted Cash -                     
                Restricted Cash (Details)                                        
140: R122        Long-term Debt - Balances (Details)                 HTML    143K  
141: R123        Long-term Debt - Narrative (Details)                HTML     90K  
142: R124        Long-term Debt - Long-term Debt by Maturity         HTML    132K  
                (Details)                                                        
143: R125        Commitments and Contingencies - Credit Extension    HTML     64K  
                Commitments Narrative (Details)                                  
144: R126        Commitments and Contingencies - Credit Extension    HTML     98K  
                Commitments (Details)                                            
145: R127        Commitments and Contingencies - Other Commitments   HTML     75K  
                (Details)                                                        
146: R128        Commitments and Contingencies - Other Guarantees    HTML     79K  
                (Details)                                                        
147: R129        Commitments and Contingencies - Litigation and      HTML     61K  
                Regulatory Matters (Details)                                     
148: R130        Commitments and Contingencies - Deposit Insurance   HTML     58K  
                Assessment (Details)                                             
149: R131        Shareholders' Equity - Declared Quarterly Cash      HTML     58K  
                Dividends on Common Stock (Details)                              
150: R132        Shareholders' Equity - Common Stock Narrative       HTML     64K  
                (Details)                                                        
151: R133        Shareholders' Equity - Common Stock Repurchases     HTML     63K  
                (Details)                                                        
152: R134        Shareholders' Equity - Preferred Stock (Details)    HTML    114K  
153: R135        Shareholders' Equity - Preferred Stock Summary      HTML    240K  
                (Details)                                                        
154: R136        Employee Benefit Plans - Narrative (Details)        HTML     97K  
155: R137        Employee Benefit Plans - Pension and                HTML    172K  
                Postretirement Plans (Details)                                   
156: R138        Employee Benefit Plans - ABO and PBO in Excess of   HTML     69K  
                Plan Assets (Details)                                            
157: R139        Employee Benefit Plans - Components of Net          HTML    100K  
                Periodic Benefit Cost (Details)                                  
158: R140        Employee Benefit Plans - Pretax Amounts Included    HTML     76K  
                in Accumulated OCI (Details)                                     
159: R141        Employee Benefit Plans - Pretax Amounts Recognized  HTML     83K  
                in OCI (Details)                                                 
160: R142        Employee Benefit Plans - Target Allocation          HTML     92K  
                (Details)                                                        
161: R143        Employee Benefit Plans - Fair Value Measurements    HTML    141K  
                (Details)                                                        
162: R144        Employee Benefit Plans - Level 3 Fair Value         HTML     80K  
                Measurements (Details)                                           
163: R145        Employee Benefit Plans - Projected Benefit          HTML     81K  
                Payments (Details)                                               
164: R146        Accumulated Other Comprehensive Income (Loss) -     HTML     80K  
                Change in Accumulated OCI (Details)                              
165: R147        Accumulated Other Comprehensive Income (Loss) -     HTML    134K  
                Changes in OCI Components Pre- and After-tax                     
                (Details)                                                        
166: R148        Earnings Per Common Share - Basic and Diluted       HTML     96K  
                (Details)                                                        
167: R149        Earnings Per Common Share - Narrative (Details)     HTML     59K  
168: R150        Regulatory Requirements and Restrictions -          HTML    119K  
                Schedule of Capital Under Basel 3 (Details)                      
169: R151        Regulatory Requirements and Restrictions -          HTML     74K  
                Narrative (Details)                                              
170: R152        Stock-based Compensation Plans - Additional         HTML    104K  
                Information (Details)                                            
171: R153        Stock-based Compensation Plans - Restricted Stock   HTML     78K  
                Units (Details)                                                  
172: R154        Income Taxes - Components of Income Tax Expense     HTML     82K  
                (Benefit) (Details)                                              
173: R155        Income Taxes - Narrative (Details)                  HTML     83K  
174: R156        Income Taxes - Reconciliation of Income Tax         HTML    108K  
                Expense (Details)                                                
175: R157        Income Taxes - Reconciliation of the Change in      HTML     70K  
                Unrecognized Tax Benefits (Details)                              
176: R158        Income Taxes - Deferred Tax Assets and Deferred     HTML     98K  
                Tax Liabilities (Details)                                        
177: R159        Income Taxes - Net Operating Loss and Tax Credit    HTML     80K  
                Carryforwards (Details)                                          
178: R160        Fair Value Measurements - Recurring Fair Value      HTML    263K  
                (Details)                                                        
179: R161        Fair Value Measurements - Level 3 Reconciliation    HTML    276K  
                (Details)                                                        
180: R162        Fair Value Measurements - Recurring Fair Value      HTML    288K  
                Inputs (Details)                                                 
181: R163        Fair Value Measurements - Nonrecurring Fair Value   HTML     82K  
                (Details)                                                        
182: R164        Fair Value Measurements - Nonrecurring Fair Value   HTML     93K  
                Inputs (Details)                                                 
183: R165        Fair Value Option - Elections (Details)             HTML    102K  
184: R166        Fair Value Option - Gains (Losses) Related to       HTML    108K  
                Assets and Liabilities (Details)                                 
185: R167        Fair Value of Financial Instruments (Details)       HTML     82K  
186: R168        Business Segment Information - Narrative (Details)  HTML     61K  
187: R169        Business Segment Information - Results of Business  HTML    124K  
                Segments and All Other (Details)                                 
188: R170        Business Segment Information - Noninterest Income   HTML    193K  
                by Business Segment and All Other (Details)                      
189: R171        Business Segment Information - Business Segment     HTML     87K  
                Reconciliations (Details)                                        
190: R172        Business Segment Information - Segments' Total      HTML     71K  
                Assets (Details)                                                 
191: R173        Parent Company Information - Income Statement       HTML    106K  
                (Details)                                                        
192: R174        Parent Company Information - Balance Sheet          HTML    111K  
                (Details)                                                        
193: R175        Parent Company Information - Statement of Cash      HTML    118K  
                Flows (Details)                                                  
194: R176        Performance by Geographical Area (Details)          HTML    105K  
195: R9999       Uncategorized Items - bac-20221231.htm              HTML     73K  
198: XML         IDEA XML File -- Filing Summary                      XML    390K  
196: XML         XBRL Instance -- bac-20221231_htm                    XML  23.48M  
197: EXCEL       IDEA Workbook of Financial Reports                  XLSX    626K  
15: EX-101.CAL  XBRL Calculations -- bac-20221231_cal                XML    743K 
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18: EX-101.PRE  XBRL Presentations -- bac-20221231_pre               XML   4.08M 
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200: ZIP         XBRL Zipped Folder -- 0000070858-23-000092-xbrl      Zip   2.85M

‘EX-101.LAB’   —   XBRL Labels — bac-20221231_lab

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<link:label id="lab_bac_GainsLossesOnLoansHeldForSaleAbstract_b69b10d7-0ae4-488b-9725-c01dfa37cb61_terseLabel_en-US" xlink:label="lab_bac_GainsLossesOnLoansHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) </link:label>
<link:label id="lab_bac_GainsLossesOnLoansHeldForSaleAbstract_label_en-US" xlink:label="lab_bac_GainsLossesOnLoansHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) On Loans Held-For-Sale [Abstract] </link:label>
<link:label id="lab_bac_GainsLossesOnLoansHeldForSaleAbstract_documentation_en-US" xlink:label="lab_bac_GainsLossesOnLoansHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) On Loans Held-For-Sale [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GainsLossesOnLoansHeldForSaleAbstract" xlink:href="bac-20221231.xsd#bac_GainsLossesOnLoansHeldForSaleAbstract"/>
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<link:label id="lab_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock_d54fd46c-be41-49a3-ad6d-d933de3f1c8c_terseLabel_en-US" xlink:label="lab_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Extension Commitment Expirations </link:label>
<link:label id="lab_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock_label_en-US" xlink:label="lab_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Extension Commitment Expirations [Table Text Block] </link:label>
<link:label id="lab_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock_documentation_en-US" xlink:label="lab_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Extension Commitment Expirations [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock" xlink:href="bac-20221231.xsd#bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock" xlink:to="lab_bac_ScheduleofCreditExtensionCommitmentExpirationsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_March152028Member_c9b1d701-8b22-4661-81c3-524e414344ae_terseLabel_en-US" xlink:label="lab_bac_March152028Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 15, 2028 </link:label>
<link:label id="lab_bac_March152028Member_label_en-US" xlink:label="lab_bac_March152028Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 15, 2028 [Member] </link:label>
<link:label id="lab_bac_March152028Member_documentation_en-US" xlink:label="lab_bac_March152028Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 25, 2028 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_March152028Member" xlink:href="bac-20221231.xsd#bac_March152028Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_March152028Member" xlink:to="lab_bac_March152028Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock_6014020b-97dd-4ab4-b8bd-fc72183e8996_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Shareholders' Equity </link:label>
<link:label id="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stockholders Equity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent_838a6cc0-f53f-46c0-8d5d-aeed7dea833c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in debt securities </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent_9e6027af-e35a-4282-a976-d602e0bc33f5_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in debt securities </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent"/>
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<link:label id="lab_bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum_d60a71e2-e5b7-418f-b890-0069afd1da4c_terseLabel_en-US" xlink:label="lab_bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum interest rate per annum </link:label>
<link:label id="lab_bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum_label_en-US" xlink:label="lab_bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Dividend Rate. Basis Spread On Variable Rate, Minimum Rate Per Annum </link:label>
<link:label id="lab_bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum_documentation_en-US" xlink:label="lab_bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Dividend Rate. Basis Spread on Variable Rate, Minimum Rate per Annum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum" xlink:href="bac-20221231.xsd#bac_PreferredStockDividendRate.BasisSpreadOnVariableRateMinimumRatePerAnnum"/>
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<link:label id="lab_us-gaap_DebtInstrumentAxis_4aa04ce9-1285-40aa-946a-b97a8daf7ec1_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtInstrumentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis" xlink:to="lab_us-gaap_DebtInstrumentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1_851b5e3c-0348-42f8-b2ea-e7b182e604e0_terseLabel_en-US" xlink:label="lab_us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative </link:label>
<link:label id="lab_us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1_label_en-US" xlink:label="lab_us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1"/>
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<link:label id="lab_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement_d457d939-5682-4650-b933-7e586f9452dc_verboseLabel_en-US" xlink:label="lab_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement_label_en-US" xlink:label="lab_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Other Assets, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:label id="lab_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement_documentation_en-US" xlink:label="lab_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Other Assets, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement" xlink:href="bac-20221231.xsd#bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement" xlink:to="lab_bac_SecuritiesLoanedOtherAssetsGrossIncludingNotSubjecttoMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignExchangeContractMember_7041f30a-e471-4a9a-be61-3fc0ef4f158d_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign exchange contracts </link:label>
<link:label id="lab_us-gaap_ForeignExchangeContractMember_8c184f86-74b8-454c-ac08-0977d1c0caac_verboseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign exchange risk </link:label>
<link:label id="lab_us-gaap_ForeignExchangeContractMember_label_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignExchangeContractMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ForeignExchangeContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeContractMember" xlink:to="lab_us-gaap_ForeignExchangeContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseIncome_271f92fa-59cf-4cf0-b59b-12682a724333_totalLabel_en-US" xlink:label="lab_us-gaap_LeaseIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease income </link:label>
<link:label id="lab_us-gaap_LeaseIncome_label_en-US" xlink:label="lab_us-gaap_LeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LeaseIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseIncome" xlink:to="lab_us-gaap_LeaseIncome" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear_02248885-2e92-490e-b55c-8c2b0ed9bc30_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Originated four years before current fiscal year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Five, Originated, Four Years Before Current Fiscal Year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Five, Originated, Four Years Before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleList_f961ab73-f46e-4c7e-a224-ddbcabc989ba_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] </link:label>
<link:label id="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleList_label_en-US" xlink:label="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleList"/>
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<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_35de82f0-7533-42c4-858f-0f651756c864_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueDisclosureItemAmountsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TimeDepositsAndOtherShortTermInvestments_1a8ba080-2798-4b9f-a516-94601539e438_terseLabel_en-US" xlink:label="lab_bac_TimeDepositsAndOtherShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time deposits placed and other short-term investments </link:label>
<link:label id="lab_bac_TimeDepositsAndOtherShortTermInvestments_label_en-US" xlink:label="lab_bac_TimeDepositsAndOtherShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits And Other Short-Term Investments </link:label>
<link:label id="lab_bac_TimeDepositsAndOtherShortTermInvestments_documentation_en-US" xlink:label="lab_bac_TimeDepositsAndOtherShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time deposits in other financial institutions for relatively short periods of time and other short-term investments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TimeDepositsAndOtherShortTermInvestments" xlink:href="bac-20221231.xsd#bac_TimeDepositsAndOtherShortTermInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TimeDepositsAndOtherShortTermInvestments" xlink:to="lab_bac_TimeDepositsAndOtherShortTermInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TradingAccountAssets1Member_44e72c65-4fe8-48b7-bed6-3449c6188031_terseLabel_en-US" xlink:label="lab_bac_TradingAccountAssets1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total trading account assets </link:label>
<link:label id="lab_bac_TradingAccountAssets1Member_e7c9978e-ad9f-4038-b019-4ffb0b0b7056_verboseLabel_en-US" xlink:label="lab_bac_TradingAccountAssets1Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans reported as trading account assets </link:label>
<link:label id="lab_bac_TradingAccountAssets1Member_label_en-US" xlink:label="lab_bac_TradingAccountAssets1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Account Assets1 [Member] </link:label>
<link:label id="lab_bac_TradingAccountAssets1Member_documentation_en-US" xlink:label="lab_bac_TradingAccountAssets1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Account Assets1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TradingAccountAssets1Member" xlink:href="bac-20221231.xsd#bac_TradingAccountAssets1Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TradingAccountAssets1Member" xlink:to="lab_bac_TradingAccountAssets1Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_53ffa2dd-f236-47e4-bff8-6762b9896591_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Financing Receivable [Domain] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Financing Receivable [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_269f262a-a25e-43f1-8aa1-b8d31e7ddfbe_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average discount rate used to calculate present value of future minimum lease payments </link:label>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Discount Rate, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueAxis_95de436a-c5ae-4ccf-aaff-189e36c85b44_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Axis] </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueAxis_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ValuationTechniqueAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueAxis" xlink:to="lab_us-gaap_ValuationTechniqueAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_4d462f25-8752-436d-80be-2fb50575f655_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains and Losses on Derivatives Designated as Fair Value Hedges </link:label>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis_a4c2d6ed-7709-4ab0-a2ee-4bf74ea88de2_terseLabel_en-US" xlink:label="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Insured or Guaranteed by Government Authorities [Axis] </link:label>
<link:label id="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis_label_en-US" xlink:label="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Insured or Guaranteed by Government Authorities [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis" xlink:to="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPreferredStock_684428a5-6e6b-47bf-a1d7-828c976c8107_verboseLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Dividend </link:label>
<link:label id="lab_us-gaap_DividendsPreferredStock_label_en-US" xlink:label="lab_us-gaap_DividendsPreferredStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPreferredStock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DividendsPreferredStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStock" xlink:to="lab_us-gaap_DividendsPreferredStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_8b188fc0-8747-4ca2-8572-a1d9cacf9cf7_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. state and local </link:label>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current State and Local Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedIncomeStatementTableTextBlock_4b24b218-9315-4ae8-9130-88c2a055794c_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Income </link:label>
<link:label id="lab_srt_ScheduleOfCondensedIncomeStatementTableTextBlock_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statement [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ScheduleOfCondensedIncomeStatementTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:to="lab_srt_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock_eed1d71c-2ca4-4851-b719-361b438116d4_terseLabel_en-US" xlink:label="lab_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Pretax Amounts Included in Accumulated OCI </link:label>
<link:label id="lab_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock_label_en-US" xlink:label="lab_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Accumulated Other Comprehensive Income [Table Text Block] </link:label>
<link:label id="lab_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock_documentation_en-US" xlink:label="lab_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Accumulated Other Comprehensive Income [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:href="bac-20221231.xsd#bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:to="lab_bac_ScheduleofAmountsRecognizedinAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CorporateDebtSecuritiesTradingLoansandOtherMember_c674ad9f-7f9d-4c0a-a47b-4c4baadf58ce_terseLabel_en-US" xlink:label="lab_bac_CorporateDebtSecuritiesTradingLoansandOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate securities, trading loans and other </link:label>
<link:label id="lab_bac_CorporateDebtSecuritiesTradingLoansandOtherMember_label_en-US" xlink:label="lab_bac_CorporateDebtSecuritiesTradingLoansandOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Debt Securities, Trading Loans and Other [Member] </link:label>
<link:label id="lab_bac_CorporateDebtSecuritiesTradingLoansandOtherMember_documentation_en-US" xlink:label="lab_bac_CorporateDebtSecuritiesTradingLoansandOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Debt Securities, Trading Loans and Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CorporateDebtSecuritiesTradingLoansandOtherMember" xlink:href="bac-20221231.xsd#bac_CorporateDebtSecuritiesTradingLoansandOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CorporateDebtSecuritiesTradingLoansandOtherMember" xlink:to="lab_bac_CorporateDebtSecuritiesTradingLoansandOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_7a9a8621-191e-43a1-9f60-46cc9534454d_verboseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities excluded from computation of earnings per share (in shares) </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ForeclosedPropertiesFairValueDisclosure_60cb6961-cebd-4628-9991-2057e0339f47_verboseLabel_en-US" xlink:label="lab_bac_ForeclosedPropertiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreclosed properties </link:label>
<link:label id="lab_bac_ForeclosedPropertiesFairValueDisclosure_label_en-US" xlink:label="lab_bac_ForeclosedPropertiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreclosed Properties, Fair Value Disclosure </link:label>
<link:label id="lab_bac_ForeclosedPropertiesFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_ForeclosedPropertiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the balance of foreclosed properties measured at fair value on a nonrecurring basis categorized as Level 2 and 3 based on observability of inputs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ForeclosedPropertiesFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_ForeclosedPropertiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ForeclosedPropertiesFairValueDisclosure" xlink:to="lab_bac_ForeclosedPropertiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentInformationLineItems_0aeeb4b1-7c54-4cda-ac7f-981cf01ef99b_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Line Items] </link:label>
<link:label id="lab_dei_DocumentInformationLineItems_label_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentInformationLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputCorrelationFXIRMember_49c412a8-b180-4251-8145-e7b0e0c47b57_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputCorrelationFXIRMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Correlation (FX/IR) </link:label>
<link:label id="lab_bac_MeasurementInputCorrelationFXIRMember_label_en-US" xlink:label="lab_bac_MeasurementInputCorrelationFXIRMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Correlation (FX/IR) [Member] </link:label>
<link:label id="lab_bac_MeasurementInputCorrelationFXIRMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputCorrelationFXIRMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Correlation (FX/IR) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputCorrelationFXIRMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputCorrelationFXIRMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputCorrelationFXIRMember" xlink:to="lab_bac_MeasurementInputCorrelationFXIRMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember_8887d3eb-2380-4ec8-8e05-6d66274ca63c_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity securities </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanEquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:to="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareRepurchaseProgramDomain_745fe1f6-c573-4043-a9b3-61abe9b33e2c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareRepurchaseProgramDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Program [Domain] </link:label>
<link:label id="lab_us-gaap_ShareRepurchaseProgramDomain_label_en-US" xlink:label="lab_us-gaap_ShareRepurchaseProgramDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Program [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareRepurchaseProgramDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareRepurchaseProgramDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareRepurchaseProgramDomain" xlink:to="lab_us-gaap_ShareRepurchaseProgramDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_ae17f3c4-812d-436c-a0ba-5940ea0e6cb6_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Other Adjustments, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember_c1274a32-25a9-4dd1-af9c-80af49949860_terseLabel_en-US" xlink:label="lab_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All Non U.S. Agency And Non U.S. Treasury Securities </link:label>
<link:label id="lab_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember_label_en-US" xlink:label="lab_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All Non U.S. Agency And Non U.S. Treasury Securities [Member] </link:label>
<link:label id="lab_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember_documentation_en-US" xlink:label="lab_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All Non U.S. Agency And Non U.S. Treasury Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember" xlink:href="bac-20221231.xsd#bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember" xlink:to="lab_bac_AllNonU.S.AgencyAndNonU.S.TreasurySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember_89adfe8f-7699-467c-85ee-0f3dc4b5fd26_terseLabel_en-US" xlink:label="lab_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate and foreign currency risk on ALM activities </link:label>
<link:label id="lab_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember_label_en-US" xlink:label="lab_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate and Foreign Currency Risk on Asset Liability Management Activities [Member] </link:label>
<link:label id="lab_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember_documentation_en-US" xlink:label="lab_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate and Foreign Currency Risk on Asset Liability Management Activities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember" xlink:href="bac-20221231.xsd#bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember" xlink:to="lab_bac_InterestRateandForeignCurrencyRiskonAssetLiabilityManagementActivitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnfundedLendingCommitmentsFairValueDisclosure_7c660934-00e6-448f-bd09-fccf41346224_terseLabel_en-US" xlink:label="lab_bac_UnfundedLendingCommitmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial unfunded lending commitments </link:label>
<link:label id="lab_bac_UnfundedLendingCommitmentsFairValueDisclosure_label_en-US" xlink:label="lab_bac_UnfundedLendingCommitmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Lending Commitments, Fair Value Disclosure </link:label>
<link:label id="lab_bac_UnfundedLendingCommitmentsFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_UnfundedLendingCommitmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Lending Commitments, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnfundedLendingCommitmentsFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_UnfundedLendingCommitmentsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnfundedLendingCommitmentsFairValueDisclosure" xlink:to="lab_bac_UnfundedLendingCommitmentsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy_5299ea28-bed6-42b3-8ae5-98d5900413dc_terseLabel_en-US" xlink:label="lab_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplementary leverage ratio </link:label>
<link:label id="lab_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy_label_en-US" xlink:label="lab_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplementary Leverage Ratio, Required For Capital Adequacy </link:label>
<link:label id="lab_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy_documentation_en-US" xlink:label="lab_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplementary Leverage Ratio, Required For Capital Adequacy </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy" xlink:href="bac-20221231.xsd#bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy" xlink:to="lab_bac_SupplementaryLeverageRatioRequiredForCapitalAdequacy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock_84776df0-9497-46e0-8bd6-cade33aa1c33_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disclosure of Credit Derivatives </link:label>
<link:label id="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disclosure of Credit Derivatives [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DisclosureOfCreditDerivativesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:to="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaN.A.SeniorNotesFixedMember_5574204a-9ee1-42a4-b887-ea3f3636957f_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaN.A.SeniorNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed </link:label>
<link:label id="lab_bac_BankofAmericaN.A.SeniorNotesFixedMember_label_en-US" xlink:label="lab_bac_BankofAmericaN.A.SeniorNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Senior Notes, Fixed [Member] </link:label>
<link:label id="lab_bac_BankofAmericaN.A.SeniorNotesFixedMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaN.A.SeniorNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Senior Notes, Fixed [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaN.A.SeniorNotesFixedMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaN.A.SeniorNotesFixedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaN.A.SeniorNotesFixedMember" xlink:to="lab_bac_BankofAmericaN.A.SeniorNotesFixedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_837afe9d-33c6-4693-b0e0-011d7d57d30d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear_82ba6e0e-3586-49f6-853a-1b002bda9fad_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingDesignationDomain_c3441495-f10e-4bf9-ac48-824653d7fd7a_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationDomain_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgingDesignationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationDomain" xlink:to="lab_us-gaap_HedgingDesignationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_91f4d434-ccf0-4d71-9383-f5514ff90b59_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental cash flow disclosures </link:label>
<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_label_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental Cash Flow Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock_cebde55c-8bc7-48b8-bb20-c992dcd6e8c6_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Financing Receivables, Non Accrual Status </link:label>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Nonaccrual [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember_4ce47d03-7984-4761-a09c-16ad823138d8_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed </link:label>
<link:label id="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember_label_en-US" xlink:label="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Junior Subordinated Notes, Fixed [Member] </link:label>
<link:label id="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Junior Subordinated Notes, Fixed [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember" xlink:to="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFixedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PlanNameDomain_2e30e853-a324-4b4f-b194-1242c9982e78_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>
<link:label id="lab_us-gaap_PlanNameDomain_label_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameDomain" xlink:to="lab_us-gaap_PlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_fe462090-ffbc-4987-92a3-3b0b499f6918_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, beginning </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_5d91d73a-a011-4a4d-a28c-5ffba3588141_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, ending </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressStateOrProvince_3b013064-305a-4946-bba3-9345d87be749_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PledgedStatusAxis_a3d29732-5d21-404e-bbfa-7f35f892153b_terseLabel_en-US" xlink:label="lab_us-gaap_PledgedStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Status [Axis] </link:label>
<link:label id="lab_us-gaap_PledgedStatusAxis_label_en-US" xlink:label="lab_us-gaap_PledgedStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedStatusAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PledgedStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PledgedStatusAxis" xlink:to="lab_us-gaap_PledgedStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignExchangeMember_019b4a6d-2f4b-43a1-92a8-8d25537a590b_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign exchange risk </link:label>
<link:label id="lab_us-gaap_ForeignExchangeMember_label_en-US" xlink:label="lab_us-gaap_ForeignExchangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignExchangeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ForeignExchangeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeMember" xlink:to="lab_us-gaap_ForeignExchangeMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditValuationGainLossonDerivativeAssetGross_424755e1-bdbf-4765-a195-57a7db51d1f2_terseLabel_en-US" xlink:label="lab_bac_CreditValuationGainLossonDerivativeAssetGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets (CVA) </link:label>
<link:label id="lab_bac_CreditValuationGainLossonDerivativeAssetGross_label_en-US" xlink:label="lab_bac_CreditValuationGainLossonDerivativeAssetGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Valuation Gain (Loss) on Derivative Asset, Gross </link:label>
<link:label id="lab_bac_CreditValuationGainLossonDerivativeAssetGross_documentation_en-US" xlink:label="lab_bac_CreditValuationGainLossonDerivativeAssetGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty credit risk valuation adjustments on derivative assets recorded to properly reflect the credit quality of the counterparty. Adjustments are necessary as the market quotes on derivatives do not fully reflect the credit risk of the counterparties to the derivative assets. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditValuationGainLossonDerivativeAssetGross" xlink:href="bac-20221231.xsd#bac_CreditValuationGainLossonDerivativeAssetGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditValuationGainLossonDerivativeAssetGross" xlink:to="lab_bac_CreditValuationGainLossonDerivativeAssetGross" xlink:type="arc" order="1"/>
<link:label id="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment_483dab65-bd1a-4602-93a5-32da0a454ac0_terseLabel_en-US" xlink:label="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidity commitments to unconsolidated securitization trusts </link:label>
<link:label id="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment_label_en-US" xlink:label="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualitative and Quantitative Information, Transferor's Continuing Involvement, Liquidity Commitment </link:label>
<link:label id="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment_documentation_en-US" xlink:label="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the Corporation's liquidity commitments to unconsolidated securitization trusts, by asset backed financing arrangements. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment" xlink:href="bac-20221231.xsd#bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment" xlink:to="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementLiquidityCommitment" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesAverageYield_a73c8fe9-9204-4a31-83c9-dd7e7f24d7c2_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total, yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesAverageYield_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Average Yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesAverageYield_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This item represents the total of all debt securities grouped by maturity dates, yield percent, which are categorized as held-to-maturity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesAverageYield" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesAverageYield" xlink:to="lab_bac_HeldtomaturitySecuritiesAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ServicingAssetAtFairValueAmount_1eaf7974-7334-44f3-899e-46e5b9ab7c03_verboseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage servicing rights </link:label>
<link:label id="lab_us-gaap_ServicingAssetAtFairValueAmount_998e1903-89fe-4884-84cf-ba1307075b02_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MSRs </link:label>
<link:label id="lab_us-gaap_ServicingAssetAtFairValueAmount_label_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing Asset at Fair Value, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ServicingAssetAtFairValueAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetAtFairValueAmount" xlink:to="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CollectiveInvestmentFundsMember_7ebaf37a-c445-43f0-91ad-f3d71e7a7f85_terseLabel_en-US" xlink:label="lab_bac_CollectiveInvestmentFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collective investment funds </link:label>
<link:label id="lab_bac_CollectiveInvestmentFundsMember_label_en-US" xlink:label="lab_bac_CollectiveInvestmentFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collective Investment Funds [Member] </link:label>
<link:label id="lab_bac_CollectiveInvestmentFundsMember_documentation_en-US" xlink:label="lab_bac_CollectiveInvestmentFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collective Investment Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CollectiveInvestmentFundsMember" xlink:href="bac-20221231.xsd#bac_CollectiveInvestmentFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CollectiveInvestmentFundsMember" xlink:to="lab_bac_CollectiveInvestmentFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_43ead232-0a28-4a09-93a8-b9115f109204_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actuarial loss (gain) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanActuarialGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:to="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_70f4ebeb-05d8-4cf3-985a-d75b56223fcd_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2027 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_5e232441-3c51-4ef4-a899-aaf45dfeabf5_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts recognized in OCI </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorSalesTypeLeasesTextBlock_67cbe5f4-8d9c-41b4-8112-b37eba2b51d8_terseLabel_en-US" xlink:label="lab_us-gaap_LessorSalesTypeLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_LessorSalesTypeLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LessorSalesTypeLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Sales-type Leases [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorSalesTypeLeasesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorSalesTypeLeasesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorSalesTypeLeasesTextBlock" xlink:to="lab_us-gaap_LessorSalesTypeLeasesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NumberOfJurisdictionsFiled_62d7d90c-7f1e-4490-8c7c-27456a84e81b_terseLabel_en-US" xlink:label="lab_bac_NumberOfJurisdictionsFiled" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of jurisdictions for filing income tax returns (more than) </link:label>
<link:label id="lab_bac_NumberOfJurisdictionsFiled_label_en-US" xlink:label="lab_bac_NumberOfJurisdictionsFiled" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Jurisdictions Filed </link:label>
<link:label id="lab_bac_NumberOfJurisdictionsFiled_documentation_en-US" xlink:label="lab_bac_NumberOfJurisdictionsFiled" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Jurisdictions Filed </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NumberOfJurisdictionsFiled" xlink:href="bac-20221231.xsd#bac_NumberOfJurisdictionsFiled"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NumberOfJurisdictionsFiled" xlink:to="lab_bac_NumberOfJurisdictionsFiled" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected_49197832-95f1-4ed8-aa1b-7b6237701019_terseLabel_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of additional directors to be elected </link:label>
<link:label id="lab_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected_label_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Voting Rights, Dividends in Arrears, Number of Additional Directors to be Elected </link:label>
<link:label id="lab_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected_documentation_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Voting Rights, Dividends in Arrears, Number of Additional Directors to be Elected </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected" xlink:href="bac-20221231.xsd#bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected" xlink:to="lab_bac_PreferredStockVotingRightsDividendsInArrearsNumberOfAdditionalDirectorsToBeElected" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCostAbstract_eba839f3-5f57-4022-bfdf-581060e188e7_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Cost and Supplemental Information: </link:label>
<link:label id="lab_us-gaap_LeaseCostAbstract_label_en-US" xlink:label="lab_us-gaap_LeaseCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCostAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LeaseCostAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCostAbstract" xlink:to="lab_us-gaap_LeaseCostAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember_d6d249a2-2226-433d-a861-8ded0b9e1bd7_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember_label_en-US" xlink:label="lab_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Subordinated Notes, Floating [Member] </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Subordinated Notes, Floating [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaCorporationSubordinatedNotesFloatingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember" xlink:to="lab_bac_BankofAmericaCorporationSubordinatedNotesFloatingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransactionDomain_a38c978c-9e42-44ed-87b5-782c0de2c5d3_terseLabel_en-US" xlink:label="lab_us-gaap_TransactionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction [Domain] </link:label>
<link:label id="lab_us-gaap_TransactionDomain_label_en-US" xlink:label="lab_us-gaap_TransactionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransactionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransactionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransactionDomain" xlink:to="lab_us-gaap_TransactionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets_0cf095c1-f617-49b3-8683-f645b7099d6c_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchases from securitization trusts </link:label>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets_label_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows Between Transferor and Transferee, Purchases of Previously Transferred Financial Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets" xlink:to="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorPurchasesOfPreviouslyTransferredFinancialAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities_f1412516-7c9b-4d5c-8ca5-5764290ecd89_terseLabel_en-US" xlink:label="lab_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 3 recurring liabilities, as a percent of total liabilities </link:label>
<link:label id="lab_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities_label_en-US" xlink:label="lab_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial And Nonfinancial Liabilities, Fair Value Disclosure, Recurring Level 3 Liabilities, Percentage Of Total Liabilities </link:label>
<link:label id="lab_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities_documentation_en-US" xlink:label="lab_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial And Nonfinancial Liabilities, Fair Value Disclosure, Recurring Level 3 Liabilities, Percentage Of Total Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities" xlink:href="bac-20221231.xsd#bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities" xlink:to="lab_bac_FinancialAndNonfinancialLiabilitiesFairValueDisclosureRecurringLevel3LiabilitiesPercentageOfTotalLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest_0e8c3688-257b-449f-9ed5-b138ded93ddf_negatedLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for loan and lease losses </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest_dfb23f42-f140-44cf-941f-820809c477af_periodStartLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for loan and lease losses, beginning balance </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest_a4e70e4d-04ce-4e67-a5fe-f7bf0d3bc2d7_periodEndLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for loan and lease losses, ending balance </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest_ac200bb3-1a20-439d-ac7d-27626d34bc35_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for loan and lease losses </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_ae413233-79e9-4ed2-bf5a-60ae504e84ee_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Debt Security [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanDebtSecurityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:to="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear_fc5a9c75-7e6b-4364-868d-a2fbc3947bbc_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Originated three years before current fiscal year </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsToExtendCreditMember_98a343d8-2bd6-4df0-9ed6-e37695d18f88_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsToExtendCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legally binding commitments </link:label>
<link:label id="lab_us-gaap_CommitmentsToExtendCreditMember_label_en-US" xlink:label="lab_us-gaap_CommitmentsToExtendCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments to Extend Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsToExtendCreditMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommitmentsToExtendCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsToExtendCreditMember" xlink:to="lab_us-gaap_CommitmentsToExtendCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_316c1a0d-1d52-4d97-9e7b-3c6c3e9f2a64_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average lease term (in years) </link:label>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Remaining Lease Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_db24beca-5d72-4982-9a10-4cae1467224a_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_7a52b6af-22c1-48fe-bdcf-01392cbc88e3_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss_3dc3daf3-c662-4413-acb8-130dbaba6915_negatedTerseLabel_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss_label_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Gross Unrealized Loss </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss_documentation_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Gross Unrealized Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss" xlink:href="bac-20221231.xsd#bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss" xlink:to="lab_bac_OtherDebtSecuritiesCarriedatFairValueGrossUnrealizedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_8f282706-a8d0-41e0-9f2c-7ac3bd4fa80c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Expected Benefit Payments </link:label>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Expected Benefit Payments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughFive_deaeb071-e961-499d-a474-2476aea00513_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after One Year through Five Years </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughFive_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughFive"/>
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<link:label id="lab_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock_6f55c7d4-5c05-464b-a726-ed291ee248af_terseLabel_en-US" xlink:label="lab_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability Subject to Unilateral Termination Upon Downgrade </link:label>
<link:label id="lab_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock_label_en-US" xlink:label="lab_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Liabilities Subject to Unilateral Termination Upon Downgrade [Table Text Block] </link:label>
<link:label id="lab_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock_documentation_en-US" xlink:label="lab_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Liabilities Subject to Unilateral Termination Upon Downgrade </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock" xlink:href="bac-20221231.xsd#bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock" xlink:to="lab_bac_ScheduleofDerivativeLiabilitiesSubjecttoUnilateralTerminationUponDowngradeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_171dc1e3-55fa-4a7b-a4c8-67ca5070e5e7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Deposits_b3e406cd-80b3-4b3a-81d5-758195c7249d_totalLabel_en-US" xlink:label="lab_us-gaap_Deposits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deposits </link:label>
<link:label id="lab_us-gaap_Deposits_label_en-US" xlink:label="lab_us-gaap_Deposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Deposits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Deposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Deposits" xlink:to="lab_us-gaap_Deposits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_02f3296e-ce6c-4250-8723-0ebc4c2e2c05_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Recognition </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RevenueFromContractWithCustomerPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_bb48cf39-7910-4f32-b511-bf3df59d7553_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current income tax expense </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember_2b20939f-a4ff-43a3-bc79-b01d9c999b7a_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities </link:label>
<link:label id="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:to="lab_us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentType_ea1e2a6d-68c8-4a9e-8b6c-e9ffed5b2342_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_a610d49e-824a-48e6-919c-bcada3fb1145_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises and equipment, estimated useful lives </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Useful Life </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtTextBlock_4273920e-d6de-4559-9af4-9346896a18bb_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtTextBlock_label_en-US" xlink:label="lab_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtTextBlock" xlink:to="lab_us-gaap_LongTermDebtTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss_3e90da18-5d5b-4ac7-8c67-6e560bdf122d_negatedLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains on sales of debt securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss_b1bf809d-9383-4552-9c45-bf0ec449c65f_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net gains on sales of AFS debt securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Realized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_ff836228-026d-465f-817a-52e2e759d0ce_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of net periodic benefit cost (income) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_a10ac137-d180-4e5f-b71b-22710dd6322c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount_b05b9c78-fb49-4703-949e-69fc208ce910_terseLabel_en-US" xlink:label="lab_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee arrangements that have not yet commenced </link:label>
<link:label id="lab_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount_label_en-US" xlink:label="lab_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Lease Not Yet Commenced, Amount </link:label>
<link:label id="lab_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount_documentation_en-US" xlink:label="lab_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Lease Not Yet Commenced, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount" xlink:href="bac-20221231.xsd#bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount" xlink:to="lab_bac_LesseeOperatingLeaseLeaseNotYetCommencedAmount" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FullyInsuredLoansMember_4d5eb50f-cdb8-4bfc-9995-3f538614aa4e_terseLabel_en-US" xlink:label="lab_bac_FullyInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fully-insured loans </link:label>
<link:label id="lab_bac_FullyInsuredLoansMember_label_en-US" xlink:label="lab_bac_FullyInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fully Insured Loans [Member] </link:label>
<link:label id="lab_bac_FullyInsuredLoansMember_documentation_en-US" xlink:label="lab_bac_FullyInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fully Insured Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FullyInsuredLoansMember" xlink:href="bac-20221231.xsd#bac_FullyInsuredLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FullyInsuredLoansMember" xlink:to="lab_bac_FullyInsuredLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BankingAndThriftInterestAbstract_label_en-US" xlink:label="lab_us-gaap_BankingAndThriftInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking and Thrift, Interest [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankingAndThriftInterestAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_BankingAndThriftInterestAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BankingAndThriftInterestAbstract" xlink:to="lab_us-gaap_BankingAndThriftInterestAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesGrossUnrealizedGain_6f7aef65-b6dc-400d-b635-321045545b68_totalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_bac_DebtSecuritiesGrossUnrealizedGain_label_en-US" xlink:label="lab_bac_DebtSecuritiesGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Gross Unrealized Gain </link:label>
<link:label id="lab_bac_DebtSecuritiesGrossUnrealizedGain_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Gross Unrealized Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesGrossUnrealizedGain" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesGrossUnrealizedGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesGrossUnrealizedGain" xlink:to="lab_bac_DebtSecuritiesGrossUnrealizedGain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HomeEquityLoanNoLongerOriginatedMember_1c5ffdb6-89a8-4c41-b509-e1b7fb474e91_terseLabel_en-US" xlink:label="lab_bac_HomeEquityLoanNoLongerOriginatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loan no Longer Originated </link:label>
<link:label id="lab_bac_HomeEquityLoanNoLongerOriginatedMember_label_en-US" xlink:label="lab_bac_HomeEquityLoanNoLongerOriginatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loan, No Longer Originated [Member] </link:label>
<link:label id="lab_bac_HomeEquityLoanNoLongerOriginatedMember_documentation_en-US" xlink:label="lab_bac_HomeEquityLoanNoLongerOriginatedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loan, No Longer Originated [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HomeEquityLoanNoLongerOriginatedMember" xlink:href="bac-20221231.xsd#bac_HomeEquityLoanNoLongerOriginatedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HomeEquityLoanNoLongerOriginatedMember" xlink:to="lab_bac_HomeEquityLoanNoLongerOriginatedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_63da5fef-b60c-4b72-b8e1-d974b93616de_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redemption </link:label>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Repurchase of Preferred Stock and Preference Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_6785d3b8-7a20-4b42-acdf-dd0b056c1451_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 90 Days or More Past Due </link:label>
<link:label id="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Equal to or Greater than 90 Days Past Due [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:to="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_3ef70de8-3d97-4f1e-87ea-eb0826b68308_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total realized and unrealized gains (losses) included in Net Income </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputWeightedAverageLifeVariableRateMember_e1077d25-61ac-4f6d-8ab2-479a97e66475_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputWeightedAverageLifeVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-Average Life, Variable Rate </link:label>
<link:label id="lab_bac_MeasurementInputWeightedAverageLifeVariableRateMember_label_en-US" xlink:label="lab_bac_MeasurementInputWeightedAverageLifeVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Weighted-Average Life, Variable Rate [Member] </link:label>
<link:label id="lab_bac_MeasurementInputWeightedAverageLifeVariableRateMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputWeightedAverageLifeVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Weighted-Average Life, Variable Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputWeightedAverageLifeVariableRateMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputWeightedAverageLifeVariableRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputWeightedAverageLifeVariableRateMember" xlink:to="lab_bac_MeasurementInputWeightedAverageLifeVariableRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherFinancingReceivablesMember_84bc01a6-9280-4c25-996c-3a733ce1c205_terseLabel_en-US" xlink:label="lab_bac_OtherFinancingReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other consumer </link:label>
<link:label id="lab_bac_OtherFinancingReceivablesMember_label_en-US" xlink:label="lab_bac_OtherFinancingReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Financing Receivables [Member] </link:label>
<link:label id="lab_bac_OtherFinancingReceivablesMember_documentation_en-US" xlink:label="lab_bac_OtherFinancingReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Financing Receivables [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherFinancingReceivablesMember" xlink:href="bac-20221231.xsd#bac_OtherFinancingReceivablesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherFinancingReceivablesMember" xlink:to="lab_bac_OtherFinancingReceivablesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember_b8e8f001-d359-4119-bffa-78aa274c9ebd_terseLabel_en-US" xlink:label="lab_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Mortgage-backed Securities and Foreign Securities </link:label>
<link:label id="lab_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember_label_en-US" xlink:label="lab_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Mortgage-backed Securities and Foreign Securities [Member] </link:label>
<link:label id="lab_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember_documentation_en-US" xlink:label="lab_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Mortgage-backed Securities and Foreign Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember" xlink:href="bac-20221231.xsd#bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember" xlink:to="lab_bac_ForeignMortgagebackedSecuritiesandForeignSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_fbd0c6f3-7b49-41cb-92d8-565e76fd1d0a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSegregatedUnderOtherRegulations_a1df5e9b-a1c6-459d-9847-cae93eaf241f_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSegregatedUnderOtherRegulations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities segregated under other regulations </link:label>
<link:label id="lab_us-gaap_SecuritiesSegregatedUnderOtherRegulations_label_en-US" xlink:label="lab_us-gaap_SecuritiesSegregatedUnderOtherRegulations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Segregated under Other Regulations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSegregatedUnderOtherRegulations" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuritiesSegregatedUnderOtherRegulations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSegregatedUnderOtherRegulations" xlink:to="lab_us-gaap_SecuritiesSegregatedUnderOtherRegulations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignExchangeOptionMember_5d1b4c15-cf5f-41dc-bf0d-c1fa79d57e32_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Options </link:label>
<link:label id="lab_us-gaap_ForeignExchangeOptionMember_label_en-US" xlink:label="lab_us-gaap_ForeignExchangeOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignExchangeOptionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ForeignExchangeOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeOptionMember" xlink:to="lab_us-gaap_ForeignExchangeOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1_34ac7cf1-729d-48ce-b883-c5bb72c744e5_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1_cabcec41-8c49-4492-b5f0-802f4d79191f_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss), tax expense (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentPerformanceStatusAxis_3c4a21a3-dfd8-4cf9-9961-18ce613d48cd_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument Performance Status [Axis] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentPerformanceStatusAxis_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument Performance Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialInstrumentPerformanceStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:to="lab_us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ExternalProgramsMember_475e6f3c-1a7f-4e5a-9043-820dd5df772e_terseLabel_en-US" xlink:label="lab_bac_ExternalProgramsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External programs </link:label>
<link:label id="lab_bac_ExternalProgramsMember_label_en-US" xlink:label="lab_bac_ExternalProgramsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Programs [Member] </link:label>
<link:label id="lab_bac_ExternalProgramsMember_documentation_en-US" xlink:label="lab_bac_ExternalProgramsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Programs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ExternalProgramsMember" xlink:href="bac-20221231.xsd#bac_ExternalProgramsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ExternalProgramsMember" xlink:to="lab_bac_ExternalProgramsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_f6861aa2-64f1-4add-9ab6-ee2e092033f5_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccountingPoliciesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDefaultSwapMember_bcba3793-a777-4e75-aed1-ed817ba0aa83_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit default swaps: </link:label>
<link:label id="lab_us-gaap_CreditDefaultSwapMember_label_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDefaultSwapMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditDefaultSwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDefaultSwapMember" xlink:to="lab_us-gaap_CreditDefaultSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableFiscalYearMaturityAbstract_2b9649a8-6d24-4c6a-b6bc-bde1e424866c_terseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type and Direct Financing Leases </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableFiscalYearMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableFiscalYearMaturityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableFiscalYearMaturityAbstract"/>
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<link:label id="lab_bac_BankofAmericaCorporationSeniorNotesFixedMember_2c9e16c0-c951-44b2-9f49-4988f13f1c1d_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaCorporationSeniorNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSeniorNotesFixedMember_label_en-US" xlink:label="lab_bac_BankofAmericaCorporationSeniorNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Senior Notes, Fixed [Member] </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSeniorNotesFixedMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaCorporationSeniorNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Senior Notes, Fixed [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaCorporationSeniorNotesFixedMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaCorporationSeniorNotesFixedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaCorporationSeniorNotesFixedMember" xlink:to="lab_bac_BankofAmericaCorporationSeniorNotesFixedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableLeaseCost_382c6a3b-8570-427f-844c-dbfeff811c77_terseLabel_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable lease cost </link:label>
<link:label id="lab_us-gaap_VariableLeaseCost_label_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableLeaseCost" xlink:to="lab_us-gaap_VariableLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_f6d5af06-7355-40a5-9f2b-e5744deba7f2_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_bc4a2b28-d24c-4e6b-bd01-9ef3c53ce970_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Domain] </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CumulativeEffectPeriodOfAdoptionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter_72792685-60a9-4723-8673-74ccbc52cb70_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_932d8ea9-d311-4524-b3c7-862089a4d88d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Income Tax Expense (Benefit) </link:label>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_8f298abd-20c4-4fbf-b5e2-f6da03dbafe7_terseLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency residential </link:label>
<link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage-Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_fdda0236-b0ed-4924-ae35-d82f00a2212e_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total unrecognized compensation cost, period for recognition </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_7d537f1c-fbf0-4140-8eae-b84e81d6f9b1_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale_5e8834da-fabe-46d4-a526-609466223d86_terseLabel_en-US" xlink:label="lab_bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (loss) on loans securitized </link:label>
<link:label id="lab_bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale_label_en-US" xlink:label="lab_bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) On Loans Held-For-Sale And Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain (Loss) On Sale </link:label>
<link:label id="lab_bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale_documentation_en-US" xlink:label="lab_bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Loans Held-for-sale and Securitization Financial Asset For Which Transfer is Accounted as Sale Gain (Loss) on Sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:href="bac-20221231.xsd#bac_GainLossOnLoansHeldForSaleAndSecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale"/>
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<link:label id="lab_us-gaap_RecourseStatusAxis_ac141eaf-2588-4254-b254-9e79e6c181d4_terseLabel_en-US" xlink:label="lab_us-gaap_RecourseStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recourse Status [Axis] </link:label>
<link:label id="lab_us-gaap_RecourseStatusAxis_label_en-US" xlink:label="lab_us-gaap_RecourseStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recourse Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RecourseStatusAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RecourseStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RecourseStatusAxis" xlink:to="lab_us-gaap_RecourseStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignCorporateDebtSecuritiesMember_96d8f027-9dd9-49ea-ac7b-1dea3d29f9b1_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignCorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. securities </link:label>
<link:label id="lab_us-gaap_ForeignCorporateDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ForeignCorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Security, Corporate, Non-US [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCorporateDebtSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ForeignCorporateDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCorporateDebtSecuritiesMember" xlink:to="lab_us-gaap_ForeignCorporateDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HomeEquityMember_c6bed385-3955-4615-bc72-afe37f1fd696_terseLabel_en-US" xlink:label="lab_us-gaap_HomeEquityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home equity lines of credit </link:label>
<link:label id="lab_us-gaap_HomeEquityMember_d901d4a0-d216-46dd-b950-5c271f2593a6_netLabel_en-US" xlink:label="lab_us-gaap_HomeEquityMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home equity </link:label>
<link:label id="lab_us-gaap_HomeEquityMember_label_en-US" xlink:label="lab_us-gaap_HomeEquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Line of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HomeEquityMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HomeEquityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HomeEquityMember" xlink:to="lab_us-gaap_HomeEquityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_483f198d-235e-4a66-a09f-33d6b4bea969_totalLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases, net of allowance </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome_c7b2cdd0-6beb-4730-b83e-5d644abcefb6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) in OCI </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedPaymentArrangementEmployeeMember_e7d81b2a-712e-4241-8c7e-88c8e8152868_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedPaymentArrangementEmployeeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Employee </link:label>
<link:label id="lab_us-gaap_ShareBasedPaymentArrangementEmployeeMember_label_en-US" xlink:label="lab_us-gaap_ShareBasedPaymentArrangementEmployeeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Employee [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedPaymentArrangementEmployeeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedPaymentArrangementEmployeeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedPaymentArrangementEmployeeMember" xlink:to="lab_us-gaap_ShareBasedPaymentArrangementEmployeeMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_66577804-92e9-49ac-8723-70ee53be53c5_totalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_label_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Amortized Cost, Excluding Accrued Interest, Before Allowance For Credit Loss </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Amortized Cost, Excluding Accrued Interest, Before Allowance For Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:to="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DirectandIndirectFinancingReceivableMember_53e4387b-c6b1-4438-8d3e-34728f05e028_terseLabel_en-US" xlink:label="lab_bac_DirectandIndirectFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Direct/indirect consumer </link:label>
<link:label id="lab_bac_DirectandIndirectFinancingReceivableMember_label_en-US" xlink:label="lab_bac_DirectandIndirectFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Direct and Indirect Financing Receivable [Member] </link:label>
<link:label id="lab_bac_DirectandIndirectFinancingReceivableMember_documentation_en-US" xlink:label="lab_bac_DirectandIndirectFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of financing receivables related to direct and indirect consumer financing receivables. Such receivables include dealer financial services loans, consumer lending, U.S. securities-based lending margin loans, student loans, non-U.S. consumer loans, and other consumer loans. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DirectandIndirectFinancingReceivableMember" xlink:href="bac-20221231.xsd#bac_DirectandIndirectFinancingReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DirectandIndirectFinancingReceivableMember" xlink:to="lab_bac_DirectandIndirectFinancingReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OccupancyNet_68dd72f8-c38e-4439-bab2-8396d163c371_verboseLabel_en-US" xlink:label="lab_us-gaap_OccupancyNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Occupancy and equipment </link:label>
<link:label id="lab_us-gaap_OccupancyNet_label_en-US" xlink:label="lab_us-gaap_OccupancyNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Occupancy, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OccupancyNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OccupancyNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OccupancyNet" xlink:to="lab_us-gaap_OccupancyNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_30f8ac14-3607-46f7-872e-996f514e1de5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) Recognized in Accumulated OCI on Derivatives </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax_a6e63617-b646-4761-b0d1-07511dd53d3a_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net increase (decrease) in fair value </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss) before Reclassifications, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_1e18543b-b361-4dde-a685-3c0f7965f775_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FloatingRateDebtMember_6f719243-a391-4a2d-b46e-b21ad65dde05_terseLabel_en-US" xlink:label="lab_bac_FloatingRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Debt </link:label>
<link:label id="lab_bac_FloatingRateDebtMember_label_en-US" xlink:label="lab_bac_FloatingRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Debt [Member] </link:label>
<link:label id="lab_bac_FloatingRateDebtMember_documentation_en-US" xlink:label="lab_bac_FloatingRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FloatingRateDebtMember" xlink:href="bac-20221231.xsd#bac_FloatingRateDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FloatingRateDebtMember" xlink:to="lab_bac_FloatingRateDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GeographicDistributionForeignMember_ab27b491-cde0-4a25-860e-0a79b9ed7e84_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionForeignMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non United States </link:label>
<link:label id="lab_us-gaap_GeographicDistributionForeignMember_037fc23d-0811-4db4-996e-752e88cc92ba_verboseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionForeignMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>
<link:label id="lab_us-gaap_GeographicDistributionForeignMember_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionForeignMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution, Foreign [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeographicDistributionForeignMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GeographicDistributionForeignMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionForeignMember" xlink:to="lab_us-gaap_GeographicDistributionForeignMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_TradingSymbol_4cc48e9b-8235-4017-a794-43a3a3ab58c6_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromOtherShortTermDebt_d979d17f-868c-453a-9b81-8bc25597ae0e_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromOtherShortTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ProceedsFromOtherShortTermDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromOtherShortTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Other Short-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromOtherShortTermDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromOtherShortTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromOtherShortTermDebt" xlink:to="lab_us-gaap_ProceedsFromOtherShortTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditDerivativeMaximumExposureLessThanOneYear_3e4accfd-3526-4bf0-b6ea-c1ea2866aec5_terseLabel_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than One Year </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureLessThanOneYear_label_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, Less Than One Year </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureLessThanOneYear_documentation_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, Less Than One Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditDerivativeMaximumExposureLessThanOneYear" xlink:href="bac-20221231.xsd#bac_CreditDerivativeMaximumExposureLessThanOneYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditDerivativeMaximumExposureLessThanOneYear" xlink:to="lab_bac_CreditDerivativeMaximumExposureLessThanOneYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransactionTypeAxis_167a2af6-02cd-4d83-8667-7c10d7963655_terseLabel_en-US" xlink:label="lab_us-gaap_TransactionTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction Type [Axis] </link:label>
<link:label id="lab_us-gaap_TransactionTypeAxis_label_en-US" xlink:label="lab_us-gaap_TransactionTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransactionTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransactionTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransactionTypeAxis" xlink:to="lab_us-gaap_TransactionTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NonUSAndOtherTaxableSecuritiesMember_87814ec3-f0fd-4a57-9122-19ea50dfed54_terseLabel_en-US" xlink:label="lab_bac_NonUSAndOtherTaxableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. and other taxable securities </link:label>
<link:label id="lab_bac_NonUSAndOtherTaxableSecuritiesMember_label_en-US" xlink:label="lab_bac_NonUSAndOtherTaxableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. And Other Taxable Securities [Member] </link:label>
<link:label id="lab_bac_NonUSAndOtherTaxableSecuritiesMember_documentation_en-US" xlink:label="lab_bac_NonUSAndOtherTaxableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. And Other Taxable Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NonUSAndOtherTaxableSecuritiesMember" xlink:href="bac-20221231.xsd#bac_NonUSAndOtherTaxableSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NonUSAndOtherTaxableSecuritiesMember" xlink:to="lab_bac_NonUSAndOtherTaxableSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_f0eed23e-aa4f-4701-be6d-3f7208e737a7_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S.  </link:label>
<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Foreign Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredForeignIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesLineItems_f3e9dad0-02be-48e7-9725-f560cbe4bb41_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Line Items] </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesLineItems_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketableSecuritiesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesLineItems" xlink:to="lab_us-gaap_MarketableSecuritiesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear_a5df8a77-62c9-48e2-b87c-ad47f22e49ae_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated future employer contributions in next fiscal year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember_aecf08e6-2ab2-4fec-8595-a1e6b67320ec_terseLabel_en-US" xlink:label="lab_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entities and Resecuritization Trusts </link:label>
<link:label id="lab_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember_label_en-US" xlink:label="lab_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entities And Resecuritization Trusts [Member] </link:label>
<link:label id="lab_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember_documentation_en-US" xlink:label="lab_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entities And Resecuritization Trusts [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember" xlink:href="bac-20221231.xsd#bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember" xlink:to="lab_bac_OtherVariableInterestEntitiesAndResecuritizationTrustsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockOptionMember_3426f476-4879-4056-abef-e124ef955717_terseLabel_en-US" xlink:label="lab_us-gaap_StockOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Options </link:label>
<link:label id="lab_us-gaap_StockOptionMember_label_en-US" xlink:label="lab_us-gaap_StockOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockOptionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockOptionMember" xlink:to="lab_us-gaap_StockOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_65317881-090c-40d5-b641-58c301fdeb0a_negatedPeriodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, beginning </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_f3abfac9-2eca-4e79-8879-43c803f45b5c_negatedPeriodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, ending </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess_4968aac2-bbc0-46fe-b0a7-04d331e349b6_terseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expire in One Year or Less </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Notional Amount, Expiration in One Year or Less </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents unfunded legally binding commitments, expiring within one year of the balance sheet date. Such commitments consist of the entity committing to lend a specified amount to named borrowers at a certain interest rate, during a certain period and, usually, for a certain purpose. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess" xlink:to="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationinOneYearorLess" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritizationsMember_8e70143e-0856-4468-9ca1-aa8bff1035b5_terseLabel_en-US" xlink:label="lab_bac_SecuritizationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitizations and other BANA VIEs </link:label>
<link:label id="lab_bac_SecuritizationsMember_label_en-US" xlink:label="lab_bac_SecuritizationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitizations [Member] </link:label>
<link:label id="lab_bac_SecuritizationsMember_documentation_en-US" xlink:label="lab_bac_SecuritizationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitizations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritizationsMember" xlink:href="bac-20221231.xsd#bac_SecuritizationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritizationsMember" xlink:to="lab_bac_SecuritizationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_af9edc24-2aa2-485c-95f0-f37a68a833e8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketingAndAdvertisingExpense_532cc7ac-5ed5-45b2-be4d-f21854e4c65f_verboseLabel_en-US" xlink:label="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketing </link:label>
<link:label id="lab_us-gaap_MarketingAndAdvertisingExpense_label_en-US" xlink:label="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketing and Advertising Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketingAndAdvertisingExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketingAndAdvertisingExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketingAndAdvertisingExpense" xlink:to="lab_us-gaap_MarketingAndAdvertisingExpense" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RiskbasedCapitalMetricsAbstract_810018ad-36b1-4ed7-afc5-d044f01d4342_terseLabel_en-US" xlink:label="lab_bac_RiskbasedCapitalMetricsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk-based capital metrics: </link:label>
<link:label id="lab_bac_RiskbasedCapitalMetricsAbstract_label_en-US" xlink:label="lab_bac_RiskbasedCapitalMetricsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk-based Capital Metrics [Abstract] </link:label>
<link:label id="lab_bac_RiskbasedCapitalMetricsAbstract_documentation_en-US" xlink:label="lab_bac_RiskbasedCapitalMetricsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk-based Capital Metrics [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RiskbasedCapitalMetricsAbstract" xlink:href="bac-20221231.xsd#bac_RiskbasedCapitalMetricsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RiskbasedCapitalMetricsAbstract" xlink:to="lab_bac_RiskbasedCapitalMetricsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield_9fe1df54-cee7-438f-9172-94afee82dc3d_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after ten years, yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling After Ten Years, Net Carrying Amount, Average Yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling After Ten Years, Net Carrying Amount, Average Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield" xlink:to="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingAfterTenYearsNetCarryingAmountAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome_10b37948-0301-43ba-8b1a-2d63ad709ce9_terseLabel_en-US" xlink:label="lab_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type and direct financing leases </link:label>
<link:label id="lab_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome_label_en-US" xlink:label="lab_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type And Direct Financing Leases, Lease Income </link:label>
<link:label id="lab_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome_documentation_en-US" xlink:label="lab_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type And Direct Financing Leases, Lease Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome" xlink:href="bac-20221231.xsd#bac_SalesTypeAndDirectFinancingLeasesLeaseIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome" xlink:to="lab_bac_SalesTypeAndDirectFinancingLeasesLeaseIncome" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CorporateSecuritiesandOtherMember_ec06ec5f-fbe4-4988-94ac-2bddafa65ae6_terseLabel_en-US" xlink:label="lab_bac_CorporateSecuritiesandOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account liabilities – Corporate securities and other </link:label>
<link:label id="lab_bac_CorporateSecuritiesandOtherMember_label_en-US" xlink:label="lab_bac_CorporateSecuritiesandOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Securities and Other [Member] </link:label>
<link:label id="lab_bac_CorporateSecuritiesandOtherMember_documentation_en-US" xlink:label="lab_bac_CorporateSecuritiesandOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Securities and Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CorporateSecuritiesandOtherMember" xlink:href="bac-20221231.xsd#bac_CorporateSecuritiesandOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CorporateSecuritiesandOtherMember" xlink:to="lab_bac_CorporateSecuritiesandOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareBasic_68286d09-6375-47c2-b4c3-2a171adc2fdc_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasic_f5b81d73-6af0-469a-baee-55813d15944d_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per common share (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasic_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerShareBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset_226ad766-3adb-4664-b55c-b2cf90acff43_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Legally enforceable master netting agreements and cash collateral received/paid </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset_f552b12d-e985-4b0b-8890-b2c18e7b57a4_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting adjustments </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax_d1e86503-3ac5-4b9b-9848-278aee099b1f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net realized (gains) losses reclassified into earnings </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestBearingDepositLiabilitiesForeign_d8fd0f8e-620d-4b1c-a023-b1614cf6d7ac_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestBearingDepositLiabilitiesForeign" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-bearing </link:label>
<link:label id="lab_us-gaap_InterestBearingDepositLiabilitiesForeign_label_en-US" xlink:label="lab_us-gaap_InterestBearingDepositLiabilitiesForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-Bearing Deposit Liabilities, Foreign </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestBearingDepositLiabilitiesForeign" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestBearingDepositLiabilitiesForeign"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestBearingDepositLiabilitiesForeign" xlink:to="lab_us-gaap_InterestBearingDepositLiabilitiesForeign" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear_8911b600-a3db-46e8-a97f-1da70e56654b_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Originated two years before current fiscal year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Three, Originated, Two Years Before Current Fiscal Year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Three, Originated, Two Years Before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems_bb280e33-6839-4c78-a6d6-1c9530a6a99b_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Asset Reconciling Item [Line Items] </link:label>
<link:label id="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Asset Reconciling Item [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SegmentReportingAssetReconcilingItemLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:to="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyDamagesSoughtValue_dccfd375-339e-4b71-a6c9-ea5642b613a2_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyDamagesSoughtValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss contingency, damages sought </link:label>
<link:label id="lab_us-gaap_LossContingencyDamagesSoughtValue_label_en-US" xlink:label="lab_us-gaap_LossContingencyDamagesSoughtValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Damages Sought, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyDamagesSoughtValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LossContingencyDamagesSoughtValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyDamagesSoughtValue" xlink:to="lab_us-gaap_LossContingencyDamagesSoughtValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_fce6223f-a666-4ff3-bcf1-2a0dc925f311_terseLabel_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-lived Intangible Assets [Axis] </link:label>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_label_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-Lived Intangible Assets [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield_6cc7746c-1405-411b-8f81-4f0573d30cfc_terseLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total, yield </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield_label_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried At Fair Value Amortized Cost Average Yield </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield" xlink:to="lab_bac_DebtSecuritiesCarriedAtFairValueAmortizedCostAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositsForeignAbstract_b225397a-1a69-4340-9a6b-56edb255bf54_verboseLabel_en-US" xlink:label="lab_us-gaap_DepositsForeignAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits in non-U.S. offices: </link:label>
<link:label id="lab_us-gaap_DepositsForeignAbstract_label_en-US" xlink:label="lab_us-gaap_DepositsForeignAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits, Foreign [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsForeignAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DepositsForeignAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsForeignAbstract" xlink:to="lab_us-gaap_DepositsForeignAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RestrictedStockandRestrictedStockUnitsMember_207081ca-6c64-4fca-966a-5764c256386c_terseLabel_en-US" xlink:label="lab_bac_RestrictedStockandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock and Restricted Stock Units </link:label>
<link:label id="lab_bac_RestrictedStockandRestrictedStockUnitsMember_label_en-US" xlink:label="lab_bac_RestrictedStockandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock and Restricted Stock Units [Member] </link:label>
<link:label id="lab_bac_RestrictedStockandRestrictedStockUnitsMember_documentation_en-US" xlink:label="lab_bac_RestrictedStockandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock and Restricted Stock Units [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RestrictedStockandRestrictedStockUnitsMember" xlink:href="bac-20221231.xsd#bac_RestrictedStockandRestrictedStockUnitsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RestrictedStockandRestrictedStockUnitsMember" xlink:to="lab_bac_RestrictedStockandRestrictedStockUnitsMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityInteractiveDataCurrent_f0447378-293e-4636-8950-1f6e136cd3ac_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_265f9339-b34c-41fb-a255-74cd2d4b5383_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table] </link:label>
<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueByBalanceSheetGroupingTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_ee9d6a8e-fff7-4afb-b4e1-f9b59c50721c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt_7b4111e3-cd87-49f0-ac92-40b1bd0ff30a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal subsidy on benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Prescription Drug Subsidy Receipt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsPrescriptionDrugSubsidyReceipt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_85fe71cb-725d-4898-b6aa-6b3d88adc9be_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement </link:label>
<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValue_04c21751-c3e0-43c7-adbd-c486e3cd038b_terseLabel_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,088,101 and 3,939,686 shares </link:label>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValue_label_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redeemable and NonRedeemable, Value </link:label>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValue_documentation_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate par or stated value of issued nonredeemable and redeemable preferred stock (including Series T which may be exercised, at the option of the holder, through tendering the Series T Preferred Stock or paying cash). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockRedeemableandNonRedeemableValue" xlink:href="bac-20221231.xsd#bac_PreferredStockRedeemableandNonRedeemableValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockRedeemableandNonRedeemableValue" xlink:to="lab_bac_PreferredStockRedeemableandNonRedeemableValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalCreditAssessmentDomain_d4d90cb3-5a87-4e87-bd84-28ebae6146c4_terseLabel_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Domain] </link:label>
<link:label id="lab_us-gaap_InternalCreditAssessmentDomain_label_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalCreditAssessmentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InternalCreditAssessmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalCreditAssessmentDomain" xlink:to="lab_us-gaap_InternalCreditAssessmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonperformingFinancingReceivableMember_c9f821e7-0cf8-422e-bee0-8541f9d2131e_verboseLabel_en-US" xlink:label="lab_us-gaap_NonperformingFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonperforming Loans </link:label>
<link:label id="lab_us-gaap_NonperformingFinancingReceivableMember_label_en-US" xlink:label="lab_us-gaap_NonperformingFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonperforming Financial Instruments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonperformingFinancingReceivableMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NonperformingFinancingReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonperformingFinancingReceivableMember" xlink:to="lab_us-gaap_NonperformingFinancingReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_48ccbe0c-8d1a-4964-8d85-c7a55e5b4513_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_1b625455-ac30-4a50-9f3c-ee2265b22742_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_f2bf98c1-c46b-4a51-83e4-7b5d7b86711d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock repurchased </link:label>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Repurchase of Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementClassOfStockAxis_495921cb-8729-4c73-a926-892abcfd0fd0_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>
<link:label id="lab_us-gaap_StatementClassOfStockAxis_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementClassOfStockAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_f2e9e049-3a09-4289-8bd5-e30c70d7e645_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement_b7159817-7a7d-4201-82a7-1df810a4991c_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other gross derivative liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesPolicy_ba2eefa4-45d3-4335-844e-3b4d53010e47_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Instruments </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesPolicy_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketableSecuritiesPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesPolicy" xlink:to="lab_us-gaap_MarketableSecuritiesPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EquityInvestmentCommitmentsMember_2c954ac7-c237-4d5d-8d1c-c1e67934db35_terseLabel_en-US" xlink:label="lab_bac_EquityInvestmentCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Investment Commitments </link:label>
<link:label id="lab_bac_EquityInvestmentCommitmentsMember_label_en-US" xlink:label="lab_bac_EquityInvestmentCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Investment Commitments [Member] </link:label>
<link:label id="lab_bac_EquityInvestmentCommitmentsMember_documentation_en-US" xlink:label="lab_bac_EquityInvestmentCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Investment Commitments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EquityInvestmentCommitmentsMember" xlink:href="bac-20221231.xsd#bac_EquityInvestmentCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EquityInvestmentCommitmentsMember" xlink:to="lab_bac_EquityInvestmentCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract_f5db2868-6e88-4030-859e-639c729a4675_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] </link:label>
<link:label id="lab_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract_label_en-US" xlink:label="lab_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Amortized Cost Basis, Rolling Maturity [Abstract] </link:label>
<link:label id="lab_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract" xlink:to="lab_bac_DebtMaturitiesAmortizedCostBasisRollingMaturityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_111ccef0-032a-4ed3-90c3-39e19211d2ca_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetirementPlanSponsorLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:to="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AffinityCardLoanPortfolioMember_436da645-2ada-40a5-a06f-221d7c0152dd_terseLabel_en-US" xlink:label="lab_bac_AffinityCardLoanPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affinity Card Loan Portfolio </link:label>
<link:label id="lab_bac_AffinityCardLoanPortfolioMember_label_en-US" xlink:label="lab_bac_AffinityCardLoanPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affinity Card Loan Portfolio [Member] </link:label>
<link:label id="lab_bac_AffinityCardLoanPortfolioMember_documentation_en-US" xlink:label="lab_bac_AffinityCardLoanPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affinity Card Loan Portfolio </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AffinityCardLoanPortfolioMember" xlink:href="bac-20221231.xsd#bac_AffinityCardLoanPortfolioMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AffinityCardLoanPortfolioMember" xlink:to="lab_bac_AffinityCardLoanPortfolioMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeferredTaxAssetsLeaseLiability_f03be5fe-06b6-424e-be30-ac86ea4dfbbc_terseLabel_en-US" xlink:label="lab_bac_DeferredTaxAssetsLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease liability </link:label>
<link:label id="lab_bac_DeferredTaxAssetsLeaseLiability_label_en-US" xlink:label="lab_bac_DeferredTaxAssetsLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Lease Liability </link:label>
<link:label id="lab_bac_DeferredTaxAssetsLeaseLiability_documentation_en-US" xlink:label="lab_bac_DeferredTaxAssetsLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Lease Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredTaxAssetsLeaseLiability" xlink:href="bac-20221231.xsd#bac_DeferredTaxAssetsLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeferredTaxAssetsLeaseLiability" xlink:to="lab_bac_DeferredTaxAssetsLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_d16bdb79-c175-401b-b01f-eacd6a4375ce_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_2a86ffaa-74d5-40bd-ae30-428bb644b049_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold Under Agreements to Repurchase </link:label>
<link:label id="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_7605782e-5b2d-4dbd-95b8-0aa3b417204b_terseLabel_en-US" xlink:label="lab_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency </link:label>
<link:label id="lab_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_label_en-US" xlink:label="lab_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage-Backed Securities, Issued By Private Enterprises [Member] </link:label>
<link:label id="lab_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_documentation_en-US" xlink:label="lab_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage-backed Securities, Issued by Private Enterprises [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:href="bac-20221231.xsd#bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:to="lab_bac_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding_7f931e2e-db1e-497a-a234-e68daae5ac8b_terseLabel_en-US" xlink:label="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal balance outstanding </link:label>
<link:label id="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding_label_en-US" xlink:label="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:to="lab_us-gaap_ContinuingInvolvementWithTransferredFinancialAssetsPrincipalAmountOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CompensationAndBenefitsMember_437f48b9-2cea-4756-a857-e7e37684a095_terseLabel_en-US" xlink:label="lab_bac_CompensationAndBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and benefits expense </link:label>
<link:label id="lab_bac_CompensationAndBenefitsMember_label_en-US" xlink:label="lab_bac_CompensationAndBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and Benefits [Member] </link:label>
<link:label id="lab_bac_CompensationAndBenefitsMember_documentation_en-US" xlink:label="lab_bac_CompensationAndBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CompensationAndBenefitsMember" xlink:href="bac-20221231.xsd#bac_CompensationAndBenefitsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CompensationAndBenefitsMember" xlink:to="lab_bac_CompensationAndBenefitsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3_2eef43ba-5565-4653-8262-79131f4aef68_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Transfers into Level 3  </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets_46867246-53a4-446e-8926-605dc3641857_totalLabel_en-US" xlink:label="lab_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets of VIEs </link:label>
<link:label id="lab_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets_label_en-US" xlink:label="lab_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Consolidated And Nonconsolidated Assets </link:label>
<link:label id="lab_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets_documentation_en-US" xlink:label="lab_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Consolidated And Nonconsolidated Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets" xlink:href="bac-20221231.xsd#bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets" xlink:to="lab_bac_VariableInterestEntityConsolidatedAndNonconsolidatedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_VariableInterestEntityMember_58101647-859a-4749-b065-40390b3d946e_terseLabel_en-US" xlink:label="lab_bac_VariableInterestEntityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity </link:label>
<link:label id="lab_bac_VariableInterestEntityMember_label_en-US" xlink:label="lab_bac_VariableInterestEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity [Member] </link:label>
<link:label id="lab_bac_VariableInterestEntityMember_documentation_en-US" xlink:label="lab_bac_VariableInterestEntityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_VariableInterestEntityMember" xlink:href="bac-20221231.xsd#bac_VariableInterestEntityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_VariableInterestEntityMember" xlink:to="lab_bac_VariableInterestEntityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_a9891f68-a151-4e77-8cc3-f903eaf42072_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax expense attributable to realized net gains on sales of AFS debt securities </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignPlanMember_6cc1b2cf-0c55-46a5-a8b2-567f10b7454c_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>
<link:label id="lab_us-gaap_ForeignPlanMember_label_en-US" xlink:label="lab_us-gaap_ForeignPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignPlanMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ForeignPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignPlanMember" xlink:to="lab_us-gaap_ForeignPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputLossSeverityMember_aeef8a99-6714-4ee4-b69f-93c1807004e6_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputLossSeverityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss severity </link:label>
<link:label id="lab_us-gaap_MeasurementInputLossSeverityMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputLossSeverityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Loss Severity [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputLossSeverityMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputLossSeverityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputLossSeverityMember" xlink:to="lab_us-gaap_MeasurementInputLossSeverityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_8fcc81fa-5455-476e-8882-2d8062108cb7_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_50600e99-960c-46ad-a895-948ed308b58b_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RiskBasedRatiosAbstract_226b0101-c7b3-43d3-8399-989dcf35afdb_terseLabel_en-US" xlink:label="lab_us-gaap_RiskBasedRatiosAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Minimum </link:label>
<link:label id="lab_us-gaap_RiskBasedRatiosAbstract_label_en-US" xlink:label="lab_us-gaap_RiskBasedRatiosAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Risk-Based Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RiskBasedRatiosAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RiskBasedRatiosAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RiskBasedRatiosAbstract" xlink:to="lab_us-gaap_RiskBasedRatiosAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_3c9ebc52-6658-43f3-b170-d985660a836a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Table] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield_bf4e25c4-c098-4de8-ac07-541fb98d828b_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after one year through five years, yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Net Carrying Amount, Average Yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Net Carrying Amount, Average Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield" xlink:to="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmountAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember_48c71788-4aba-4cbd-a473-2b456284556d_terseLabel_en-US" xlink:label="lab_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset and liability management activities </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember_label_en-US" xlink:label="lab_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Asset and Liability Management Activities [Member] </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember_documentation_en-US" xlink:label="lab_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Asset and Liability Management Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember" xlink:href="bac-20221231.xsd#bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember" xlink:to="lab_bac_SegmentReconcilingItemsAssetandLiabilityManagementActivitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NonCashTransfersIntoLoansHeldForSale_a96984c9-d7e0-4800-9774-0e8a3581e2ea_terseLabel_en-US" xlink:label="lab_bac_NonCashTransfersIntoLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash transfers into LHFS of affinity card loan portfolio </link:label>
<link:label id="lab_bac_NonCashTransfersIntoLoansHeldForSale_label_en-US" xlink:label="lab_bac_NonCashTransfersIntoLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash Transfers Into Loans Held-For-Sale </link:label>
<link:label id="lab_bac_NonCashTransfersIntoLoansHeldForSale_documentation_en-US" xlink:label="lab_bac_NonCashTransfersIntoLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash Transfers Into Loans Held-For-Sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NonCashTransfersIntoLoansHeldForSale" xlink:href="bac-20221231.xsd#bac_NonCashTransfersIntoLoansHeldForSale"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NonCashTransfersIntoLoansHeldForSale" xlink:to="lab_bac_NonCashTransfersIntoLoansHeldForSale" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FeesAndCommissionsMortgageBankingAndServicing_3289caf4-97db-450a-b3c4-8653edbe4b85_terseLabel_en-US" xlink:label="lab_us-gaap_FeesAndCommissionsMortgageBankingAndServicing" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card income and service charges </link:label>
<link:label id="lab_us-gaap_FeesAndCommissionsMortgageBankingAndServicing_label_en-US" xlink:label="lab_us-gaap_FeesAndCommissionsMortgageBankingAndServicing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fees and Commissions, Mortgage Banking and Servicing </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FeesAndCommissionsMortgageBankingAndServicing" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FeesAndCommissionsMortgageBankingAndServicing"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FeesAndCommissionsMortgageBankingAndServicing" xlink:to="lab_us-gaap_FeesAndCommissionsMortgageBankingAndServicing" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesTable_d0d51488-0e11-4fb8-9f89-8615a52303f8_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Table] </link:label>
<link:label id="lab_us-gaap_LossContingenciesTable_label_en-US" xlink:label="lab_us-gaap_LossContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LossContingenciesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesTable" xlink:to="lab_us-gaap_LossContingenciesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansHeldForSaleMeasurementInput_f7ab4149-6173-457b-8dbb-8d05d415ecf6_terseLabel_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held-for-sale, measurement input </link:label>
<link:label id="lab_us-gaap_LoansHeldForSaleMeasurementInput_label_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held-for-sale, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansHeldForSaleMeasurementInput" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansHeldForSaleMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansHeldForSaleMeasurementInput" xlink:to="lab_us-gaap_LoansHeldForSaleMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_9a6f3ec9-e614-4e17-bfc6-38065f7dcb29_totalLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current expense </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputEquityCorrelationMember_b7b65394-3a32-445f-a099-b59441906411_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputEquityCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity correlation </link:label>
<link:label id="lab_bac_MeasurementInputEquityCorrelationMember_label_en-US" xlink:label="lab_bac_MeasurementInputEquityCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity Correlation [Member] </link:label>
<link:label id="lab_bac_MeasurementInputEquityCorrelationMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputEquityCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Equity Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputEquityCorrelationMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputEquityCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputEquityCorrelationMember" xlink:to="lab_bac_MeasurementInputEquityCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_aea97175-57d6-49e2-9001-80fc2568b2dc_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax liabilities </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Gross [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestBearingDepositLiabilitiesDomestic_aacf73a4-af2f-4468-a4aa-5556e4d14156_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestBearingDepositLiabilitiesDomestic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-bearing (includes $311 and $408 measured at fair value) </link:label>
<link:label id="lab_us-gaap_InterestBearingDepositLiabilitiesDomestic_label_en-US" xlink:label="lab_us-gaap_InterestBearingDepositLiabilitiesDomestic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-Bearing Deposit Liabilities, Domestic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestBearingDepositLiabilitiesDomestic" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestBearingDepositLiabilitiesDomestic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestBearingDepositLiabilitiesDomestic" xlink:to="lab_us-gaap_InterestBearingDepositLiabilitiesDomestic" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ForeignExchangeSpotFutureAndForwardMember_4cc2293d-b1a1-4505-8755-98b1cf3c1ecd_terseLabel_en-US" xlink:label="lab_bac_ForeignExchangeSpotFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Spot, Futures, and Forwards </link:label>
<link:label id="lab_bac_ForeignExchangeSpotFutureAndForwardMember_label_en-US" xlink:label="lab_bac_ForeignExchangeSpotFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Spot Future And Forward [Member] </link:label>
<link:label id="lab_bac_ForeignExchangeSpotFutureAndForwardMember_documentation_en-US" xlink:label="lab_bac_ForeignExchangeSpotFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Spot Future And Forward [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ForeignExchangeSpotFutureAndForwardMember" xlink:href="bac-20221231.xsd#bac_ForeignExchangeSpotFutureAndForwardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ForeignExchangeSpotFutureAndForwardMember" xlink:to="lab_bac_ForeignExchangeSpotFutureAndForwardMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_e31784a5-34f5-409f-99f7-d35b0e0a9541_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrealized gains/(losses) In net income related to financial instruments still held </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ForeignSecuritiesMember_b81ca639-9f5b-4ed9-be05-c8bcba04ab75_terseLabel_en-US" xlink:label="lab_bac_ForeignSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. securities </link:label>
<link:label id="lab_bac_ForeignSecuritiesMember_label_en-US" xlink:label="lab_bac_ForeignSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Securities [Member] </link:label>
<link:label id="lab_bac_ForeignSecuritiesMember_documentation_en-US" xlink:label="lab_bac_ForeignSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ForeignSecuritiesMember" xlink:href="bac-20221231.xsd#bac_ForeignSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ForeignSecuritiesMember" xlink:to="lab_bac_ForeignSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault_a75de983-6c1f-47a6-822b-22f45a8fe07e_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of missing payments causing default </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault_label_en-US" xlink:label="lab_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Number Of Missing Payments Causing Default </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault_documentation_en-US" xlink:label="lab_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Number of Missing Payments Causing Default </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault" xlink:href="bac-20221231.xsd#bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault" xlink:to="lab_bac_FinancingReceivableModificationsNumberOfMissingPaymentsCausingDefault" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember_80b78461-ef1e-4ecf-9eb9-64e7513417dc_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchased credit derivatives: </link:label>
<link:label id="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember_label_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap, Buying Protection [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditDefaultSwapBuyingProtectionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:to="lab_us-gaap_CreditDefaultSwapBuyingProtectionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract_77de757d-56d7-430c-bb26-4576d5aec770_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Allocations [Abstract] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Allocations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis_26b083e4-7a58-42e3-9411-b24975639005_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after ten years, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling After Year Ten, Amortized Cost Basis </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, after Ten Years, Amortized Cost Basis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis" xlink:to="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentInformationTable_ac3e0574-6aba-4bd9-be82-ebf5a0f0c8bb_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Table] </link:label>
<link:label id="lab_dei_DocumentInformationTable_label_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Information [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentInformationTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_da4e5c89-18ce-4b67-87a3-fb9338f457d2_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock outstanding (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_86b57198-b980-4c82-807d-556f89167f08_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Axis] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_856efa0a-2b9d-4106-a7ed-44c839f1b0bd_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears_0b0e158a-29b2-4404-aefd-f26e52c16e31_terseLabel_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of semi annual periods in arrears (or more) </link:label>
<link:label id="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears_label_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Voting Rights, Dividend Payable, Number Of Semi Annual Periods In Arrears </link:label>
<link:label id="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears_documentation_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Voting Rights, Dividend Payable, Number of Semi Annual Periods in Arrears </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears" xlink:href="bac-20221231.xsd#bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears" xlink:to="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfSemiAnnualPeriodsInArrears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentPerformanceStatusDomain_cde31b22-1e83-4ab5-9a67-980b504894d8_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument Performance Status [Domain] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentPerformanceStatusDomain_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument Performance Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialInstrumentPerformanceStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:to="lab_us-gaap_FinancialInstrumentPerformanceStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease_07cfa9a3-4f36-4420-91d1-78215c5b67f3_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (decrease) in liability </link:label>
<link:label id="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:to="lab_us-gaap_HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesBPreferredStockMember_105dc1a1-1433-4d1b-bf76-ef1bcd7ba576_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesBPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series B Preferred Stock </link:label>
<link:label id="lab_us-gaap_SeriesBPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesBPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series B Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesBPreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SeriesBPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesBPreferredStockMember" xlink:to="lab_us-gaap_SeriesBPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommonandPreferredEquitySecuritiesMember_006298da-481b-4d36-b5dd-3fa08d769d9a_terseLabel_en-US" xlink:label="lab_bac_CommonandPreferredEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common and preferred stocks </link:label>
<link:label id="lab_bac_CommonandPreferredEquitySecuritiesMember_label_en-US" xlink:label="lab_bac_CommonandPreferredEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common and Preferred Equity Securities [Member] </link:label>
<link:label id="lab_bac_CommonandPreferredEquitySecuritiesMember_documentation_en-US" xlink:label="lab_bac_CommonandPreferredEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common and preferred stocks. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommonandPreferredEquitySecuritiesMember" xlink:href="bac-20221231.xsd#bac_CommonandPreferredEquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommonandPreferredEquitySecuritiesMember" xlink:to="lab_bac_CommonandPreferredEquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_e1323e18-77e0-40c6-840c-a14edab32636_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount_1bcd2466-6de6-42a7-b9d8-e3660d6a9959_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged asset, fair value edge, last-of-layer, amount </link:label>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount_label_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount" xlink:to="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet_b89d3e65-5103-4658-8730-b021c0b7aa73_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds purchased and securities loaned or sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet" xlink:to="lab_us-gaap_IncreaseDecreaseInFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseNet" xlink:type="arc" order="1"/>
<link:label id="lab_bac_March102026Member_1440edce-50ed-4647-ba86-9bec6754646a_terseLabel_en-US" xlink:label="lab_bac_March102026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 10, 2026 </link:label>
<link:label id="lab_bac_March102026Member_label_en-US" xlink:label="lab_bac_March102026Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 10, 2026 [Member] </link:label>
<link:label id="lab_bac_March102026Member_documentation_en-US" xlink:label="lab_bac_March102026Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 10, 2026 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_March102026Member" xlink:href="bac-20221231.xsd#bac_March102026Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_March102026Member" xlink:to="lab_bac_March102026Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilities_e95e5749-2c72-4be6-9892-56b6502ec15e_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_cb1f8d6c-d061-40a7-9378-79e63d12ef67_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionTextBlock_ec6e7430-8b0d-4a59-8830-e2481eabf016_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option </link:label>
<link:label id="lab_us-gaap_FairValueOptionTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueOptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionTextBlock" xlink:to="lab_us-gaap_FairValueOptionTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_c4dce36f-5e2a-4980-9e62-616e45de043f_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputYieldMember_99531edf-723a-412c-85a2-923577638b39_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputYieldMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Yield </link:label>
<link:label id="lab_bac_MeasurementInputYieldMember_label_en-US" xlink:label="lab_bac_MeasurementInputYieldMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Yield [Member] </link:label>
<link:label id="lab_bac_MeasurementInputYieldMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputYieldMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Yield [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputYieldMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputYieldMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputYieldMember" xlink:to="lab_bac_MeasurementInputYieldMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases_ba3898e5-fb9e-4367-9e09-c47b59c051fc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases"/>
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<link:label id="lab_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_2e8c67ba-970e-485c-8d7c-0645ba58d211_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds purchased and securities loans or sold under agreements to repurchase, at fair value </link:label>
<link:label id="lab_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_61444d10-7dd3-4024-957e-5825cbcc3961_verboseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds purchased and securities loaned or sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:to="lab_us-gaap_FederalFundsPurchasedAndSecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentNameDomain_14ed3b6a-6861-4a97-88d6-32728847ef3e_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentNameDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtInstrumentNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2_e5538625-4b72-496f-84b7-c942cc3b83a8_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value </link:label>
<link:label id="lab_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2_b8a5b6ac-2b4a-4cbf-a946-a70fb0ecf9e2_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total modifications </link:label>
<link:label id="lab_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring, Postmodification </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2" xlink:to="lab_us-gaap_FinancingReceivableModificationsPostModificationRecordedInvestment2" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockMember_c4736d64-8826-4d95-95b1-ce982404c31a_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock </link:label>
<link:label id="lab_us-gaap_PreferredStockMember_1b82f153-1b4d-4fe2-807f-59864366ba9c_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock </link:label>
<link:label id="lab_us-gaap_PreferredStockMember_label_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember" xlink:to="lab_us-gaap_PreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeniorNotesMember_f123f9fd-c131-485f-97aa-90bde1302f90_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior notes: </link:label>
<link:label id="lab_us-gaap_SeniorNotesMember_label_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorNotesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SeniorNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorNotesMember" xlink:to="lab_us-gaap_SeniorNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitment_7522468b-84f3-4ad6-b460-474b1d7e1fc0_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other commitments </link:label>
<link:label id="lab_us-gaap_OtherCommitment_label_en-US" xlink:label="lab_us-gaap_OtherCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitment" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherCommitment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitment" xlink:to="lab_us-gaap_OtherCommitment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LienCategoryAxis_c56fc863-1b18-4478-a8bd-2bb1f3f77729_terseLabel_en-US" xlink:label="lab_us-gaap_LienCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lien Category [Axis] </link:label>
<link:label id="lab_us-gaap_LienCategoryAxis_label_en-US" xlink:label="lab_us-gaap_LienCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lien Category [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LienCategoryAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LienCategoryAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LienCategoryAxis" xlink:to="lab_us-gaap_LienCategoryAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NonbankCompaniesandRelatedSubsidiariesMember_7ae28ac2-3b4f-4ab3-887e-95e28914dcdf_terseLabel_en-US" xlink:label="lab_bac_NonbankCompaniesandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonbank companies and related subsidiaries </link:label>
<link:label id="lab_bac_NonbankCompaniesandRelatedSubsidiariesMember_label_en-US" xlink:label="lab_bac_NonbankCompaniesandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonbank Companies and Related Subsidiaries [Member] </link:label>
<link:label id="lab_bac_NonbankCompaniesandRelatedSubsidiariesMember_documentation_en-US" xlink:label="lab_bac_NonbankCompaniesandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonbank Companies and Related Subsidiaries [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NonbankCompaniesandRelatedSubsidiariesMember" xlink:href="bac-20221231.xsd#bac_NonbankCompaniesandRelatedSubsidiariesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NonbankCompaniesandRelatedSubsidiariesMember" xlink:to="lab_bac_NonbankCompaniesandRelatedSubsidiariesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ServiceChargesMember_0534e743-0f60-4ab1-b76e-486cb1d437e7_terseLabel_en-US" xlink:label="lab_bac_ServiceChargesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service charges </link:label>
<link:label id="lab_bac_ServiceChargesMember_label_en-US" xlink:label="lab_bac_ServiceChargesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Charges [Member] </link:label>
<link:label id="lab_bac_ServiceChargesMember_documentation_en-US" xlink:label="lab_bac_ServiceChargesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Charges [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ServiceChargesMember" xlink:href="bac-20221231.xsd#bac_ServiceChargesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ServiceChargesMember" xlink:to="lab_bac_ServiceChargesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityLineItems_83ec0258-d62e-42f7-a52f-3c809cbbc27b_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity [Line Items] </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityLineItems_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableInterestEntityLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityLineItems" xlink:to="lab_us-gaap_VariableInterestEntityLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_a566b9f8-40ab-418b-968f-ec2f7f5a6a24_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_82541915-ea8d-4fb1-8709-833275324291_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents at January 1 </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_e3223495-5bae-4266-b8d4-176c8f0ba5c3_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents at December 31 </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount_5de80aaa-7fd7-4be6-90cd-aa20154cefcf_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after ten years, amount </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Net Carrying Amount </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Net Carrying Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount" xlink:to="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingafterTenYearsNetCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues_920ffabb-ae2c-47c5-bb20-ca3eeb5342f0_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuances </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Issues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues" xlink:type="arc" order="1"/>
<link:label id="lab_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember_3555479f-52b5-4737-8a7b-f3d87d67283f_terseLabel_en-US" xlink:label="lab_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Agency And U.S. Treasury Securities </link:label>
<link:label id="lab_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember_label_en-US" xlink:label="lab_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Agency And U.S. Treasury Securities [Member] </link:label>
<link:label id="lab_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember_documentation_en-US" xlink:label="lab_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Agency And U.S. Treasury Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember" xlink:href="bac-20221231.xsd#bac_U.S.AgencyAndU.S.TreasurySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember" xlink:to="lab_bac_U.S.AgencyAndU.S.TreasurySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod_6762b67a-03fe-49e3-bc45-aa3407768f2f_terseLabel_en-US" xlink:label="lab_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from loan sales </link:label>
<link:label id="lab_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod_label_en-US" xlink:label="lab_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of Financial Assets Accounted For as Sale Initial Fair Value of Assets Obtained as Proceeds, in Period </link:label>
<link:label id="lab_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod_documentation_en-US" xlink:label="lab_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the initial fair value recorded for assets received on transfer of financial assets in a securitization, asset-backed financing arrangement, or a similar transfer which transaction is recognized as a sale of the transferred financial assets, during the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod" xlink:href="bac-20221231.xsd#bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod" xlink:to="lab_bac_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceedsInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeandCostApproachValuationTechniqueMember_e86dc6f3-3d2c-4341-ba24-46be2d2de4a1_terseLabel_en-US" xlink:label="lab_bac_IncomeandCostApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flow, Industry standard derivative pricing </link:label>
<link:label id="lab_bac_IncomeandCostApproachValuationTechniqueMember_label_en-US" xlink:label="lab_bac_IncomeandCostApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income and Cost Approach Valuation Technique [Member] </link:label>
<link:label id="lab_bac_IncomeandCostApproachValuationTechniqueMember_documentation_en-US" xlink:label="lab_bac_IncomeandCostApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income and Cost Approach Valuation Technique [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeandCostApproachValuationTechniqueMember" xlink:href="bac-20221231.xsd#bac_IncomeandCostApproachValuationTechniqueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeandCostApproachValuationTechniqueMember" xlink:to="lab_bac_IncomeandCostApproachValuationTechniqueMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease_bbcd7272-f27e-49dc-81b7-1939dcdf34c2_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses, period increase </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet, Credit Loss, Allowance, Increase (Decrease) </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet, Credit Loss, Allowance, Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowanceIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract_747ffbf7-d10e-4a43-a6d8-c4105d479fb1_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity debt securities: </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale and Maturity of Held-to-Maturity Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract" xlink:to="lab_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_5a68f8cd-b051-4612-8f8f-33a1d6bad151_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuances </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativeMaximumExposureUndiscounted_1a7d45de-8462-4cf2-8440-d6f004c1fbc1_totalLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativeMaximumExposureUndiscounted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_CreditDerivativeMaximumExposureUndiscounted_label_en-US" xlink:label="lab_us-gaap_CreditDerivativeMaximumExposureUndiscounted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, Undiscounted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativeMaximumExposureUndiscounted" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditDerivativeMaximumExposureUndiscounted"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativeMaximumExposureUndiscounted" xlink:to="lab_us-gaap_CreditDerivativeMaximumExposureUndiscounted" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SupplementaryLeverageRatio_b6bc16f8-72d7-4a04-9d1c-1d39d42a2683_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplementary leverage ratio </link:label>
<link:label id="lab_us-gaap_SupplementaryLeverageRatio_label_en-US" xlink:label="lab_us-gaap_SupplementaryLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Supplementary Leverage Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SupplementaryLeverageRatio" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SupplementaryLeverageRatio"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementaryLeverageRatio" xlink:to="lab_us-gaap_SupplementaryLeverageRatio" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonEquityTierOneCapitalRatio_32eff0fc-6823-42f0-ba67-14727ed09974_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapitalRatio" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common equity tier 1 capital ratio </link:label>
<link:label id="lab_us-gaap_CommonEquityTierOneCapitalRatio_label_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapitalRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonEquityTierOneCapitalRatio" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonEquityTierOneCapitalRatio"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonEquityTierOneCapitalRatio" xlink:to="lab_us-gaap_CommonEquityTierOneCapitalRatio" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther_c1429088-3d7f-403d-918e-d2de661d2a2e_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance, Adjustments, Other </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance, Adjustments, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceAdjustmentsOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTypeDomain_b3ea22d4-c2b2-4518-a33b-d84681087f9f_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTypeDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetirementPlanTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeDomain" xlink:to="lab_us-gaap_RetirementPlanTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementLocationDomain_7df9ed7f-e307-48ab-9bc9-3d41cd0469e6_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Domain] </link:label>
<link:label id="lab_us-gaap_IncomeStatementLocationDomain_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementLocationDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeStatementLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_us-gaap_IncomeStatementLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetsAbstract_0b21837e-1b68-4954-a911-cb7da8f9bfb5_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Derivative Assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsAbstract" xlink:to="lab_us-gaap_DerivativeAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_dei_AmendmentFlag_5d0c77c9-8b13-4b5f-b2bb-e53ffe90f46f_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseCost_ea3fb3f9-a1e1-462f-a874-3ab92da45589_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease cost </link:label>
<link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RefreshedFICOScorebetween620and680Member_496d36fb-62b5-4f7c-b390-a18adbc2e848_terseLabel_en-US" xlink:label="lab_bac_RefreshedFICOScorebetween620and680Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than or equal to 620 and less than 680 </link:label>
<link:label id="lab_bac_RefreshedFICOScorebetween620and680Member_label_en-US" xlink:label="lab_bac_RefreshedFICOScorebetween620and680Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score between 620 and 680 [Member] </link:label>
<link:label id="lab_bac_RefreshedFICOScorebetween620and680Member_documentation_en-US" xlink:label="lab_bac_RefreshedFICOScorebetween620and680Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score between 620 and 680 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RefreshedFICOScorebetween620and680Member" xlink:href="bac-20221231.xsd#bac_RefreshedFICOScorebetween620and680Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RefreshedFICOScorebetween620and680Member" xlink:to="lab_bac_RefreshedFICOScorebetween620and680Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeAxis_72c4e859-5e68-41c9-828f-76b2289adc53_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeAxis_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeAxis" xlink:to="lab_us-gaap_InvestmentTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RefreshedFICOScoreLessThan620Member_2eb99e69-17f3-4bf5-ae68-9f23aaa4185c_terseLabel_en-US" xlink:label="lab_bac_RefreshedFICOScoreLessThan620Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than 620 </link:label>
<link:label id="lab_bac_RefreshedFICOScoreLessThan620Member_label_en-US" xlink:label="lab_bac_RefreshedFICOScoreLessThan620Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score Less Than 620 [Member] </link:label>
<link:label id="lab_bac_RefreshedFICOScoreLessThan620Member_documentation_en-US" xlink:label="lab_bac_RefreshedFICOScoreLessThan620Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score Less Than 620 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RefreshedFICOScoreLessThan620Member" xlink:href="bac-20221231.xsd#bac_RefreshedFICOScoreLessThan620Member"/>
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<link:label id="lab_us-gaap_PreferredStockDividendsPerShareCashPaid_6198fc4e-fa9e-42d4-bbf3-7fd0476c0c96_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsPerShareCashPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend per Share (in dollars per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsPerShareCashPaid_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsPerShareCashPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Dividends, Per Share, Cash Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsPerShareCashPaid" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockDividendsPerShareCashPaid"/>
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<link:label id="lab_us-gaap_SeriesFPreferredStockMember_4c5d6f32-4909-4e02-8e05-68c6b71d4ece_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series F Preferred Stock </link:label>
<link:label id="lab_us-gaap_SeriesFPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series F Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesFPreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SeriesFPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesFPreferredStockMember" xlink:to="lab_us-gaap_SeriesFPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_033f972b-1a51-4d0a-9935-7d069cfc6213_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock_4e62dc7b-b95b-4b20-86f9-808da13bf82d_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Pretax Amounts Recognized in OCI </link:label>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock"/>
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<link:label id="lab_us-gaap_MarketApproachValuationTechniqueMember_4fbab82b-88c2-4cdb-a6ff-c8d7ca07801e_terseLabel_en-US" xlink:label="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market comparables </link:label>
<link:label id="lab_us-gaap_MarketApproachValuationTechniqueMember_label_en-US" xlink:label="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation, Market Approach [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketApproachValuationTechniqueMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketApproachValuationTechniqueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketApproachValuationTechniqueMember" xlink:to="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_13a4f805-6acc-4b4e-9bbb-849d82485c9f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Realized Gains (Losses) on Sales of Available For Sale Debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Realized Gain (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfRealizedGainLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesTradingRestricted_50b07f37-066c-4ca6-aa46-6f8ab461c778_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesTradingRestricted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account assets, pledged as collateral </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesTradingRestricted_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesTradingRestricted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Trading, Restricted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingRestricted" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesTradingRestricted"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesTradingRestricted" xlink:to="lab_us-gaap_DebtSecuritiesTradingRestricted" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_35a57a8f-7bb3-45ed-8441-b71bcf1f5a53_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization </link:label>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation, Depletion and Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DepreciationDepletionAndAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_a32d1e50-4f9c-43d2-b792-a06e9ad3483f_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_7eb864a5-15b3-4099-86b0-b612bf9c5bb7_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total AFS debt securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Excluding Accrued Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:type="arc" order="1"/>
<link:label id="lab_bac_JuniorLienHomeEquityFinancingReceivableMember_ff4ad939-515f-4201-9f57-269faee903aa_terseLabel_en-US" xlink:label="lab_bac_JuniorLienHomeEquityFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Junior Lien Home Equity Financing Receivable </link:label>
<link:label id="lab_bac_JuniorLienHomeEquityFinancingReceivableMember_label_en-US" xlink:label="lab_bac_JuniorLienHomeEquityFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Junior Lien Home Equity Financing Receivable [Member] </link:label>
<link:label id="lab_bac_JuniorLienHomeEquityFinancingReceivableMember_documentation_en-US" xlink:label="lab_bac_JuniorLienHomeEquityFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Junior Lien Home Equity Financing Receivable [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_JuniorLienHomeEquityFinancingReceivableMember" xlink:href="bac-20221231.xsd#bac_JuniorLienHomeEquityFinancingReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_JuniorLienHomeEquityFinancingReceivableMember" xlink:to="lab_bac_JuniorLienHomeEquityFinancingReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember_a1ab5c90-9127-4807-9ba4-33314173b976_terseLabel_en-US" xlink:label="lab_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage trading loans, ABS and other MBS </link:label>
<link:label id="lab_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Trading Loans, Asset-backed Securities And Other Mortgage Backed Securities [Member] </link:label>
<link:label id="lab_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember_documentation_en-US" xlink:label="lab_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage trading loans and asset backed securities Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember" xlink:href="bac-20221231.xsd#bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember" xlink:to="lab_bac_MortgageTradingLoansAssetbackedSecuritiesAndOtherMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_cd393bad-75c1-4a71-94c8-c83eced85cdd_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases_7b8b58e5-64ed-484f-869c-3475f329ccc6_verboseLabel_en-US" xlink:label="lab_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases_label_en-US" xlink:label="lab_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Receivable, Fair Value Disclosure, Net of Allowance, Excluding Leases </link:label>
<link:label id="lab_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases_documentation_en-US" xlink:label="lab_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This reflects the aggregate carrying amount of all categories of loans held in portfolio, net of unearned income and the allowance for losses on loans. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases" xlink:href="bac-20221231.xsd#bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases" xlink:to="lab_bac_LoansReceivableFairValueDisclosureNetofAllowanceExcludingLeases" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount_2a690e61-9312-4fb9-8405-719c1150d91e_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after one year through five years, amount </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Net Carrying Amount </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Net Carrying Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount" xlink:to="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveNetCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_3ffadf87-126a-4b2b-b60e-903a7e66cf4a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow and Net Investment Hedges </link:label>
<link:label id="lab_us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityIncorporationStateCountryCode_48645a7f-d557-44c3-b214-6875172f43b8_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_a3d94c9b-16e5-4976-a982-21fed198eec6_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total net derivative assets </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Including Not Subject to Master Netting Arrangement, after Offset and Deduction </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasePayments_d3ab48bd-985d-4a3d-86f7-cf24b4416d14_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating cash flows from operating leases </link:label>
<link:label id="lab_us-gaap_OperatingLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Payments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasePayments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeasePayments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasePayments" xlink:to="lab_us-gaap_OperatingLeasePayments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock_4fe55bbb-94b4-4a84-9525-7ac6648af401_terseLabel_en-US" xlink:label="lab_us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Direct Financing Lease, Lease Income </link:label>
<link:label id="lab_us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Direct Financing Lease, Lease Income [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock" xlink:to="lab_us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LaborAndRelatedExpense_21ffee7d-5578-4c7a-9cbe-7aa3ca344012_verboseLabel_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and benefits </link:label>
<link:label id="lab_us-gaap_LaborAndRelatedExpense_label_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Labor and Related Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LaborAndRelatedExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LaborAndRelatedExpense" xlink:to="lab_us-gaap_LaborAndRelatedExpense" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember_04f10d8d-0043-401c-87b5-037421b7af10_terseLabel_en-US" xlink:label="lab_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FTE basis adjustment </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember_label_en-US" xlink:label="lab_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Fully Taxable Equivalent Basis Adjustment [Member] </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember_documentation_en-US" xlink:label="lab_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Fully Taxable Equivalent Basis Adjustment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember" xlink:href="bac-20221231.xsd#bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember" xlink:to="lab_bac_SegmentReconcilingItemsFullyTaxableEquivalentBasisAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_6e83686c-21be-4e76-b49f-ddb5e2f390e9_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrealized gains/(losses) In net income related to financial instruments still held </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ChapterSevenBankruptcyMember_54857457-1776-4c8b-bfda-42e1dd8cfad9_terseLabel_en-US" xlink:label="lab_bac_ChapterSevenBankruptcyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Chapter Seven Bankruptcy </link:label>
<link:label id="lab_bac_ChapterSevenBankruptcyMember_112c5711-6b39-44fe-b28a-9da16af46e78_verboseLabel_en-US" xlink:label="lab_bac_ChapterSevenBankruptcyMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans discharged in Chapter 7 bankruptcy </link:label>
<link:label id="lab_bac_ChapterSevenBankruptcyMember_label_en-US" xlink:label="lab_bac_ChapterSevenBankruptcyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Chapter Seven Bankruptcy [Member] </link:label>
<link:label id="lab_bac_ChapterSevenBankruptcyMember_documentation_en-US" xlink:label="lab_bac_ChapterSevenBankruptcyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Chapter Seven Bankruptcy [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ChapterSevenBankruptcyMember" xlink:href="bac-20221231.xsd#bac_ChapterSevenBankruptcyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ChapterSevenBankruptcyMember" xlink:to="lab_bac_ChapterSevenBankruptcyMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod_abb63e4f-b58f-4ca4-98ce-b1ab584d7f63_terseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of unrecognized gain (loss) recognized during the period </link:label>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod_label_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans, Percentage Of Unrecognized Gain (Loss) Recognized During Period </link:label>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the unrecognized gain loss percentage for post retirement health care plan. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod" xlink:to="lab_bac_DefinedBenefitPlansPercentageOfUnrecognizedGainLossRecognizedDuringPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputLongDatedInflationVolatilitiesMember_748b9d4f-215a-4233-b006-b9354dcb98ae_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputLongDatedInflationVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-dated inflation volatilities </link:label>
<link:label id="lab_bac_MeasurementInputLongDatedInflationVolatilitiesMember_label_en-US" xlink:label="lab_bac_MeasurementInputLongDatedInflationVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Long-Dated Inflation Volatilities [Member] </link:label>
<link:label id="lab_bac_MeasurementInputLongDatedInflationVolatilitiesMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputLongDatedInflationVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Long-Dated Inflation Volatilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputLongDatedInflationVolatilitiesMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputLongDatedInflationVolatilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputLongDatedInflationVolatilitiesMember" xlink:to="lab_bac_MeasurementInputLongDatedInflationVolatilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromDividendsReceived_a26a98cf-e7b2-4c29-b5c4-9a9e0c9e3712_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromDividendsReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from dividends received </link:label>
<link:label id="lab_us-gaap_ProceedsFromDividendsReceived_label_en-US" xlink:label="lab_us-gaap_ProceedsFromDividendsReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Dividends Received </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromDividendsReceived" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromDividendsReceived"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromDividendsReceived" xlink:to="lab_us-gaap_ProceedsFromDividendsReceived" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CCARCapitalPlanRepurchasesMember_c1259589-1f82-40c9-8182-fa4cd0034523_terseLabel_en-US" xlink:label="lab_bac_CCARCapitalPlanRepurchasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CCAR capital plan repurchases </link:label>
<link:label id="lab_bac_CCARCapitalPlanRepurchasesMember_label_en-US" xlink:label="lab_bac_CCARCapitalPlanRepurchasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CCAR Capital Plan Repurchases [Member] </link:label>
<link:label id="lab_bac_CCARCapitalPlanRepurchasesMember_documentation_en-US" xlink:label="lab_bac_CCARCapitalPlanRepurchasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CCAR Capital Plan Repurchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CCARCapitalPlanRepurchasesMember" xlink:href="bac-20221231.xsd#bac_CCARCapitalPlanRepurchasesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CCARCapitalPlanRepurchasesMember" xlink:to="lab_bac_CCARCapitalPlanRepurchasesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_bfe73220-5190-4ccc-a040-14e593e98afc_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock authorized (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1_16c913b3-f6fa-4eb7-ba1c-b33f8d8186a3_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Troubled debt restructurings entering payment default that were modified during the preceding twelve months </link:label>
<link:label id="lab_us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring, Subsequent Default </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1" xlink:to="lab_us-gaap_FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_cbb00459-d064-4244-8af7-3e691c1f3a14_terseLabel_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company Information </link:label>
<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information of Parent Company Only Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:to="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenFairValue_4171845a-afbd-40f8-aa1c-5cb31601ea15_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after five years though ten years, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenFairValue_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling Year Six Through Ten, Fair Value </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenFairValue_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, after Five Through Ten Years, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingYearSixThroughTenFairValue" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingYearSixThroughTenFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingYearSixThroughTenFairValue" xlink:to="lab_bac_DebtMaturitiesRollingYearSixThroughTenFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_f4d39166-4e61-44f9-a39e-db44db9913d6_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Leases </link:label>
<link:label id="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy_label_en-US" xlink:label="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinanceLoansAndLeasesReceivablePolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:to="lab_us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_48f6ceeb-481f-4da5-9347-7c0521427939_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash held at bank subsidiaries </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, at Carrying Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentBankingIncomeSyndicationFeesMember_d645f31b-459f-4706-8a49-0eca4506efcf_terseLabel_en-US" xlink:label="lab_bac_InvestmentBankingIncomeSyndicationFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Syndication fees </link:label>
<link:label id="lab_bac_InvestmentBankingIncomeSyndicationFeesMember_label_en-US" xlink:label="lab_bac_InvestmentBankingIncomeSyndicationFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Income, Syndication Fees [Member] </link:label>
<link:label id="lab_bac_InvestmentBankingIncomeSyndicationFeesMember_documentation_en-US" xlink:label="lab_bac_InvestmentBankingIncomeSyndicationFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Income, Syndication Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentBankingIncomeSyndicationFeesMember" xlink:href="bac-20221231.xsd#bac_InvestmentBankingIncomeSyndicationFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentBankingIncomeSyndicationFeesMember" xlink:to="lab_bac_InvestmentBankingIncomeSyndicationFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedCashFlowStatementTable_050f706a-b4c3-4a0b-a934-20044643923d_terseLabel_en-US" xlink:label="lab_srt_CondensedCashFlowStatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statement [Table] </link:label>
<link:label id="lab_srt_CondensedCashFlowStatementTable_label_en-US" xlink:label="lab_srt_CondensedCashFlowStatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedCashFlowStatementTable" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CondensedCashFlowStatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedCashFlowStatementTable" xlink:to="lab_srt_CondensedCashFlowStatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPayableLineItems_691a217a-be5d-41ac-97c4-49c3a393e2fe_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Payable [Line Items] </link:label>
<link:label id="lab_us-gaap_DividendsPayableLineItems_label_en-US" xlink:label="lab_us-gaap_DividendsPayableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Payable [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DividendsPayableLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableLineItems" xlink:to="lab_us-gaap_DividendsPayableLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_0a21fbc4-3e78-4535-96f4-58fe90c5d238_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] </link:label>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent_19a8b5a1-a985-4268-841d-8db6c9a98b58_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in derivatives </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent_9d8835f5-4679-4c59-bf77-28abe2ba2830_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in derivatives </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanRestructuringModificationDomain_62cbfafc-56b2-4073-ad1e-74934d7a19c1_terseLabel_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification [Domain] </link:label>
<link:label id="lab_us-gaap_LoanRestructuringModificationDomain_label_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanRestructuringModificationDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoanRestructuringModificationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanRestructuringModificationDomain" xlink:to="lab_us-gaap_LoanRestructuringModificationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount_35d23fa7-2f8a-43ca-a57a-860a4cefd154_terseLabel_en-US" xlink:label="lab_us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax credits and other benefits </link:label>
<link:label id="lab_us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount_label_en-US" xlink:label="lab_us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affordable Housing Tax Credits and Other Tax Benefits, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount" xlink:to="lab_us-gaap_AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis_71668a10-d41f-46aa-b8e5-2d4c7bd6540b_totalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis_label_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Amortized Cost Basis </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Amortized Cost Basis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis" xlink:to="lab_bac_DebtSecuritiesCarriedatFairValueAmortizedCostBasis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember_158b07b4-5e60-4fbd-8f56-f4f72d8e6c19_terseLabel_en-US" xlink:label="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits Placed and Other Short-term Investments </link:label>
<link:label id="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember_label_en-US" xlink:label="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits Placed And Other Short-Term Investments [Member] </link:label>
<link:label id="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember_documentation_en-US" xlink:label="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits Placed And Other Short-Term Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember" xlink:href="bac-20221231.xsd#bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember" xlink:to="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsTable_5ec30ccc-5d47-4371-91e0-15cd326beb4f_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards [Table] </link:label>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsTable_label_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLossCarryforwardsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLossCarryforwardsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLossCarryforwardsTable" xlink:to="lab_us-gaap_OperatingLossCarryforwardsTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods_59cefab8-bd5f-47bf-9524-d06eef5b531b_terseLabel_en-US" xlink:label="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of quarterly periods for termination (or more) </link:label>
<link:label id="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods_label_en-US" xlink:label="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Termination of Voting Rights, Dividend Paid, Number of Quarterly Periods </link:label>
<link:label id="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods_documentation_en-US" xlink:label="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Termination of Voting Rights, Dividend Paid, Number of Quarterly Periods </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods" xlink:href="bac-20221231.xsd#bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods" xlink:to="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfQuarterlyPeriods" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LongTermCreditProtectionAgreementsAmountCovered_7f08abbc-1bdd-4b52-94da-e638c0458a4a_terseLabel_en-US" xlink:label="lab_bac_LongTermCreditProtectionAgreementsAmountCovered" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term credit protection agreements, amount covered </link:label>
<link:label id="lab_bac_LongTermCreditProtectionAgreementsAmountCovered_label_en-US" xlink:label="lab_bac_LongTermCreditProtectionAgreementsAmountCovered" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Term Credit Protection Agreements, Amount Covered </link:label>
<link:label id="lab_bac_LongTermCreditProtectionAgreementsAmountCovered_documentation_en-US" xlink:label="lab_bac_LongTermCreditProtectionAgreementsAmountCovered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Term Credit Protection Agreements, Amount Covered </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LongTermCreditProtectionAgreementsAmountCovered" xlink:href="bac-20221231.xsd#bac_LongTermCreditProtectionAgreementsAmountCovered"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LongTermCreditProtectionAgreementsAmountCovered" xlink:to="lab_bac_LongTermCreditProtectionAgreementsAmountCovered" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_0f8df19c-0348-494f-98cf-a154d4f8e159_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax benefit from compensation expense </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Expense, Tax Benefit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember_7aea2a89-3c17-434c-8cbf-90722f152844_terseLabel_en-US" xlink:label="lab_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resale and Forward-Dated Resale and Securities Borrowing Agreements </link:label>
<link:label id="lab_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember_label_en-US" xlink:label="lab_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resale and Forward-Dated Resale and Securities Borrowing Agreements [Member] </link:label>
<link:label id="lab_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember_documentation_en-US" xlink:label="lab_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resale and Forward-Dated Resale and Securities Borrowing Agreements [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember" xlink:href="bac-20221231.xsd#bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember" xlink:to="lab_bac_ResaleandForwardDatedResaleandSecuritiesBorrowingAgreementsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConsolidationVariableInterestEntityPolicy_12607fcc-6f03-4c0f-a80b-62ab174977ab_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities </link:label>
<link:label id="lab_us-gaap_ConsolidationVariableInterestEntityPolicy_label_en-US" xlink:label="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation, Variable Interest Entity, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:to="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance_c3f4a2fa-f271-43c7-a070-e9acfd83bda1_verboseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance_9df24803-3a26-4068-980a-e0645bf770ed_totalLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet, Credit Loss, Allowance </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet, Credit Loss, Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetCreditLossAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongMember_997f819f-c930-4c7b-bf8f-fe3f1cc857c7_terseLabel_en-US" xlink:label="lab_us-gaap_LongMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchased options </link:label>
<link:label id="lab_us-gaap_LongMember_label_en-US" xlink:label="lab_us-gaap_LongMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongMember" xlink:to="lab_us-gaap_LongMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditCardandOtherConsumerPortfolioSegmentMember_33def2f5-3b91-49e4-8ff5-16e89aebb4fe_terseLabel_en-US" xlink:label="lab_bac_CreditCardandOtherConsumerPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit card and other consumer </link:label>
<link:label id="lab_bac_CreditCardandOtherConsumerPortfolioSegmentMember_label_en-US" xlink:label="lab_bac_CreditCardandOtherConsumerPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Other Consumer Portfolio Segment [Member] </link:label>
<link:label id="lab_bac_CreditCardandOtherConsumerPortfolioSegmentMember_documentation_en-US" xlink:label="lab_bac_CreditCardandOtherConsumerPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Other Consumer Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditCardandOtherConsumerPortfolioSegmentMember" xlink:href="bac-20221231.xsd#bac_CreditCardandOtherConsumerPortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditCardandOtherConsumerPortfolioSegmentMember" xlink:to="lab_bac_CreditCardandOtherConsumerPortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermBorrowings_d773d7c8-3383-4266-ac8f-3507b293eb60_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermBorrowings_label_en-US" xlink:label="lab_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermBorrowings" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShortTermBorrowings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermBorrowings" xlink:to="lab_us-gaap_ShortTermBorrowings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements_625c4fb7-b283-4c0a-914d-38c86dfbf71c_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases, Sales and Settlements </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:to="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_c8105190-f0d5-4c3c-98c9-033f7bed3c04_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Change in Unrecognized Tax Benefits </link:label>
<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CashDividendsFromSubsidiaries_8c2c342a-5915-47a4-91f8-6356e1b47c32_terseLabel_en-US" xlink:label="lab_bac_CashDividendsFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends from subsidiaries: </link:label>
<link:label id="lab_bac_CashDividendsFromSubsidiaries_label_en-US" xlink:label="lab_bac_CashDividendsFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Dividends From Subsidiaries </link:label>
<link:label id="lab_bac_CashDividendsFromSubsidiaries_documentation_en-US" xlink:label="lab_bac_CashDividendsFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Dividends from Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CashDividendsFromSubsidiaries" xlink:href="bac-20221231.xsd#bac_CashDividendsFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CashDividendsFromSubsidiaries" xlink:to="lab_bac_CashDividendsFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialGuaranteeMember_b691ae49-9fc0-459c-b779-05f32a53adbe_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Guarantee </link:label>
<link:label id="lab_us-gaap_FinancialGuaranteeMember_label_en-US" xlink:label="lab_us-gaap_FinancialGuaranteeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Guarantee [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialGuaranteeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialGuaranteeMember" xlink:to="lab_us-gaap_FinancialGuaranteeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers_203cae37-c2ac-43ea-9e07-9504a02bb4ca_terseLabel_en-US" xlink:label="lab_us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits with clearing organizations </link:label>
<link:label id="lab_us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers_label_en-US" xlink:label="lab_us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Good Faith and Margin Deposit with Broker-Dealer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers" xlink:to="lab_us-gaap_GoodFaithAndMarginDepositsWithBrokerDealers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets_edccf371-a61e-495c-be70-8f957d38609c_verboseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital ratio </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:to="lab_us-gaap_TierOneRiskBasedCapitalToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherReceivables_c1a333bc-b2c7-4e44-8f20-3b6498f2364e_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables </link:label>
<link:label id="lab_us-gaap_OtherReceivables_label_en-US" xlink:label="lab_us-gaap_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivables" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivables" xlink:to="lab_us-gaap_OtherReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositsAbstract_40602646-1e67-4d34-b9d1-968a6f37bd7a_terseLabel_en-US" xlink:label="lab_us-gaap_DepositsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits [Abstract] </link:label>
<link:label id="lab_us-gaap_DepositsAbstract_label_en-US" xlink:label="lab_us-gaap_DepositsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DepositsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsAbstract" xlink:to="lab_us-gaap_DepositsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GainLossOnLoansAndLeases_8f49e461-a995-4a96-84f3-84de71af25ce_verboseLabel_en-US" xlink:label="lab_bac_GainLossOnLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases </link:label>
<link:label id="lab_bac_GainLossOnLoansAndLeases_label_en-US" xlink:label="lab_bac_GainLossOnLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) On Loans And Leases </link:label>
<link:label id="lab_bac_GainLossOnLoansAndLeases_documentation_en-US" xlink:label="lab_bac_GainLossOnLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the amount of gain (loss) recognized on Loans and Leases, still held as of the reporting date, measured at fair value on a nonrecurring basis. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GainLossOnLoansAndLeases" xlink:href="bac-20221231.xsd#bac_GainLossOnLoansAndLeases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GainLossOnLoansAndLeases" xlink:to="lab_bac_GainLossOnLoansAndLeases" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FirstLienMortgagesMember_2a276946-289b-405d-a41d-f31453ae36b5_terseLabel_en-US" xlink:label="lab_bac_FirstLienMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> First Lien Mortgages </link:label>
<link:label id="lab_bac_FirstLienMortgagesMember_label_en-US" xlink:label="lab_bac_FirstLienMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> First-Lien Mortgages [Member] </link:label>
<link:label id="lab_bac_FirstLienMortgagesMember_documentation_en-US" xlink:label="lab_bac_FirstLienMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A loan to an individual to purchase or refinance residential real estate such as a home, in which the real estate itself serves as collateral for the loan, but consisting of only first-liens. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FirstLienMortgagesMember" xlink:href="bac-20221231.xsd#bac_FirstLienMortgagesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FirstLienMortgagesMember" xlink:to="lab_bac_FirstLienMortgagesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_02b79d77-fb7f-4acd-b544-6b4a7713e5a1_terseLabel_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimate of Fair Value Measurement </link:label>
<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimate of Fair Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms_fe855fa6-ffa4-4ba4-a50b-2d829f17b5ce_terseLabel_en-US" xlink:label="lab_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional amount, with identical underlying referenced names and terms </link:label>
<link:label id="lab_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms_label_en-US" xlink:label="lab_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Notional Amount, With Identical Underlying Referenced Names and Terms </link:label>
<link:label id="lab_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms_documentation_en-US" xlink:label="lab_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Notional Amount, With Identical Underlying Referenced Names and Terms </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms" xlink:href="bac-20221231.xsd#bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms" xlink:to="lab_bac_CreditDerivativeNotionalAmountWithIdenticalUnderlyingReferencedNamesandTerms" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAccruedInterestWriteoff_62852155-78fd-4f93-ae4a-f3fe62869d06_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAccruedInterestWriteoff" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and fee income reversed </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAccruedInterestWriteoff_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAccruedInterestWriteoff" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Accrued Interest, Writeoff </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAccruedInterestWriteoff" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableAccruedInterestWriteoff"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAccruedInterestWriteoff" xlink:to="lab_us-gaap_FinancingReceivableAccruedInterestWriteoff" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingRevenueReconcilingItemLineItems_3d5d1ff2-30ff-4415-8fc5-387684b20d45_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingRevenueReconcilingItemLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Revenue Reconciling Item [Line Items] </link:label>
<link:label id="lab_us-gaap_SegmentReportingRevenueReconcilingItemLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingRevenueReconcilingItemLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Revenue Reconciling Item [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingRevenueReconcilingItemLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SegmentReportingRevenueReconcilingItemLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingRevenueReconcilingItemLineItems" xlink:to="lab_us-gaap_SegmentReportingRevenueReconcilingItemLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_7089b0c9-acd6-4266-95ce-798348d88210_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NonU.S.AndOtherSecuritiesMember_9be8bba5-a273-4287-ae9f-492c27273b7c_terseLabel_en-US" xlink:label="lab_bac_NonU.S.AndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. and other securities </link:label>
<link:label id="lab_bac_NonU.S.AndOtherSecuritiesMember_label_en-US" xlink:label="lab_bac_NonU.S.AndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. And Other Securities [Member] </link:label>
<link:label id="lab_bac_NonU.S.AndOtherSecuritiesMember_documentation_en-US" xlink:label="lab_bac_NonU.S.AndOtherSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. And Other Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NonU.S.AndOtherSecuritiesMember" xlink:href="bac-20221231.xsd#bac_NonU.S.AndOtherSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NonU.S.AndOtherSecuritiesMember" xlink:to="lab_bac_NonU.S.AndOtherSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput_013f8d43-ea51-4ea9-8bec-f645a6d827ed_terseLabel_en-US" xlink:label="lab_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial loans, debt securities and other </link:label>
<link:label id="lab_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput_label_en-US" xlink:label="lab_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Loans, Debt Securities And Other Assets, Measurement Input </link:label>
<link:label id="lab_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput_documentation_en-US" xlink:label="lab_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Loans, Debt Securities And Other Assets, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput" xlink:href="bac-20221231.xsd#bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput" xlink:to="lab_bac_CommercialLoansDebtSecuritiesAndOtherAssetsMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxAuthorityAxis_b53d7043-9ea2-4f78-ade7-e4e44cb294c1_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Axis] </link:label>
<link:label id="lab_us-gaap_IncomeTaxAuthorityAxis_label_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxAuthorityAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxAuthorityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityAxis" xlink:to="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ServicingAssetAtFairValueForInvestors_4893f19e-5736-4a65-bfbd-fcaae3728582_terseLabel_en-US" xlink:label="lab_bac_ServicingAssetAtFairValueForInvestors" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage loans serviced for investors </link:label>
<link:label id="lab_bac_ServicingAssetAtFairValueForInvestors_label_en-US" xlink:label="lab_bac_ServicingAssetAtFairValueForInvestors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing Asset At Fair Value, For Investors </link:label>
<link:label id="lab_bac_ServicingAssetAtFairValueForInvestors_documentation_en-US" xlink:label="lab_bac_ServicingAssetAtFairValueForInvestors" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the unpaid principal balance of mortgage loans serviced for investors at fair value. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ServicingAssetAtFairValueForInvestors" xlink:href="bac-20221231.xsd#bac_ServicingAssetAtFairValueForInvestors"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ServicingAssetAtFairValueForInvestors" xlink:to="lab_bac_ServicingAssetAtFairValueForInvestors" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesFvNiCost_8429214d-4f10-4b87-beb0-5d55d2c3f785_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity securities, cost </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesFvNiCost_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities, FV-NI, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNiCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquitySecuritiesFvNiCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiCost" xlink:to="lab_us-gaap_EquitySecuritiesFvNiCost" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankOfAmericaCorporationEquityPlanBACEPMember_faa42450-f2a6-427b-b310-fe68ce38e144_terseLabel_en-US" xlink:label="lab_bac_BankOfAmericaCorporationEquityPlanBACEPMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Of America Corporation Equity Plan (BACEP) </link:label>
<link:label id="lab_bac_BankOfAmericaCorporationEquityPlanBACEPMember_label_en-US" xlink:label="lab_bac_BankOfAmericaCorporationEquityPlanBACEPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Of America Corporation Equity Plan (BACEP) [Member] </link:label>
<link:label id="lab_bac_BankOfAmericaCorporationEquityPlanBACEPMember_documentation_en-US" xlink:label="lab_bac_BankOfAmericaCorporationEquityPlanBACEPMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Of America Corporation Equity Plan (BACEP) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankOfAmericaCorporationEquityPlanBACEPMember" xlink:href="bac-20221231.xsd#bac_BankOfAmericaCorporationEquityPlanBACEPMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankOfAmericaCorporationEquityPlanBACEPMember" xlink:to="lab_bac_BankOfAmericaCorporationEquityPlanBACEPMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_f8ad73d5-cc69-495e-9ff0-1c79b7a6f85b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield_7958d2d0-5ef6-4ee8-91ae-0fc843fe4b1e_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in one year or less, yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Net Carrying Amount, Average Yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Net Carrying Amount, Average Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield" xlink:to="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmountAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDefaultSwapSellingProtectionMember_85b67577-f707-45ea-a9d1-f39145839c50_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapSellingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Written credit derivatives: </link:label>
<link:label id="lab_us-gaap_CreditDefaultSwapSellingProtectionMember_label_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapSellingProtectionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap, Selling Protection [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDefaultSwapSellingProtectionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditDefaultSwapSellingProtectionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDefaultSwapSellingProtectionMember" xlink:to="lab_us-gaap_CreditDefaultSwapSellingProtectionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_70ad7728-cdce-4409-8964-244ec5e91d1d_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherLoansAndLeases_57b5306b-a1f7-41cd-8942-907d3cf090a9_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherLoansAndLeases" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other changes in loans and leases, net </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherLoansAndLeases_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Other Loans and Leases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherLoansAndLeases" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForProceedsFromOtherLoansAndLeases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromOtherLoansAndLeases" xlink:to="lab_us-gaap_PaymentsForProceedsFromOtherLoansAndLeases" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ServiceChargesLendingRelatedFeesMember_10c91ddb-fc4d-4edd-a6d8-2cfb621e3831_terseLabel_en-US" xlink:label="lab_bac_ServiceChargesLendingRelatedFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending-related fees </link:label>
<link:label id="lab_bac_ServiceChargesLendingRelatedFeesMember_label_en-US" xlink:label="lab_bac_ServiceChargesLendingRelatedFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Charges, Lending-Related Fees [Member] </link:label>
<link:label id="lab_bac_ServiceChargesLendingRelatedFeesMember_documentation_en-US" xlink:label="lab_bac_ServiceChargesLendingRelatedFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Charges, Lending-Related Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ServiceChargesLendingRelatedFeesMember" xlink:href="bac-20221231.xsd#bac_ServiceChargesLendingRelatedFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ServiceChargesLendingRelatedFeesMember" xlink:to="lab_bac_ServiceChargesLendingRelatedFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_314c84b5-a2ee-4e46-8b8f-3fc3a4ff32f5_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Line Items] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PropertyPlantAndEquipmentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_5edd78f1-7e42-4880-8243-01107f79a80e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) in OCI </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputOfferedPriceMember_c524631b-6869-43a0-9a73-8ebd5e317f45_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputOfferedPriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price </link:label>
<link:label id="lab_us-gaap_MeasurementInputOfferedPriceMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputOfferedPriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Offered Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputOfferedPriceMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputOfferedPriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputOfferedPriceMember" xlink:to="lab_us-gaap_MeasurementInputOfferedPriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonrecourseMember_96dde69f-3105-47d2-bbeb-76cc6cdea30c_terseLabel_en-US" xlink:label="lab_us-gaap_NonrecourseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonrecourse </link:label>
<link:label id="lab_us-gaap_NonrecourseMember_label_en-US" xlink:label="lab_us-gaap_NonrecourseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonrecourse [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonrecourseMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NonrecourseMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonrecourseMember" xlink:to="lab_us-gaap_NonrecourseMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax_78cd64b8-0f70-48d6-8d3c-3f12b36033da_totalLabel_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income before equity in undistributed earnings of subsidiaries </link:label>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax_label_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, after Income (Loss) From Subsidiaries, Net of Tax </link:label>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax_documentation_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, after Income (Loss) From Subsidiaries, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax" xlink:href="bac-20221231.xsd#bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax" xlink:to="lab_bac_IncomeLossfromContinuingOperationsafterIncomeLossFromSubsidiariesNetofTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentTable_67b3a55e-4ffe-4d29-a4d7-7c0fe1ab6ab0_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentTable_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-Term Debt Instruments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtInstrumentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTable" xlink:to="lab_us-gaap_DebtInstrumentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_7fbd0669-05ed-48bf-b65a-a9748db2c1fe_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee Arrangements </link:label>
<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Leases [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeLeasesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:to="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositsTable_9ce69fcc-7ce6-4a8e-ab9b-7c8539d8ddbb_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits [Table] </link:label>
<link:label id="lab_us-gaap_TimeDepositsTable_label_en-US" xlink:label="lab_us-gaap_TimeDepositsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposit Liability [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositsTable" xlink:to="lab_us-gaap_TimeDepositsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_1557a575-4c17-481e-99b6-8a0076dcd377_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-based Compensation Plans </link:label>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpense_9fdd862e-3672-404b-8fba-168dc1dd0736_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nondeductible expenses </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpense_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpense" xlink:to="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpense" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield_fddb2cc1-3b56-438d-9cd3-a68559f1488c_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in one year or less, yield </link:label>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield_label_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis, Average Yield </link:label>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis, Average Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield" xlink:to="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasisAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss_273f8eae-1fe9-487c-8f99-66752b6f3445_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency exchange rate changes </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_efa5f778-1801-4c99-b7a8-023abe4471fe_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Lease, Payment to be Received, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FurnitureAndEquipmentMember_c24d3653-a1f0-46d2-8fb6-8eba8fca1c12_terseLabel_en-US" xlink:label="lab_bac_FurnitureAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Furniture and Equipment </link:label>
<link:label id="lab_bac_FurnitureAndEquipmentMember_label_en-US" xlink:label="lab_bac_FurnitureAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Furniture and Equipment [Member] </link:label>
<link:label id="lab_bac_FurnitureAndEquipmentMember_documentation_en-US" xlink:label="lab_bac_FurnitureAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Furniture and Equipment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FurnitureAndEquipmentMember" xlink:href="bac-20221231.xsd#bac_FurnitureAndEquipmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FurnitureAndEquipmentMember" xlink:to="lab_bac_FurnitureAndEquipmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_VariableInterestEntityNonconsolidatedEntitiesAssets_341af403-bd24-4658-9682-df92d6f2901f_terseLabel_en-US" xlink:label="lab_bac_VariableInterestEntityNonconsolidatedEntitiesAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets of VIEs, Unconsolidated </link:label>
<link:label id="lab_bac_VariableInterestEntityNonconsolidatedEntitiesAssets_label_en-US" xlink:label="lab_bac_VariableInterestEntityNonconsolidatedEntitiesAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Nonconsolidated Entities, Assets </link:label>
<link:label id="lab_bac_VariableInterestEntityNonconsolidatedEntitiesAssets_documentation_en-US" xlink:label="lab_bac_VariableInterestEntityNonconsolidatedEntitiesAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Nonconsolidated Entities, Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_VariableInterestEntityNonconsolidatedEntitiesAssets" xlink:href="bac-20221231.xsd#bac_VariableInterestEntityNonconsolidatedEntitiesAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_VariableInterestEntityNonconsolidatedEntitiesAssets" xlink:to="lab_bac_VariableInterestEntityNonconsolidatedEntitiesAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount_bfc35f34-8f07-4dac-a689-f8b1fdb55d75_negatedTerseLabel_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate differential on non-U.S. earnings </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount_label_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Law Changes, Amount </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount_documentation_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Law Changes, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount" xlink:href="bac-20221231.xsd#bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount" xlink:to="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesAmount" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PriceRiskOnCertainCompensationPlansMember_77f5582e-7cb6-4d6f-9149-6bda8df5dab9_terseLabel_en-US" xlink:label="lab_bac_PriceRiskOnCertainCompensationPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price risk on certain compensation plans </link:label>
<link:label id="lab_bac_PriceRiskOnCertainCompensationPlansMember_label_en-US" xlink:label="lab_bac_PriceRiskOnCertainCompensationPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price Risk On Certain Compensation Plans [Member] </link:label>
<link:label id="lab_bac_PriceRiskOnCertainCompensationPlansMember_documentation_en-US" xlink:label="lab_bac_PriceRiskOnCertainCompensationPlansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price Risk On Certain Compensation Plans </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PriceRiskOnCertainCompensationPlansMember" xlink:href="bac-20221231.xsd#bac_PriceRiskOnCertainCompensationPlansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PriceRiskOnCertainCompensationPlansMember" xlink:to="lab_bac_PriceRiskOnCertainCompensationPlansMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments_60b5017c-73df-4ddf-99fc-931f67ba7701_negatedLabel_en-US" xlink:label="lab_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time deposits placed and other short-term investments </link:label>
<link:label id="lab_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments_label_en-US" xlink:label="lab_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) In Time Deposits And Other Short-Term Investments </link:label>
<link:label id="lab_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments_documentation_en-US" xlink:label="lab_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Time Deposits and Other Short-term Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments" xlink:href="bac-20221231.xsd#bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments" xlink:to="lab_bac_IncreaseDecreaseInTimeDepositsAndOtherShortTermInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansMember_7075de1d-3187-47cf-8b00-a142ce9cbf04_terseLabel_en-US" xlink:label="lab_us-gaap_LoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage trading loans and ABS </link:label>
<link:label id="lab_us-gaap_LoansMember_label_en-US" xlink:label="lab_us-gaap_LoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansMember" xlink:to="lab_us-gaap_LoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_42191ece-aff2-405c-82c8-54d8acff871e_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward_712d61cb-9fd7-4574-9a21-fa46c77f5499_terseLabel_en-US" xlink:label="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] </link:label>
<link:label id="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward_label_en-US" xlink:label="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent, Net of Tax [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AOCIAttributableToParentNetOfTaxRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:to="lab_us-gaap_AOCIAttributableToParentNetOfTaxRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_f8b5bc46-bc52-4ece-becb-61a47840f843_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 2 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_d434e409-67b0-4f7e-9714-497aca1914b5_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 2 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 2 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel2Member" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueInputsLevel2Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_us-gaap_FairValueInputsLevel2Member" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CurrentFiscalYearEndDate_6027940f-f48e-49e0-801e-3c891b999d2c_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
<link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CurrentFiscalYearEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember_e5405570-1c48-4ab1-ba5c-e0a211167b6b_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed </link:label>
<link:label id="lab_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember_label_en-US" xlink:label="lab_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Advances from Federal Home Loan Banks, Fixed [Member] </link:label>
<link:label id="lab_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Advances from Federal Home Loan Banks, Fixed [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember" xlink:to="lab_bac_BankofAmericaN.A.AdvancesfromFederalHomeLoanBanksFixedMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommercialReservableCriticizedUtilizedExposurePercent_9f6b7444-b497-45f4-bd2f-476713f581f9_terseLabel_en-US" xlink:label="lab_bac_CommercialReservableCriticizedUtilizedExposurePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial reservable criticized utilized exposure, percent </link:label>
<link:label id="lab_bac_CommercialReservableCriticizedUtilizedExposurePercent_label_en-US" xlink:label="lab_bac_CommercialReservableCriticizedUtilizedExposurePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Reservable Criticized Utilized Exposure, Percent </link:label>
<link:label id="lab_bac_CommercialReservableCriticizedUtilizedExposurePercent_documentation_en-US" xlink:label="lab_bac_CommercialReservableCriticizedUtilizedExposurePercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Reservable Criticized Utilized Exposure, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommercialReservableCriticizedUtilizedExposurePercent" xlink:href="bac-20221231.xsd#bac_CommercialReservableCriticizedUtilizedExposurePercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommercialReservableCriticizedUtilizedExposurePercent" xlink:to="lab_bac_CommercialReservableCriticizedUtilizedExposurePercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_20acdc35-e2b0-49b7-9c87-73255582c7f7_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases"/>
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<link:label id="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyDomain_cb4e5c4c-461d-4888-b232-1156aa210868_terseLabel_en-US" xlink:label="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Capital Requirements for Banking Organizations, by Implementation Approaches [Domain] </link:label>
<link:label id="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyDomain_label_en-US" xlink:label="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Risk-Weighted Assets Calculation Methodology [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RiskWeightedAssetsCalculationMethodologyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RiskWeightedAssetsCalculationMethodologyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RiskWeightedAssetsCalculationMethodologyDomain" xlink:to="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesUPreferredStockMember_7ba15422-da51-4045-bdf3-b09d3348f472_terseLabel_en-US" xlink:label="lab_bac_SeriesUPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series U Preferred Stock </link:label>
<link:label id="lab_bac_SeriesUPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesUPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series U Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesUPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesUPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series U Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesUPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesUPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesUPreferredStockMember" xlink:to="lab_bac_SeriesUPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_c83c1382-a82f-4af7-8de4-9dd5785217d4_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable_c6ef0f3a-e0fe-4a09-b338-23a42e1b8fe2_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Revenue from Segments to Consolidated [Table] </link:label>
<link:label id="lab_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Revenue from Segments to Consolidated [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable" xlink:to="lab_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesTable_16f2189a-9451-40d1-8762-364cc5196e15_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Table] </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesTable_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketableSecuritiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesTable" xlink:to="lab_us-gaap_MarketableSecuritiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis_208f87e2-249b-4627-af32-0a7d7aef6d5c_terseLabel_en-US" xlink:label="lab_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest income </link:label>
<link:label id="lab_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis_label_en-US" xlink:label="lab_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense) Net, Full Tax Equivalent Basis </link:label>
<link:label id="lab_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis_documentation_en-US" xlink:label="lab_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense) Net, Full Tax Equivalent Basis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis" xlink:href="bac-20221231.xsd#bac_InterestIncomeExpenseNetFullTaxEquivalentBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis" xlink:to="lab_bac_InterestIncomeExpenseNetFullTaxEquivalentBasis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_033b238f-eaf9-4e4a-a889-890aec8d910b_verboseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized tax benefits that would impact effective rate </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits that Would Impact Effective Tax Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount_23e974a6-3dab-4c6e-90ef-00935dc6c239_terseLabel_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in prior-period UTBs, including interest </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount_label_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Changes In Prior Period Unrealized Tax Benefits, Including Interest, Amount </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount_documentation_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Changes in Prior Period Unrealized Tax Benefits, Including Interest, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount" xlink:href="bac-20221231.xsd#bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount" xlink:to="lab_bac_EffectiveIncomeTaxRateReconciliationChangesInPriorPeriodUnrealizedTaxBenefitsIncludingInterestAmount" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesJJPreferredStockMember_0801264c-d38e-4590-85de-4d7413edced1_terseLabel_en-US" xlink:label="lab_bac_SeriesJJPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series JJ Preferred Stock </link:label>
<link:label id="lab_bac_SeriesJJPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesJJPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series JJ Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesJJPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesJJPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series JJ Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesJJPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesJJPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesJJPreferredStockMember" xlink:to="lab_bac_SeriesJJPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ServiceChargesDepositRelatedFeesMember_124d6456-c014-4c54-acba-712591bfb90a_terseLabel_en-US" xlink:label="lab_bac_ServiceChargesDepositRelatedFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposit-related fees </link:label>
<link:label id="lab_bac_ServiceChargesDepositRelatedFeesMember_label_en-US" xlink:label="lab_bac_ServiceChargesDepositRelatedFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Charges, Deposit-Related Fees [Member] </link:label>
<link:label id="lab_bac_ServiceChargesDepositRelatedFeesMember_documentation_en-US" xlink:label="lab_bac_ServiceChargesDepositRelatedFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Charges, Deposit-Related Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ServiceChargesDepositRelatedFeesMember" xlink:href="bac-20221231.xsd#bac_ServiceChargesDepositRelatedFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ServiceChargesDepositRelatedFeesMember" xlink:to="lab_bac_ServiceChargesDepositRelatedFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear_67ba6f7f-68eb-48c6-8f00-bf2fae023891_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than One Year </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear_label_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Expiration Less Than One Year </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Expiration Less Than One Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear" xlink:to="lab_bac_DerivativeLiabilityNotionalAmountExpirationLessThanOneYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_106e2651-45fd-4213-a511-565b8b1549a4_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total net derivative liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities_15b747b6-bbb4-4ef9-9860-c2868c929e4f_terseLabel_en-US" xlink:label="lab_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities </link:label>
<link:label id="lab_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities_label_en-US" xlink:label="lab_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sales And Paydowns Of Loans Originally Classified As Held-For-Sale And Instruments From Related Securitization Activities </link:label>
<link:label id="lab_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities_documentation_en-US" xlink:label="lab_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sales And Paydowns Of Loans Originally Classified As Held-For-Sale And Instruments From Related Securitization Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities" xlink:href="bac-20221231.xsd#bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities" xlink:to="lab_bac_ProceedsFromSalesAndPaydownsOfLoansOriginallyClassifiedAsHeldForSaleAndInstrumentsFromRelatedSecuritizationActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherTradingMember_b500e085-d83e-47bf-a443-6231315ea2de_terseLabel_en-US" xlink:label="lab_us-gaap_OtherTradingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other risk </link:label>
<link:label id="lab_us-gaap_OtherTradingMember_label_en-US" xlink:label="lab_us-gaap_OtherTradingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Trading [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherTradingMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherTradingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherTradingMember" xlink:to="lab_us-gaap_OtherTradingMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset_d36e3ede-70ad-45d9-897f-fe0622f2ae09_terseLabel_en-US" xlink:label="lab_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unguaranteed residuals </link:label>
<link:label id="lab_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset_label_en-US" xlink:label="lab_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type And Direct Financing Leases, Unguaranteed Residual Asset </link:label>
<link:label id="lab_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset_documentation_en-US" xlink:label="lab_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type And Direct Financing Leases, Unguaranteed Residual Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset" xlink:href="bac-20221231.xsd#bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset" xlink:to="lab_bac_SalesTypeAndDirectFinancingLeasesUnguaranteedResidualAsset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure_f357c8fc-5a9e-4030-8bc9-8259a982c850_terseLabel_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Instruments backed by residential real estate assets </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure_label_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Residential Real Estate, Fair Value Disclosure </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Residential Real Estate, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure" xlink:to="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockConvertibleThresholdTradingDays_bb2aba2d-48c9-4934-a788-1ef3297b6a7b_terseLabel_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdTradingDays" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of trading days </link:label>
<link:label id="lab_bac_PreferredStockConvertibleThresholdTradingDays_label_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdTradingDays" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Convertible, Threshold Trading Days </link:label>
<link:label id="lab_bac_PreferredStockConvertibleThresholdTradingDays_documentation_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdTradingDays" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Convertible, Threshold Trading Days </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockConvertibleThresholdTradingDays" xlink:href="bac-20221231.xsd#bac_PreferredStockConvertibleThresholdTradingDays"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockConvertibleThresholdTradingDays" xlink:to="lab_bac_PreferredStockConvertibleThresholdTradingDays" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_3078dd05-70c8-4de8-801c-b5f8f442665b_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositsDomesticAbstract_b867cafc-b2a0-4127-bec9-98701081b4e1_verboseLabel_en-US" xlink:label="lab_us-gaap_DepositsDomesticAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits in U.S. offices: </link:label>
<link:label id="lab_us-gaap_DepositsDomesticAbstract_label_en-US" xlink:label="lab_us-gaap_DepositsDomesticAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits, Domestic [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsDomesticAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DepositsDomesticAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsDomesticAbstract" xlink:to="lab_us-gaap_DepositsDomesticAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityTaxIdentificationNumber_065f8674-f983-4a5b-9a08-4f40ad0eb74d_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_3aa2f0fe-525f-4787-b565-5bc2c679a5f5_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of shares authorized (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingActivityByTypeAxis_c66431d7-a2cf-4c9d-85d2-e1d0ac980afa_terseLabel_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity, by Type [Axis] </link:label>
<link:label id="lab_us-gaap_TradingActivityByTypeAxis_label_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingActivityByTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingActivityByTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingActivityByTypeAxis" xlink:to="lab_us-gaap_TradingActivityByTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputCreditSpreadsMember_81d94c0b-4818-4158-9141-89362d86310e_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputCreditSpreadsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit spreads </link:label>
<link:label id="lab_bac_MeasurementInputCreditSpreadsMember_label_en-US" xlink:label="lab_bac_MeasurementInputCreditSpreadsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Credit Spreads [Member] </link:label>
<link:label id="lab_bac_MeasurementInputCreditSpreadsMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputCreditSpreadsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Credit Spreads </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputCreditSpreadsMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputCreditSpreadsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputCreditSpreadsMember" xlink:to="lab_bac_MeasurementInputCreditSpreadsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableModificationsPreModificationInterestRate_42abe93d-de83-4517-8892-34df7aa065ab_verboseLabel_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPreModificationInterestRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-Modification Interest Rate </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsPreModificationInterestRate_b75de845-ad97-4fc8-91be-ffa84c19a645_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPreModificationInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-Modification Interest Rate </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsPreModificationInterestRate_label_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPreModificationInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Pre-Modification Interest Rate </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsPreModificationInterestRate_documentation_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPreModificationInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Pre-Modification Interest Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableModificationsPreModificationInterestRate" xlink:href="bac-20221231.xsd#bac_FinancingReceivableModificationsPreModificationInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableModificationsPreModificationInterestRate" xlink:to="lab_bac_FinancingReceivableModificationsPreModificationInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_586a0229-d158-477a-aa6e-380ec4c4562e_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee compensation and retirement benefits </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesHeldAsCollateralAtFairValue_e0552fa5-d6fa-4fed-ab24-0cf36e3ec6ae_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesHeldAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities held as collateral, fair value </link:label>
<link:label id="lab_us-gaap_SecuritiesHeldAsCollateralAtFairValue_label_en-US" xlink:label="lab_us-gaap_SecuritiesHeldAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Held as Collateral, at Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesHeldAsCollateralAtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuritiesHeldAsCollateralAtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesHeldAsCollateralAtFairValue" xlink:to="lab_us-gaap_SecuritiesHeldAsCollateralAtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TaxExemptSecuritiesMember_50f0a74c-816e-4147-afb9-c4ffda364e38_terseLabel_en-US" xlink:label="lab_bac_TaxExemptSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax-exempt securities </link:label>
<link:label id="lab_bac_TaxExemptSecuritiesMember_a020d728-fe9a-4291-bf48-82857eb77c3f_verboseLabel_en-US" xlink:label="lab_bac_TaxExemptSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax-exempt securities </link:label>
<link:label id="lab_bac_TaxExemptSecuritiesMember_label_en-US" xlink:label="lab_bac_TaxExemptSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax-Exempt Securities [Member] </link:label>
<link:label id="lab_bac_TaxExemptSecuritiesMember_documentation_en-US" xlink:label="lab_bac_TaxExemptSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax exempt securities Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TaxExemptSecuritiesMember" xlink:href="bac-20221231.xsd#bac_TaxExemptSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TaxExemptSecuritiesMember" xlink:to="lab_bac_TaxExemptSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesAbstract_f45b9b7d-7803-475f-8674-8048fc94f7d7_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities: </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketableSecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesAbstract" xlink:to="lab_us-gaap_MarketableSecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PassMember_d618e712-06d4-4d64-a98f-305c8c7f5014_terseLabel_en-US" xlink:label="lab_us-gaap_PassMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pass rated </link:label>
<link:label id="lab_us-gaap_PassMember_label_en-US" xlink:label="lab_us-gaap_PassMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pass [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PassMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PassMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PassMember" xlink:to="lab_us-gaap_PassMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ExpectedCreditLossesOtherAssets_33d44e98-17f9-45a1-8dea-abdde20d6bc2_terseLabel_en-US" xlink:label="lab_bac_ExpectedCreditLossesOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected credit losses, other assets </link:label>
<link:label id="lab_bac_ExpectedCreditLossesOtherAssets_label_en-US" xlink:label="lab_bac_ExpectedCreditLossesOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected Credit Losses, Other Assets </link:label>
<link:label id="lab_bac_ExpectedCreditLossesOtherAssets_documentation_en-US" xlink:label="lab_bac_ExpectedCreditLossesOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected Credit Losses, Other Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ExpectedCreditLossesOtherAssets" xlink:href="bac-20221231.xsd#bac_ExpectedCreditLossesOtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ExpectedCreditLossesOtherAssets" xlink:to="lab_bac_ExpectedCreditLossesOtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsMaximumExposure_af02f57b-ee02-4551-a94c-1f93b023d46d_verboseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsMaximumExposure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum potential exposure </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsMaximumExposure_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsMaximumExposure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Maximum Exposure, Undiscounted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsMaximumExposure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GuaranteeObligationsMaximumExposure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsMaximumExposure" xlink:to="lab_us-gaap_GuaranteeObligationsMaximumExposure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LitigationSettlementExpense_7351ff58-a3f9-4d3b-ab5e-524f316e1c79_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationSettlementExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation settlement expense </link:label>
<link:label id="lab_us-gaap_LitigationSettlementExpense_label_en-US" xlink:label="lab_us-gaap_LitigationSettlementExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Settlement, Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationSettlementExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LitigationSettlementExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationSettlementExpense" xlink:to="lab_us-gaap_LitigationSettlementExpense" xlink:type="arc" order="1"/>
<link:label id="lab_srt_AsiaMember_d08dffcb-4780-4bbe-98a3-17633d2e5141_terseLabel_en-US" xlink:label="lab_srt_AsiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia </link:label>
<link:label id="lab_srt_AsiaMember_label_en-US" xlink:label="lab_srt_AsiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AsiaMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_AsiaMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AsiaMember" xlink:to="lab_srt_AsiaMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingAssets_7c7c9547-5c97-4b16-9d3b-044853b4c3a0_verboseLabel_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingAssets_label_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Contractual Principal Outstanding, Assets </link:label>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingAssets_documentation_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Contractual Principal Outstanding, Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionContractualPrincipalOutstandingAssets" xlink:href="bac-20221231.xsd#bac_FairValueOptionContractualPrincipalOutstandingAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionContractualPrincipalOutstandingAssets" xlink:to="lab_bac_FairValueOptionContractualPrincipalOutstandingAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeTaxDisclosureTable_e1c378ac-a3ed-4d97-8e69-0a6db07e7f8c_terseLabel_en-US" xlink:label="lab_bac_IncomeTaxDisclosureTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Table] </link:label>
<link:label id="lab_bac_IncomeTaxDisclosureTable_label_en-US" xlink:label="lab_bac_IncomeTaxDisclosureTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Table] </link:label>
<link:label id="lab_bac_IncomeTaxDisclosureTable_documentation_en-US" xlink:label="lab_bac_IncomeTaxDisclosureTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeTaxDisclosureTable" xlink:href="bac-20221231.xsd#bac_IncomeTaxDisclosureTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeTaxDisclosureTable" xlink:to="lab_bac_IncomeTaxDisclosureTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesNameDomain_716b4348-43b4-4ee1-ad76-a63aca6b3cc7_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities, Name [Domain] </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesNameDomain_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities, Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AntidilutiveSecuritiesNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:to="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ReceivablesFromSubsidiaries_98e7743f-69e2-4c45-b272-7b026898bc09_terseLabel_en-US" xlink:label="lab_bac_ReceivablesFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from subsidiaries: </link:label>
<link:label id="lab_bac_ReceivablesFromSubsidiaries_label_en-US" xlink:label="lab_bac_ReceivablesFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables From Subsidiaries </link:label>
<link:label id="lab_bac_ReceivablesFromSubsidiaries_documentation_en-US" xlink:label="lab_bac_ReceivablesFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables From Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ReceivablesFromSubsidiaries" xlink:href="bac-20221231.xsd#bac_ReceivablesFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ReceivablesFromSubsidiaries" xlink:to="lab_bac_ReceivablesFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock_520bc219-8d94-477d-9684-661a9f3c6c0c_terseLabel_en-US" xlink:label="lab_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash </link:label>
<link:label id="lab_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock_label_en-US" xlink:label="lab_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements, Resale Agreements, Securities Borrowed, Securities Loaned, Short-Term Borrowings And Restricted Cash Disclosure [Text Block] </link:label>
<link:label id="lab_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock_documentation_en-US" xlink:label="lab_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements, Resale Agreements, Securities Borrowed, Securities Loaned, Short-Term Borrowings And Restricted Cash Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock" xlink:href="bac-20221231.xsd#bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock" xlink:to="lab_bac_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedSecuritiesLoanedShortTermBorrowingsAndRestrictedCashDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments_2c7c68a2-2f82-4c3d-ac99-7a2361d224aa_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of consecutive missed payments </link:label>
<link:label id="lab_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments_label_en-US" xlink:label="lab_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modification, Subsequent Default, Number Of Consecutive Missed Payments </link:label>
<link:label id="lab_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments_documentation_en-US" xlink:label="lab_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modification, Subsequent Default, Number of Consecutive Missed Payments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments" xlink:href="bac-20221231.xsd#bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments" xlink:to="lab_bac_FinancingReceivableModificationSubsequentDefaultNumberOfConsecutiveMissedPayments" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CityAreaCode_588cfa24-ae97-49c1-8064-5c08fae4dccd_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtPercentageBearingVariableInterestRate_197b7bc6-3b9d-4627-a3a1-130ae27b2147_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtPercentageBearingVariableInterestRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rates </link:label>
<link:label id="lab_us-gaap_LongTermDebtPercentageBearingVariableInterestRate_label_en-US" xlink:label="lab_us-gaap_LongTermDebtPercentageBearingVariableInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtPercentageBearingVariableInterestRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtPercentageBearingVariableInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtPercentageBearingVariableInterestRate" xlink:to="lab_us-gaap_LongTermDebtPercentageBearingVariableInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield_339ee01c-67e1-4d49-b876-f9a9a834e392_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after ten years, yield </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling After Year Ten, Amortized Cost Basis, Average Yield </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Yield, after Ten Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield" xlink:to="lab_bac_DebtMaturitiesRollingAfterYearTenAmortizedCostBasisAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_9c1b7594-dcd3-43c0-868d-de9660796bfb_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other operating activities, net </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Operating Assets and Liabilities, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityOver90DaysMember_51b51d66-2c27-46a9-aea1-fee6a64dbce1_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityOver90DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than 90 Days </link:label>
<link:label id="lab_us-gaap_MaturityOver90DaysMember_label_en-US" xlink:label="lab_us-gaap_MaturityOver90DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Greater than 90 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityOver90DaysMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MaturityOver90DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityOver90DaysMember" xlink:to="lab_us-gaap_MaturityOver90DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable_c55da0ad-986c-4738-a489-fc1343b66e08_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Credit Quality Indicator [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Credit Quality Indicator [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:to="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_8457eb34-5f6e-431e-84b5-5c6d590df5d8_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount recognized, December 31 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_f7b5dd99-38db-482b-8669-2ec7d6b6d65e_verboseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average Rate </link:label>
<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_0627f01a-cf5e-4606-96d4-94019a65a5f8_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, weighted average interest rate </link:label>
<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_label_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Weighted Average Interest Rate, at Point in Time </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:to="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets_ae829f9a-556a-42d3-8a9e-0aa0f9051a49_terseLabel_en-US" xlink:label="lab_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 3 recurring assets, as a percent of total assets </link:label>
<link:label id="lab_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets_label_en-US" xlink:label="lab_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure, Recurring Level 3 Assets, Percentage Of Total Assets </link:label>
<link:label id="lab_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets_documentation_en-US" xlink:label="lab_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure, Recurring Level 3 Assets, Percentage Of Total Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets" xlink:href="bac-20221231.xsd#bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets" xlink:to="lab_bac_AssetsFairValueDisclosureRecurringLevel3AssetsPercentageOfTotalAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears_f6a260bd-4dbc-418e-81ea-61d39f3b508b_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> One to Three Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears_label_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject To Master Netting Arrangement, Expiration From One To Three Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement, Expiration From One to Three Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears" xlink:to="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationFromOneToThreeYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestRateContractMember_6e182714-9e31-432f-93e4-13a3dee85c6b_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate contracts </link:label>
<link:label id="lab_us-gaap_InterestRateContractMember_label_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateContractMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestRateContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateContractMember" xlink:to="lab_us-gaap_InterestRateContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_WeightedAverageMember_6dcdf3ae-5860-4083-a0ac-8656764b0626_terseLabel_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average </link:label>
<link:label id="lab_srt_WeightedAverageMember_label_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_WeightedAverageMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_WeightedAverageMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_WeightedAverageMember" xlink:to="lab_srt_WeightedAverageMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TradingDerivativesMember_ab1dbc2b-1484-4d23-9999-09cb31fa7e7a_terseLabel_en-US" xlink:label="lab_bac_TradingDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Derivatives and Securities </link:label>
<link:label id="lab_bac_TradingDerivativesMember_label_en-US" xlink:label="lab_bac_TradingDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Derivatives [Member] </link:label>
<link:label id="lab_bac_TradingDerivativesMember_documentation_en-US" xlink:label="lab_bac_TradingDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Derivatives [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TradingDerivativesMember" xlink:href="bac-20221231.xsd#bac_TradingDerivativesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TradingDerivativesMember" xlink:to="lab_bac_TradingDerivativesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_a3feb8f1-4a45-4b64-9b82-5b4aba6f2e22_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation, January 1 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_7736f003-c8a1-450c-95f0-dcac78c082af_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation, December 31 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_aeeafa0b-9ace-4018-a76e-2993b30a0349_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesTTPreferredStockMember_a0d49728-f436-48f2-937e-744941974a95_terseLabel_en-US" xlink:label="lab_bac_SeriesTTPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series TT Preferred Stock </link:label>
<link:label id="lab_bac_SeriesTTPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesTTPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series TT Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesTTPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesTTPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series TT Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesTTPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesTTPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesTTPreferredStockMember" xlink:to="lab_bac_SeriesTTPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_b4600b28-f3b6-4a4a-8dbb-8b558fbceaa3_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Calculation of earnings per common share and diluted earnings per common share </link:label>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable_c5aa9c7b-a501-483b-9018-4fbb452c9601_terseLabel_en-US" xlink:label="lab_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassified consumer real estate loans </link:label>
<link:label id="lab_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable_label_en-US" xlink:label="lab_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncash Investing And Financing Activities, Reclassifications Out Of Loans And Leases Receivable </link:label>
<link:label id="lab_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable_documentation_en-US" xlink:label="lab_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncash Investing and Financing Activities, Reclassifications Out of Loans and Leases Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable" xlink:href="bac-20221231.xsd#bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable" xlink:to="lab_bac_NoncashInvestingAndFinancingActivitiesReclassificationsOutOfLoansAndLeasesReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_b1ab1716-6aa2-46b0-b73d-1120f13aed54_terseLabel_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-use assets obtained in exchange for new operating lease liabilities </link:label>
<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Asset Obtained in Exchange for Operating Lease Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:to="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_3069c407-f0c4-4175-8558-8dda53814f38_negatedLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross losses </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Realized Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance_cf25ec47-514e-4811-8587-39f6ffad3346_terseLabel_en-US" xlink:label="lab_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unguaranteed residual asset with third-party residual value insurance </link:label>
<link:label id="lab_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance_label_en-US" xlink:label="lab_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type Lease, Unguaranteed Residual Asset With Third-party Residual Value Insurance </link:label>
<link:label id="lab_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance_documentation_en-US" xlink:label="lab_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type Lease, Unguaranteed Residual Asset With Third-party Residual Value Insurance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance" xlink:href="bac-20221231.xsd#bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance" xlink:to="lab_bac_SalestypeLeaseUnguaranteedResidualAssetWithThirdpartyResidualValueInsurance" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LifeInsuranceBookValueProtectionMember_8cee55fa-2704-439e-95cf-c1fc9fe7a07d_terseLabel_en-US" xlink:label="lab_bac_LifeInsuranceBookValueProtectionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Life Insurance Book Value Protection </link:label>
<link:label id="lab_bac_LifeInsuranceBookValueProtectionMember_label_en-US" xlink:label="lab_bac_LifeInsuranceBookValueProtectionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Life Insurance Book Value Protection [Member] </link:label>
<link:label id="lab_bac_LifeInsuranceBookValueProtectionMember_documentation_en-US" xlink:label="lab_bac_LifeInsuranceBookValueProtectionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Life Insurance Book Value Protection [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LifeInsuranceBookValueProtectionMember" xlink:href="bac-20221231.xsd#bac_LifeInsuranceBookValueProtectionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LifeInsuranceBookValueProtectionMember" xlink:to="lab_bac_LifeInsuranceBookValueProtectionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingAssetsTableTextBlock_a91c6fc2-20e2-4130-8e40-b053c199e654_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets </link:label>
<link:label id="lab_us-gaap_OffsettingAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingAssetsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffsettingAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingAssetsTableTextBlock" xlink:to="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember_c20b6e1a-86bf-417b-9cb0-4d42345d5d49_terseLabel_en-US" xlink:label="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement Health and Life Plans </link:label>
<link:label id="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Postretirement Benefits Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:to="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesFairValueExcludingAccruedInterest_b4307bf4-2fb1-412c-8af3-65f836b7d07f_totalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_bac_DebtSecuritiesFairValueExcludingAccruedInterest_label_en-US" xlink:label="lab_bac_DebtSecuritiesFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Fair Value, Excluding Accrued Interest </link:label>
<link:label id="lab_bac_DebtSecuritiesFairValueExcludingAccruedInterest_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Fair Value, Excluding Accrued Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesFairValueExcludingAccruedInterest" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesFairValueExcludingAccruedInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesFairValueExcludingAccruedInterest" xlink:to="lab_bac_DebtSecuritiesFairValueExcludingAccruedInterest" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities_f530f51a-224a-4ebc-b560-45eca08a784e_negatedTotalLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Right To Reclaim Securities </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Right To Reclaim Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_99456646-cf42-4f9d-83d1-030ec5eb1b0b_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of compensation increase </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StandardizedApproachMember_c0c3162b-a65b-4d18-ad7a-1db5d5d68c7d_terseLabel_en-US" xlink:label="lab_us-gaap_StandardizedApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standardized Approach </link:label>
<link:label id="lab_us-gaap_StandardizedApproachMember_label_en-US" xlink:label="lab_us-gaap_StandardizedApproachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Standardized Approach [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StandardizedApproachMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StandardizedApproachMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StandardizedApproachMember" xlink:to="lab_us-gaap_StandardizedApproachMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis_eee67954-2b46-403c-b0bb-3445dcea0ef1_terseLabel_en-US" xlink:label="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividend Rate, Date Change From Fixed To Variable [Axis] </link:label>
<link:label id="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis_label_en-US" xlink:label="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividend Rate, Date Change From Fixed To Variable [Axis] </link:label>
<link:label id="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis_documentation_en-US" xlink:label="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividend Rate, Date Change From Fixed To Variable [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis" xlink:href="bac-20221231.xsd#bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis" xlink:to="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressPostalZipCode_2e847e57-11e4-4fbf-828f-ba32c3e01909_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesReceivedAsResecuritizationProceeds_cf4248d8-8df3-44cd-8e3c-3a90fe144334_terseLabel_en-US" xlink:label="lab_bac_SecuritiesReceivedAsResecuritizationProceeds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resecuritization proceeds </link:label>
<link:label id="lab_bac_SecuritiesReceivedAsResecuritizationProceeds_label_en-US" xlink:label="lab_bac_SecuritiesReceivedAsResecuritizationProceeds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Received As Resecuritization Proceeds </link:label>
<link:label id="lab_bac_SecuritiesReceivedAsResecuritizationProceeds_documentation_en-US" xlink:label="lab_bac_SecuritiesReceivedAsResecuritizationProceeds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Received As Resecuritization Proceeds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesReceivedAsResecuritizationProceeds" xlink:href="bac-20221231.xsd#bac_SecuritiesReceivedAsResecuritizationProceeds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesReceivedAsResecuritizationProceeds" xlink:to="lab_bac_SecuritiesReceivedAsResecuritizationProceeds" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_e0ba0420-4875-479d-9363-d35d9f377e63_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_c2b93a48-fb03-474d-b1f5-8972df400a25_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:to="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember_da88072e-6180-4f06-b353-10fe78b7a2ba_terseLabel_en-US" xlink:label="lab_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto) </link:label>
<link:label id="lab_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember_label_en-US" xlink:label="lab_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities [Member] </link:label>
<link:label id="lab_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember_documentation_en-US" xlink:label="lab_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:href="bac-20221231.xsd#bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:to="lab_bac_A5.63FixedtoFloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_312a5f5f-69a7-47f5-b29d-6a49e6b5e236_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Per annum dividend rate </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Dividend Rate, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockDividendRatePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:to="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_1a1e04ab-6606-4872-976c-ffe47b6471d2_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditRiskContractMember_9aebd880-2947-4167-9786-02663102bdbc_terseLabel_en-US" xlink:label="lab_us-gaap_CreditRiskContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit derivatives </link:label>
<link:label id="lab_us-gaap_CreditRiskContractMember_label_en-US" xlink:label="lab_us-gaap_CreditRiskContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Risk Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskContractMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditRiskContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditRiskContractMember" xlink:to="lab_us-gaap_CreditRiskContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember_00089636-3eb2-4710-9f55-c8faf6deac24_terseLabel_en-US" xlink:label="lab_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate and foreign currency risk on long-term debt </link:label>
<link:label id="lab_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember_label_en-US" xlink:label="lab_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate and Foreign Currency Risk on Long-Term Debt [Member] </link:label>
<link:label id="lab_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember_documentation_en-US" xlink:label="lab_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate and foreign currency risk on long-term debt. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember" xlink:href="bac-20221231.xsd#bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember" xlink:to="lab_bac_InterestRateAndForeignCurrencyRiskOnLongTermDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear_e4d21212-7503-4fad-a135-dfa35696f12f_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Originated in fiscal year before current fiscal year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Two, Originated, Fiscal Year Before Current Fiscal Year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Two, Originated, Fiscal Year Before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember_b259e19a-9f53-4ea5-a992-922159f07dfe_terseLabel_en-US" xlink:label="lab_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than 90 percent but less than or equal to 100 percent </link:label>
<link:label id="lab_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember_label_en-US" xlink:label="lab_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt To Value, Greater Than Ninety Percent But Less Than Or Equal To Hundred Percent [Member] </link:label>
<link:label id="lab_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember_documentation_en-US" xlink:label="lab_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt To Value, Greater Than Ninety Percent But Less Than Or Equal To Hundred Percent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember" xlink:href="bac-20221231.xsd#bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember" xlink:to="lab_bac_DebtToValueGreaterThanNinetyPercentButLessThanOrEqualToHundredPercentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesXPreferredStockMember_d30d0d8f-c372-48b4-a8e6-7a20b787151e_terseLabel_en-US" xlink:label="lab_bac_SeriesXPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series X Preferred Stock </link:label>
<link:label id="lab_bac_SeriesXPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesXPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series X Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesXPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesXPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series X Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesXPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesXPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesXPreferredStockMember" xlink:to="lab_bac_SeriesXPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain_12a6e576-7288-4a93-a8e9-6de34120e0d9_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Period Past Due [Domain] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Aging [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearTwo_98566188-9892-440c-8e79-13ae48e06fa6_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in 2024 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearTwo_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearTwo" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositMaturitiesYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearTwo" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommodityFutureAndForwardMember_9e56ced9-b287-42b7-b236-a61a9f89b079_terseLabel_en-US" xlink:label="lab_bac_CommodityFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Futures and Forwards </link:label>
<link:label id="lab_bac_CommodityFutureAndForwardMember_label_en-US" xlink:label="lab_bac_CommodityFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Future And Forward [Member] </link:label>
<link:label id="lab_bac_CommodityFutureAndForwardMember_documentation_en-US" xlink:label="lab_bac_CommodityFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Future and Forward [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommodityFutureAndForwardMember" xlink:href="bac-20221231.xsd#bac_CommodityFutureAndForwardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommodityFutureAndForwardMember" xlink:to="lab_bac_CommodityFutureAndForwardMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsAdditions_76d4cac9-d4d1-4859-952a-9c659d3e505d_terseLabel_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsAdditions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New purchase claims </link:label>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsAdditions_label_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unresolved Repurchase Claims, Additions </link:label>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsAdditions_documentation_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsAdditions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unresolved Repurchase Claims, Additions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnresolvedRepurchaseClaimsAdditions" xlink:href="bac-20221231.xsd#bac_UnresolvedRepurchaseClaimsAdditions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnresolvedRepurchaseClaimsAdditions" xlink:to="lab_bac_UnresolvedRepurchaseClaimsAdditions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetPledgedAsCollateralMember_555b1a10-3cbd-4a77-8cdb-c18b3e69f81d_terseLabel_en-US" xlink:label="lab_us-gaap_AssetPledgedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Pledged as Collateral </link:label>
<link:label id="lab_us-gaap_AssetPledgedAsCollateralMember_label_en-US" xlink:label="lab_us-gaap_AssetPledgedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Pledged as Collateral [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetPledgedAsCollateralMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetPledgedAsCollateralMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetPledgedAsCollateralMember" xlink:to="lab_us-gaap_AssetPledgedAsCollateralMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RangeMember_ef348ae1-1bb0-47c8-a2e5-93c8b8b38a2b_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>
<link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_RangeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherAssetsPolicyPolicyTextBlock_31114705-e0a6-45f5-9972-581fe008a323_terseLabel_en-US" xlink:label="lab_bac_OtherAssetsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets </link:label>
<link:label id="lab_bac_OtherAssetsPolicyPolicyTextBlock_label_en-US" xlink:label="lab_bac_OtherAssetsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Policy [Policy Text Block] </link:label>
<link:label id="lab_bac_OtherAssetsPolicyPolicyTextBlock_documentation_en-US" xlink:label="lab_bac_OtherAssetsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Policy </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherAssetsPolicyPolicyTextBlock" xlink:href="bac-20221231.xsd#bac_OtherAssetsPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherAssetsPolicyPolicyTextBlock" xlink:to="lab_bac_OtherAssetsPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue_bde1cf8e-c36b-4563-ba53-5d95a4104429_terseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional amount of credit extension commitments under fair value option </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Notional Amount, Recorded Under Fair Value </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the notional amount of commitments to extend credit which are accounted for under the fair value option. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue" xlink:to="lab_bac_CreditExtensionCommitmentsNotionalAmountRecordedUnderFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseDeposits_ee30e512-ef7e-4728-be5a-419bec98af33_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_InterestExpenseDeposits_label_en-US" xlink:label="lab_us-gaap_InterestExpenseDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseDeposits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseDeposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseDeposits" xlink:to="lab_us-gaap_InterestExpenseDeposits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_cc5a93e5-70a3-4896-811b-8e731cc60e32_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expiration of statute of limitations </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TradingAccountLiabilitiesEquitySecuritiesMember_ea6c3f7c-0ef2-4daf-921e-1c259e12a69a_terseLabel_en-US" xlink:label="lab_bac_TradingAccountLiabilitiesEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account liabilities – Equity securities </link:label>
<link:label id="lab_bac_TradingAccountLiabilitiesEquitySecuritiesMember_label_en-US" xlink:label="lab_bac_TradingAccountLiabilitiesEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Account Liabilities, Equity Securities [Member] </link:label>
<link:label id="lab_bac_TradingAccountLiabilitiesEquitySecuritiesMember_documentation_en-US" xlink:label="lab_bac_TradingAccountLiabilitiesEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Account Liabilities, Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TradingAccountLiabilitiesEquitySecuritiesMember" xlink:href="bac-20221231.xsd#bac_TradingAccountLiabilitiesEquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TradingAccountLiabilitiesEquitySecuritiesMember" xlink:to="lab_bac_TradingAccountLiabilitiesEquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_e2dd1b8f-0a52-42e6-b95e-05b7b6e8a44e_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic benefit cost (income) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList_4b5d85e5-ccd4-448b-ae33-25dc67ad20ac_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] </link:label>
<link:label id="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList_label_en-US" xlink:label="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList" xlink:to="lab_us-gaap_FairValueRecurringBasisUnobservableInputReconciliationNetDerivativeAssetLiabilityGainLossStatementOfIncomeExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ForeignTaxCreditsMember_d9bd6ac0-3616-4973-b951-98285eea8153_terseLabel_en-US" xlink:label="lab_bac_ForeignTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign tax credits </link:label>
<link:label id="lab_bac_ForeignTaxCreditsMember_label_en-US" xlink:label="lab_bac_ForeignTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Tax Credits [Member] </link:label>
<link:label id="lab_bac_ForeignTaxCreditsMember_documentation_en-US" xlink:label="lab_bac_ForeignTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Tax Credits [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ForeignTaxCreditsMember" xlink:href="bac-20221231.xsd#bac_ForeignTaxCreditsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ForeignTaxCreditsMember" xlink:to="lab_bac_ForeignTaxCreditsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLoss_55fc3967-5cfd-4ddc-b357-645d157c9659_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_d98e2d1d-77a9-4611-ba8a-5c6d6cbebf5f_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_22a4c72b-d0c0-494e-b800-2f7f0311c7ce_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_ca8337b4-8015-4976-84ef-8c22f58bbb79_netLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_label_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetIncomeLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_a0633cfb-4092-47c2-8108-a0d8cf99b299_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Axis] </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CumulativeEffectPeriodOfAdoptionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_A2020LongTermDebtNotesMember_b4633f95-c694-4e9c-b87a-0899cbeed8c6_terseLabel_en-US" xlink:label="lab_bac_A2020LongTermDebtNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt Notes </link:label>
<link:label id="lab_bac_A2020LongTermDebtNotesMember_label_en-US" xlink:label="lab_bac_A2020LongTermDebtNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2020 Long-Term Debt Notes [Member] </link:label>
<link:label id="lab_bac_A2020LongTermDebtNotesMember_documentation_en-US" xlink:label="lab_bac_A2020LongTermDebtNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2020 Long-Term Debt Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_A2020LongTermDebtNotesMember" xlink:href="bac-20221231.xsd#bac_A2020LongTermDebtNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_A2020LongTermDebtNotesMember" xlink:to="lab_bac_A2020LongTermDebtNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset_c6bd9857-e974-4f21-9620-1ff621e53495_totalLabel_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Balance Sheet Amount </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset_label_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Subject To Master Netting Arrangement, After Offset </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements to Resell, Securities Borrowed </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset" xlink:to="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAfterOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems_1e509b0e-1209-46af-b7d9-66897dfd1b41_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] </link:label>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems_label_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:to="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan_bda97bff-a9c8-4215-90d8-99bf81c7faf2_totalLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Total Revolving Loans And Revolving Loans Converted to Term Loans </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Revolving And Revolving Converted To Term Loan </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Revolving And Revolving Converted To Term Loan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingAndRevolvingConvertedToTermLoan" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet_8a869fe4-edf9-4e83-8ede-fb5a57e10701_negatedLabel_en-US" xlink:label="lab_us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Losses excluded from effectiveness testing and recognized in other income </link:label>
<link:label id="lab_us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet_label_en-US" xlink:label="lab_us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet" xlink:to="lab_us-gaap_GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsFairValueDisclosure_17c196ca-2cd9-4810-b5b3-bdfebdeccf8e_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosure" xlink:to="lab_us-gaap_AssetsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_8fd0c677-8238-489e-be6c-a25c6a709825_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Leases [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeasesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestIncomeOtherOperatingIncome_41c8536b-0aa6-46c2-ab3e-d3877f5970a1_terseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other income </link:label>
<link:label id="lab_us-gaap_NoninterestIncomeOtherOperatingIncome_9d1f8976-657b-4b02-9c7f-7b976f39d9b2_verboseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other income (loss) </link:label>
<link:label id="lab_us-gaap_NoninterestIncomeOtherOperatingIncome_label_en-US" xlink:label="lab_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Income, Other Operating Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NoninterestIncomeOtherOperatingIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:to="lab_us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset_0e3ad5d2-e06e-4eed-aa96-ecb382bcf228_negatedTotalLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementOffset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnfundedCapitalContributionsTerm_f2955c41-a889-48af-8832-4643c4ac5512_terseLabel_en-US" xlink:label="lab_bac_UnfundedCapitalContributionsTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term of unfunded capital contributions (in years) </link:label>
<link:label id="lab_bac_UnfundedCapitalContributionsTerm_label_en-US" xlink:label="lab_bac_UnfundedCapitalContributionsTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Capital Contributions, Term </link:label>
<link:label id="lab_bac_UnfundedCapitalContributionsTerm_documentation_en-US" xlink:label="lab_bac_UnfundedCapitalContributionsTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Capital Contributions, Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnfundedCapitalContributionsTerm" xlink:href="bac-20221231.xsd#bac_UnfundedCapitalContributionsTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnfundedCapitalContributionsTerm" xlink:to="lab_bac_UnfundedCapitalContributionsTerm" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_222931f9-2eb5-4ff0-9103-ca4a26e62ae5_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeInstrumentRiskAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember_b011cfc6-f184-478c-8e10-313ec9acbe91_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OREO discount </link:label>
<link:label id="lab_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember_label_en-US" xlink:label="lab_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Other Real Estate Owned, Discount Rate [Member] </link:label>
<link:label id="lab_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Other Real Estate Owned, Discount Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember" xlink:to="lab_bac_MeasurementInputOtherRealEstateOwnedDiscountRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset_c166ab0a-ff04-4023-96ef-f60437a6f69b_negatedTerseLabel_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset_label_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, Offset </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset" xlink:to="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestBearingDepositLiabilitiesDomestic_d1f1e2e4-272e-4cab-a078-b8719d7e366d_verboseLabel_en-US" xlink:label="lab_us-gaap_NoninterestBearingDepositLiabilitiesDomestic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest-bearing </link:label>
<link:label id="lab_us-gaap_NoninterestBearingDepositLiabilitiesDomestic_label_en-US" xlink:label="lab_us-gaap_NoninterestBearingDepositLiabilitiesDomestic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest-Bearing Deposit Liabilities, Domestic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestBearingDepositLiabilitiesDomestic" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NoninterestBearingDepositLiabilitiesDomestic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestBearingDepositLiabilitiesDomestic" xlink:to="lab_us-gaap_NoninterestBearingDepositLiabilitiesDomestic" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillLineItems_f2392273-5b68-4ccd-854f-8dbdb683afdc_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill [Line Items] </link:label>
<link:label id="lab_us-gaap_GoodwillLineItems_label_en-US" xlink:label="lab_us-gaap_GoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GoodwillLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillLineItems" xlink:to="lab_us-gaap_GoodwillLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember_c3c08bdb-41db-4c3c-afc8-d5c24a1fd8a8_terseLabel_en-US" xlink:label="lab_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Agency-collateralized mortgage obligations </link:label>
<link:label id="lab_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember_label_en-US" xlink:label="lab_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Backed Securities, Agency-Collateralized Mortgage Obligation [Member] </link:label>
<link:label id="lab_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember_documentation_en-US" xlink:label="lab_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Agency backed (GN, FN, FR) collateralized mortgage obligation. Underlying collateral is agency MBS. Cash flows are structured/tranched </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember" xlink:href="bac-20221231.xsd#bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember" xlink:to="lab_bac_MortgageBackedSecuritiesAgencyCollateralizedMortgageObligationMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputInterestRateVolatilitiesMember_23525fc2-7874-4e4e-9662-25359103f7f8_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputInterestRateVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate volatilities </link:label>
<link:label id="lab_bac_MeasurementInputInterestRateVolatilitiesMember_label_en-US" xlink:label="lab_bac_MeasurementInputInterestRateVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Volatilities [Member] </link:label>
<link:label id="lab_bac_MeasurementInputInterestRateVolatilitiesMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputInterestRateVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Interest Rate Volatilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputInterestRateVolatilitiesMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputInterestRateVolatilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputInterestRateVolatilitiesMember" xlink:to="lab_bac_MeasurementInputInterestRateVolatilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract_f9c9cbce-3ad3-4cc1-bced-b50c86ec6d65_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected Benefit Payments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear_f6f972c8-8451-4267-84ba-ede16114d2c3_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Originated two years before current fiscal year </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent_06188e85-2b44-437e-9136-607dbb7715fe_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accruing past due 90 days or more, percent outstanding </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, 90 Days Or More Past Due, Still Accruing, Percent </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, 90 Days Or More Past Due, Still Accruing, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruingPercent" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset_3c1ffc0c-1d2c-45d3-a801-1e7c6424ca82_totalLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Liabilities </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Before Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Before Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementBeforeOffset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeTaxDisclosureLineItems_1b442b3f-f8ca-466d-bbc5-613d2b6762f0_terseLabel_en-US" xlink:label="lab_bac_IncomeTaxDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Line Items] </link:label>
<link:label id="lab_bac_IncomeTaxDisclosureLineItems_label_en-US" xlink:label="lab_bac_IncomeTaxDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Line Items] </link:label>
<link:label id="lab_bac_IncomeTaxDisclosureLineItems_documentation_en-US" xlink:label="lab_bac_IncomeTaxDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeTaxDisclosureLineItems" xlink:href="bac-20221231.xsd#bac_IncomeTaxDisclosureLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeTaxDisclosureLineItems" xlink:to="lab_bac_IncomeTaxDisclosureLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax_44291e52-71ed-41a5-8823-4b18b1403106_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior service cost (credits) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax"/>
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<link:label id="lab_bac_SeriesHHPreferredStockMember_e383ba84-c436-4fdd-9b5d-00170f1af4d4_verboseLabel_en-US" xlink:label="lab_bac_SeriesHHPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, HH </link:label>
<link:label id="lab_bac_SeriesHHPreferredStockMember_f10c59aa-5059-467e-a8cc-11ff95c35de9_terseLabel_en-US" xlink:label="lab_bac_SeriesHHPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series HH Preferred Stock </link:label>
<link:label id="lab_bac_SeriesHHPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesHHPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series HH Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesHHPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesHHPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series HH Preferred Stock [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesHHPreferredStockMember" xlink:to="lab_bac_SeriesHHPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset_b1be2394-4292-437b-a880-e557d2f719f2_negatedTerseLabel_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset_label_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Subject To Master Netting Arrangement, Offset </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements to Resell, Securities Borrowed, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset" xlink:to="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_806923fa-977b-4bfd-adb0-0f5510461ef5_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used in) operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneRiskBasedCapital_2ddb3827-a069-4bb6-8781-c3805d220d02_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapital_label_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier 1 Risk-Based Capital, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneRiskBasedCapital" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TierOneRiskBasedCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneRiskBasedCapital" xlink:to="lab_us-gaap_TierOneRiskBasedCapital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssets_2e586bdc-4bbb-46dc-ac20-54d3780ed156_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_a67a5dd0-2c37-4408-9271-35bbcb5b9840_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets" xlink:to="lab_us-gaap_DerivativeAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_52863efd-33b4-4b1d-af92-9b57cc4c5cba_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod_a9b6ef9e-39eb-4198-8984-708f88a5c4a1_terseLabel_en-US" xlink:label="lab_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum agreement maturity period (less than) </link:label>
<link:label id="lab_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod_label_en-US" xlink:label="lab_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Borrowings, Gross, Including Not Subject To Master Netting Arrangements, Maturity Period </link:label>
<link:label id="lab_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod_documentation_en-US" xlink:label="lab_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Borrowings, Gross, Including Not Subject To Master Netting Arrangements, Maturity Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod" xlink:href="bac-20221231.xsd#bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod" xlink:to="lab_bac_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangementsMaturityPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesGrossUnrealizedLoss_e457bc48-719b-4560-b770-c7e196e2bcb3_negatedTotalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_bac_DebtSecuritiesGrossUnrealizedLoss_label_en-US" xlink:label="lab_bac_DebtSecuritiesGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Gross Unrealized Loss </link:label>
<link:label id="lab_bac_DebtSecuritiesGrossUnrealizedLoss_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Gross Unrealized Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesGrossUnrealizedLoss" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesGrossUnrealizedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesGrossUnrealizedLoss" xlink:to="lab_bac_DebtSecuritiesGrossUnrealizedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense_7d238af9-7762-4d1c-a933-5edb0d034645_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nondeductible expenses </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment_54354dbd-6345-4ee5-88f5-ddec9b001877_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Loans and Leases Held-for-investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment" xlink:to="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesAfterYearFive_03a60d03-61c9-4374-b0c1-ecbc27dd358d_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesAfterYearFive_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositMaturitiesAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:to="lab_us-gaap_TimeDepositMaturitiesAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_dae55424-5675-4b0b-b8e7-aec7aa048404_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_c8afcb80-2ddf-4ee3-92a9-7d1c75cdfab0_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability Class [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueByLiabilityClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:to="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanOtherCosts_4c818e1a-7733-4790-8f6e-1241962d16af_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanOtherCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanOtherCosts_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanOtherCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Other Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanOtherCosts" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanOtherCosts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanOtherCosts" xlink:to="lab_us-gaap_DefinedBenefitPlanOtherCosts" xlink:type="arc" order="1"/>
<link:label id="lab_srt_SubsidiariesMember_a0d0fb3b-ea07-4cab-936d-39248b9ddc60_terseLabel_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries </link:label>
<link:label id="lab_srt_SubsidiariesMember_label_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_SubsidiariesMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_SubsidiariesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SubsidiariesMember" xlink:to="lab_srt_SubsidiariesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ReverseMortgagesMember_d836602b-0844-48d3-bbc9-b92acce7cc59_terseLabel_en-US" xlink:label="lab_bac_ReverseMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reverse Mortgages </link:label>
<link:label id="lab_bac_ReverseMortgagesMember_label_en-US" xlink:label="lab_bac_ReverseMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reverse Mortgages [Member] </link:label>
<link:label id="lab_bac_ReverseMortgagesMember_documentation_en-US" xlink:label="lab_bac_ReverseMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reverse Mortgages [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ReverseMortgagesMember" xlink:href="bac-20221231.xsd#bac_ReverseMortgagesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ReverseMortgagesMember" xlink:to="lab_bac_ReverseMortgagesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_83642a74-ae24-409d-9115-228a0a1c355e_verboseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of preferred stock </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_7b12c6b1-70ff-4279-b502-8f5410c321e1_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of preferred stock </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Value, New Issues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset_ffa667d3-814e-4e63-a90c-9916de0ee4aa_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Legally enforceable master netting agreements and cash collateral received/paid </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset_99409dc6-1b02-4c6e-b899-412dccf11bb0_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting adjustment </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:to="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_a80f9c98-323e-4417-9f6c-996c5a1d8777_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease_7175d6e2-f23e-42e7-a710-63e6aa3d1ca3_terseLabel_en-US" xlink:label="lab_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reserve for unfunded lending commitments, period increase </link:label>
<link:label id="lab_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease_label_en-US" xlink:label="lab_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off Balance Sheet, Credit Loss, Liability, Period Increase (Decrease) </link:label>
<link:label id="lab_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease_documentation_en-US" xlink:label="lab_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off Balance Sheet, Credit Loss, Liability, Period Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease" xlink:href="bac-20221231.xsd#bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease" xlink:to="lab_bac_OffBalanceSheetCreditLossLiabilityPeriodIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_208df0ce-9f56-46ca-b243-c88f7468d6ce_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum loss exposure </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:to="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockSharesIssued_a6691076-aa37-480e-9f65-d5136e3a0661_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock issued (in shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesIssued" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockSharesIssued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued" xlink:to="lab_us-gaap_PreferredStockSharesIssued" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis_2619bcb8-de92-4581-b42c-5cf12ddf92cb_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Period Past Due [Axis] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, Aging [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears_9b944082-0924-44b6-89d8-9ec9c70825b4_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2027 </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_f2f28563-eae9-40f8-bbf8-9a83bb0f8674_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares/Units </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesMMPreferredStockMember_fe78c443-7dfd-43fa-84cc-b50c1cee3c5f_terseLabel_en-US" xlink:label="lab_bac_SeriesMMPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series MM Preferred Stock </link:label>
<link:label id="lab_bac_SeriesMMPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesMMPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series MM Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesMMPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesMMPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series MM Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesMMPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesMMPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesMMPreferredStockMember" xlink:to="lab_bac_SeriesMMPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaN.A.SubordinatedNotesFixedMember_6062d06f-a7c3-418a-b4c1-30335f57d24a_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaN.A.SubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subordinated notes </link:label>
<link:label id="lab_bac_BankofAmericaN.A.SubordinatedNotesFixedMember_label_en-US" xlink:label="lab_bac_BankofAmericaN.A.SubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Subordinated Notes, Fixed [Member] </link:label>
<link:label id="lab_bac_BankofAmericaN.A.SubordinatedNotesFixedMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaN.A.SubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Subordinated Notes, Fixed [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaN.A.SubordinatedNotesFixedMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaN.A.SubordinatedNotesFixedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaN.A.SubordinatedNotesFixedMember" xlink:to="lab_bac_BankofAmericaN.A.SubordinatedNotesFixedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_459d862a-516e-49dc-b790-02a29a122c89_terseLabel_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>
<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementBusinessSegmentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:to="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebitValuationGainLossonDerivativeLiabilityGross_410b60ec-98dd-4942-86db-52efb053ebf0_terseLabel_en-US" xlink:label="lab_bac_DebitValuationGainLossonDerivativeLiabilityGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities (DVA) </link:label>
<link:label id="lab_bac_DebitValuationGainLossonDerivativeLiabilityGross_label_en-US" xlink:label="lab_bac_DebitValuationGainLossonDerivativeLiabilityGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debit Valuation Gain (Loss), on Derivative Liability, Gross </link:label>
<link:label id="lab_bac_DebitValuationGainLossonDerivativeLiabilityGross_documentation_en-US" xlink:label="lab_bac_DebitValuationGainLossonDerivativeLiabilityGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The impact of the Corporation's own credit quality on the fair value of derivative liabilities. Credit valuation gains (losses) are recognized in trading account profits (losses). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebitValuationGainLossonDerivativeLiabilityGross" xlink:href="bac-20221231.xsd#bac_DebitValuationGainLossonDerivativeLiabilityGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebitValuationGainLossonDerivativeLiabilityGross" xlink:to="lab_bac_DebitValuationGainLossonDerivativeLiabilityGross" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings_c95d52e2-3d50-4f56-8070-53d8082d454c_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total realized and unrealized gains (losses) included in Net Income </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputCommodityForwardPriceMember_b0987133-4c5c-47e0-89a1-90e3246d2f51_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputCommodityForwardPriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Natural gas forward price </link:label>
<link:label id="lab_us-gaap_MeasurementInputCommodityForwardPriceMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputCommodityForwardPriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Commodity Forward Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputCommodityForwardPriceMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputCommodityForwardPriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputCommodityForwardPriceMember" xlink:to="lab_us-gaap_MeasurementInputCommodityForwardPriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_18d430c7-b5cc-45c4-8e91-7a4917d726cf_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherVariableInterestEntitiesMember_c547d662-6fd3-4a89-bb4f-e2d6f399afbd_terseLabel_en-US" xlink:label="lab_bac_OtherVariableInterestEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entities </link:label>
<link:label id="lab_bac_OtherVariableInterestEntitiesMember_label_en-US" xlink:label="lab_bac_OtherVariableInterestEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entities [Member] </link:label>
<link:label id="lab_bac_OtherVariableInterestEntitiesMember_documentation_en-US" xlink:label="lab_bac_OtherVariableInterestEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherVariableInterestEntitiesMember" xlink:href="bac-20221231.xsd#bac_OtherVariableInterestEntitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherVariableInterestEntitiesMember" xlink:to="lab_bac_OtherVariableInterestEntitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember_9ef3ef4f-cc57-4769-8c38-f85192556782_terseLabel_en-US" xlink:label="lab_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate risk on AFS securities </link:label>
<link:label id="lab_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember_label_en-US" xlink:label="lab_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk On Available-For-Sale Securities [Member] </link:label>
<link:label id="lab_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember_documentation_en-US" xlink:label="lab_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk On Available For Sale Securities Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember" xlink:href="bac-20221231.xsd#bac_InterestRateRiskOnAvailableForSaleSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember" xlink:to="lab_bac_InterestRateRiskOnAvailableForSaleSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract_07029765-badf-4db6-92ad-7602ce598819_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract" xlink:to="lab_us-gaap_DebtSecuritiesAvailableforSaleUnrealizedLossPositionAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue_d14fe277-8bc7-4774-a3e7-7d3351d9e3ab_negatedLabel_en-US" xlink:label="lab_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue_label_en-US" xlink:label="lab_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Debt Securities Carried at Fair Value </link:label>
<link:label id="lab_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue_documentation_en-US" xlink:label="lab_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The cash outflow to acquire debt securities carried at fair value, because they are not classified as either held-to-maturity securities or trading securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue" xlink:href="bac-20221231.xsd#bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue" xlink:to="lab_bac_PaymentstoAcquireDebtSecuritiesCarriedatFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_290441e8-e074-461d-9afc-d3c62fac00a2_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock_627d9cf8-8044-4413-af54-c556272ad7dc_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Financial Instruments </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialInstrumentsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:to="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LoansReceivableMeasurementInput_14ef6e75-4254-4d99-af3f-c510d46c9912_terseLabel_en-US" xlink:label="lab_bac_LoansReceivableMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases, measurement input </link:label>
<link:label id="lab_bac_LoansReceivableMeasurementInput_label_en-US" xlink:label="lab_bac_LoansReceivableMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Receivable, Measurement Input </link:label>
<link:label id="lab_bac_LoansReceivableMeasurementInput_documentation_en-US" xlink:label="lab_bac_LoansReceivableMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Receivable, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LoansReceivableMeasurementInput" xlink:href="bac-20221231.xsd#bac_LoansReceivableMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LoansReceivableMeasurementInput" xlink:to="lab_bac_LoansReceivableMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeferredTaxLiabilitiesTaxCredit_0909ee93-678a-4638-9156-15bdb21a3237_terseLabel_en-US" xlink:label="lab_bac_DeferredTaxLiabilitiesTaxCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ESG-related tax credit investments </link:label>
<link:label id="lab_bac_DeferredTaxLiabilitiesTaxCredit_label_en-US" xlink:label="lab_bac_DeferredTaxLiabilitiesTaxCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Tax Credit </link:label>
<link:label id="lab_bac_DeferredTaxLiabilitiesTaxCredit_documentation_en-US" xlink:label="lab_bac_DeferredTaxLiabilitiesTaxCredit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Tax Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredTaxLiabilitiesTaxCredit" xlink:href="bac-20221231.xsd#bac_DeferredTaxLiabilitiesTaxCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeferredTaxLiabilitiesTaxCredit" xlink:to="lab_bac_DeferredTaxLiabilitiesTaxCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual_88812c20-c86a-43b3-844e-363f30540a28_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonperforming loans and leases </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual_fea7c10b-889a-4749-b541-33c9767902bf_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonperforming Loans and Leases </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Nonaccrual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrual" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_2416f54b-18c7-4dc7-a978-3aa776e95774_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated OCI </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Assets_7a8b4c5c-868f-4d3b-b859-880388704e1d_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_Assets_aed15954-0397-410b-91f2-35efd0e9879d_terseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_Assets_6af4449d-3775-4713-a801-a4709463f0c3_verboseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year-end total assets </link:label>
<link:label id="lab_us-gaap_Assets_label_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Assets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_78be6c95-3b73-4a1c-806b-6071bed5f9e6_totalLabel_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Assets/Liabilities </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Subject To Master Netting Arrangement, Amount Offset Against Collateral </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_documentation_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Securities Borrowed, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:href="bac-20221231.xsd#bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:to="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CardIncomeInterchangeFeesMember_3346faf0-7b08-435a-abf7-d950d798c883_terseLabel_en-US" xlink:label="lab_bac_CardIncomeInterchangeFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interchange fees </link:label>
<link:label id="lab_bac_CardIncomeInterchangeFeesMember_label_en-US" xlink:label="lab_bac_CardIncomeInterchangeFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card Income, Interchange Fees [Member] </link:label>
<link:label id="lab_bac_CardIncomeInterchangeFeesMember_documentation_en-US" xlink:label="lab_bac_CardIncomeInterchangeFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card Income, Interchange Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CardIncomeInterchangeFeesMember" xlink:href="bac-20221231.xsd#bac_CardIncomeInterchangeFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CardIncomeInterchangeFeesMember" xlink:to="lab_bac_CardIncomeInterchangeFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_c1e59425-064d-47dc-a56b-796f1323ba2e_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Per common share information </link:label>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_8e8e7c73-fc84-4b39-8bbd-7bba8caa8654_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerShareAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareAbstract" xlink:to="lab_us-gaap_EarningsPerShareAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubprimeMember_79aeef73-81e5-48b3-a2e8-5cb89b361663_terseLabel_en-US" xlink:label="lab_us-gaap_SubprimeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subprime </link:label>
<link:label id="lab_us-gaap_SubprimeMember_label_en-US" xlink:label="lab_us-gaap_SubprimeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subprime [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubprimeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SubprimeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubprimeMember" xlink:to="lab_us-gaap_SubprimeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_8c740f99-5c97-4881-b6f2-f9a1c38af734_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities [Axis] </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:to="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestRateSwapMember_83bd6604-3e03-498c-8080-73cd7c91a2d1_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Swap </link:label>
<link:label id="lab_us-gaap_InterestRateSwapMember_label_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateSwapMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestRateSwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateSwapMember" xlink:to="lab_us-gaap_InterestRateSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentsinSubsidiaries_9e989553-47ab-4439-9625-6ee3285ac69e_terseLabel_en-US" xlink:label="lab_bac_InvestmentsinSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in subsidiaries: </link:label>
<link:label id="lab_bac_InvestmentsinSubsidiaries_label_en-US" xlink:label="lab_bac_InvestmentsinSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Subsidiaries </link:label>
<link:label id="lab_bac_InvestmentsinSubsidiaries_documentation_en-US" xlink:label="lab_bac_InvestmentsinSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentsinSubsidiaries" xlink:href="bac-20221231.xsd#bac_InvestmentsinSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentsinSubsidiaries" xlink:to="lab_bac_InvestmentsinSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent_e4c7dc9a-686c-44b5-8860-fa040324ffd4_negatedLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:to="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtFairValue_b48b662c-ff93-4b93-8c3a-bcb206d092ce_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, measured at fair value </link:label>
<link:label id="lab_us-gaap_LongTermDebtFairValue_e1496bd5-3852-47eb-bfe9-815108e43b5c_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtFairValue_f66e46d6-a589-4634-a066-cf355ac952a1_negatedLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtFairValue_label_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtFairValue" xlink:to="lab_us-gaap_LongTermDebtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LiquefiedNaturalGasCommoditiesMember_32512b4f-8c35-479f-9365-98c7d931aeb7_terseLabel_en-US" xlink:label="lab_bac_LiquefiedNaturalGasCommoditiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquefied Natural Gas Commodities </link:label>
<link:label id="lab_bac_LiquefiedNaturalGasCommoditiesMember_label_en-US" xlink:label="lab_bac_LiquefiedNaturalGasCommoditiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquefied Natural Gas Commodities [Member] </link:label>
<link:label id="lab_bac_LiquefiedNaturalGasCommoditiesMember_documentation_en-US" xlink:label="lab_bac_LiquefiedNaturalGasCommoditiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquefied Natural Gas Commodities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LiquefiedNaturalGasCommoditiesMember" xlink:href="bac-20221231.xsd#bac_LiquefiedNaturalGasCommoditiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LiquefiedNaturalGasCommoditiesMember" xlink:to="lab_bac_LiquefiedNaturalGasCommoditiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_8beb21d9-f6fb-42b2-9afd-e5a2d3e8ad9f_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income before income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_7a9e385b-2a10-43b8-9312-d2d1c718e02f_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Before Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentDomain_9a9e7976-bda5-4e58-bc64-6a470d3f2ba7_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>
<link:label id="lab_us-gaap_SegmentDomain_label_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SegmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentDomain" xlink:to="lab_us-gaap_SegmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_6fe6238f-77da-465d-ada8-b0c09aec3036_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Instruments in Statement of Financial Position, Fair Value </link:label>
<link:label id="lab_us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorLeaseDescriptionLineItems_33c80af6-2d48-4b12-8da2-cbd5af1aaf67_terseLabel_en-US" xlink:label="lab_us-gaap_LessorLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Lease, Description [Line Items] </link:label>
<link:label id="lab_us-gaap_LessorLeaseDescriptionLineItems_label_en-US" xlink:label="lab_us-gaap_LessorLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Lease, Description [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorLeaseDescriptionLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorLeaseDescriptionLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorLeaseDescriptionLineItems" xlink:to="lab_us-gaap_LessorLeaseDescriptionLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GovernmentModificationsMember_8b3f4267-dc14-4faf-9be3-d4b090fb5d9c_terseLabel_en-US" xlink:label="lab_bac_GovernmentModificationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Modifications under government programs </link:label>
<link:label id="lab_bac_GovernmentModificationsMember_label_en-US" xlink:label="lab_bac_GovernmentModificationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Government Modifications [Member] </link:label>
<link:label id="lab_bac_GovernmentModificationsMember_documentation_en-US" xlink:label="lab_bac_GovernmentModificationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Government Modifications [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GovernmentModificationsMember" xlink:href="bac-20221231.xsd#bac_GovernmentModificationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GovernmentModificationsMember" xlink:to="lab_bac_GovernmentModificationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareTextBlock_dfebb4ab-015d-424b-be4d-5920775ca880_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Common Share </link:label>
<link:label id="lab_us-gaap_EarningsPerShareTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerShareTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_us-gaap_EarningsPerShareTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_d6f8fdd8-7765-40a4-b752-46a0a293422e_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesOther" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxLiabilitiesOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesOther" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromAffordableHousingProjectsEquityMethodInvestments_9e6b82bb-a0f6-4ffd-8a2d-c46b20586df4_negatedLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromAffordableHousingProjectsEquityMethodInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pretax losses </link:label>
<link:label id="lab_us-gaap_IncomeLossFromAffordableHousingProjectsEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromAffordableHousingProjectsEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Affordable Housing Projects, Equity Method Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromAffordableHousingProjectsEquityMethodInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeLossFromAffordableHousingProjectsEquityMethodInvestments"/>
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<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_e32df7c6-6aad-4e37-8a7f-724708dadc2f_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GranteeStatusAxis_0dda4d0a-7646-466c-8c36-ab5b45b7783b_terseLabel_en-US" xlink:label="lab_us-gaap_GranteeStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Grantee Status [Axis] </link:label>
<link:label id="lab_us-gaap_GranteeStatusAxis_label_en-US" xlink:label="lab_us-gaap_GranteeStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Grantee Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GranteeStatusAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GranteeStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GranteeStatusAxis" xlink:to="lab_us-gaap_GranteeStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LossOnLoansAndLeasesWrittenDownToZero_3335be72-2c14-4e12-a945-58e5f09f7cbf_terseLabel_en-US" xlink:label="lab_bac_LossOnLoansAndLeasesWrittenDownToZero" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss on loans and leases written down to zero </link:label>
<link:label id="lab_bac_LossOnLoansAndLeasesWrittenDownToZero_label_en-US" xlink:label="lab_bac_LossOnLoansAndLeasesWrittenDownToZero" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss On Loans And Leases Written Down To Zero </link:label>
<link:label id="lab_bac_LossOnLoansAndLeasesWrittenDownToZero_documentation_en-US" xlink:label="lab_bac_LossOnLoansAndLeasesWrittenDownToZero" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss on Loans and Leases Written Down to Zero </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LossOnLoansAndLeasesWrittenDownToZero" xlink:href="bac-20221231.xsd#bac_LossOnLoansAndLeasesWrittenDownToZero"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeFinalizationOfPensionAndNonPensionPostretirementPlanValuationTax_518630e5-4a51-4a3d-814a-23a2bc88f5e2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeFinalizationOfPensionAndNonPensionPostretirementPlanValuationTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements, curtailments and other </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeFinalizationOfPensionAndNonPensionPostretirementPlanValuationTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeFinalizationOfPensionAndNonPensionPostretirementPlanValuationTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeFinalizationOfPensionAndNonPensionPostretirementPlanValuationTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeFinalizationOfPensionAndNonPensionPostretirementPlanValuationTax"/>
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<link:label id="lab_us-gaap_FinancingReceivableModificationsLineItems_4033b0bf-fec4-4c95-9d5f-82b688ea9b3d_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring [Line Items] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableModificationsLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableModificationsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableModificationsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableModificationsLineItems" xlink:to="lab_us-gaap_FinancingReceivableModificationsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_cc3d3c6b-ecda-41b2-998a-8905d7a5bb78_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts recognized on Consolidated Balance Sheet </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetInvestmentHedgingMember_4cf38cfa-db52-4639-b11e-f43a582da9ae_terseLabel_en-US" xlink:label="lab_us-gaap_NetInvestmentHedgingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net investment hedges </link:label>
<link:label id="lab_us-gaap_NetInvestmentHedgingMember_label_en-US" xlink:label="lab_us-gaap_NetInvestmentHedgingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Investment Hedging [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetInvestmentHedgingMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetInvestmentHedgingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetInvestmentHedgingMember" xlink:to="lab_us-gaap_NetInvestmentHedgingMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember_e57e64d7-6ad2-4316-bbce-96a9742815dd_terseLabel_en-US" xlink:label="lab_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed And Securities Purchased Under Agreements To Resell </link:label>
<link:label id="lab_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember_label_en-US" xlink:label="lab_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed And Securities Purchased Under Agreements To Resell [Member] </link:label>
<link:label id="lab_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember_documentation_en-US" xlink:label="lab_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed and Securities Purchased Under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember" xlink:href="bac-20221231.xsd#bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember" xlink:to="lab_bac_SecuritiesBorrowedAndSecuritiesPurchasedUnderAgreementsToResellMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_536debad-8f36-4b5f-bb39-00d2fe95252d_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock issued (in shares) </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, New Issues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAgencyAxis_2f45dd38-9344-4465-a53e-81d454fe1785_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Axis] </link:label>
<link:label id="lab_us-gaap_RegulatoryAgencyAxis_label_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAgencyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RegulatoryAgencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAgencyAxis" xlink:to="lab_us-gaap_RegulatoryAgencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecuritiesTextBlock_ea3311b0-2128-47e7-a4cf-7d721ae7b9c8_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities </link:label>
<link:label id="lab_us-gaap_MarketableSecuritiesTextBlock_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketableSecuritiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesTextBlock" xlink:to="lab_us-gaap_MarketableSecuritiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear10_7d9c7795-ee01-4888-80a9-1a9edcb3bca1_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear10" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after Ten Years </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear10_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear10" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear10" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear10"/>
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<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestmentAbstract_df77f207-518f-4569-b764-502bf4c390af_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestmentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases: </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestmentAbstract_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Loans and Leases Held-for-investment [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestmentAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromSaleOfLoansAndLeasesHeldForInvestmentAbstract"/>
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<link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_de9f181b-068b-4435-b16b-8e089abda812_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency </link:label>
<link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Foreign Currency Adjustment Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedTranslationAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:to="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressCityOrTown_efb95e21-4813-44ab-a623-0f87aa37d029_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract_2f1aae3a-732c-46f0-9f87-a33e98e597da_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest income </link:label>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract_ba60937e-0435-4907-9df7-f8faa662cbce_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract_label_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and Dividend Income, Operating [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestAndDividendIncomeOperatingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:to="lab_us-gaap_InterestAndDividendIncomeOperatingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedIncomeStatementsCaptionsLineItems_2dda5d19-024a-4743-8b10-5f350e928a7d_terseLabel_en-US" xlink:label="lab_srt_CondensedIncomeStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statements, Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedIncomeStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedIncomeStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedIncomeStatementsCaptionsLineItems" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CondensedIncomeStatementsCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedIncomeStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedIncomeStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable_729e9ae6-ed7f-4485-b932-5adbf97075c2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable" xlink:to="lab_us-gaap_ScheduleOfFinancingReceivableTroubledDebtRestructuringsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember_2c90fa45-223d-4387-a4b2-f344816f6ab7_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives </link:label>
<link:label id="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:to="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntersegmentEliminationMember_a7197720-2bd0-4f26-a842-a0c5abe77c2a_terseLabel_en-US" xlink:label="lab_us-gaap_IntersegmentEliminationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Elimination of segment asset allocations to match liabilities </link:label>
<link:label id="lab_us-gaap_IntersegmentEliminationMember_label_en-US" xlink:label="lab_us-gaap_IntersegmentEliminationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intersegment Eliminations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntersegmentEliminationMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IntersegmentEliminationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntersegmentEliminationMember" xlink:to="lab_us-gaap_IntersegmentEliminationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation_b78f5a9a-7a5f-429b-bb7a-d92cd8178cc8_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency exchange rate changes </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend_034fe378-2bdf-4928-ae24-117c6c5323df_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending commitments </link:label>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring, Commitment to Lend </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend" xlink:to="lab_us-gaap_LoansAndLeasesReceivableImpairedCommitmentToLend" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember_2081ec4d-2597-4a5b-9f98-1a59dc8d4f28_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debit Valuation Adjustments </link:label>
<link:label id="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember" xlink:to="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherCommitmentsMember_6727562b-6fc1-4c26-bfb1-d281e017afd3_terseLabel_en-US" xlink:label="lab_bac_OtherCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other commitments </link:label>
<link:label id="lab_bac_OtherCommitmentsMember_label_en-US" xlink:label="lab_bac_OtherCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Member] </link:label>
<link:label id="lab_bac_OtherCommitmentsMember_documentation_en-US" xlink:label="lab_bac_OtherCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherCommitmentsMember" xlink:href="bac-20221231.xsd#bac_OtherCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherCommitmentsMember" xlink:to="lab_bac_OtherCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems_ee7d9e5e-b5e9-46a2-b570-73c75af5cd3d_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining Contractual Maturity </link:label>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems_a4317a64-d4de-490d-aff5-fd06359fbe22_verboseLabel_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Collateral Pledged </link:label>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems_label_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:to="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ProductDeliveryAndTransactionRelatedExpenses_f21a50f6-1208-4856-8a0f-8fd45b372226_terseLabel_en-US" xlink:label="lab_bac_ProductDeliveryAndTransactionRelatedExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product delivery and transaction related </link:label>
<link:label id="lab_bac_ProductDeliveryAndTransactionRelatedExpenses_label_en-US" xlink:label="lab_bac_ProductDeliveryAndTransactionRelatedExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product Delivery And Transaction Related Expenses </link:label>
<link:label id="lab_bac_ProductDeliveryAndTransactionRelatedExpenses_documentation_en-US" xlink:label="lab_bac_ProductDeliveryAndTransactionRelatedExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expenses related to activities that support revenue generating transactions and delivery of services to customers, such as brokerage, loan, collection and foreclosure costs, postage and supplies and certain card processing costs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ProductDeliveryAndTransactionRelatedExpenses" xlink:href="bac-20221231.xsd#bac_ProductDeliveryAndTransactionRelatedExpenses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ProductDeliveryAndTransactionRelatedExpenses" xlink:to="lab_bac_ProductDeliveryAndTransactionRelatedExpenses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax_4695b9a2-73de-46e3-a589-b3c784187476_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net realized (gains) losses reclassified into earnings </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from AOCI, Current Period, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ReclassificationFromAociCurrentPeriodTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:to="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue_002b4bcc-fe62-4d16-be4c-bff84215b7f0_terseLabel_en-US" xlink:label="lab_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional collateral required to be posted upon downgrade, second incremental notch </link:label>
<link:label id="lab_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue_label_en-US" xlink:label="lab_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral, Effect of Downgrade by Second Incremental Notch, Aggregate Fair Value </link:label>
<link:label id="lab_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue_documentation_en-US" xlink:label="lab_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral, Effect of Downgrade by Second Incremental Notch, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue" xlink:href="bac-20221231.xsd#bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue" xlink:to="lab_bac_AdditionalCollateralEffectofDowngradebySecondIncrementalNotchAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_2cae65cd-9253-4e5c-bf79-f4a0447a8d3a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share </link:label>
<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:to="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_73120d3a-11cb-4750-8565-3d9cd4cf2cc9_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitizations and Other Variable Interest Entities </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableInterestEntityDisclosureTextBlock"/>
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<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_fd45ec9f-8312-4db8-8d0f-17e525867966_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units (RSUs) </link:label>
<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units (RSUs) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RestrictedStockUnitsRSUMember"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld_acc71f85-7f19-4462-bc59-3ef58a944296_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual Return on Plan Assets Still Held at the Reporting Date </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld"/>
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<link:label id="lab_bac_CreditDerivativeMaximumExposureThreeToFiveYears_291d311f-6cbf-4f8e-93a8-df4427e96673_terseLabel_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Three to Five Years </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureThreeToFiveYears_label_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, Three To Five Years </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureThreeToFiveYears_documentation_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, Three To Five Years </link:label>
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<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_ba69b9e7-9c15-4ac3-87c1-783cab935ce5_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases (includes $5,771 and $7,819 measured at fair value) </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_fdafc193-a501-437b-a3ea-a36c15557bad_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_e2eeea76-ebaf-4e9e-92ef-97baa5073274_totalLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total as of December 31, 2022 </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss"/>
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<link:label id="lab_bac_AssetManagementFeesPercentageOfAssetsUnderManagement_7fb0cddb-2194-4272-b8ab-70690ae7e4b1_terseLabel_en-US" xlink:label="lab_bac_AssetManagementFeesPercentageOfAssetsUnderManagement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fee percentage of assets under management </link:label>
<link:label id="lab_bac_AssetManagementFeesPercentageOfAssetsUnderManagement_label_en-US" xlink:label="lab_bac_AssetManagementFeesPercentageOfAssetsUnderManagement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management Fees, Percentage Of Assets Under Management </link:label>
<link:label id="lab_bac_AssetManagementFeesPercentageOfAssetsUnderManagement_documentation_en-US" xlink:label="lab_bac_AssetManagementFeesPercentageOfAssetsUnderManagement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management Fees, Percentage Of Assets Under Management </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AssetManagementFeesPercentageOfAssetsUnderManagement" xlink:href="bac-20221231.xsd#bac_AssetManagementFeesPercentageOfAssetsUnderManagement"/>
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<link:label id="lab_bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember_7816ce6e-69b9-416f-ae10-f332656813d4_terseLabel_en-US" xlink:label="lab_bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage trading loans, MBS and ABS </link:label>
<link:label id="lab_bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember_label_en-US" xlink:label="lab_bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Trading Loans, Mortgage Backed Securities And Asset-backed Securities [Member] </link:label>
<link:label id="lab_bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember_documentation_en-US" xlink:label="lab_bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Trading Loans, Mortgage Backed Securities And Asset-backed Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember" xlink:href="bac-20221231.xsd#bac_MortgageTradingLoansMortgageBackedSecuritiesAndAssetBackedSecuritiesMember"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_1ff56340-fce8-4d2d-84ba-7e633f02c0db_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss), net-of-tax: </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_de738cb9-e3cf-4e5d-b645-d8bba1708ddf_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> After- tax </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract"/>
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<link:label id="lab_us-gaap_Revenues_91e289ba-9932-4dba-8ed7-fcbc78377aee_totalLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total revenue, net of interest expense </link:label>
<link:label id="lab_us-gaap_Revenues_4b24c8d1-1c80-419b-a008-0fc37cee456b_verboseLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total revenue, net of interest expense </link:label>
<link:label id="lab_us-gaap_Revenues_label_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Revenues"/>
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<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_dcfaf67c-9c84-491f-8a05-a7cd6910ea55_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Twelve Months or Longer </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger"/>
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<link:label id="lab_us-gaap_NoninterestExpenseAbstract_41f8e4cc-c425-4f65-bf9f-6148488e471e_verboseLabel_en-US" xlink:label="lab_us-gaap_NoninterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest expense </link:label>
<link:label id="lab_us-gaap_NoninterestExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_NoninterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Expense [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestExpenseAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NoninterestExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestExpenseAbstract" xlink:to="lab_us-gaap_NoninterestExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_1b0dafb3-9157-49e7-bd7b-624ed94dabc6_verboseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of intangibles </link:label>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_label_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of Intangible Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_QualifiedAffordableHousingProjectInvestmentsCommitment_108c0e16-a1e2-4c12-8569-826c3f7b5da7_terseLabel_en-US" xlink:label="lab_us-gaap_QualifiedAffordableHousingProjectInvestmentsCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded commitments </link:label>
<link:label id="lab_us-gaap_QualifiedAffordableHousingProjectInvestmentsCommitment_label_en-US" xlink:label="lab_us-gaap_QualifiedAffordableHousingProjectInvestmentsCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualified Affordable Housing Project Investments, Commitment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_QualifiedAffordableHousingProjectInvestmentsCommitment" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_QualifiedAffordableHousingProjectInvestmentsCommitment"/>
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<link:label id="lab_us-gaap_InterestPaidNet_c448f848-7b5e-404c-9e3b-606ff60e4aff_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest paid </link:label>
<link:label id="lab_us-gaap_InterestPaidNet_label_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Paid, Excluding Capitalized Interest, Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPaidNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet" xlink:to="lab_us-gaap_InterestPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputCreditCorrelationMember_9ab8368d-8dd1-4b3e-bb10-62f229a94605_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputCreditCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit correlation </link:label>
<link:label id="lab_bac_MeasurementInputCreditCorrelationMember_label_en-US" xlink:label="lab_bac_MeasurementInputCreditCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Credit Correlation [Member] </link:label>
<link:label id="lab_bac_MeasurementInputCreditCorrelationMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputCreditCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Credit Correlation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputCreditCorrelationMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputCreditCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputCreditCorrelationMember" xlink:to="lab_bac_MeasurementInputCreditCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_faacac32-3a04-40b6-81f5-9cd8ef5462ef_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember_0bca0534-2387-4bbc-bff5-a2d508736670_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Current or Less Than 30 Days Past Due </link:label>
<link:label id="lab_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember_label_en-US" xlink:label="lab_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivables, Current or Less Than 30 Days Past Due [Member] </link:label>
<link:label id="lab_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember_documentation_en-US" xlink:label="lab_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivables, Current or Less Than 30 Days Past Due [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember" xlink:href="bac-20221231.xsd#bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember" xlink:to="lab_bac_FinancingReceivablesCurrentorLessThan30DaysPastDueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssetsMember_0e5df457-1d6d-41b7-8357-dd081de96a06_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_OtherAssetsMember_label_en-US" xlink:label="lab_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsMember" xlink:to="lab_us-gaap_OtherAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_2bdfdb44-bf11-4094-acab-ff7558cf7476_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Benefit Plans </link:label>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:to="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook_70cd3bdd-2ee8-41db-a32d-d339ab420d89_terseLabel_en-US" xlink:label="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. gross domestic product, previous economic outlook </link:label>
<link:label id="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook_label_en-US" xlink:label="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance For Credit Losses, United States Gross Domestic Product, Previous Economic Outlook </link:label>
<link:label id="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook_documentation_en-US" xlink:label="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance For Credit Losses, United States Gross Domestic Product, Previous Economic Outlook </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook" xlink:href="bac-20221231.xsd#bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook" xlink:to="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductPreviousEconomicOutlook" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlanProvisionForFutureSalaries_5050c5c1-75fe-40ef-8e0e-aef693a059e0_terseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanProvisionForFutureSalaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for future salaries </link:label>
<link:label id="lab_bac_DefinedBenefitPlanProvisionForFutureSalaries_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanProvisionForFutureSalaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Provision For Future Salaries </link:label>
<link:label id="lab_bac_DefinedBenefitPlanProvisionForFutureSalaries_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanProvisionForFutureSalaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the amount of provision for future salaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanProvisionForFutureSalaries" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanProvisionForFutureSalaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedBenefitPlanProvisionForFutureSalaries" xlink:to="lab_bac_DefinedBenefitPlanProvisionForFutureSalaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquity_5273015a-2106-4172-8123-3df39656ce78_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total shareholders’ equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquity_a2558adc-4e74-40f4-8493-0ab1457253b3_periodStartLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquity_7e8b34d0-38c7-4c4e-b453-d486e220275f_periodEndLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquity_eb69a74e-1fbe-402c-9fc2-c24c9a02e26e_verboseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shareholders’ equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_f629ee86-647f-498b-bd6a-9aeeb1195b5a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedBalanceSheetStatementTable_78d5d424-7bf4-4ade-8018-f4dcacb7df3e_terseLabel_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statement [Table] </link:label>
<link:label id="lab_srt_CondensedBalanceSheetStatementTable_label_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedBalanceSheetStatementTable" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CondensedBalanceSheetStatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedBalanceSheetStatementTable" xlink:to="lab_srt_CondensedBalanceSheetStatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_1e920c30-10d8-4194-8859-6a4b5ecc4f11_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Canceled (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VestingDomain_0b8b21a1-3b61-4c35-b04d-c86883ee53d5_terseLabel_en-US" xlink:label="lab_us-gaap_VestingDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vesting [Domain] </link:label>
<link:label id="lab_us-gaap_VestingDomain_label_en-US" xlink:label="lab_us-gaap_VestingDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vesting [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VestingDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VestingDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VestingDomain" xlink:to="lab_us-gaap_VestingDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears_d19530ed-2194-4818-a453-4154f04ae6c5_terseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expire After One Year Through Three Years </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Notional Amount, Expiration After One Year Through Three Years </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents unfunded legally binding commitments, expiring after one year through three years of the balance sheet date. Such commitments consist of the entity committing to lend a specified amount to named borrowers at a certain interest rate, during a certain period and, usually, for a certain purpose. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears" xlink:to="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterOneYearThroughThreeYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_5392a0e4-4603-4153-8054-090a0ac115ed_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit carryforwards </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_4fd8ff91-36f9-4525-bd91-53f005c76100_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Asset </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit Carryforwards </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FDICDepositInsuranceAssessmentsMember_d641a2d8-9f43-4a7d-9656-bdc02d31a3ec_terseLabel_en-US" xlink:label="lab_bac_FDICDepositInsuranceAssessmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FDIC Deposit Insurance Assessments </link:label>
<link:label id="lab_bac_FDICDepositInsuranceAssessmentsMember_label_en-US" xlink:label="lab_bac_FDICDepositInsuranceAssessmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FDIC Deposit Insurance Assessments [Member] </link:label>
<link:label id="lab_bac_FDICDepositInsuranceAssessmentsMember_documentation_en-US" xlink:label="lab_bac_FDICDepositInsuranceAssessmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FDIC Deposit Insurance Assessments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FDICDepositInsuranceAssessmentsMember" xlink:href="bac-20221231.xsd#bac_FDICDepositInsuranceAssessmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FDICDepositInsuranceAssessmentsMember" xlink:to="lab_bac_FDICDepositInsuranceAssessmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_b0f6af25-33da-4da6-b14b-04e5b05c66d4_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial </link:label>
<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_cbd087cd-a460-4eb2-b38c-1779b4f24dc6_verboseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Mortgage </link:label>
<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Mortgage-Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentsInEntitiesAxis_d2d7040c-4914-4d8a-a30d-542a7efbf69e_terseLabel_en-US" xlink:label="lab_bac_InvestmentsInEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Entities [Axis] </link:label>
<link:label id="lab_bac_InvestmentsInEntitiesAxis_label_en-US" xlink:label="lab_bac_InvestmentsInEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Entities [Axis] </link:label>
<link:label id="lab_bac_InvestmentsInEntitiesAxis_documentation_en-US" xlink:label="lab_bac_InvestmentsInEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Entities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentsInEntitiesAxis" xlink:href="bac-20221231.xsd#bac_InvestmentsInEntitiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentsInEntitiesAxis" xlink:to="lab_bac_InvestmentsInEntitiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySwapMember_e88f2357-ce0b-4973-855c-d48cf645424a_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Swaps </link:label>
<link:label id="lab_us-gaap_EquitySwapMember_label_en-US" xlink:label="lab_us-gaap_EquitySwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySwapMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquitySwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySwapMember" xlink:to="lab_us-gaap_EquitySwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedEarningsMember_2ccf908f-f13e-44a3-8b3e-15b7002d08e8_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetainedEarningsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_ceb4ad57-2f5f-4236-be42-a327fccedf0f_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information [Line Items] </link:label>
<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingInformationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SegmentReportingInformationLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingInformationLineItems" xlink:to="lab_us-gaap_SegmentReportingInformationLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositsFairValueDisclosure_cf957eea-be2e-46e3-83cd-f36e9a5b51f6_verboseLabel_en-US" xlink:label="lab_us-gaap_DepositsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_DepositsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_DepositsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DepositsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsFairValueDisclosure" xlink:to="lab_us-gaap_DepositsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedCashFlowStatementsCaptionsLineItems_43cad00b-750d-45d4-b7db-6dd1ef88e67a_terseLabel_en-US" xlink:label="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statements, Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedCashFlowStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CondensedCashFlowStatementsCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCost_2ec76b56-b38e-4236-ac39-f5def1f9050a_totalLabel_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease cost </link:label>
<link:label id="lab_us-gaap_LeaseCost_label_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCost" xlink:to="lab_us-gaap_LeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockMember_30f92dea-e682-4131-9caf-c47dcecc40d6_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, par value $0.01 per share </link:label>
<link:label id="lab_us-gaap_CommonStockMember_c1bba73c-53ba-45ef-90a7-b017476320c4_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock </link:label>
<link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_9be58878-d9be-402e-b500-38f6443c8996_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost </link:label>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCostTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LeaseCostTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCostTableTextBlock" xlink:to="lab_us-gaap_LeaseCostTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankingRegulationStressCapitalBuffer_63adabea-ac9b-4c0e-9e7b-24858c1aa9f2_terseLabel_en-US" xlink:label="lab_bac_BankingRegulationStressCapitalBuffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stress capital buffer </link:label>
<link:label id="lab_bac_BankingRegulationStressCapitalBuffer_label_en-US" xlink:label="lab_bac_BankingRegulationStressCapitalBuffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Stress Capital Buffer </link:label>
<link:label id="lab_bac_BankingRegulationStressCapitalBuffer_documentation_en-US" xlink:label="lab_bac_BankingRegulationStressCapitalBuffer" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Stress Capital Buffer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankingRegulationStressCapitalBuffer" xlink:href="bac-20221231.xsd#bac_BankingRegulationStressCapitalBuffer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankingRegulationStressCapitalBuffer" xlink:to="lab_bac_BankingRegulationStressCapitalBuffer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_700e479b-6f65-4783-b799-4935dd3e158e_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesInvestments_766852c0-a3e2-442f-885b-35de3db8a66c_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale securities </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesInvestments_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxLiabilitiesInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LetterOfCreditMember_3bba3136-0316-44a6-9f48-eb53fe2433a0_terseLabel_en-US" xlink:label="lab_us-gaap_LetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit </link:label>
<link:label id="lab_us-gaap_LetterOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letter of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LetterOfCreditMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LetterOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LetterOfCreditMember" xlink:to="lab_us-gaap_LetterOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent_1f7f4805-8704-4e51-bc63-2454308f3477_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee benefit plan adjustments </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent_e08d7858-024c-42d7-9bca-205c2426a298_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee benefit plan adjustments </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent" xlink:to="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GranteeStatusDomain_fb8bdb8c-e5a3-4745-bc3b-2933c24eb53d_terseLabel_en-US" xlink:label="lab_us-gaap_GranteeStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Grantee Status [Domain] </link:label>
<link:label id="lab_us-gaap_GranteeStatusDomain_label_en-US" xlink:label="lab_us-gaap_GranteeStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Grantee Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GranteeStatusDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GranteeStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GranteeStatusDomain" xlink:to="lab_us-gaap_GranteeStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets_86a861ff-77cd-458d-ad4a-4d712c6bbeae_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of employer and related party securities included in plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Employer, Related Party, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AuditInformationAbstract_label_en-US" xlink:label="lab_bac_AuditInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Audit Information [Abstract] </link:label>
<link:label id="lab_bac_AuditInformationAbstract_documentation_en-US" xlink:label="lab_bac_AuditInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Audit Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AuditInformationAbstract" xlink:href="bac-20221231.xsd#bac_AuditInformationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AuditInformationAbstract" xlink:to="lab_bac_AuditInformationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_a83868f4-62bf-47d9-907e-be5d0be7e2a5_terseLabel_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Treasury and government agencies </link:label>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_48999791-a41a-43dd-ac79-c83074cbba6a_verboseLabel_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government and agency securities </link:label>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_label_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury and Government [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_USTreasuryAndGovernmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:to="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseTradingLiabilities_b7cfdc51-b2dc-4699-b567-7e32429b2c87_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseTradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account liabilities </link:label>
<link:label id="lab_us-gaap_InterestExpenseTradingLiabilities_label_en-US" xlink:label="lab_us-gaap_InterestExpenseTradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Trading Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseTradingLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseTradingLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseTradingLiabilities" xlink:to="lab_us-gaap_InterestExpenseTradingLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_79e65a83-4ac2-4b26-b598-383740d775ab_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementEquityComponentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax_bbdb9e09-1841-48b3-9216-75c7db46bab4_terseLabel_en-US" xlink:label="lab_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income (loss) in AOCI expected to be reclassified, after tax </link:label>
<link:label id="lab_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax_label_en-US" xlink:label="lab_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months, Net of Tax </link:label>
<link:label id="lab_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax_documentation_en-US" xlink:label="lab_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax" xlink:href="bac-20221231.xsd#bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax" xlink:to="lab_bac_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock_593c217a-f2df-4234-b632-4fceb9d4c1ff_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Balance Sheet </link:label>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Balance Sheet [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_d6afbb7c-4ba4-4f79-be5a-3c1a8c9caa0a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrealized gains/(losses) In net income related to financial instruments still held </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HomeEquityLoanMember_b41e482e-a789-47c2-8c65-be74258a378d_terseLabel_en-US" xlink:label="lab_us-gaap_HomeEquityLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loan </link:label>
<link:label id="lab_us-gaap_HomeEquityLoanMember_label_en-US" xlink:label="lab_us-gaap_HomeEquityLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HomeEquityLoanMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HomeEquityLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HomeEquityLoanMember" xlink:to="lab_us-gaap_HomeEquityLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember_105df094-fa06-4207-a4f7-2f5c703ad147_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Option-adjusted spread, fixed rate </link:label>
<link:label id="lab_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember_label_en-US" xlink:label="lab_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Option-Adjusted Spread, Fixed Rate [Member] </link:label>
<link:label id="lab_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Option-Adjusted Spread, Fixed Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputOptionAdjustedSpreadFixedRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember" xlink:to="lab_bac_MeasurementInputOptionAdjustedSpreadFixedRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_395bec81-145b-4b0d-b8ed-337b4f7c0365_terseLabel_en-US" xlink:label="lab_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liability subject to unilateral termination upon downgrade, one incremental notch </link:label>
<link:label id="lab_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_label_en-US" xlink:label="lab_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Net Liability Position, Effect of Downgrade by One Incremental Notch, Aggregate Fair Value, Including Triggering Circumstance </link:label>
<link:label id="lab_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_documentation_en-US" xlink:label="lab_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Net Liability Position, Effect of Downgrade by One Incremental Notch, Aggregate Fair Value, Including Triggering Circumstance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:href="bac-20221231.xsd#bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:to="lab_bac_DerivativeNetLiabilityPositionEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:type="arc" order="1"/>
<link:label id="lab_country_GB_5af3c084-1dad-40c8-951e-2b7ddf3a23dc_terseLabel_en-US" xlink:label="lab_country_GB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> United Kingdom </link:label>
<link:label id="lab_country_GB_label_en-US" xlink:label="lab_country_GB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UNITED KINGDOM </link:label>
<link:loc xlink:type="locator" xlink:label="loc_country_GB" xlink:href="https://xbrl.sec.gov/country/2022/country-2022.xsd#country_GB"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_GB" xlink:to="lab_country_GB" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestAndFeeIncomeLoansTradeFinancing_7c2e9d49-3c0c-45f3-91a1-83eccd3b4a87_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansTradeFinancing" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account assets </link:label>
<link:label id="lab_us-gaap_InterestAndFeeIncomeLoansTradeFinancing_label_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansTradeFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and Fee Income, Loans, Trade Financing </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansTradeFinancing" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestAndFeeIncomeLoansTradeFinancing"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndFeeIncomeLoansTradeFinancing" xlink:to="lab_us-gaap_InterestAndFeeIncomeLoansTradeFinancing" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementLineItems_52d62d84-5474-4da4-b392-72edba82f9ac_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>
<link:label id="lab_us-gaap_StatementLineItems_label_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsInAffordableHousingProjectsAbstract_fef79c4f-84f1-4b35-95df-f3f85bafad02_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffordableHousingProjectsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Affordable Housing Projects [Abstract] </link:label>
<link:label id="lab_us-gaap_InvestmentsInAffordableHousingProjectsAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAffordableHousingProjectsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Affordable Housing Projects [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAffordableHousingProjectsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentsInAffordableHousingProjectsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffordableHousingProjectsAbstract" xlink:to="lab_us-gaap_InvestmentsInAffordableHousingProjectsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SupplementaryLeverageRatioLeverageExposure_ea68b746-dc54-47a5-b1ca-6e56d057f596_terseLabel_en-US" xlink:label="lab_bac_SupplementaryLeverageRatioLeverageExposure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SLR leverage exposure </link:label>
<link:label id="lab_bac_SupplementaryLeverageRatioLeverageExposure_label_en-US" xlink:label="lab_bac_SupplementaryLeverageRatioLeverageExposure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplementary Leverage Ratio, Leverage Exposure </link:label>
<link:label id="lab_bac_SupplementaryLeverageRatioLeverageExposure_documentation_en-US" xlink:label="lab_bac_SupplementaryLeverageRatioLeverageExposure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplementary Leverage Ratio, Leverage Exposure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SupplementaryLeverageRatioLeverageExposure" xlink:href="bac-20221231.xsd#bac_SupplementaryLeverageRatioLeverageExposure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SupplementaryLeverageRatioLeverageExposure" xlink:to="lab_bac_SupplementaryLeverageRatioLeverageExposure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure_71a08dc6-9188-4982-bbb1-ed160a3233e4_terseLabel_en-US" xlink:label="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time deposits placed and other short-term investments </link:label>
<link:label id="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure_label_en-US" xlink:label="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits Placed And Other Short-Term Investments, Fair Value Disclosure </link:label>
<link:label id="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits Placed And Other Short-Term Investments, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure" xlink:to="lab_bac_TimeDepositsPlacedAndOtherShortTermInvestmentsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GainLossOnForeclosedProperties_3dd3ce75-e725-4e42-b61f-18e2e4323ef3_verboseLabel_en-US" xlink:label="lab_bac_GainLossOnForeclosedProperties" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreclosed properties </link:label>
<link:label id="lab_bac_GainLossOnForeclosedProperties_label_en-US" xlink:label="lab_bac_GainLossOnForeclosedProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) On Foreclosed Properties </link:label>
<link:label id="lab_bac_GainLossOnForeclosedProperties_documentation_en-US" xlink:label="lab_bac_GainLossOnForeclosedProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the amount of gain (loss) recognized on foreclosed properties, still held as of the reporting date, measured at fair value on a nonrecurring basis. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GainLossOnForeclosedProperties" xlink:href="bac-20221231.xsd#bac_GainLossOnForeclosedProperties"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GainLossOnForeclosedProperties" xlink:to="lab_bac_GainLossOnForeclosedProperties" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract_66b57920-3713-408b-b326-7ecdb5f9b9e1_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plans with PBO and ABO in Excess of Plan Assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities_f9c30794-38ad-4f43-a6f4-602f764d50ab_negatedTerseLabel_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities_label_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Subject To Master Netting Arrangement, Collateral, Obligation To Return Securities </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities_documentation_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities" xlink:href="bac-20221231.xsd#bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities" xlink:to="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementCollateralObligationToReturnSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock_ef8b4801-ff6f-479d-93fa-98edcebf943e_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings </link:label>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock" xlink:to="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_227da59d-e16c-4d5e-9df5-ca7579a79aca_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Lease Income </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Lease Income [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseLeaseIncomeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:to="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_8846d5f5-4856-442b-860a-610ec33dd657_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_398e3f40-9b3b-494d-9b4e-4583eb776e54_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_b6d2e8ca-d733-4e26-8bc2-a5239c17d1e2_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3_887e1c29-bce2-405b-9e63-c3b7b7e3b284_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Transfers out of Level 3  </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MerchantProcessingServicersSponsoredEntitiesMember_9ad4a6c0-2e4a-4481-a2b2-ec6763257ac7_terseLabel_en-US" xlink:label="lab_bac_MerchantProcessingServicersSponsoredEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Processing Servicers, Sponsored Entities </link:label>
<link:label id="lab_bac_MerchantProcessingServicersSponsoredEntitiesMember_label_en-US" xlink:label="lab_bac_MerchantProcessingServicersSponsoredEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Processing Servicers, Sponsored Entities [Member] </link:label>
<link:label id="lab_bac_MerchantProcessingServicersSponsoredEntitiesMember_documentation_en-US" xlink:label="lab_bac_MerchantProcessingServicersSponsoredEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Processing Servicers, Sponsored Entities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MerchantProcessingServicersSponsoredEntitiesMember" xlink:href="bac-20221231.xsd#bac_MerchantProcessingServicersSponsoredEntitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MerchantProcessingServicersSponsoredEntitiesMember" xlink:to="lab_bac_MerchantProcessingServicersSponsoredEntitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_6a7ec620-03f0-400b-b571-6eb1c1f11c64_verboseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) Note [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ComprehensiveIncomeNoteTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:to="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CardIncomeOtherMember_b35bbabe-f5da-4cd4-bd9b-f61198788e36_terseLabel_en-US" xlink:label="lab_bac_CardIncomeOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other card income </link:label>
<link:label id="lab_bac_CardIncomeOtherMember_label_en-US" xlink:label="lab_bac_CardIncomeOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card Income, Other [Member] </link:label>
<link:label id="lab_bac_CardIncomeOtherMember_documentation_en-US" xlink:label="lab_bac_CardIncomeOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card Income, Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CardIncomeOtherMember" xlink:href="bac-20221231.xsd#bac_CardIncomeOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CardIncomeOtherMember" xlink:to="lab_bac_CardIncomeOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis_4c231797-3ff9-4851-84dd-8b6d9b74008d_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Axis] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivablePortfolioSegmentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:to="lab_us-gaap_FinancingReceivablePortfolioSegmentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_AuditorFirmId_3c97f4b7-e48c-40b3-9433-8eaa2a4cfd2a_terseLabel_en-US" xlink:label="lab_dei_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auditor Firm ID </link:label>
<link:label id="lab_dei_AuditorFirmId_label_en-US" xlink:label="lab_dei_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auditor Firm ID </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_AuditorFirmId" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorFirmId"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorFirmId" xlink:to="lab_dei_AuditorFirmId" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ValuationGainLossonDerivativesGrossAbstract_fa8f684e-fe68-44a5-967b-be5c31204698_terseLabel_en-US" xlink:label="lab_bac_ValuationGainLossonDerivativesGrossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Gain Loss on Derivatives, Gross [Abstract] </link:label>
<link:label id="lab_bac_ValuationGainLossonDerivativesGrossAbstract_label_en-US" xlink:label="lab_bac_ValuationGainLossonDerivativesGrossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Gain Loss on Derivatives, Gross [Abstract] </link:label>
<link:label id="lab_bac_ValuationGainLossonDerivativesGrossAbstract_documentation_en-US" xlink:label="lab_bac_ValuationGainLossonDerivativesGrossAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Gain Loss on Derivatives, Gross [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ValuationGainLossonDerivativesGrossAbstract" xlink:href="bac-20221231.xsd#bac_ValuationGainLossonDerivativesGrossAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ValuationGainLossonDerivativesGrossAbstract" xlink:to="lab_bac_ValuationGainLossonDerivativesGrossAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent_9df933bc-131c-4176-8e78-82b5f4582590_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherProgramMember_16be6913-d9a2-4338-80d0-0012a6901797_terseLabel_en-US" xlink:label="lab_bac_OtherProgramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_OtherProgramMember_label_en-US" xlink:label="lab_bac_OtherProgramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Program [Member] </link:label>
<link:label id="lab_bac_OtherProgramMember_documentation_en-US" xlink:label="lab_bac_OtherProgramMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Program Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherProgramMember" xlink:href="bac-20221231.xsd#bac_OtherProgramMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherProgramMember" xlink:to="lab_bac_OtherProgramMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems_7543b3d4-d220-473b-809e-7c53e50441f3_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Line Items] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherInternalCreditMetricsMember_c28dcfa5-8ad1-40de-8cc7-82ca25815e28_terseLabel_en-US" xlink:label="lab_bac_OtherInternalCreditMetricsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other internal credit metrics </link:label>
<link:label id="lab_bac_OtherInternalCreditMetricsMember_label_en-US" xlink:label="lab_bac_OtherInternalCreditMetricsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Internal Credit Metrics [Member] </link:label>
<link:label id="lab_bac_OtherInternalCreditMetricsMember_documentation_en-US" xlink:label="lab_bac_OtherInternalCreditMetricsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Internal Credit Metrics [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherInternalCreditMetricsMember" xlink:href="bac-20221231.xsd#bac_OtherInternalCreditMetricsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherInternalCreditMetricsMember" xlink:to="lab_bac_OtherInternalCreditMetricsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StateAndLocalJurisdictionMember_4dfe5610-3229-4291-bfb1-71a1a13f9aef_terseLabel_en-US" xlink:label="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net operating losses – U.S. states </link:label>
<link:label id="lab_us-gaap_StateAndLocalJurisdictionMember_label_en-US" xlink:label="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State and Local Jurisdiction [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StateAndLocalJurisdictionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StateAndLocalJurisdictionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StateAndLocalJurisdictionMember" xlink:to="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure_3bb0c194-0810-4687-9790-e0e939351a8b_verboseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds sold and securities borrowed or purchased under agreements to resell measured at fair value </link:label>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure_7aa5e8b8-0bf8-4531-81ce-7b33277fe63f_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds sold and securities borrowed or purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:to="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue_3231129a-ed14-4ea8-9626-cd5292e030d0_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in one year or less, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue_label_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Next Rolling Twelve Months, Fair Value </link:label>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Within One Year, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesNextRollingTwelveMonthsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:to="lab_bac_DebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingLiabilities_d3311240-012d-4428-86c3-047424408890_verboseLabel_en-US" xlink:label="lab_us-gaap_TradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account liabilities </link:label>
<link:label id="lab_us-gaap_TradingLiabilities_label_en-US" xlink:label="lab_us-gaap_TradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingLiabilities" xlink:to="lab_us-gaap_TradingLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_f9e81905-8854-4593-96c4-da59d424284e_verboseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to reconcile net income to net cash provided by operating activities: </link:label>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets_e66259a9-fb98-4303-9d78-47193ea3a6da_terseLabel_en-US" xlink:label="lab_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common equity tier 1 capital ratio </link:label>
<link:label id="lab_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets_label_en-US" xlink:label="lab_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Equity Tier One Required for Capital Adequacy to Risk Weighted Assets </link:label>
<link:label id="lab_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets_documentation_en-US" xlink:label="lab_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier One Common Equity Required for Capital Adequacy to Risk Weighted Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:href="bac-20221231.xsd#bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:to="lab_bac_CommonEquityTierOneRequiredforCapitalAdequacytoRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_7ea04c93-6208-4bde-b90a-5bb1e4c01bff_terseLabel_en-US" xlink:label="lab_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liability subject to unilateral termination upon downgrade, second incremental notch </link:label>
<link:label id="lab_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_label_en-US" xlink:label="lab_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Net Liability Position, Effect Of Downgrade By Second Incremental Notch, Aggregate Fair Value, Including Triggering Circumstance </link:label>
<link:label id="lab_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_documentation_en-US" xlink:label="lab_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Net Liability Position, Effect of Downgrade by Second Incremental Notch, Aggregate Fair Value, Including Triggering Circumstance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:href="bac-20221231.xsd#bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:to="lab_bac_DerivativeNetLiabilityPositionEffectOfDowngradeBySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_e00c48a2-c026-40bb-bfa4-77b99df97a93_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock, par value (in dollars per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_ef66e758-5bb4-41ee-8994-23db0032c920_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock, par value (in dollars per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Par or Stated Value Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockParOrStatedValuePerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_d269250d-a72e-47b4-a805-4fe6369d95fb_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementAbstract_8f68a3e4-e71b-4ba2-9e64-bd7fe5389323_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeStatementAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_6a597fdd-3e5f-4a91-9eea-76fbec2fd675_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. federal </link:label>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Federal Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset_6274d9be-7fcd-4372-900d-514ad36074b6_negatedTerseLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementOffset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SubsidiariesBankofAmericaN.A.Member_008260ad-79a0-4bd3-ab39-2888fe764825_terseLabel_en-US" xlink:label="lab_bac_SubsidiariesBankofAmericaN.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A. </link:label>
<link:label id="lab_bac_SubsidiariesBankofAmericaN.A.Member_label_en-US" xlink:label="lab_bac_SubsidiariesBankofAmericaN.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries, Bank of America, N.A. [Member] </link:label>
<link:label id="lab_bac_SubsidiariesBankofAmericaN.A.Member_documentation_en-US" xlink:label="lab_bac_SubsidiariesBankofAmericaN.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries, Bank of America, N.A. [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SubsidiariesBankofAmericaN.A.Member" xlink:href="bac-20221231.xsd#bac_SubsidiariesBankofAmericaN.A.Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SubsidiariesBankofAmericaN.A.Member" xlink:to="lab_bac_SubsidiariesBankofAmericaN.A.Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CriticizedMember_91b797ef-febe-40ec-983f-39378d36bee6_terseLabel_en-US" xlink:label="lab_us-gaap_CriticizedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reservable criticized </link:label>
<link:label id="lab_us-gaap_CriticizedMember_label_en-US" xlink:label="lab_us-gaap_CriticizedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Criticized [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CriticizedMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CriticizedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CriticizedMember" xlink:to="lab_us-gaap_CriticizedMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SegmentReconcilingItemsOtherMember_29992aa5-f831-47e7-acb8-3cab2a197875_terseLabel_en-US" xlink:label="lab_bac_SegmentReconcilingItemsOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsOtherMember_label_en-US" xlink:label="lab_bac_SegmentReconcilingItemsOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Other [Member] </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsOtherMember_documentation_en-US" xlink:label="lab_bac_SegmentReconcilingItemsOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SegmentReconcilingItemsOtherMember" xlink:href="bac-20221231.xsd#bac_SegmentReconcilingItemsOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SegmentReconcilingItemsOtherMember" xlink:to="lab_bac_SegmentReconcilingItemsOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LeverageBasedMetricsRiskBasedRatiosAbstract_f1d18ded-69f2-4017-ab92-ac0a392e059b_terseLabel_en-US" xlink:label="lab_bac_LeverageBasedMetricsRiskBasedRatiosAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Minimum </link:label>
<link:label id="lab_bac_LeverageBasedMetricsRiskBasedRatiosAbstract_label_en-US" xlink:label="lab_bac_LeverageBasedMetricsRiskBasedRatiosAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leverage-Based Metrics, Risk Based Ratios [Abstract] </link:label>
<link:label id="lab_bac_LeverageBasedMetricsRiskBasedRatiosAbstract_documentation_en-US" xlink:label="lab_bac_LeverageBasedMetricsRiskBasedRatiosAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leverage-Based Metrics, Risk Based Ratios [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LeverageBasedMetricsRiskBasedRatiosAbstract" xlink:href="bac-20221231.xsd#bac_LeverageBasedMetricsRiskBasedRatiosAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LeverageBasedMetricsRiskBasedRatiosAbstract" xlink:to="lab_bac_LeverageBasedMetricsRiskBasedRatiosAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_5b115f28-f12c-45de-b6eb-9ce52b607916_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average diluted common shares issued and outstanding (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_fbe50ac2-16b2-4d13-bf9c-362b0d63c43a_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total diluted average common shares issued and outstanding (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyNatureDomain_f0c55e09-5511-439b-943f-544d385bbc25_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Nature [Domain] </link:label>
<link:label id="lab_us-gaap_LossContingencyNatureDomain_label_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Nature [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyNatureDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LossContingencyNatureDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyNatureDomain" xlink:to="lab_us-gaap_LossContingencyNatureDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet_b0409a09-af28-4857-b8b2-7db7c6cc7d47_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net derivative asset (liability) </link:label>
<link:label id="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Assets (Liabilities), at Fair Value, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:to="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputPrepaymentRateMember_dee739b6-f925-4da2-8faf-78f24dd04baa_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputPrepaymentRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prepayment speed </link:label>
<link:label id="lab_us-gaap_MeasurementInputPrepaymentRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputPrepaymentRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Prepayment Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputPrepaymentRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputPrepaymentRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputPrepaymentRateMember" xlink:to="lab_us-gaap_MeasurementInputPrepaymentRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_2899b4cd-cd5c-4e76-96cc-cd81fe5ad4d7_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases </link:label>
<link:label id="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases_label_en-US" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and Fee Income, Loans and Leases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:to="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost_00c21cbe-dc1b-44a7-9fe4-0205955d771c_terseLabel_en-US" xlink:label="lab_us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized cost basis of portfolios used in hedging relationships </link:label>
<link:label id="lab_us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost_label_en-US" xlink:label="lab_us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prepayable Financial Asset Closed Portfolio, Last-of-Layer, Amortized Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost" xlink:to="lab_us-gaap_PrepayableFinancialAssetClosedPortfolioLastOfLayerAmortizedCost" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal_e8cf7d73-24dd-4fd9-a9d7-b23a2982bce4_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase in provision for credit losses </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet Liability, Increase (Decrease) In Credit Loss Provision (Reversal) </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet Liability, Increase (Decrease) In Credit Loss Provision (Reversal) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityIncreaseDecreaseInCreditLossProvisionReversal" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ValuationAdjustmentsOnDerivativesTableTextBlock_576485ea-b62b-41d5-84f5-1df7e02a8785_terseLabel_en-US" xlink:label="lab_bac_ValuationAdjustmentsOnDerivativesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Adjustments on Derivatives </link:label>
<link:label id="lab_bac_ValuationAdjustmentsOnDerivativesTableTextBlock_label_en-US" xlink:label="lab_bac_ValuationAdjustmentsOnDerivativesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Adjustments on Derivatives [Table Text Block] </link:label>
<link:label id="lab_bac_ValuationAdjustmentsOnDerivativesTableTextBlock_documentation_en-US" xlink:label="lab_bac_ValuationAdjustmentsOnDerivativesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Table Text Block] for Valuation Adjustments on Derivatives [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ValuationAdjustmentsOnDerivativesTableTextBlock" xlink:href="bac-20221231.xsd#bac_ValuationAdjustmentsOnDerivativesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ValuationAdjustmentsOnDerivativesTableTextBlock" xlink:to="lab_bac_ValuationAdjustmentsOnDerivativesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_06ae454b-54b8-4d12-9b52-d2f7c9df7f5b_terseLabel_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_label_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_IcfrAuditorAttestationFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag" xlink:to="lab_dei_IcfrAuditorAttestationFlag" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketableSecurities_b5fa36c9-efb8-4216-8c28-ee70931f8d98_totalLabel_en-US" xlink:label="lab_us-gaap_MarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total debt securities </link:label>
<link:label id="lab_us-gaap_MarketableSecurities_41d4d695-d577-471e-96ac-bf3f5e92a5fd_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities </link:label>
<link:label id="lab_us-gaap_MarketableSecurities_label_en-US" xlink:label="lab_us-gaap_MarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MarketableSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecurities" xlink:to="lab_us-gaap_MarketableSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock_54848052-f606-454c-8ce3-e920e90ea676_terseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Income Tax Examinations </link:label>
<link:label id="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxExaminationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Income Tax Examinations [Table Text Block] </link:label>
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<link:label id="lab_bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer_b9bb69f1-46d0-4d04-b03a-2b3e422b0116_terseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Company contributions (withdrawals) </link:label>
<link:label id="lab_bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions (Withdrawals) By Employer </link:label>
<link:label id="lab_bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions (Withdrawals) By Employer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanPlanAssetsContributionsWithdrawalsByEmployer"/>
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<link:label id="lab_bac_MeasurementInputLongDatedEquityVolatilitiesMember_e1020ed4-f45e-4baf-b8ed-15c153b8be0a_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputLongDatedEquityVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-dated equity volatilities </link:label>
<link:label id="lab_bac_MeasurementInputLongDatedEquityVolatilitiesMember_label_en-US" xlink:label="lab_bac_MeasurementInputLongDatedEquityVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Long-Dated Equity Volatilities [Member] </link:label>
<link:label id="lab_bac_MeasurementInputLongDatedEquityVolatilitiesMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputLongDatedEquityVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Long-Dated Equity Volatilities [Member] </link:label>
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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_530e74ba-908b-47e3-8e43-6070e29407e4_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Granted (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value </link:label>
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<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery_ab3e552b-bd29-43d1-b343-d0bd7249e1da_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net charge-offs </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff (Recovery) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffAfterRecovery" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears_bfbba106-e9bb-42e1-85ef-2a738eec8b21_terseLabel_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over Five Years </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears_label_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, Greater Than Five Years </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears_documentation_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, Greater Than Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears" xlink:href="bac-20221231.xsd#bac_CreditDerivativeMaximumExposureGreaterThanFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears" xlink:to="lab_bac_CreditDerivativeMaximumExposureGreaterThanFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ef07b247-e278-4b89-a4c1-936cba39ed27_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets and Liabilities Carried at Fair Value on a Recurring Basis </link:label>
<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
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<link:label id="lab_bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries_b3bed155-7e71-4a51-b517-7ac6a2aeedee_terseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Overfunded (unfunded) status of ABO </link:label>
<link:label id="lab_bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Funded Status of Plan Excluding Provision for Future Salaries </link:label>
<link:label id="lab_bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This indicates the amount of overfunded or unfunded status of accumulated benefit obligation. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanFundedStatusofPlanExcludingProvisionforFutureSalaries"/>
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<link:label id="lab_bac_DebtMaturitiesFairValueRollingMaturityAbstract_a6250048-c202-4328-b793-7624bcc38f54_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesFairValueRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] </link:label>
<link:label id="lab_bac_DebtMaturitiesFairValueRollingMaturityAbstract_label_en-US" xlink:label="lab_bac_DebtMaturitiesFairValueRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Fair Value, Rolling Maturity [Abstract] </link:label>
<link:label id="lab_bac_DebtMaturitiesFairValueRollingMaturityAbstract_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesFairValueRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesFairValueRollingMaturityAbstract" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesFairValueRollingMaturityAbstract"/>
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<link:label id="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_3d1e90d9-67b0-4619-a601-c34c7fef6f1d_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income (loss) in AOCI expected to be reclassified </link:label>
<link:label id="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_label_en-US" xlink:label="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths"/>
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<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_f75fdf37-7efd-4f1f-82c4-58d1ffb3151d_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock authorized (in shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockSharesAuthorized"/>
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<link:label id="lab_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible_d345db78-2870-4acc-9774-9eecfd5392a5_terseLabel_en-US" xlink:label="lab_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in unrecognized tax benefits, reasonably possible </link:label>
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<link:label id="lab_us-gaap_LoanRestructuringModificationAxis_dd12e644-2050-499d-a315-0b59c44594be_terseLabel_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification [Axis] </link:label>
<link:label id="lab_us-gaap_LoanRestructuringModificationAxis_label_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification [Axis] </link:label>
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<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_0e53e0a5-d9b7-41f2-b68c-fc57cee94bd2_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
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<link:label id="lab_us-gaap_CommonStockSharesIssued_a9104cf9-c082-45ed-985f-1177ad7a5f6d_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock issued (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesIssued" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockSharesIssued"/>
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<link:label id="lab_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_81f32f58-e0b9-42fe-8e3d-5595f88e9dd0_terseLabel_en-US" xlink:label="lab_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral posted subject to unilateral termination upon downgrade, second incremental notch </link:label>
<link:label id="lab_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_label_en-US" xlink:label="lab_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Posted, Effect of Downgrade by Second Incremental Notch, Aggregate Fair Value, Including Triggering Circumstance </link:label>
<link:label id="lab_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance_documentation_en-US" xlink:label="lab_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Posted, Effect of Downgrade by Second Incremental Notch, Aggregate Fair Value, Including Triggering Circumstance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:href="bac-20221231.xsd#bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:to="lab_bac_CollateralPostedEffectofDowngradebySecondIncrementalNotchAggregateFairValueIncludingTriggeringCircumstance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestBearingDepositLiabilitiesForeign_ccf613f3-31b8-417d-a27c-00378db8c2ab_verboseLabel_en-US" xlink:label="lab_us-gaap_NoninterestBearingDepositLiabilitiesForeign" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest-bearing </link:label>
<link:label id="lab_us-gaap_NoninterestBearingDepositLiabilitiesForeign_label_en-US" xlink:label="lab_us-gaap_NoninterestBearingDepositLiabilitiesForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest-Bearing Deposit Liabilities, Foreign </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestBearingDepositLiabilitiesForeign" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NoninterestBearingDepositLiabilitiesForeign"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestBearingDepositLiabilitiesForeign" xlink:to="lab_us-gaap_NoninterestBearingDepositLiabilitiesForeign" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock_0a4d04d7-5071-43d4-ba9d-5a0e4f09d058_terseLabel_en-US" xlink:label="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Troubled Debt Restructurings on Financing Receivables </link:label>
<link:label id="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:to="lab_us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseOther_ff707a20-cc55-4dc4-8864-e60d907087f5_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpenseOther_label_en-US" xlink:label="lab_us-gaap_InterestExpenseOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseOther" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseOther" xlink:to="lab_us-gaap_InterestExpenseOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowHedgingMember_4192e3d8-0a94-4eac-b52a-b4394590046c_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowHedgingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flow hedges </link:label>
<link:label id="lab_us-gaap_CashFlowHedgingMember_label_en-US" xlink:label="lab_us-gaap_CashFlowHedgingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow Hedging [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowHedgingMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashFlowHedgingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowHedgingMember" xlink:to="lab_us-gaap_CashFlowHedgingMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits_6c41f8d1-27a4-445f-bf52-1fa1cd2dbc02_terseLabel_en-US" xlink:label="lab_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preceding period of net profits for dividends </link:label>
<link:label id="lab_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits_label_en-US" xlink:label="lab_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Dividends Paid to Parent Company by Consolidated Subsidiaries, Preceding Period of Net Profits </link:label>
<link:label id="lab_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits_documentation_en-US" xlink:label="lab_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Dividends Paid to Parent Company by Consolidated Subsidiaries, Preceding Period of Net Profits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits" xlink:href="bac-20221231.xsd#bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits" xlink:to="lab_bac_CashDividendsPaidtoParentCompanybyConsolidatedSubsidiariesPrecedingPeriodofNetProfits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_1e089e14-1087-42e3-bfc9-cec6b80bc311_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash used in investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProfessionalFees_6ad97ae1-787b-48fc-a5b7-4967b672d8f5_verboseLabel_en-US" xlink:label="lab_us-gaap_ProfessionalFees" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Professional fees </link:label>
<link:label id="lab_us-gaap_ProfessionalFees_label_en-US" xlink:label="lab_us-gaap_ProfessionalFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Professional Fees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfessionalFees" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProfessionalFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfessionalFees" xlink:to="lab_us-gaap_ProfessionalFees" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MarketMakingAndSimilarActivitiesMember_88fccaac-3c72-41f2-95f8-e48b42acef55_terseLabel_en-US" xlink:label="lab_bac_MarketMakingAndSimilarActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market making and similar activities </link:label>
<link:label id="lab_bac_MarketMakingAndSimilarActivitiesMember_label_en-US" xlink:label="lab_bac_MarketMakingAndSimilarActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market Making And Similar Activities [Member] </link:label>
<link:label id="lab_bac_MarketMakingAndSimilarActivitiesMember_documentation_en-US" xlink:label="lab_bac_MarketMakingAndSimilarActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market Making And Similar Activities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MarketMakingAndSimilarActivitiesMember" xlink:href="bac-20221231.xsd#bac_MarketMakingAndSimilarActivitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MarketMakingAndSimilarActivitiesMember" xlink:to="lab_bac_MarketMakingAndSimilarActivitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear_08cc353d-3a89-4ed4-a3c5-b0abb4259f1e_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Prior </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Originated, More Than Five Years Before Current Fiscal Year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Originated, More Than Five Years Before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_srt_LitigationCaseAxis_dba3aeb0-9991-4c98-bd25-c6075efbff17_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>
<link:label id="lab_srt_LitigationCaseAxis_label_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_LitigationCaseAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseAxis" xlink:to="lab_srt_LitigationCaseAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_5d2e94a1-6ca4-4643-adf4-74bd2dd8cee6_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment </link:label>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCurrentReportingStatus_956be6be-f856-43da-b1e8-57589666f6c9_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
<link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal_e8051274-f6fd-4d4d-8c80-e0b2b8fe6cc4_verboseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for credit losses </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal_5e9fdb3b-764a-4205-ad65-057e81b704ec_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for credit losses </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal_ee08a360-01c7-442d-b0fe-a39e3baaee53_netLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision (benefit) for credit losses </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet Liability, Credit Loss Provision (Reversal) </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, And Off-Balance Sheet Liability, Credit Loss Provision (Reversal) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAndOffBalanceSheetLiabilityCreditLossProvisionReversal" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance_8ae8c37d-4830-4a86-b734-7cda0a45d713_totalLabel_en-US" xlink:label="lab_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Deferred Tax Asset </link:label>
<link:label id="lab_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance_label_en-US" xlink:label="lab_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit Carryforwards, Net Valuation Allowance </link:label>
<link:label id="lab_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance_documentation_en-US" xlink:label="lab_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit Carryforwards, Net of Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance" xlink:href="bac-20221231.xsd#bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance" xlink:to="lab_bac_DeferredTaxAssetsTaxCreditCarryforwardsNetValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_4a1c2060-f422-43bd-afc8-640250e6618c_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fiscal Year Maturity [Abstract] </link:label>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtByMaturityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:to="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ServicingAssetMeasurementInput_a1c7d3c3-29a9-4805-aef3-1ee1189bf911_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MSRs </link:label>
<link:label id="lab_us-gaap_ServicingAssetMeasurementInput_label_en-US" xlink:label="lab_us-gaap_ServicingAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing Asset, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetMeasurementInput" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ServicingAssetMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetMeasurementInput" xlink:to="lab_us-gaap_ServicingAssetMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Maturity30To90DaysMember_b9cf51b1-6089-4c06-9710-dc09d393a0e0_terseLabel_en-US" xlink:label="lab_us-gaap_Maturity30To90DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> After 30 Days Through 90 Days </link:label>
<link:label id="lab_us-gaap_Maturity30To90DaysMember_label_en-US" xlink:label="lab_us-gaap_Maturity30To90DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity 30 to 90 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Maturity30To90DaysMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Maturity30To90DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Maturity30To90DaysMember" xlink:to="lab_us-gaap_Maturity30To90DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RepaymentsofLongtermDebtNetofAdjustments_f94aa1bc-9f5c-424a-89e1-f6e4fc2b79ed_terseLabel_en-US" xlink:label="lab_bac_RepaymentsofLongtermDebtNetofAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of long-term debt, net of adjustments </link:label>
<link:label id="lab_bac_RepaymentsofLongtermDebtNetofAdjustments_label_en-US" xlink:label="lab_bac_RepaymentsofLongtermDebtNetofAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Long-term Debt, Net of Adjustments </link:label>
<link:label id="lab_bac_RepaymentsofLongtermDebtNetofAdjustments_documentation_en-US" xlink:label="lab_bac_RepaymentsofLongtermDebtNetofAdjustments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Long-term Debt, Net of Adjustments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RepaymentsofLongtermDebtNetofAdjustments" xlink:href="bac-20221231.xsd#bac_RepaymentsofLongtermDebtNetofAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RepaymentsofLongtermDebtNetofAdjustments" xlink:to="lab_bac_RepaymentsofLongtermDebtNetofAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member_5a9761cf-6229-4fad-8ddb-0daad18c2ab1_terseLabel_en-US" xlink:label="lab_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than or equal to 740 </link:label>
<link:label id="lab_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member_label_en-US" xlink:label="lab_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score Greater Than Or Equal To 740 [Member] </link:label>
<link:label id="lab_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member_documentation_en-US" xlink:label="lab_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score Greater Than Or Equal To 740 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member" xlink:href="bac-20221231.xsd#bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member" xlink:to="lab_bac_RefreshedFICOScoreGreaterThanOrEqualTo740Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_QualifiedPlanMember_ed86f66a-804a-43bf-8b4e-7ee562c55dc5_terseLabel_en-US" xlink:label="lab_us-gaap_QualifiedPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualified </link:label>
<link:label id="lab_us-gaap_QualifiedPlanMember_label_en-US" xlink:label="lab_us-gaap_QualifiedPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualified Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_QualifiedPlanMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_QualifiedPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QualifiedPlanMember" xlink:to="lab_us-gaap_QualifiedPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase_bf5f3b7f-66df-4493-a88f-abfee3060a3a_verboseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $151,708 and $139,641 measured at fair value) </link:label>
<link:label id="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase_label_en-US" xlink:label="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Purchased and Securities Sold under Agreements to Repurchase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase" xlink:to="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_e5371f17-2094-49e7-9bca-3e9020634c30_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected U.S. federal income tax expense </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesCarriedatFairValueAbstract_b38a19dd-f2ce-48db-b3c5-14d8ae6eef67_terseLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedatFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities carried at fair value: </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedatFairValueAbstract_label_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedatFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value [Abstract] </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedatFairValueAbstract_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedatFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesCarriedatFairValueAbstract" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesCarriedatFairValueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesCarriedatFairValueAbstract" xlink:to="lab_bac_DebtSecuritiesCarriedatFairValueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesNNPreferredStockMember_0e8921f1-3993-4b4f-a32d-564a11b87f72_terseLabel_en-US" xlink:label="lab_bac_SeriesNNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN </link:label>
<link:label id="lab_bac_SeriesNNPreferredStockMember_cf69e484-5ac2-40eb-893f-7280e8356563_verboseLabel_en-US" xlink:label="lab_bac_SeriesNNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series NN Preferred Stock </link:label>
<link:label id="lab_bac_SeriesNNPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesNNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series NN Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesNNPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesNNPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series NN Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesNNPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesNNPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesNNPreferredStockMember" xlink:to="lab_bac_SeriesNNPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember_1101ff77-e946-4dab-8329-9cfc5bd865e9_terseLabel_en-US" xlink:label="lab_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card Income, Interchange Fees and Merchant Income </link:label>
<link:label id="lab_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember_label_en-US" xlink:label="lab_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card Income, Interchange Fees and Merchant Income [Member] </link:label>
<link:label id="lab_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember_documentation_en-US" xlink:label="lab_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card Income, Interchange Fees and Merchant Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember" xlink:href="bac-20221231.xsd#bac_CardIncomeInterchangeFeesAndMerchantIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember" xlink:to="lab_bac_CardIncomeInterchangeFeesAndMerchantIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears_e6bbfc97-43db-4269-b293-dbc8504a2938_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Three to Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears_label_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Expiration From Three to Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Expiration From Three to Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears" xlink:to="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromThreeToFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral_09987dcf-8aa5-46f8-8ff1-0eed207e7a92_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets, after netting </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonfinancialLiabilitiesFairValueDisclosure_d7802538-9701-4900-9182-2f7f670f06ac_verboseLabel_en-US" xlink:label="lab_us-gaap_NonfinancialLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities, measured at fair value </link:label>
<link:label id="lab_us-gaap_NonfinancialLiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_NonfinancialLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonfinancial Liabilities Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonfinancialLiabilitiesFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NonfinancialLiabilitiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonfinancialLiabilitiesFairValueDisclosure" xlink:to="lab_us-gaap_NonfinancialLiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivables30To59DaysPastDueMember_ecfe17c8-a08a-441f-968b-606399c9f56f_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 30 to 59 Days Past Due </link:label>
<link:label id="lab_us-gaap_FinancingReceivables30To59DaysPastDueMember_label_en-US" xlink:label="lab_us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, 30 to 59 Days Past Due [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivables30To59DaysPastDueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:to="lab_us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ForeignCurrencyDominatedDebtMember_a411aca7-9cc0-4286-b2bb-fd57537224aa_terseLabel_en-US" xlink:label="lab_bac_ForeignCurrencyDominatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency - Dominated Debt </link:label>
<link:label id="lab_bac_ForeignCurrencyDominatedDebtMember_label_en-US" xlink:label="lab_bac_ForeignCurrencyDominatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency - Dominated Debt [Member] </link:label>
<link:label id="lab_bac_ForeignCurrencyDominatedDebtMember_documentation_en-US" xlink:label="lab_bac_ForeignCurrencyDominatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency - Dominated Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ForeignCurrencyDominatedDebtMember" xlink:href="bac-20221231.xsd#bac_ForeignCurrencyDominatedDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ForeignCurrencyDominatedDebtMember" xlink:to="lab_bac_ForeignCurrencyDominatedDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LongTermDebtExcludingReportingChanges_5a82fce9-4199-4010-9412-0428c286fa9e_terseLabel_en-US" xlink:label="lab_bac_LongTermDebtExcludingReportingChanges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_bac_LongTermDebtExcludingReportingChanges_label_en-US" xlink:label="lab_bac_LongTermDebtExcludingReportingChanges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Excluding Reporting Changes </link:label>
<link:label id="lab_bac_LongTermDebtExcludingReportingChanges_documentation_en-US" xlink:label="lab_bac_LongTermDebtExcludingReportingChanges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Excluding Reporting Changes </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LongTermDebtExcludingReportingChanges" xlink:href="bac-20221231.xsd#bac_LongTermDebtExcludingReportingChanges"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LongTermDebtExcludingReportingChanges" xlink:to="lab_bac_LongTermDebtExcludingReportingChanges" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_cbf59698-a16b-42cb-b916-53b16d2661cc_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfStockByClassTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable" xlink:to="lab_us-gaap_ScheduleOfStockByClassTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_3822b21a-c2dd-4e40-bdc8-594ceab785fc_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State tax expense, net of federal benefit </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesGPreferredStockMember_3e7cb659-c9fd-4c7f-b939-1bb614f55084_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series G Preferred Stock </link:label>
<link:label id="lab_us-gaap_SeriesGPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series G Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesGPreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SeriesGPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesGPreferredStockMember" xlink:to="lab_us-gaap_SeriesGPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ConsumerBankingSegmentMember_8b9bbe6e-f87d-4a81-912b-56a05ed95e63_terseLabel_en-US" xlink:label="lab_bac_ConsumerBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Banking </link:label>
<link:label id="lab_bac_ConsumerBankingSegmentMember_label_en-US" xlink:label="lab_bac_ConsumerBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Banking Segment [Member] </link:label>
<link:label id="lab_bac_ConsumerBankingSegmentMember_documentation_en-US" xlink:label="lab_bac_ConsumerBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Banking Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ConsumerBankingSegmentMember" xlink:href="bac-20221231.xsd#bac_ConsumerBankingSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ConsumerBankingSegmentMember" xlink:to="lab_bac_ConsumerBankingSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_76d7b422-7c56-454b-8b13-c3ad3cb194bf_terseLabel_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis of Presentation </link:label>
<link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis of Accounting, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_ead8671c-fa01-4976-bf02-6353bb317e3f_terseLabel_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of exchange rate changes on cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesAbstract_6b6fc472-c52f-4a10-bd11-757411b217b5_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesAbstract_566df4b1-ac0e-465c-9775-ca35024e07d6_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> On-balance sheet liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAbstract" xlink:to="lab_us-gaap_LiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNet_ab8f636c-cdf4-4653-9bc1-56f796da86b8_verboseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises and equipment, net </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNet_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NonAgencyResidentialMember_362eef2e-1c12-4274-9a14-12c90d964db2_terseLabel_en-US" xlink:label="lab_bac_NonAgencyResidentialMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency residential MBS </link:label>
<link:label id="lab_bac_NonAgencyResidentialMember_label_en-US" xlink:label="lab_bac_NonAgencyResidentialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency Residential [Member] </link:label>
<link:label id="lab_bac_NonAgencyResidentialMember_documentation_en-US" xlink:label="lab_bac_NonAgencyResidentialMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency Residential. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NonAgencyResidentialMember" xlink:href="bac-20221231.xsd#bac_NonAgencyResidentialMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NonAgencyResidentialMember" xlink:to="lab_bac_NonAgencyResidentialMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ProprietaryModificationsMember_a2db4507-e362-4887-9a8b-e72b23c44261_terseLabel_en-US" xlink:label="lab_bac_ProprietaryModificationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Modifications under proprietary programs </link:label>
<link:label id="lab_bac_ProprietaryModificationsMember_label_en-US" xlink:label="lab_bac_ProprietaryModificationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proprietary Modifications [Member] </link:label>
<link:label id="lab_bac_ProprietaryModificationsMember_documentation_en-US" xlink:label="lab_bac_ProprietaryModificationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proprietary Modifications [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ProprietaryModificationsMember" xlink:href="bac-20221231.xsd#bac_ProprietaryModificationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ProprietaryModificationsMember" xlink:to="lab_bac_ProprietaryModificationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionOtherEligibleItemsMember_37cd410e-22b7-4a7f-bcdb-4f708b46af7d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionOtherEligibleItemsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_FairValueOptionOtherEligibleItemsMember_label_en-US" xlink:label="lab_us-gaap_FairValueOptionOtherEligibleItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Other Eligible Items [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionOtherEligibleItemsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionOtherEligibleItemsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionOtherEligibleItemsMember" xlink:to="lab_us-gaap_FairValueOptionOtherEligibleItemsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_4fe12000-c809-42fd-a801-b514bd36d881_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total realized and unrealized gains (losses) included in Net Income </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebt_c08e5c29-e9ae-4e58-8024-57e2d0cd6f88_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt (includes $33,070 and $29,708 measured at fair value) </link:label>
<link:label id="lab_us-gaap_LongTermDebt_49ea5734-1730-4a24-a03b-5605bc37211a_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebt_61f5380e-0b45-421a-ad78-fc64d98d590d_totalLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_LongTermDebt_label_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="lab_us-gaap_LongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NotionalAmountOfDerivativesAbstract_e82962e5-d428-43ca-b17c-5a4831449d3b_terseLabel_en-US" xlink:label="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Payout/Notional </link:label>
<link:label id="lab_us-gaap_NotionalAmountOfDerivativesAbstract_label_en-US" xlink:label="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NotionalAmountOfDerivativesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:to="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndDueFromBanks_00c6a656-de83-4dc5-ba23-daf6858c10fb_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndDueFromBanks" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and due from banks </link:label>
<link:label id="lab_us-gaap_CashAndDueFromBanks_label_en-US" xlink:label="lab_us-gaap_CashAndDueFromBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Due from Banks </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndDueFromBanks" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashAndDueFromBanks"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndDueFromBanks" xlink:to="lab_us-gaap_CashAndDueFromBanks" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_d72ba6cc-b696-4ce1-adb6-57855b498f92_verboseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds sold and securities borrowed or purchased under agreements to resell (includes $146,999 and $150,665 measured at fair value) </link:label>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold and Securities Purchased under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CollateralNotYetPostedAggregateFairValue_b9e888c4-44a0-412d-a900-5d4a98f2d992_terseLabel_en-US" xlink:label="lab_bac_CollateralNotYetPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral not yet posted </link:label>
<link:label id="lab_bac_CollateralNotYetPostedAggregateFairValue_label_en-US" xlink:label="lab_bac_CollateralNotYetPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Not Yet Posted, Aggregate Fair Value </link:label>
<link:label id="lab_bac_CollateralNotYetPostedAggregateFairValue_documentation_en-US" xlink:label="lab_bac_CollateralNotYetPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The aggregate fair value of assets that are not yet posted, at the end of the reporting period, as collateral for derivative instruments with credit-risk-related contingent features. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CollateralNotYetPostedAggregateFairValue" xlink:href="bac-20221231.xsd#bac_CollateralNotYetPostedAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CollateralNotYetPostedAggregateFairValue" xlink:to="lab_bac_CollateralNotYetPostedAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities_987771f0-921c-4afb-8ce3-04f759c68e88_verboseLabel_en-US" xlink:label="lab_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transactions processed by sponsored entities </link:label>
<link:label id="lab_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities_label_en-US" xlink:label="lab_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Services, Transactions Processed And Settled By Sponsored Entities </link:label>
<link:label id="lab_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities_documentation_en-US" xlink:label="lab_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount of merchant services transactions processed and settled by sponsored merchant processing servicers that process credit and debit card transactions on behalf of various merchants. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities" xlink:href="bac-20221231.xsd#bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities" xlink:to="lab_bac_MerchantServicesTransactionsProcessedAndSettledBySponsoredEntities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentVehiclesMember_0ff1c670-fb92-4ed1-b10e-88105a0664d1_terseLabel_en-US" xlink:label="lab_bac_InvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Vehicles </link:label>
<link:label id="lab_bac_InvestmentVehiclesMember_label_en-US" xlink:label="lab_bac_InvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Vehicles [Member] </link:label>
<link:label id="lab_bac_InvestmentVehiclesMember_documentation_en-US" xlink:label="lab_bac_InvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Vehicles [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentVehiclesMember" xlink:href="bac-20221231.xsd#bac_InvestmentVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentVehiclesMember" xlink:to="lab_bac_InvestmentVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_590fa848-da25-489b-9c6b-66479bdf43ad_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Axis] </link:label>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_label_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:to="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesSSPreferredStockMember_96aa6469-490d-45dd-8006-a462b5c41106_verboseLabel_en-US" xlink:label="lab_bac_SeriesSSPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS </link:label>
<link:label id="lab_bac_SeriesSSPreferredStockMember_110f02c3-3bc5-4b10-9f0a-09451c445b0c_terseLabel_en-US" xlink:label="lab_bac_SeriesSSPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series SS Preferred Stock </link:label>
<link:label id="lab_bac_SeriesSSPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesSSPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series SS Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesSSPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesSSPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series SS Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesSSPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesSSPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesSSPreferredStockMember" xlink:to="lab_bac_SeriesSSPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GainsLossesOnLoansHeldForSale_d889493a-b1e9-406f-a3f1-662f26a2d6d3_verboseLabel_en-US" xlink:label="lab_bac_GainsLossesOnLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held-for-sale </link:label>
<link:label id="lab_bac_GainsLossesOnLoansHeldForSale_label_en-US" xlink:label="lab_bac_GainsLossesOnLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) On Loans Held For Sale </link:label>
<link:label id="lab_bac_GainsLossesOnLoansHeldForSale_documentation_en-US" xlink:label="lab_bac_GainsLossesOnLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the amount of gain (loss) recognized on LHFS, still held as of the reporting date, measured at fair value on a nonrecurring basis. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GainsLossesOnLoansHeldForSale" xlink:href="bac-20221231.xsd#bac_GainsLossesOnLoansHeldForSale"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GainsLossesOnLoansHeldForSale" xlink:to="lab_bac_GainsLossesOnLoansHeldForSale" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxesPaidNet_a888c102-fcf2-4ee2-be6c-7de5813c9f48_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes paid, net </link:label>
<link:label id="lab_us-gaap_IncomeTaxesPaidNet_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes Paid, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesPaidNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxesPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaidNet" xlink:to="lab_us-gaap_IncomeTaxesPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CapitalConservationBuffer_ee76c15b-57bc-4b45-8bbd-740779110133_terseLabel_en-US" xlink:label="lab_bac_CapitalConservationBuffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital conservation buffer </link:label>
<link:label id="lab_bac_CapitalConservationBuffer_label_en-US" xlink:label="lab_bac_CapitalConservationBuffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Conservation Buffer </link:label>
<link:label id="lab_bac_CapitalConservationBuffer_documentation_en-US" xlink:label="lab_bac_CapitalConservationBuffer" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Conservation Buffer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CapitalConservationBuffer" xlink:href="bac-20221231.xsd#bac_CapitalConservationBuffer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CapitalConservationBuffer" xlink:to="lab_bac_CapitalConservationBuffer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_dbde48e8-478a-40ac-8bd8-030210a9ef05_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueByMeasurementBasisAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:to="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentsTable_4eb3ee9c-258a-4ee0-b382-84cd79720157_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Table] </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsTable_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherCommitmentsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsTable" xlink:to="lab_us-gaap_OtherCommitmentsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock_5c476846-1d47-4c4e-a8cd-1f4f5664cd49_terseLabel_en-US" xlink:label="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures </link:label>
<link:label id="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:to="lab_us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SharesOutstanding_db193ce1-290c-4a5f-9bc4-166f1d7d2a5a_periodStartLabel_en-US" xlink:label="lab_us-gaap_SharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning Balance (in shares) </link:label>
<link:label id="lab_us-gaap_SharesOutstanding_7d387f50-1e62-49f4-8560-40288be69a2f_periodEndLabel_en-US" xlink:label="lab_us-gaap_SharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending Balance (in shares) </link:label>
<link:label id="lab_us-gaap_SharesOutstanding_label_en-US" xlink:label="lab_us-gaap_SharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares, Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesOutstanding" xlink:to="lab_us-gaap_SharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear_cbc74c39-5da7-4037-b95f-b7b2f3b27649_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Originated in current fiscal year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year One, Originated, Current Fiscal Year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year One, Originated, Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearOneOriginatedCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_ba4ed808-7e01-4f57-8b06-76d06c5d4f5f_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends per share (in dollars per share) </link:label>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Dividends, Per Share, Declared </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockDividendsPerShareDeclared"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield_5f106883-ca75-4a14-863d-997bfc723a63_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after one year through five years, yield </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis, Average Yield </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Yield, after One Through Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield" xlink:to="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasisAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentsGeographicalAreasAbstract_bd6c2f0e-5ce6-46c8-b791-6eebde47c98c_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentsGeographicalAreasAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments, Geographical Areas [Abstract] </link:label>
<link:label id="lab_us-gaap_SegmentsGeographicalAreasAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentsGeographicalAreasAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments, Geographical Areas [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentsGeographicalAreasAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SegmentsGeographicalAreasAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentsGeographicalAreasAbstract" xlink:to="lab_us-gaap_SegmentsGeographicalAreasAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsInvestments_e9632ab7-fdfc-48c0-a3cd-2291851dab63_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale securities </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsInvestments_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsInvestments" xlink:to="lab_us-gaap_DeferredTaxAssetsInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense_95d59154-d6a7-46e9-ba57-1ff22cfeae81_terseLabel_en-US" xlink:label="lab_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rewards, rebates and compensation expense </link:label>
<link:label id="lab_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense_label_en-US" xlink:label="lab_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rewards And Rebates Expense And Labor And Related Expense </link:label>
<link:label id="lab_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense_documentation_en-US" xlink:label="lab_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rewards And Rebates Expense And Labor And Related Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense" xlink:href="bac-20221231.xsd#bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense" xlink:to="lab_bac_RewardsAndRebatesExpenseAndLaborAndRelatedExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanToValueAxis_ee54ec1d-1687-4d38-95f0-f76dc4b438bd_terseLabel_en-US" xlink:label="lab_us-gaap_LoanToValueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Axis] </link:label>
<link:label id="lab_us-gaap_LoanToValueAxis_label_en-US" xlink:label="lab_us-gaap_LoanToValueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanToValueAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoanToValueAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanToValueAxis" xlink:to="lab_us-gaap_LoanToValueAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubordinatedDebtMember_ca4a20ff-1549-45f7-b0ec-6772f18761b4_terseLabel_en-US" xlink:label="lab_us-gaap_SubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subordinated notes: </link:label>
<link:label id="lab_us-gaap_SubordinatedDebtMember_label_en-US" xlink:label="lab_us-gaap_SubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subordinated Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubordinatedDebtMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SubordinatedDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubordinatedDebtMember" xlink:to="lab_us-gaap_SubordinatedDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GlobalBankingSegmentMember_765575bf-b269-47a9-9eff-4013e1ea8fbe_terseLabel_en-US" xlink:label="lab_bac_GlobalBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Banking </link:label>
<link:label id="lab_bac_GlobalBankingSegmentMember_label_en-US" xlink:label="lab_bac_GlobalBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Banking Segment [Member] </link:label>
<link:label id="lab_bac_GlobalBankingSegmentMember_documentation_en-US" xlink:label="lab_bac_GlobalBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Commercial Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions to clients through the Corporation’s network of offices and client relationship teams along with various product partners. Clients include business banking and middle-market companies, commercial real estate firms and governments, and are generally defined as companies with sales up to $2 billion. Lending products and services include commercial loans and commitment facilities, real estate lending, asset-based lending and indirect consumer loans. Capital management and treasury solutions include treasury management, foreign exchange and short-term investing options. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GlobalBankingSegmentMember" xlink:href="bac-20221231.xsd#bac_GlobalBankingSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GlobalBankingSegmentMember" xlink:to="lab_bac_GlobalBankingSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived_ce3ccff8-2b27-4d83-a3b5-9f5bd15c7a54_totalLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total undiscounted cash flows </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMeasurementInput_69d81d2c-8b2e-4128-9c6c-aac5ba2499ae_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtMeasurementInput_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMeasurementInput" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMeasurementInput" xlink:to="lab_us-gaap_LongTermDebtMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice_67db8caf-e670-4f66-b4a7-b0da93c49d58_terseLabel_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold percentage of common stock closing price (exceeds) </link:label>
<link:label id="lab_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice_label_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Convertible, Threshold Percentage of Common Stock Closing Price </link:label>
<link:label id="lab_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice_documentation_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Convertible, Threshold Percentage of Common Stock Closing Price </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice" xlink:href="bac-20221231.xsd#bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice" xlink:to="lab_bac_PreferredStockConvertibleThresholdPercentageofCommonStockClosingPrice" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_f60bd6c5-c1e0-4e52-bf8a-20e1047a6781_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock issued under employee plans, net, and other (in shares) </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_9f8789fe-c0d6-4e38-a984-a35695d171a8_verboseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock issued (in shares) </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_c7306e2d-ac47-4f56-8d89-f2147e1c2d76_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiability_30d49d75-d0d9-4b87-b0fb-d6ff538500ec_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiability_25dbccd9-293b-4cd5-b8f7-873c12604757_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiability" xlink:to="lab_us-gaap_OperatingLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess_760a9f83-8240-41c1-99a5-c31f3ccb4237_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans with formal foreclosure proceeding in process </link:label>
<link:label id="lab_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess_label_en-US" xlink:label="lab_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Loans with Formal Foreclosure Proceeding in Process </link:label>
<link:label id="lab_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess_documentation_en-US" xlink:label="lab_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Loans with Formal Foreclosure Proceeding in Process </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess" xlink:href="bac-20221231.xsd#bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess" xlink:to="lab_bac_FinancingReceivableLoanswithFormalForeclosureProceedinginProcess" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1_de65eef0-4866-48cf-ac09-b62d50fec09a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ultimate health care cost trend rate </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Ultimate Health Care Cost Trend Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:to="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ResidentialMortgageWithNegativeAllowanceMember_0f3a8889-44b0-42e8-b1d9-652186a3ee77_terseLabel_en-US" xlink:label="lab_bac_ResidentialMortgageWithNegativeAllowanceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage With No Related Allowance </link:label>
<link:label id="lab_bac_ResidentialMortgageWithNegativeAllowanceMember_label_en-US" xlink:label="lab_bac_ResidentialMortgageWithNegativeAllowanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage With Negative Allowance [Member] </link:label>
<link:label id="lab_bac_ResidentialMortgageWithNegativeAllowanceMember_documentation_en-US" xlink:label="lab_bac_ResidentialMortgageWithNegativeAllowanceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage With Negative Allowance [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ResidentialMortgageWithNegativeAllowanceMember" xlink:href="bac-20221231.xsd#bac_ResidentialMortgageWithNegativeAllowanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ResidentialMortgageWithNegativeAllowanceMember" xlink:to="lab_bac_ResidentialMortgageWithNegativeAllowanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalCreditAssessmentAxis_46df1f04-03db-445b-81b2-eb7e311f2d75_terseLabel_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Axis] </link:label>
<link:label id="lab_us-gaap_InternalCreditAssessmentAxis_label_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalCreditAssessmentAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InternalCreditAssessmentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalCreditAssessmentAxis" xlink:to="lab_us-gaap_InternalCreditAssessmentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalInvestmentGradeMember_b2c14742-dff0-48a0-a9ef-4e7243d7fced_terseLabel_en-US" xlink:label="lab_us-gaap_InternalInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment grade </link:label>
<link:label id="lab_us-gaap_InternalInvestmentGradeMember_label_en-US" xlink:label="lab_us-gaap_InternalInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Investment Grade [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalInvestmentGradeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InternalInvestmentGradeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalInvestmentGradeMember" xlink:to="lab_us-gaap_InternalInvestmentGradeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_bfe9a852-89f4-4902-b319-24c99bb0faa0_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsNetAbstract_b510be0a-4a79-43e2-bb9d-e135c98f67e6_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsNetAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNetAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNetAbstract" xlink:to="lab_us-gaap_DeferredTaxAssetsNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_ce875787-fc6f-4d3e-a98e-07bf511ae313_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Domain] </link:label>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_label_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:to="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherVariableInterestEntityInvestmentVehicleMember_c24e9d24-ae96-46a4-850b-6564a86c103c_terseLabel_en-US" xlink:label="lab_bac_OtherVariableInterestEntityInvestmentVehicleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entities </link:label>
<link:label id="lab_bac_OtherVariableInterestEntityInvestmentVehicleMember_label_en-US" xlink:label="lab_bac_OtherVariableInterestEntityInvestmentVehicleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entity Investment Vehicle [Member] </link:label>
<link:label id="lab_bac_OtherVariableInterestEntityInvestmentVehicleMember_documentation_en-US" xlink:label="lab_bac_OtherVariableInterestEntityInvestmentVehicleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Variable Interest Entity Investment Vehicle [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherVariableInterestEntityInvestmentVehicleMember" xlink:href="bac-20221231.xsd#bac_OtherVariableInterestEntityInvestmentVehicleMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherVariableInterestEntityInvestmentVehicleMember" xlink:to="lab_bac_OtherVariableInterestEntityInvestmentVehicleMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentBankingIncomeUnderwritingIncomeMember_cb619fc9-1364-44ce-a4ce-3865a0356e6a_terseLabel_en-US" xlink:label="lab_bac_InvestmentBankingIncomeUnderwritingIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting income </link:label>
<link:label id="lab_bac_InvestmentBankingIncomeUnderwritingIncomeMember_label_en-US" xlink:label="lab_bac_InvestmentBankingIncomeUnderwritingIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Income, Underwriting Income [Member] </link:label>
<link:label id="lab_bac_InvestmentBankingIncomeUnderwritingIncomeMember_documentation_en-US" xlink:label="lab_bac_InvestmentBankingIncomeUnderwritingIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Income, Underwriting Income [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentBankingIncomeUnderwritingIncomeMember" xlink:href="bac-20221231.xsd#bac_InvestmentBankingIncomeUnderwritingIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentBankingIncomeUnderwritingIncomeMember" xlink:to="lab_bac_InvestmentBankingIncomeUnderwritingIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock_a13fb8ce-d53b-41ac-894b-62bdac1b51fe_terseLabel_en-US" xlink:label="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Loans and Leases Outstanding </link:label>
<link:label id="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Past Due [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PastDueFinancingReceivablesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:to="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_acef07e8-62fd-4ba7-b5c5-242c2760c43e_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingRelationshipDomain_5fc29d4d-29c3-4e8c-a952-407fc5e0bbd5_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>
<link:label id="lab_us-gaap_HedgingRelationshipDomain_label_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingRelationshipDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgingRelationshipDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingRelationshipDomain" xlink:to="lab_us-gaap_HedgingRelationshipDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingDesignationAxis_1c5c325c-0528-420d-83fb-50a6bb03c37b_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationAxis_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgingDesignationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationAxis" xlink:to="lab_us-gaap_HedgingDesignationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_AuditorLocation_bb01e3fc-57ab-4b38-af8c-554ee6836756_terseLabel_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auditor Location </link:label>
<link:label id="lab_dei_AuditorLocation_label_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auditor Location </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_AuditorLocation" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorLocation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorLocation" xlink:to="lab_dei_AuditorLocation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingAssetsTable_87e7870d-f4cc-4e88-a661-d6181536c199_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets [Table] </link:label>
<link:label id="lab_us-gaap_OffsettingAssetsTable_label_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingAssetsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffsettingAssetsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingAssetsTable" xlink:to="lab_us-gaap_OffsettingAssetsTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableRepurchased_dd836c89-2e6e-4e7f-a019-ac34c920dc75_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableRepurchased" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases repurchase activity </link:label>
<link:label id="lab_bac_FinancingReceivableRepurchased_label_en-US" xlink:label="lab_bac_FinancingReceivableRepurchased" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Repurchased </link:label>
<link:label id="lab_bac_FinancingReceivableRepurchased_documentation_en-US" xlink:label="lab_bac_FinancingReceivableRepurchased" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Repurchased </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableRepurchased" xlink:href="bac-20221231.xsd#bac_FinancingReceivableRepurchased"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableRepurchased" xlink:to="lab_bac_FinancingReceivableRepurchased" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_5959ad9e-9182-415d-a813-a3ed72c2a87a_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Legally enforceable master netting agreements </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Subject to Master Netting Arrangement, Liability Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssetFairValueGrossLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_f795567a-f2d0-4ebd-82e1-f8ebc7867af4_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. federal </link:label>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Federal Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CurrentFederalTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SubprimeLoanMember_45567a90-006e-4140-b9fc-d601344d9d32_terseLabel_en-US" xlink:label="lab_bac_SubprimeLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subprime </link:label>
<link:label id="lab_bac_SubprimeLoanMember_label_en-US" xlink:label="lab_bac_SubprimeLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subprime Loan [Member] </link:label>
<link:label id="lab_bac_SubprimeLoanMember_documentation_en-US" xlink:label="lab_bac_SubprimeLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subprime Loan [Member]. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SubprimeLoanMember" xlink:href="bac-20221231.xsd#bac_SubprimeLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SubprimeLoanMember" xlink:to="lab_bac_SubprimeLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_country_US_5fe17541-606d-4169-9657-e226fce97add_terseLabel_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. </link:label>
<link:label id="lab_country_US_label_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UNITED STATES </link:label>
<link:loc xlink:type="locator" xlink:label="loc_country_US" xlink:href="https://xbrl.sec.gov/country/2022/country-2022.xsd#country_US"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears_68a26664-aaab-4f86-b5ff-b8035e9b93d4_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentBankingFeesMember_0992b92b-2db6-486d-821c-12ce3111f9d9_terseLabel_en-US" xlink:label="lab_bac_InvestmentBankingFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total investment banking fees </link:label>
<link:label id="lab_bac_InvestmentBankingFeesMember_label_en-US" xlink:label="lab_bac_InvestmentBankingFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Fees [Member] </link:label>
<link:label id="lab_bac_InvestmentBankingFeesMember_documentation_en-US" xlink:label="lab_bac_InvestmentBankingFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentBankingFeesMember" xlink:href="bac-20221231.xsd#bac_InvestmentBankingFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentBankingFeesMember" xlink:to="lab_bac_InvestmentBankingFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract_a3b2450d-a2ee-44a9-9727-d39309340ac3_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value Assets and liabilities measure on Recurring basis </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_69c080bb-c553-4e43-9375-71107959a76a_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities and Note 12 – Commitments and Contingencies) </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommitmentsAndContingencies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionAggregateDifferencesAssets_ded61532-6b0e-444d-96cf-3c4a6cec963e_verboseLabel_en-US" xlink:label="lab_bac_FairValueOptionAggregateDifferencesAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_bac_FairValueOptionAggregateDifferencesAssets_label_en-US" xlink:label="lab_bac_FairValueOptionAggregateDifferencesAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Assets </link:label>
<link:label id="lab_bac_FairValueOptionAggregateDifferencesAssets_documentation_en-US" xlink:label="lab_bac_FairValueOptionAggregateDifferencesAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionAggregateDifferencesAssets" xlink:href="bac-20221231.xsd#bac_FairValueOptionAggregateDifferencesAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionAggregateDifferencesAssets" xlink:to="lab_bac_FairValueOptionAggregateDifferencesAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue_6110e2b9-ff02-4861-a7a3-df8f08625216_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after one year through five years, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling Year Two Through Five, Fair Value </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, after One Through Five years, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:to="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance_86b26561-d6f9-4cf9-936c-40c4642dad66_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>
<link:label id="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance_label_en-US" xlink:label="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable And Off-Balance Sheet, Credit Loss, Allowance </link:label>
<link:label id="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance_documentation_en-US" xlink:label="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable And Off-Balance Sheet, Credit Loss, Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance" xlink:href="bac-20221231.xsd#bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance" xlink:to="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentsInEntitiesDomain_b69a70d8-8166-4223-8aa2-d476d3a8c61b_terseLabel_en-US" xlink:label="lab_bac_InvestmentsInEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Entities [Domain] </link:label>
<link:label id="lab_bac_InvestmentsInEntitiesDomain_label_en-US" xlink:label="lab_bac_InvestmentsInEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Entities [Domain] </link:label>
<link:label id="lab_bac_InvestmentsInEntitiesDomain_documentation_en-US" xlink:label="lab_bac_InvestmentsInEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Entities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentsInEntitiesDomain" xlink:href="bac-20221231.xsd#bac_InvestmentsInEntitiesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentsInEntitiesDomain" xlink:to="lab_bac_InvestmentsInEntitiesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_7d73174f-051f-4bef-9859-8c80219c4090_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) in Income Reclassified from Accumulated OCI </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued_a30ef3d3-d4a4-4980-a1f7-facfa2387175_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Penalties and interest accrued </link:label>
<link:label id="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Examination, Penalties and Interest Accrued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued" xlink:to="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PriceRiskOnForecastedMBSPurchasesMember_00f9fc85-c15d-4fc1-84f6-2096aebf55cc_terseLabel_en-US" xlink:label="lab_bac_PriceRiskOnForecastedMBSPurchasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price risk on forecasted MBS purchases </link:label>
<link:label id="lab_bac_PriceRiskOnForecastedMBSPurchasesMember_label_en-US" xlink:label="lab_bac_PriceRiskOnForecastedMBSPurchasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price Risk On Forecasted MBS Purchases [Member] </link:label>
<link:label id="lab_bac_PriceRiskOnForecastedMBSPurchasesMember_documentation_en-US" xlink:label="lab_bac_PriceRiskOnForecastedMBSPurchasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price Risk On Forecasted MBS Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PriceRiskOnForecastedMBSPurchasesMember" xlink:href="bac-20221231.xsd#bac_PriceRiskOnForecastedMBSPurchasesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PriceRiskOnForecastedMBSPurchasesMember" xlink:to="lab_bac_PriceRiskOnForecastedMBSPurchasesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_44cd2412-c0e5-4a01-a41a-44df6806e6f2_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Service Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanServiceCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:to="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_d34b3840-f132-4c02-b60c-32c4bfe1d28b_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares reserved for future issuance (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_label_en-US" xlink:label="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Capital Shares Reserved for Future Issuance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:to="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions_77022281-9d76-46c2-970c-4be404d901cf_terseLabel_en-US" xlink:label="lab_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation allowance before considering benefit of federal deductions </link:label>
<link:label id="lab_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions_label_en-US" xlink:label="lab_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards, Valuation Allowance, Before Federal Deductions </link:label>
<link:label id="lab_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions_documentation_en-US" xlink:label="lab_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards, Valuation Allowance, Before Federal Deductions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions" xlink:href="bac-20221231.xsd#bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions" xlink:to="lab_bac_OperatingLossCarryforwardsValuationAllowanceBeforeFederalDeductions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseShortTermBorrowings_9141fda9-c932-4843-bfa0-849ccc437e3c_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_InterestExpenseShortTermBorrowings_label_en-US" xlink:label="lab_us-gaap_InterestExpenseShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Short-Term Borrowings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseShortTermBorrowings" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseShortTermBorrowings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseShortTermBorrowings" xlink:to="lab_us-gaap_InterestExpenseShortTermBorrowings" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityVoluntaryFilers_ecad8a43-f9a1-41b5-9f1b-5238870cdfcf_terseLabel_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:label id="lab_dei_EntityVoluntaryFilers_label_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_7016d6c8-a176-42d1-8be1-e256b536adac_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Interest Income and Noninterest Income </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RevenueFromContractWithCustomerTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ResidentialandCommercialPortfolioSegmentsMember_7411dfb1-6256-4105-9020-5ceb49fbd71b_terseLabel_en-US" xlink:label="lab_bac_ResidentialandCommercialPortfolioSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential and Commercial Portfolio Segments </link:label>
<link:label id="lab_bac_ResidentialandCommercialPortfolioSegmentsMember_label_en-US" xlink:label="lab_bac_ResidentialandCommercialPortfolioSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential and Commercial Portfolio Segments [Member] </link:label>
<link:label id="lab_bac_ResidentialandCommercialPortfolioSegmentsMember_documentation_en-US" xlink:label="lab_bac_ResidentialandCommercialPortfolioSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential and Commercial Portfolio Segments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ResidentialandCommercialPortfolioSegmentsMember" xlink:href="bac-20221231.xsd#bac_ResidentialandCommercialPortfolioSegmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ResidentialandCommercialPortfolioSegmentsMember" xlink:to="lab_bac_ResidentialandCommercialPortfolioSegmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan_9d13022d-13ab-4811-9580-0f3bf2c762ad_terseLabel_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold period past due for write-off of renegotiated financing receivable placed on a fixed payment plan </link:label>
<link:label id="lab_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan_label_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold Period Past Due For Write-Off Of Renegotiated Financing Receivable Placed On A Fixed Payment Plan </link:label>
<link:label id="lab_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan_documentation_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold Period Past Due for Write-off of Renegotiated Financing Receivable Placed on a Fixed Payment Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan" xlink:href="bac-20221231.xsd#bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan" xlink:to="lab_bac_ThresholdPeriodPastDueForWriteOffOfRenegotiatedFinancingReceivablePlacedOnAFixedPaymentPlan" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_e5c8d8ba-8a79-413b-ba40-7304d47d2bf4_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurements, Nonrecurring </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurements, Nonrecurring [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_4e5a40ef-af7f-4d90-8824-360f1a5d9806_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in projected benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_97af0394-14cc-45fc-a8a7-1f1d8b57d2f6_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Domain] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentTypeCategorizationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:to="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScenarioForecastMember_165c77ad-776a-45a4-baa4-0285f03196b8_terseLabel_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario, Forecast </link:label>
<link:label id="lab_srt_ScenarioForecastMember_label_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forecast [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioForecastMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ScenarioForecastMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioForecastMember" xlink:to="lab_srt_ScenarioForecastMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment_d5704f57-7891-4ba1-ad2d-8ae8dd202bb3_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Loans and Leases Held-for-investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment" xlink:to="lab_us-gaap_PaymentsToAcquireLoansAndLeasesHeldForInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_196e668d-adbe-4b78-90ad-f67558c0e987_terseLabel_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference </link:label>
<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_label_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentsIncorporatedByReferenceTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_06282c9a-2b8b-4b40-8b45-a4adbc7836c1_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_41239304-9b5f-4ce0-8897-bea47ec072d4_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities and shareholders’ equity </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TimeDepositsAtOrAboveInsuranceLimit_0aefe9c5-7ec5-48e7-acd8-7fb1d81e319c_terseLabel_en-US" xlink:label="lab_bac_TimeDepositsAtOrAboveInsuranceLimit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time deposits that met or exceeded local jurisdictional limit </link:label>
<link:label id="lab_bac_TimeDepositsAtOrAboveInsuranceLimit_label_en-US" xlink:label="lab_bac_TimeDepositsAtOrAboveInsuranceLimit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits, at or Above Insurance Limit </link:label>
<link:label id="lab_bac_TimeDepositsAtOrAboveInsuranceLimit_documentation_en-US" xlink:label="lab_bac_TimeDepositsAtOrAboveInsuranceLimit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits, at or Above Insurance Limit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TimeDepositsAtOrAboveInsuranceLimit" xlink:href="bac-20221231.xsd#bac_TimeDepositsAtOrAboveInsuranceLimit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TimeDepositsAtOrAboveInsuranceLimit" xlink:to="lab_bac_TimeDepositsAtOrAboveInsuranceLimit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtTypeAxis_26816c51-5dab-46d2-b650-ef464215088a_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongtermDebtTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_us-gaap_LongtermDebtTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsGross_71cc26c4-acb6-498f-ae47-042b2136105f_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsGross_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGross" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="lab_us-gaap_DeferredTaxAssetsGross" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember_ba0b9fd7-e1ae-49e8-8931-7f5fe8eceeb0_terseLabel_en-US" xlink:label="lab_us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FHLMC </link:label>
<link:label id="lab_us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember_label_en-US" xlink:label="lab_us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Home Loan Mortgage Corporation (FHLMC) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember" xlink:to="lab_us-gaap_FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NondesignatedMember_bbc56a67-e0dc-4696-aa29-926969312e48_terseLabel_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading and Other Risk Management Derivatives </link:label>
<link:label id="lab_us-gaap_NondesignatedMember_label_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Not Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NondesignatedMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NondesignatedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NondesignatedMember" xlink:to="lab_us-gaap_NondesignatedMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged_1549b0b3-c116-4102-82a4-37b6d0b6d8d0_terseLabel_en-US" xlink:label="lab_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Open cash flow hedge, forecasted transactions hedging period (in years) </link:label>
<link:label id="lab_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged_label_en-US" xlink:label="lab_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Open Cash Flow Hedges, Length of Time Over Which Forecasted Transactions Are Substantially Hedged </link:label>
<link:label id="lab_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged_documentation_en-US" xlink:label="lab_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Open Cash Flow Hedges, Length of Time Over Which Forecasted Transactions Are Substantially Hedged </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged" xlink:href="bac-20221231.xsd#bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged" xlink:to="lab_bac_OpenCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreSubstantiallyHedged" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_100c932a-6e9c-45f2-a3b9-f34e5c859fc5_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross gains </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Realized Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankNotesMember_34c2d86f-c78a-43bf-86c0-f34cda23948b_terseLabel_en-US" xlink:label="lab_bac_BankNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Notes </link:label>
<link:label id="lab_bac_BankNotesMember_label_en-US" xlink:label="lab_bac_BankNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Notes [Member] </link:label>
<link:label id="lab_bac_BankNotesMember_documentation_en-US" xlink:label="lab_bac_BankNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankNotesMember" xlink:href="bac-20221231.xsd#bac_BankNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankNotesMember" xlink:to="lab_bac_BankNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_ec9608cd-ef3e-4fd4-b140-80a7fcb93a31_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Net present value adjustment </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Undiscounted Excess Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10_dcef834d-0aac-4804-a521-4c94c2d9b8cc_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after Five Years through Ten Years </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 5 through 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10" xlink:to="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateAfterYear5Through10" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_ddb1b1a4-90d8-477f-b9d5-c31a999316ca_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of vesting installments </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability_9765e8e5-fdb3-450a-b33f-24259f7e0dbb_terseLabel_en-US" xlink:label="lab_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax liability, temporary differences with investments in Non-US subsidiaries </link:label>
<link:label id="lab_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability_label_en-US" xlink:label="lab_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Cuts and Jobs Act, Incomplete Accounting, Undistributed Accumulated Earnings of Foreign Subsidiary, Provisional Unrecognized Deferred Tax Liability </link:label>
<link:label id="lab_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability_documentation_en-US" xlink:label="lab_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Cuts and Jobs Act, Incomplete Accounting, Undistributed Accumulated Earnings of Foreign Subsidiary, Provisional Unrecognized Deferred Tax Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability" xlink:href="bac-20221231.xsd#bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability" xlink:to="lab_bac_TaxCutsAndJobsActIncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalUnrecognizedDeferredTaxLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList_59af620e-d00a-4246-824a-75776aa5225e_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_9e6de183-aee5-472b-9e21-ed9adeabe90f_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_61b8faf2-6db8-4d91-8ea2-d8ac785f8b8f_periodStartLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, January 1 </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_ddec78ac-e3f3-4860-9e9e-6db3c5c5c712_periodEndLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, December 31 </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnrecognizedTaxBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_us-gaap_UnrecognizedTaxBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_ea4060ce-7448-4a3d-981d-525c356d3de7_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Lease, Payment to be Received, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareRepurchaseProgramAxis_92af7fc2-c93a-4844-8181-999569bfdd0a_terseLabel_en-US" xlink:label="lab_us-gaap_ShareRepurchaseProgramAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Program [Axis] </link:label>
<link:label id="lab_us-gaap_ShareRepurchaseProgramAxis_label_en-US" xlink:label="lab_us-gaap_ShareRepurchaseProgramAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Program [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareRepurchaseProgramAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareRepurchaseProgramAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareRepurchaseProgramAxis" xlink:to="lab_us-gaap_ShareRepurchaseProgramAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_1f760288-3ab0-42ad-ab02-613bef48c2df_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate debt </link:label>
<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CorporateDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:to="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_af17ec7c-41b7-4065-b698-b06aa7bf2f6c_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from issuance </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_8d970e51-c029-4694-aa25-3414267aa85e_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from issuance of preferred stock and warrants </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Preferred Stock and Preference Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_6d603389-d242-49a9-8035-0f44069ca036_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gross derivative assets, before netting </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Subject to Master Netting Arrangement, before Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember_73359665-42f2-4f5b-b99f-7add7c6f5bc0_terseLabel_en-US" xlink:label="lab_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidating businesses, eliminations and other </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember_label_en-US" xlink:label="lab_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Liquidating Businesses, Eliminations and Other [Member] </link:label>
<link:label id="lab_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember_documentation_en-US" xlink:label="lab_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items, Liquidating Businesses, Eliminations and Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember" xlink:href="bac-20221231.xsd#bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember" xlink:to="lab_bac_SegmentReconcilingItemsLiquidatingBusinessesEliminationsandOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressAddressLine1_951417be-383b-446c-be9a-22270e2d8494_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsQuantitativeInformationAbstract_9c00e8c9-4948-4cbb-8790-44da4054fddc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsQuantitativeInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Inputs [Abstract] </link:label>
<link:label id="lab_us-gaap_FairValueInputsQuantitativeInformationAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueInputsQuantitativeInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueInputsQuantitativeInformationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsQuantitativeInformationAbstract" xlink:to="lab_us-gaap_FairValueInputsQuantitativeInformationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesDDPreferredStockMember_e193b2b2-2a29-4307-93d4-ec180059de87_terseLabel_en-US" xlink:label="lab_bac_SeriesDDPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series DD Preferred Stock </link:label>
<link:label id="lab_bac_SeriesDDPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesDDPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series DD Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesDDPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesDDPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series DD Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesDDPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesDDPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesDDPreferredStockMember" xlink:to="lab_bac_SeriesDDPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ValuationTechniqueIndustryStandardDerivativePricingMember_568c2bd6-af96-476d-8b0f-5e1bbe2a0a0b_terseLabel_en-US" xlink:label="lab_bac_ValuationTechniqueIndustryStandardDerivativePricingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Industry standard derivative pricing </link:label>
<link:label id="lab_bac_ValuationTechniqueIndustryStandardDerivativePricingMember_label_en-US" xlink:label="lab_bac_ValuationTechniqueIndustryStandardDerivativePricingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Industry Standard Derivative Pricing [Member] </link:label>
<link:label id="lab_bac_ValuationTechniqueIndustryStandardDerivativePricingMember_documentation_en-US" xlink:label="lab_bac_ValuationTechniqueIndustryStandardDerivativePricingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Industry Standard Derivative Pricing [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ValuationTechniqueIndustryStandardDerivativePricingMember" xlink:href="bac-20221231.xsd#bac_ValuationTechniqueIndustryStandardDerivativePricingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ValuationTechniqueIndustryStandardDerivativePricingMember" xlink:to="lab_bac_ValuationTechniqueIndustryStandardDerivativePricingMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ProceedsfromRepaymentsofOtherAdvances_48544259-700f-4d32-922c-c78479b2523b_terseLabel_en-US" xlink:label="lab_bac_ProceedsfromRepaymentsofOtherAdvances" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net increase (decrease) in other advances </link:label>
<link:label id="lab_bac_ProceedsfromRepaymentsofOtherAdvances_label_en-US" xlink:label="lab_bac_ProceedsfromRepaymentsofOtherAdvances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Other Advances </link:label>
<link:label id="lab_bac_ProceedsfromRepaymentsofOtherAdvances_documentation_en-US" xlink:label="lab_bac_ProceedsfromRepaymentsofOtherAdvances" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Other Advances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ProceedsfromRepaymentsofOtherAdvances" xlink:href="bac-20221231.xsd#bac_ProceedsfromRepaymentsofOtherAdvances"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ProceedsfromRepaymentsofOtherAdvances" xlink:to="lab_bac_ProceedsfromRepaymentsofOtherAdvances" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductOrServiceAxis_7b24ef4c-3d2d-4653-abda-ea6b1ad9fb38_terseLabel_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:label id="lab_srt_ProductOrServiceAxis_label_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductOrServiceAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ProductOrServiceAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductOrServiceAxis" xlink:to="lab_srt_ProductOrServiceAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditCardMember_617cb923-5208-4e7a-b84b-321247297d30_terseLabel_en-US" xlink:label="lab_us-gaap_CreditCardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Card income </link:label>
<link:label id="lab_us-gaap_CreditCardMember_label_en-US" xlink:label="lab_us-gaap_CreditCardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditCardMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditCardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditCardMember" xlink:to="lab_us-gaap_CreditCardMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_87c136da-e90f-4912-8a66-2a674d3c6d2f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Return (Loss) on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherAssetsMeasurementInput_e41b263a-fc8a-41c7-93fd-05a89e2755b2_terseLabel_en-US" xlink:label="lab_bac_OtherAssetsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets, primarily auction rate securities </link:label>
<link:label id="lab_bac_OtherAssetsMeasurementInput_8c2ae746-3deb-46dc-a031-174f5a99ce01_verboseLabel_en-US" xlink:label="lab_bac_OtherAssetsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets, measurement input </link:label>
<link:label id="lab_bac_OtherAssetsMeasurementInput_label_en-US" xlink:label="lab_bac_OtherAssetsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Measurement Input </link:label>
<link:label id="lab_bac_OtherAssetsMeasurementInput_documentation_en-US" xlink:label="lab_bac_OtherAssetsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherAssetsMeasurementInput" xlink:href="bac-20221231.xsd#bac_OtherAssetsMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherAssetsMeasurementInput" xlink:to="lab_bac_OtherAssetsMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_c7effca6-3eb7-4883-9175-d26331f760e8_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax law changes </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpense_299b4a9d-5a55-4020-aa3e-014c468a315a_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpense_8323ad4c-a744-48f2-ae61-1406b9972685_totalLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpense_label_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradeNamesMember_2ce1b973-78ce-47b7-b1df-a1a295c4ea21_terseLabel_en-US" xlink:label="lab_us-gaap_TradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade Names </link:label>
<link:label id="lab_us-gaap_TradeNamesMember_label_en-US" xlink:label="lab_us-gaap_TradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade Names [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradeNamesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradeNamesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeNamesMember" xlink:to="lab_us-gaap_TradeNamesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RealEstateAcquiredThroughForeclosure_fca85b61-5b77-42b9-ae57-27b921185a4e_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAcquiredThroughForeclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate acquired through foreclosure </link:label>
<link:label id="lab_us-gaap_RealEstateAcquiredThroughForeclosure_label_en-US" xlink:label="lab_us-gaap_RealEstateAcquiredThroughForeclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Acquired Through Foreclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAcquiredThroughForeclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RealEstateAcquiredThroughForeclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAcquiredThroughForeclosure" xlink:to="lab_us-gaap_RealEstateAcquiredThroughForeclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan_8035ff06-3ec7-4e46-83ee-822681297c85_totalLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Credit Card as of December 31, 2022 </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Revolving And Revolving Converted To Term Loan </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Revolving And Revolving Converted To Term Loan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestRevolvingAndRevolvingConvertedToTermLoan" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ValuationTechniquePricingModelMember_5f16386c-3d84-4230-87f0-0c0f66d01b7f_terseLabel_en-US" xlink:label="lab_bac_ValuationTechniquePricingModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pricing model </link:label>
<link:label id="lab_bac_ValuationTechniquePricingModelMember_label_en-US" xlink:label="lab_bac_ValuationTechniquePricingModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Pricing Model [Member] </link:label>
<link:label id="lab_bac_ValuationTechniquePricingModelMember_documentation_en-US" xlink:label="lab_bac_ValuationTechniquePricingModelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Pricing Model </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ValuationTechniquePricingModelMember" xlink:href="bac-20221231.xsd#bac_ValuationTechniquePricingModelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ValuationTechniquePricingModelMember" xlink:to="lab_bac_ValuationTechniquePricingModelMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusDomain_9af5a1b3-38bb-4bde-9f50-38abb6b6e709_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTaxStatusDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetirementPlanTaxStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTaxStatusDomain" xlink:to="lab_us-gaap_RetirementPlanTaxStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesLeasingArrangements_f543ccd4-45f0-445d-adc3-b0d18fa5d53b_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesLeasingArrangements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equipment lease financing </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesLeasingArrangements_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesLeasingArrangements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Leasing Arrangements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesLeasingArrangements" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxLiabilitiesLeasingArrangements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesLeasingArrangements" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesLeasingArrangements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BuildingMember_3492b66d-9436-4794-8a23-7558f582e4d4_terseLabel_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Building </link:label>
<link:label id="lab_us-gaap_BuildingMember_label_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Building [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BuildingMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_BuildingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingMember" xlink:to="lab_us-gaap_BuildingMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract_06bd78cf-9d62-4951-9fe6-2bbae8b40169_terseLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract] </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash [Abstract] </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements, Short-term Borrowings and Restricted Cash [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract" xlink:to="lab_bac_SecuritiesFinancingAgreementsShortTermBorrowingsCollateralAndRestrictedCashAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables_85cd77ae-5429-49da-bc55-00a8a1c73cd1_terseLabel_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold period past due for nonperforming status of financing receivables </link:label>
<link:label id="lab_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables_label_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold Period Past Due For Nonperforming Status Of Financing Receivables </link:label>
<link:label id="lab_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables_documentation_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold Period Past Due for Nonperforming Status of Financing Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables" xlink:href="bac-20221231.xsd#bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables" xlink:to="lab_bac_ThresholdPeriodPastDueForNonperformingStatusOfFinancingReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedge_83710880-4afb-48fa-8dbb-9f091be2ace2_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged liability, long-term debt, carrying value </link:label>
<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedge_label_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Liability, Fair Value Hedge </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedLiabilityFairValueHedge" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedLiabilityFairValueHedge"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedLiabilityFairValueHedge" xlink:to="lab_us-gaap_HedgedLiabilityFairValueHedge" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestIncomeExpenseMember_87eb8f4c-5e31-4d68-8d4c-0f7112475ed9_terseLabel_en-US" xlink:label="lab_bac_InterestIncomeExpenseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Interest Income </link:label>
<link:label id="lab_bac_InterestIncomeExpenseMember_label_en-US" xlink:label="lab_bac_InterestIncomeExpenseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense) [Member] </link:label>
<link:label id="lab_bac_InterestIncomeExpenseMember_documentation_en-US" xlink:label="lab_bac_InterestIncomeExpenseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestIncomeExpenseMember" xlink:href="bac-20221231.xsd#bac_InterestIncomeExpenseMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestIncomeExpenseMember" xlink:to="lab_bac_InterestIncomeExpenseMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTableTextBlock_7f3f8520-127f-43d7-87e3-6d56501c85b2_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DisaggregationOfRevenueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:to="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_8fa8ce69-227a-4af4-aa24-d3e7d77d9bdf_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross deferred tax liabilities </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredIncomeTaxLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement_25fe23f7-f81e-4c0b-ab88-114a1a23d640_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other gross derivative assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTaxAbstract_99ffae45-7451-40ce-a887-8bb3e1f61f03_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTaxAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTaxAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTaxAbstract"/>
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<link:label id="lab_us-gaap_SeniorLienMember_53f3fef4-4017-4b1d-b95d-ad23ae0c3d5e_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorLienMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior securities: </link:label>
<link:label id="lab_us-gaap_SeniorLienMember_label_en-US" xlink:label="lab_us-gaap_SeniorLienMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Lien [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorLienMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SeniorLienMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorLienMember" xlink:to="lab_us-gaap_SeniorLienMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingActivityGainsAndLossesLineItems_27d6424a-2fef-450f-94f2-e47c25156f7d_terseLabel_en-US" xlink:label="lab_us-gaap_TradingActivityGainsAndLossesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity, Gains and Losses, Net [Line Items] </link:label>
<link:label id="lab_us-gaap_TradingActivityGainsAndLossesLineItems_label_en-US" xlink:label="lab_us-gaap_TradingActivityGainsAndLossesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity, Gains and Losses, Net [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingActivityGainsAndLossesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingActivityGainsAndLossesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingActivityGainsAndLossesLineItems" xlink:to="lab_us-gaap_TradingActivityGainsAndLossesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember_fb5c2860-fc87-4d5a-8f59-722439d21281_terseLabel_en-US" xlink:label="lab_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Representations and Warranties Obligations and Corporate Guarantees </link:label>
<link:label id="lab_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember_label_en-US" xlink:label="lab_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Representations And Warranties Obligations And Corporate Guarantees [Member] </link:label>
<link:label id="lab_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember_documentation_en-US" xlink:label="lab_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Representations and Warranties Obligations and Corporate Guarantees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember" xlink:href="bac-20221231.xsd#bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember" xlink:to="lab_bac_RepresentationsAndWarrantiesObligationsAndCorporateGuaranteesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_74af677e-354e-4f07-9955-64932974a829_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dilutive potential common shares (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted, Adjustment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativesByContractTypeAxis_6d530a4f-c113-4e63-86c3-3a7426588cd1_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Axis] </link:label>
<link:label id="lab_us-gaap_CreditDerivativesByContractTypeAxis_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativesByContractTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditDerivativesByContractTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativesByContractTypeAxis" xlink:to="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmount_d6ec9549-47e2-4612-ab59-69a3da4c76af_totalLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmount_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Notional Amount </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmount_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents unfunded legally binding commitments. Such commitments consist of the entity committing to lend a specified amount to named borrowers at a certain interest rate, during a certain period and, usually, for a certain purpose. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsNotionalAmount" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsNotionalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsNotionalAmount" xlink:to="lab_bac_CreditExtensionCommitmentsNotionalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_bac_Series1PreferredStockMember_9d1d95be-c99f-4798-bed9-ad0ed9ff27a1_verboseLabel_en-US" xlink:label="lab_bac_Series1PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1 </link:label>
<link:label id="lab_bac_Series1PreferredStockMember_b79f1a60-5b22-48b5-ab4a-56b7c5d52c05_terseLabel_en-US" xlink:label="lab_bac_Series1PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 1 Preferred Stock </link:label>
<link:label id="lab_bac_Series1PreferredStockMember_label_en-US" xlink:label="lab_bac_Series1PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 1 Preferred Stock [Member] </link:label>
<link:label id="lab_bac_Series1PreferredStockMember_documentation_en-US" xlink:label="lab_bac_Series1PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 1 Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_Series1PreferredStockMember" xlink:href="bac-20221231.xsd#bac_Series1PreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_Series1PreferredStockMember" xlink:to="lab_bac_Series1PreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_debb3478-b2fe-442c-b92f-485892a99132_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueByMeasurementFrequencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_f0c1959a-ee95-46b5-9f99-2a56fdcb5c63_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average Grant Date Fair Value </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan_cfd1776b-3efc-4fce-990f-6c84d17369be_terseLabel_en-US" xlink:label="lab_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of common stock shares held in plan (in shares) </link:label>
<link:label id="lab_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan_label_en-US" xlink:label="lab_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Number of Common Stock Shares Held in Plan </link:label>
<link:label id="lab_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan_documentation_en-US" xlink:label="lab_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the common stock held by defined contribution plans shares. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan" xlink:href="bac-20221231.xsd#bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan" xlink:to="lab_bac_DefinedContributionPlanNumberofCommonStockSharesHeldinPlan" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_014568dc-2e6f-4015-8821-642f872b80e8_terseLabel_en-US" xlink:label="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments - Credit Losses, Allowance for Credit Losses, Nonperforming Loans and Leases, Charge-offs and Delinquencies </link:label>
<link:label id="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Loss, Financial Instrument [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditLossFinancialInstrumentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:to="lab_us-gaap_CreditLossFinancialInstrumentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_028160c1-f85c-475f-b8ba-b61fa3d1e276_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Nature [Axis] </link:label>
<link:label id="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_label_en-US" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Nature [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:to="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RenewableEnergyInvestmentsMember_118a8117-c974-470d-adc2-78d5c39bdaf2_terseLabel_en-US" xlink:label="lab_bac_RenewableEnergyInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable Energy Investments </link:label>
<link:label id="lab_bac_RenewableEnergyInvestmentsMember_label_en-US" xlink:label="lab_bac_RenewableEnergyInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable Energy Investments [Member] </link:label>
<link:label id="lab_bac_RenewableEnergyInvestmentsMember_documentation_en-US" xlink:label="lab_bac_RenewableEnergyInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable Energy Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RenewableEnergyInvestmentsMember" xlink:href="bac-20221231.xsd#bac_RenewableEnergyInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RenewableEnergyInvestmentsMember" xlink:to="lab_bac_RenewableEnergyInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears_00a34e79-2c81-4566-ac35-300883775785_terseLabel_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of quarterly periods in arrears (or more) </link:label>
<link:label id="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears_label_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Voting Rights, Dividend Payable, Number of Quarterly Periods in Arrears </link:label>
<link:label id="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears_documentation_en-US" xlink:label="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Voting Rights, Dividend Payable, Number of Quarterly Periods in Arrears </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears" xlink:href="bac-20221231.xsd#bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears" xlink:to="lab_bac_PreferredStockVotingRightsDividendPayableNumberOfQuarterlyPeriodsInArrears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale_9830ad7d-87e3-4061-a126-96c3370244ff_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales and paydowns of loans originally classified as LHFS </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale and Collection of Loans Held-for-sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale" xlink:to="lab_us-gaap_ProceedsFromSaleAndCollectionOfLoansHeldforsale" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_f4e36de7-fb0d-4401-8611-4bdaa36ef61a_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_29ed35d2-7fb6-403a-842f-6c46e8ed0b8f_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, beginning </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_369d5476-ba58-4826-bdfa-0e9da63099b0_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, ending </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_3ffabf3e-cecd-440e-b912-25e37447a8c1_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected U.S. federal income tax expense </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:to="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeInterestRateMember_d21bb71e-b41f-4e91-86c4-8c8b9d8c1503_terseLabel_en-US" xlink:label="lab_bac_IncomeInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate risk </link:label>
<link:label id="lab_bac_IncomeInterestRateMember_label_en-US" xlink:label="lab_bac_IncomeInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Interest Rate [Member] </link:label>
<link:label id="lab_bac_IncomeInterestRateMember_documentation_en-US" xlink:label="lab_bac_IncomeInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading in a derivative or nonderivative instrument that provides a return in the form of periodic payments of interest and eventual return of principal at maturity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeInterestRateMember" xlink:href="bac-20221231.xsd#bac_IncomeInterestRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeInterestRateMember" xlink:to="lab_bac_IncomeInterestRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativesLineItems_63fa6ea5-4b62-43ec-bbd0-438ab8ddb86a_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives [Line Items] </link:label>
<link:label id="lab_us-gaap_CreditDerivativesLineItems_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditDerivativesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativesLineItems" xlink:to="lab_us-gaap_CreditDerivativesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput_ef3e93cf-e0e3-408f-b890-41a76b82ed6d_terseLabel_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Instruments backed by residential real estate assets </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput_label_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Residential Real Estate, Measurement Input </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput_documentation_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Residential Real Estate, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput" xlink:href="bac-20221231.xsd#bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput" xlink:to="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByResidentialRealEstateMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_bac_January272027Member_cf67ff02-76f4-4682-812b-029bfa7079a7_terseLabel_en-US" xlink:label="lab_bac_January272027Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> January 27, 2027 </link:label>
<link:label id="lab_bac_January272027Member_label_en-US" xlink:label="lab_bac_January272027Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> January 27, 2027 [Member] </link:label>
<link:label id="lab_bac_January272027Member_documentation_en-US" xlink:label="lab_bac_January272027Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> January 27, 2027 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_January272027Member" xlink:href="bac-20221231.xsd#bac_January272027Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_January272027Member" xlink:to="lab_bac_January272027Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingActivityByTypeDomain_457edf90-e130-430a-9219-e9855be5c2a8_terseLabel_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity, by Type [Domain] </link:label>
<link:label id="lab_us-gaap_TradingActivityByTypeDomain_label_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity, by Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingActivityByTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingActivityByTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingActivityByTypeDomain" xlink:to="lab_us-gaap_TradingActivityByTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputDefaultRateMember_5ecd3171-2d94-496b-8fff-c3ef8ade2a6b_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDefaultRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Default rate </link:label>
<link:label id="lab_us-gaap_MeasurementInputDefaultRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputDefaultRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Default Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputDefaultRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputDefaultRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputDefaultRateMember" xlink:to="lab_us-gaap_MeasurementInputDefaultRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HomeEquityLoanAndReverseMortgagesMember_dba11fa3-d9a5-41c1-b493-c3cc18bf786b_terseLabel_en-US" xlink:label="lab_bac_HomeEquityLoanAndReverseMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loans and Reverse Mortgages </link:label>
<link:label id="lab_bac_HomeEquityLoanAndReverseMortgagesMember_label_en-US" xlink:label="lab_bac_HomeEquityLoanAndReverseMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loan And Reverse Mortgages [Member] </link:label>
<link:label id="lab_bac_HomeEquityLoanAndReverseMortgagesMember_documentation_en-US" xlink:label="lab_bac_HomeEquityLoanAndReverseMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Loan And Reverse Mortgages [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HomeEquityLoanAndReverseMortgagesMember" xlink:href="bac-20221231.xsd#bac_HomeEquityLoanAndReverseMortgagesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HomeEquityLoanAndReverseMortgagesMember" xlink:to="lab_bac_HomeEquityLoanAndReverseMortgagesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementAuthorized_1fd39c48-3943-43d9-970d-a7f5dd04eddb_terseLabel_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Registration statement, authorized </link:label>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementAuthorized_label_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Registration Statement, Authorized </link:label>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementAuthorized_documentation_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementAuthorized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the maximum dollar amount of bank notes with fixed or floating rates outstanding at any one time. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtInstrumentRegistrationStatementAuthorized" xlink:href="bac-20221231.xsd#bac_DebtInstrumentRegistrationStatementAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtInstrumentRegistrationStatementAuthorized" xlink:to="lab_bac_DebtInstrumentRegistrationStatementAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingStandardsUpdateExtensibleList_bbd2be1a-7418-4b58-8d55-0d3a9cd3d6ee_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting standards update </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdateExtensibleList_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update [Extensible Enumeration] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccountingStandardsUpdateExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:to="lab_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred_11993b10-d2c9-46ee-9d1b-88be2672a542_terseLabel_en-US" xlink:label="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transferred financial assets, amount </link:label>
<link:label id="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred_label_en-US" xlink:label="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Continuing Involvement With Transferred Financial Assets, Amount Transferred </link:label>
<link:label id="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred_documentation_en-US" xlink:label="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Continuing Involvement With Transferred Financial Assets, Amount Transferred </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred" xlink:href="bac-20221231.xsd#bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred" xlink:to="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsAmountTransferred" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember_ab6fd15c-aede-4c7b-95e9-a01ccde0c691_terseLabel_en-US" xlink:label="lab_us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government Sponsored-Enterprise Insured Loans </link:label>
<link:label id="lab_us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember_label_en-US" xlink:label="lab_us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government Sponsored-Enterprise Insured Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember" xlink:to="lab_us-gaap_UsGovernmentSponsoredEnterpriseInsuredLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanRealEstateMember_8d516b25-d1d7-40b1-85a8-ddb9f7bccc8b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanRealEstateMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Real Estate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanRealEstateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:to="lab_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLeaseIncome_2c80a82c-e091-4414-9e35-ede99ace75ce_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLeaseIncome_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Lease Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseLeaseIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncome" xlink:to="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CorporateReconcilingItemsAndEliminationsMember_fe4c9c68-e35c-4df9-b7cf-e904a77e9f4f_terseLabel_en-US" xlink:label="lab_bac_CorporateReconcilingItemsAndEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All Other </link:label>
<link:label id="lab_bac_CorporateReconcilingItemsAndEliminationsMember_label_en-US" xlink:label="lab_bac_CorporateReconcilingItemsAndEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Reconciling Items And Eliminations [Member] </link:label>
<link:label id="lab_bac_CorporateReconcilingItemsAndEliminationsMember_documentation_en-US" xlink:label="lab_bac_CorporateReconcilingItemsAndEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Reconciling Items And Eliminations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CorporateReconcilingItemsAndEliminationsMember" xlink:href="bac-20221231.xsd#bac_CorporateReconcilingItemsAndEliminationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CorporateReconcilingItemsAndEliminationsMember" xlink:to="lab_bac_CorporateReconcilingItemsAndEliminationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock_af33cbdb-7e49-4c2f-aa16-d1a8855b88f1_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost and Fair Value of Corporations Investment </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialStandbyLetterOfCreditMember_4252965f-4e6e-47fd-8b98-522e3e7fe624_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standby letters of credit and financial guarantees </link:label>
<link:label id="lab_us-gaap_FinancialStandbyLetterOfCreditMember_label_en-US" xlink:label="lab_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Standby Letter of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialStandbyLetterOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:to="lab_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashSegregatedUnderOtherRegulations_503a2a66-d2da-4aaa-9a15-9ba91ce4a4fd_terseLabel_en-US" xlink:label="lab_us-gaap_CashSegregatedUnderOtherRegulations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash segregated under other regulations </link:label>
<link:label id="lab_us-gaap_CashSegregatedUnderOtherRegulations_label_en-US" xlink:label="lab_us-gaap_CashSegregatedUnderOtherRegulations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Segregated under Other Regulations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashSegregatedUnderOtherRegulations" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashSegregatedUnderOtherRegulations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashSegregatedUnderOtherRegulations" xlink:to="lab_us-gaap_CashSegregatedUnderOtherRegulations" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputImpliedYieldMember_7516188b-6639-4c49-b8b1-e7075194d1cb_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputImpliedYieldMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Implied yield </link:label>
<link:label id="lab_bac_MeasurementInputImpliedYieldMember_label_en-US" xlink:label="lab_bac_MeasurementInputImpliedYieldMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Implied Yield [Member] </link:label>
<link:label id="lab_bac_MeasurementInputImpliedYieldMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputImpliedYieldMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Implied Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputImpliedYieldMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputImpliedYieldMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputImpliedYieldMember" xlink:to="lab_bac_MeasurementInputImpliedYieldMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnfundedCapitalContributions_9485d464-a047-4d64-957b-0554ef8d6f4f_terseLabel_en-US" xlink:label="lab_bac_UnfundedCapitalContributions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded capital contributions </link:label>
<link:label id="lab_bac_UnfundedCapitalContributions_label_en-US" xlink:label="lab_bac_UnfundedCapitalContributions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Capital Contributions </link:label>
<link:label id="lab_bac_UnfundedCapitalContributions_documentation_en-US" xlink:label="lab_bac_UnfundedCapitalContributions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Capital Contributions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnfundedCapitalContributions" xlink:href="bac-20221231.xsd#bac_UnfundedCapitalContributions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnfundedCapitalContributions" xlink:to="lab_bac_UnfundedCapitalContributions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingSecurities_d54e5096-4631-462d-bf7e-e7e852b48d5d_verboseLabel_en-US" xlink:label="lab_us-gaap_TradingSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account assets (includes $115,505 and $103,434 pledged as collateral) </link:label>
<link:label id="lab_us-gaap_TradingSecurities_ab787a26-0b33-458d-853c-4402c9a2c477_terseLabel_en-US" xlink:label="lab_us-gaap_TradingSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading account assets </link:label>
<link:label id="lab_us-gaap_TradingSecurities_label_en-US" xlink:label="lab_us-gaap_TradingSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Trading, and Equity Securities, FV-NI </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingSecurities" xlink:to="lab_us-gaap_TradingSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract_44432a18-ff64-41bb-baf8-f90d399803a7_terseLabel_en-US" xlink:label="lab_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowed or purchased under agreements to resell </link:label>
<link:label id="lab_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract_label_en-US" xlink:label="lab_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell, Securities Borrowed [Abstract] </link:label>
<link:label id="lab_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract_documentation_en-US" xlink:label="lab_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Securities Borrowed [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract" xlink:href="bac-20221231.xsd#bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract" xlink:to="lab_bac_SecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearOne_0e5cbe30-8d93-475f-9341-98335d09e544_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in 2023 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearOne_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearOne" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearOne" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositMaturitiesYearOne"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearOne" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearOne" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_979191a0-be61-4dbc-9e5a-7112c62d028c_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income tax expense </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_2e530138-9842-472d-97b8-869802aa63dd_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock outstanding (in shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_d926bc4f-da8b-4184-ba83-b915017455cd_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Shares Outstanding (in shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_us-gaap_PreferredStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_d703f2a5-9562-45a2-b5ab-496893564cdc_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flow </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flow [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ValuationTechniqueDiscountedCashFlowMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:to="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_bbabf998-2118-43c1-a15d-5d904e5e72e8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeniorSubordinatedNotesMember_3a3ed0d4-2dc2-4000-bd4e-0c6eb4232bc8_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorSubordinatedNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior structured notes </link:label>
<link:label id="lab_us-gaap_SeniorSubordinatedNotesMember_97510849-4387-4c4f-a70f-fbe0c86cece1_verboseLabel_en-US" xlink:label="lab_us-gaap_SeniorSubordinatedNotesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior structured notes </link:label>
<link:label id="lab_us-gaap_SeniorSubordinatedNotesMember_label_en-US" xlink:label="lab_us-gaap_SeniorSubordinatedNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Subordinated Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorSubordinatedNotesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SeniorSubordinatedNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorSubordinatedNotesMember" xlink:to="lab_us-gaap_SeniorSubordinatedNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Capital_7c2605b7-676d-4337-8133-c268bb91c542_verboseLabel_en-US" xlink:label="lab_us-gaap_Capital" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital </link:label>
<link:label id="lab_us-gaap_Capital_label_en-US" xlink:label="lab_us-gaap_Capital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Capital, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Capital" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Capital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Capital" xlink:to="lab_us-gaap_Capital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember_7e18d308-0ca3-465a-bed3-1a81836e11c4_verboseLabel_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible Preferred Stock Subject to Mandatory Redemption </link:label>
<link:label id="lab_us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember_label_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible Preferred Stock Subject to Mandatory Redemption [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember" xlink:to="lab_us-gaap_ConvertiblePreferredStockSubjectToMandatoryRedemptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputWeightedAverageLifeFixedRateMember_1a8806d8-984e-4a29-a06d-b700b927cf75_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputWeightedAverageLifeFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-Average Life, Fixed Rate </link:label>
<link:label id="lab_bac_MeasurementInputWeightedAverageLifeFixedRateMember_label_en-US" xlink:label="lab_bac_MeasurementInputWeightedAverageLifeFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Weighted-Average Life, Fixed Rate [Member] </link:label>
<link:label id="lab_bac_MeasurementInputWeightedAverageLifeFixedRateMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputWeightedAverageLifeFixedRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Weighted-Average Life, Fixed Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputWeightedAverageLifeFixedRateMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputWeightedAverageLifeFixedRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputWeightedAverageLifeFixedRateMember" xlink:to="lab_bac_MeasurementInputWeightedAverageLifeFixedRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityUpTo30DaysMember_a528aa47-6c81-4424-8a44-9e14e9aed077_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityUpTo30DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 30 Days or Less </link:label>
<link:label id="lab_us-gaap_MaturityUpTo30DaysMember_label_en-US" xlink:label="lab_us-gaap_MaturityUpTo30DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Less than 30 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityUpTo30DaysMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MaturityUpTo30DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityUpTo30DaysMember" xlink:to="lab_us-gaap_MaturityUpTo30DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FederalReserveBankAndFederalHomeLoanBankMember_ea29f2c4-9ba8-4e95-b7cb-531ade74b66b_terseLabel_en-US" xlink:label="lab_bac_FederalReserveBankAndFederalHomeLoanBankMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Reserve Bank And Federal Home Loan Bank </link:label>
<link:label id="lab_bac_FederalReserveBankAndFederalHomeLoanBankMember_label_en-US" xlink:label="lab_bac_FederalReserveBankAndFederalHomeLoanBankMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Reserve Bank And Federal Home Loan Bank [Member] </link:label>
<link:label id="lab_bac_FederalReserveBankAndFederalHomeLoanBankMember_documentation_en-US" xlink:label="lab_bac_FederalReserveBankAndFederalHomeLoanBankMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Reserve Bank And Federal Home Loan Bank </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FederalReserveBankAndFederalHomeLoanBankMember" xlink:href="bac-20221231.xsd#bac_FederalReserveBankAndFederalHomeLoanBankMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FederalReserveBankAndFederalHomeLoanBankMember" xlink:to="lab_bac_FederalReserveBankAndFederalHomeLoanBankMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommercialReservableCriticizedUtilizedExposureAmount_036c3515-7aa7-4bf6-af00-8845d6cf3796_terseLabel_en-US" xlink:label="lab_bac_CommercialReservableCriticizedUtilizedExposureAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial reservable criticized utilized exposure, amount </link:label>
<link:label id="lab_bac_CommercialReservableCriticizedUtilizedExposureAmount_label_en-US" xlink:label="lab_bac_CommercialReservableCriticizedUtilizedExposureAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Reservable Criticized Utilized Exposure, Amount </link:label>
<link:label id="lab_bac_CommercialReservableCriticizedUtilizedExposureAmount_documentation_en-US" xlink:label="lab_bac_CommercialReservableCriticizedUtilizedExposureAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Reservable Criticized Utilized Exposure, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommercialReservableCriticizedUtilizedExposureAmount" xlink:href="bac-20221231.xsd#bac_CommercialReservableCriticizedUtilizedExposureAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommercialReservableCriticizedUtilizedExposureAmount" xlink:to="lab_bac_CommercialReservableCriticizedUtilizedExposureAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_5a5d910c-0e06-490c-955f-9ca23d40124a_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PaymentsforProceedsfromSubsidiaries_8955bd66-9ddd-49b7-a9d3-a53e12139da3_negatedTerseLabel_en-US" xlink:label="lab_bac_PaymentsforProceedsfromSubsidiaries" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net payments to subsidiaries </link:label>
<link:label id="lab_bac_PaymentsforProceedsfromSubsidiaries_label_en-US" xlink:label="lab_bac_PaymentsforProceedsfromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Subsidiaries </link:label>
<link:label id="lab_bac_PaymentsforProceedsfromSubsidiaries_documentation_en-US" xlink:label="lab_bac_PaymentsforProceedsfromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents net payments from (to) subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PaymentsforProceedsfromSubsidiaries" xlink:href="bac-20221231.xsd#bac_PaymentsforProceedsfromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PaymentsforProceedsfromSubsidiaries" xlink:to="lab_bac_PaymentsforProceedsfromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFour_67e84fef-88d3-4b95-9406-8e597fecf7fa_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in 2026 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFour_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositMaturitiesYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearFour" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis_6609a6a8-4aba-4678-8756-64c4ff9fc900_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after five years through ten years, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling Year Six Through Ten, Amortized Cost Basis </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, after Five Through Ten years, Amortized Cost Basis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis" xlink:to="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems_f34fa64f-95c7-4f5c-bdf9-bd7c95412ad1_terseLabel_en-US" xlink:label="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] </link:label>
<link:label id="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems_label_en-US" xlink:label="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:to="lab_us-gaap_ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnfundedLoanCommitmentMember_f91ab8a8-cc84-458c-a8f5-bbffe74591b6_terseLabel_en-US" xlink:label="lab_us-gaap_UnfundedLoanCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded loan commitments </link:label>
<link:label id="lab_us-gaap_UnfundedLoanCommitmentMember_2eb74795-54ee-44dc-9d08-eaabb0bc61a6_verboseLabel_en-US" xlink:label="lab_us-gaap_UnfundedLoanCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan commitments </link:label>
<link:label id="lab_us-gaap_UnfundedLoanCommitmentMember_label_en-US" xlink:label="lab_us-gaap_UnfundedLoanCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Loan Commitment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnfundedLoanCommitmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnfundedLoanCommitmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnfundedLoanCommitmentMember" xlink:to="lab_us-gaap_UnfundedLoanCommitmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage_456f2e31-17b7-4335-ac4e-47d65392a45a_terseLabel_en-US" xlink:label="lab_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale securities, percent held by rating </link:label>
<link:label id="lab_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage_label_en-US" xlink:label="lab_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-For-Sale Debt Securities, Underlying Collateral Type By Credit Rating Percentage </link:label>
<link:label id="lab_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage_documentation_en-US" xlink:label="lab_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Debt Maturities, Percent Held by Rating </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage" xlink:href="bac-20221231.xsd#bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage" xlink:to="lab_bac_AvailableForSaleDebtSecuritiesUnderlyingCollateralTypeByCreditRatingPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_3f00c074-8d4c-430d-b40b-4529c96c603e_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_aca9cfba-1e65-404f-ab26-60cd9c27c70e_netLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rates </link:label>
<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_e9880943-24db-4fa4-afa2-3977ae0af41f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas </link:label>
<link:label id="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlanAbstract_6af866ec-e75d-417d-ab01-566d5c232d52_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlanAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded status, December 31 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlanAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlanAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlanAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanFundedStatusOfPlanAbstract"/>
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<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis_7a0a3b65-20cb-4398-ad69-c7f261ea880f_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after one year through five years, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, after One Through Five years, Amortized Cost Basis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis"/>
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<link:label id="lab_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives_125091db-d913-47d8-9f52-6770a4837b34_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedge Accounting </link:label>
<link:label id="lab_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives_label_en-US" xlink:label="lab_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives"/>
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<link:label id="lab_bac_BankofAmericaCorporationSubordinatedNotesFixedMember_c62b3698-0b8a-4dc5-82cc-bc193fc7a987_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaCorporationSubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSubordinatedNotesFixedMember_label_en-US" xlink:label="lab_bac_BankofAmericaCorporationSubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Subordinated Notes, Fixed [Member] </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSubordinatedNotesFixedMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaCorporationSubordinatedNotesFixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Subordinated Notes, Fixed [Member] </link:label>
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<link:label id="lab_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember_e55b785f-f4a0-4fe6-9b9a-5c18e6e1c956_terseLabel_en-US" xlink:label="lab_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember_label_en-US" xlink:label="lab_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Income (Loss) And Brokerage Commissions And Asset Management Fee Revenue [Member] </link:label>
<link:label id="lab_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember_documentation_en-US" xlink:label="lab_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Income (Loss) and Brokerage Commissions and Asset Management Fee Revenue [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:href="bac-20221231.xsd#bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:to="lab_bac_OperatingIncomeLossAndBrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputTypeDomain_949a4d8f-77f2-405f-96b9-3926541cd23a_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Domain] </link:label>
<link:label id="lab_us-gaap_MeasurementInputTypeDomain_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeDomain" xlink:to="lab_us-gaap_MeasurementInputTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_405444b4-1ae1-46e8-a682-d00a50a0618b_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems"/>
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<link:label id="lab_us-gaap_LoanRestructuringModificationNameAxis_7d495832-0136-42d0-bfcf-b7cf26e70d5f_terseLabel_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification Name [Axis] </link:label>
<link:label id="lab_us-gaap_LoanRestructuringModificationNameAxis_label_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanRestructuringModificationNameAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoanRestructuringModificationNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanRestructuringModificationNameAxis" xlink:to="lab_us-gaap_LoanRestructuringModificationNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract_149098d1-dba9-4124-86c1-0e54702c520d_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:to="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_40331be7-68bb-44ca-84ef-66aea397ae60_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MortgageBackedSecuritiesAgencyMember_000b95fe-3476-4ee4-a4e5-e420b4f58b53_verboseLabel_en-US" xlink:label="lab_bac_MortgageBackedSecuritiesAgencyMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Agency </link:label>
<link:label id="lab_bac_MortgageBackedSecuritiesAgencyMember_label_en-US" xlink:label="lab_bac_MortgageBackedSecuritiesAgencyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Backed Securities Agency [Member] </link:label>
<link:label id="lab_bac_MortgageBackedSecuritiesAgencyMember_documentation_en-US" xlink:label="lab_bac_MortgageBackedSecuritiesAgencyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Backed Securities Agency [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MortgageBackedSecuritiesAgencyMember" xlink:href="bac-20221231.xsd#bac_MortgageBackedSecuritiesAgencyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MortgageBackedSecuritiesAgencyMember" xlink:to="lab_bac_MortgageBackedSecuritiesAgencyMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityComponentDomain_a76e3323-5356-41f5-9dae-f1b87ca784a9_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquityComponentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable_09066c19-7731-49b1-961e-b320a66758f0_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table] </link:label>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable_label_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:to="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate_7dd33b86-616c-48c3-aec1-2ea73973a690_terseLabel_en-US" xlink:label="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transferred financial assets, stated interest rate </link:label>
<link:label id="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate_label_en-US" xlink:label="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Continuing Involvement With Transferred Financial Assets Stated Interest Rate </link:label>
<link:label id="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate_documentation_en-US" xlink:label="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The stated interest rate of securities issued by securitization trusts to the entity. </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate" xlink:to="lab_bac_ContinuingInvolvementWithTransferredFinancialAssetsStatedInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_424558a0-d85f-4784-8db9-bb6def7f7bc1_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonrecurring </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Nonrecurring [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementsNonrecurringMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:to="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventTypeDomain_ca283081-c8c3-44c8-bc9d-7bbe2aa4fd73_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>
<link:label id="lab_us-gaap_SubsequentEventTypeDomain_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SubsequentEventTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_4003a3b0-a37b-4aae-9586-a1fe9f5381e9_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>
<link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Discount Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputDiscountRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:to="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SmallBusinessFinancingReceivableMember_04f3bf79-6c86-42fe-88a8-2fdfd0ef3ae6_terseLabel_en-US" xlink:label="lab_bac_SmallBusinessFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. small business commercial </link:label>
<link:label id="lab_bac_SmallBusinessFinancingReceivableMember_label_en-US" xlink:label="lab_bac_SmallBusinessFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Small Business Financing Receivable [Member] </link:label>
<link:label id="lab_bac_SmallBusinessFinancingReceivableMember_documentation_en-US" xlink:label="lab_bac_SmallBusinessFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of financing receivables related to small business commercial financing receivables. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SmallBusinessFinancingReceivableMember" xlink:href="bac-20221231.xsd#bac_SmallBusinessFinancingReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SmallBusinessFinancingReceivableMember" xlink:to="lab_bac_SmallBusinessFinancingReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_03925259-60b7-4f30-a20c-dee7d2146269_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated net unrealized loss on AFS debt securities </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Debt Securities, Available-for-Sale, Adjustment, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseMember_87647539-810c-4132-9717-b5dcdd58aaf2_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpenseMember_label_en-US" xlink:label="lab_us-gaap_InterestExpenseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseMember" xlink:to="lab_us-gaap_InterestExpenseMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract_2b5683fa-fd6f-4706-974b-5a6fcdfacb21_terseLabel_en-US" xlink:label="lab_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned or sold under agreements to repurchase </link:label>
<link:label id="lab_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract_label_en-US" xlink:label="lab_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Resell, Securities Loaned [Abstract] </link:label>
<link:label id="lab_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract_documentation_en-US" xlink:label="lab_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Resell, Securities Loaned [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract" xlink:href="bac-20221231.xsd#bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract" xlink:to="lab_bac_SecuritiesSoldunderAgreementstoResellSecuritiesLoanedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_5490dfb7-b41e-4e82-8e9b-5991cf07b105_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increases related to positions taken during the current year </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyEstimateOfPossibleLoss_2b86fcd3-1d38-4afe-8c3e-d7ecb5a87c6b_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated range of possible loss </link:label>
<link:label id="lab_us-gaap_LossContingencyEstimateOfPossibleLoss_label_en-US" xlink:label="lab_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Estimate of Possible Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LossContingencyEstimateOfPossibleLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:to="lab_us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueDomain_c133347e-c9c8-46f9-bb32-3d24058f964a_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Domain] </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueDomain_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ValuationTechniqueDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDomain" xlink:to="lab_us-gaap_ValuationTechniqueDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_095223bb-7ee8-4fea-a190-8f21d09a8363_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember_5c5f9a60-7971-4a9e-8f29-b6d337b0b91b_terseLabel_en-US" xlink:label="lab_us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Government Guaranteed Mortgage Loans upon Foreclosure Receivable </link:label>
<link:label id="lab_us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember_label_en-US" xlink:label="lab_us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Government Guaranteed Mortgage Loans upon Foreclosure Receivable [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember" xlink:to="lab_us-gaap_GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets_be612a5f-79bc-408c-9e62-e37a36b59169_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital ratio </link:label>
<link:label id="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:to="lab_us-gaap_CapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxCreditCarryforwardNameDomain_047bcca4-83c0-455b-96f1-9a9e38de86ec_terseLabel_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward, Name [Domain] </link:label>
<link:label id="lab_us-gaap_TaxCreditCarryforwardNameDomain_label_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward, Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxCreditCarryforwardNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TaxCreditCarryforwardNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxCreditCarryforwardNameDomain" xlink:to="lab_us-gaap_TaxCreditCarryforwardNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_a5936135-bfc3-48f9-be91-b03965fccde0_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value, January 1 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_8b1c0fa5-3fe9-4ffc-9bed-449bc6559762_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value, December 31 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_9be0d55b-05a9-427f-bd95-84de95620e6e_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanFairValueOfPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption_00ba9d4c-a98b-4eeb-88d2-7747e7377db1_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding loans and leases, period increase (decrease), excluding loans accounted for under the fair value option </link:label>
<link:label id="lab_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption_label_en-US" xlink:label="lab_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivables, Period Increase (Decrease), Excluding Loans Accounted For Under the Fair Value Option </link:label>
<link:label id="lab_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption_documentation_en-US" xlink:label="lab_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivables, Period Increase (Decrease), Excluding Loans Accounted For Under the Fair Value Option </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption" xlink:href="bac-20221231.xsd#bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption" xlink:to="lab_bac_FinancingReceivablesPeriodIncreaseDecreaseExcludingLoansAccountedForUndertheFairValueOption" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyAxis_11242559-bbfd-4df9-a8b1-6f25d0863e28_terseLabel_en-US" xlink:label="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Capital Requirements for Banking Organizations, by Implementation Approaches [Axis] </link:label>
<link:label id="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyAxis_label_en-US" xlink:label="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Risk-Weighted Assets Calculation Methodology [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RiskWeightedAssetsCalculationMethodologyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RiskWeightedAssetsCalculationMethodologyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RiskWeightedAssetsCalculationMethodologyAxis" xlink:to="lab_us-gaap_RiskWeightedAssetsCalculationMethodologyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember_e4b58e3f-6249-463c-9586-d31a3bd69942_terseLabel_en-US" xlink:label="lab_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokerage commissions and asset management fee revenue </link:label>
<link:label id="lab_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember_label_en-US" xlink:label="lab_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokerage Commissions And Asset Management Fee Revenue [Member] </link:label>
<link:label id="lab_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember_documentation_en-US" xlink:label="lab_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokerage Commissions And Asset Management Fee Revenue [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:href="bac-20221231.xsd#bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:to="lab_bac_BrokerageCommissionsAndAssetManagementFeeRevenueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_2016f69c-416e-4b7a-8b1b-9fdb32cd23e8_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total unrecognized compensation cost </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure_6d38379b-0c64-4278-845c-0548909deee6_terseLabel_en-US" xlink:label="lab_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial loans, debt securities and other </link:label>
<link:label id="lab_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure_label_en-US" xlink:label="lab_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Loans, Debt Securities And Other, Fair Value Disclosure </link:label>
<link:label id="lab_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Loans, Debt Securities And Other, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure" xlink:to="lab_bac_CommercialLoansDebtSecuritiesAndOtherFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets_1d4075a7-d0a7-4506-843d-0a8f2d3d8a9b_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative credit valuation adjustment </link:label>
<link:label id="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Credit Risk Valuation Adjustment, Derivative Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets" xlink:to="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_c3ae881e-e348-4d50-a2c8-45e89248bccf_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Transfers out of Level 3  </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_bac_October232024Member_a1a26eef-8e03-409f-b1b3-c7c53fb639fa_terseLabel_en-US" xlink:label="lab_bac_October232024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> October 23, 2024 </link:label>
<link:label id="lab_bac_October232024Member_label_en-US" xlink:label="lab_bac_October232024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> October 23, 2024 [Member] </link:label>
<link:label id="lab_bac_October232024Member_documentation_en-US" xlink:label="lab_bac_October232024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> October 23, 2024 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_October232024Member" xlink:href="bac-20221231.xsd#bac_October232024Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_October232024Member" xlink:to="lab_bac_October232024Member" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CashandSecuritiesHeldAsCollateralAtFairValue_e192b5db-2f2b-44b0-a6e4-cacb8e552b4e_terseLabel_en-US" xlink:label="lab_bac_CashandSecuritiesHeldAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and securities held as collateral </link:label>
<link:label id="lab_bac_CashandSecuritiesHeldAsCollateralAtFairValue_label_en-US" xlink:label="lab_bac_CashandSecuritiesHeldAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Securities Held As Collateral, At Fair Value </link:label>
<link:label id="lab_bac_CashandSecuritiesHeldAsCollateralAtFairValue_documentation_en-US" xlink:label="lab_bac_CashandSecuritiesHeldAsCollateralAtFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount of cash and securities collateral received and posted related to derivative instruments under master netting agreements (ISDA). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CashandSecuritiesHeldAsCollateralAtFairValue" xlink:href="bac-20221231.xsd#bac_CashandSecuritiesHeldAsCollateralAtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CashandSecuritiesHeldAsCollateralAtFairValue" xlink:to="lab_bac_CashandSecuritiesHeldAsCollateralAtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates_8190cfc6-4144-4914-b35d-7bdd2f2d567e_negatedNetLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease from change in weighted average discount rates </link:label>
<link:label id="lab_bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Increase (Decrease) From Change In Weighted Average Discount Rates </link:label>
<link:label id="lab_bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Increase (Decrease) From Change in Weighted Average Discount Rates </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanBenefitObligationIncreaseDecreaseFromChangeInWeightedAverageDiscountRates"/>
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<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3_31c8448a-70f3-4c5b-87a0-b27a016857fd_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Transfers into Level 3  </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3"/>
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<link:label id="lab_us-gaap_AwardTypeAxis_45c09c6c-8eba-41c9-937c-ec9d963ff266_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
<link:label id="lab_us-gaap_AwardTypeAxis_label_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AwardTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AwardTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardTypeAxis" xlink:to="lab_us-gaap_AwardTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherPensionPlansDefinedBenefitMember_68aa1c43-9c6b-42f7-abc5-8f4a7afcdc59_terseLabel_en-US" xlink:label="lab_us-gaap_OtherPensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Pension Plan </link:label>
<link:label id="lab_us-gaap_OtherPensionPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_OtherPensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Pension Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherPensionPlansDefinedBenefitMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherPensionPlansDefinedBenefitMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherPensionPlansDefinedBenefitMember" xlink:to="lab_us-gaap_OtherPensionPlansDefinedBenefitMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_460c01b0-cdb7-43c4-8889-5e0b1572be51_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStocksIncludingAdditionalPaidInCapital_4abb8e04-46e4-4991-9c40-c86e9b4cf15e_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStocksIncludingAdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock and additional paid-in capital, $0.01  par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,996,777,943 and 8,077,831,463 shares </link:label>
<link:label id="lab_us-gaap_CommonStocksIncludingAdditionalPaidInCapital_label_en-US" xlink:label="lab_us-gaap_CommonStocksIncludingAdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stocks, Including Additional Paid in Capital </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStocksIncludingAdditionalPaidInCapital" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStocksIncludingAdditionalPaidInCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStocksIncludingAdditionalPaidInCapital" xlink:to="lab_us-gaap_CommonStocksIncludingAdditionalPaidInCapital" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeferredTaxLiabilitiesRightOfUseAsset_4a6875c3-0698-4117-8a3f-2928c9f2f427_terseLabel_en-US" xlink:label="lab_bac_DeferredTaxLiabilitiesRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-use asset </link:label>
<link:label id="lab_bac_DeferredTaxLiabilitiesRightOfUseAsset_label_en-US" xlink:label="lab_bac_DeferredTaxLiabilitiesRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Right-Of-Use Asset </link:label>
<link:label id="lab_bac_DeferredTaxLiabilitiesRightOfUseAsset_documentation_en-US" xlink:label="lab_bac_DeferredTaxLiabilitiesRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Right-Of-Use Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredTaxLiabilitiesRightOfUseAsset" xlink:href="bac-20221231.xsd#bac_DeferredTaxLiabilitiesRightOfUseAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeferredTaxLiabilitiesRightOfUseAsset" xlink:to="lab_bac_DeferredTaxLiabilitiesRightOfUseAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable_8cefb745-91a4-4d81-a4c6-837866b10434_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Securitization or Asset-backed Financing Arrangements, Financial Asset for which Transfer is Accounted as Sale [Table] </link:label>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable_label_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Securitization or Asset-Backed Financing Arrangements, Financial Asset for which Transfer is Accounted as Sale [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:to="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_September52024Member_e29ddf03-6b79-4820-9017-2b246ffe886a_terseLabel_en-US" xlink:label="lab_bac_September52024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> September 5, 2024 </link:label>
<link:label id="lab_bac_September52024Member_label_en-US" xlink:label="lab_bac_September52024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> September 5, 2024 [Member] </link:label>
<link:label id="lab_bac_September52024Member_documentation_en-US" xlink:label="lab_bac_September52024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> September 5, 2024 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_September52024Member" xlink:href="bac-20221231.xsd#bac_September52024Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_September52024Member" xlink:to="lab_bac_September52024Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears_bd3e4bb1-27a7-474b-b579-b6e5178e8ac7_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_ac5bbbfb-92a1-4998-8305-100ec5dbf58e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:to="lab_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditScoreFicoAxis_91e974f5-dab3-4399-a0b5-5055dc44ef7d_terseLabel_en-US" xlink:label="lab_us-gaap_CreditScoreFicoAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Axis] </link:label>
<link:label id="lab_us-gaap_CreditScoreFicoAxis_label_en-US" xlink:label="lab_us-gaap_CreditScoreFicoAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditScoreFicoAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditScoreFicoAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditScoreFicoAxis" xlink:to="lab_us-gaap_CreditScoreFicoAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember_6960aa1e-7e92-4926-b34c-de5d9808ccab_terseLabel_en-US" xlink:label="lab_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset management fees </link:label>
<link:label id="lab_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember_label_en-US" xlink:label="lab_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment And Brokerage Services, Asset Management Fees [Member] </link:label>
<link:label id="lab_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember_documentation_en-US" xlink:label="lab_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment And Brokerage Services, Asset Management Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember" xlink:href="bac-20221231.xsd#bac_InvestmentAndBrokerageServicesAssetManagementFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember" xlink:to="lab_bac_InvestmentAndBrokerageServicesAssetManagementFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentsDomain_d935388f-25ba-43b7-b449-282ae471757b_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Domain] </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsDomain_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherCommitmentsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsDomain" xlink:to="lab_us-gaap_OtherCommitmentsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember_3e8add89-4d2a-4c7e-9125-60dd805292b0_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating </link:label>
<link:label id="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember_label_en-US" xlink:label="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Junior Subordinated Notes, Floating [Member] </link:label>
<link:label id="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Junior Subordinated Notes, Floating [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember" xlink:to="lab_bac_BankofAmericaCorporationJuniorSubordinatedNotesFloatingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_662243fb-2d33-48a5-b671-ecde201416e8_verboseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unconsolidated VIEs </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_c3ca8f8d-6e5e-431a-8ac0-70db818af7bf_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unconsolidated VIEs </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Not Primary Beneficiary [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeCapitalObligationNotesMember_59b93c98-a49a-4a04-a1e4-11b0244d47cd_terseLabel_en-US" xlink:label="lab_bac_IncomeCapitalObligationNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation </link:label>
<link:label id="lab_bac_IncomeCapitalObligationNotesMember_label_en-US" xlink:label="lab_bac_IncomeCapitalObligationNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Capital Obligation Notes [Member] </link:label>
<link:label id="lab_bac_IncomeCapitalObligationNotesMember_documentation_en-US" xlink:label="lab_bac_IncomeCapitalObligationNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Capital Obligation Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeCapitalObligationNotesMember" xlink:href="bac-20221231.xsd#bac_IncomeCapitalObligationNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeCapitalObligationNotesMember" xlink:to="lab_bac_IncomeCapitalObligationNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Liabilities_7d2e3610-e58f-46be-9f31-3c5404cf47c4_totalLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities </link:label>
<link:label id="lab_us-gaap_Liabilities_label_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Liabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0b650e61-39a9-409f-9798-7c9279fd793c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountAbstract_30634463-d16f-438d-aa77-2dc4aaa2417d_terseLabel_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Carrying Amount </link:label>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountAbstract_label_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Fair Value Carrying Amount [Abstract] </link:label>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountAbstract_documentation_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Fair Value Carrying Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionFairValueCarryingAmountAbstract" xlink:href="bac-20221231.xsd#bac_FairValueOptionFairValueCarryingAmountAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionFairValueCarryingAmountAbstract" xlink:to="lab_bac_FairValueOptionFairValueCarryingAmountAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherCommitmentDueInNextRollingTwelveMonths_190695aa-9ec9-44a0-ba07-ee7bbb46a684_terseLabel_en-US" xlink:label="lab_bac_OtherCommitmentDueInNextRollingTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other commitment, due in next twelve months </link:label>
<link:label id="lab_bac_OtherCommitmentDueInNextRollingTwelveMonths_label_en-US" xlink:label="lab_bac_OtherCommitmentDueInNextRollingTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, Due In Next Rolling Twelve Months </link:label>
<link:label id="lab_bac_OtherCommitmentDueInNextRollingTwelveMonths_documentation_en-US" xlink:label="lab_bac_OtherCommitmentDueInNextRollingTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, Due In Next Rolling Twelve Months </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherCommitmentDueInNextRollingTwelveMonths" xlink:href="bac-20221231.xsd#bac_OtherCommitmentDueInNextRollingTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherCommitmentDueInNextRollingTwelveMonths" xlink:to="lab_bac_OtherCommitmentDueInNextRollingTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PositionAxis_660a5234-7b0c-4234-ac1a-db3a59060a7d_terseLabel_en-US" xlink:label="lab_us-gaap_PositionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Position [Axis] </link:label>
<link:label id="lab_us-gaap_PositionAxis_label_en-US" xlink:label="lab_us-gaap_PositionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Position [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PositionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PositionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PositionAxis" xlink:to="lab_us-gaap_PositionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements_5a1796d1-eef8-441d-b461-4118268e25a3_negatedTerseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements and curtailments </link:label>
<link:label id="lab_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Curtailments And Settlements </link:label>
<link:label id="lab_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Curtailments and Settlements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements" xlink:to="lab_bac_DefinedBenefitPlanPlanAssetsCurtailmentsAndSettlements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax_fd9f36d5-3f86-4ff8-af67-92f6b4bc6435_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current year prior service cost (credit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCommonStockSharesOutstanding_313f3ea1-bc11-4cbe-9dda-286f50901457_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
<link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCommonStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AltALoanMember_0b4b4b2b-d806-4150-8eba-5cf38430a043_terseLabel_en-US" xlink:label="lab_bac_AltALoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alt-A </link:label>
<link:label id="lab_bac_AltALoanMember_label_en-US" xlink:label="lab_bac_AltALoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alt-A Loan [Member] </link:label>
<link:label id="lab_bac_AltALoanMember_documentation_en-US" xlink:label="lab_bac_AltALoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alt-A Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AltALoanMember" xlink:href="bac-20221231.xsd#bac_AltALoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AltALoanMember" xlink:to="lab_bac_AltALoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityAbstract_b404a78b-99a3-4d85-a2f6-48c990a1ed00_terseLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Securities Financing Agreements Liability </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityAbstract_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability [Abstract] </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityAbstract_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilityAbstract" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilityAbstract" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AdjustedQuarterlyAverageAssets_e7ef8e78-1cf3-4dd8-87c3-a1cb660982f9_terseLabel_en-US" xlink:label="lab_bac_AdjustedQuarterlyAverageAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjusted quarterly average assets </link:label>
<link:label id="lab_bac_AdjustedQuarterlyAverageAssets_label_en-US" xlink:label="lab_bac_AdjustedQuarterlyAverageAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjusted Quarterly Average Assets </link:label>
<link:label id="lab_bac_AdjustedQuarterlyAverageAssets_documentation_en-US" xlink:label="lab_bac_AdjustedQuarterlyAverageAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjusted Quarterly Average Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AdjustedQuarterlyAverageAssets" xlink:href="bac-20221231.xsd#bac_AdjustedQuarterlyAverageAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AdjustedQuarterlyAverageAssets" xlink:to="lab_bac_AdjustedQuarterlyAverageAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_March172025Member_70ddff5d-0d39-405e-aa1f-a49242464b2b_terseLabel_en-US" xlink:label="lab_bac_March172025Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 17, 2025 </link:label>
<link:label id="lab_bac_March172025Member_label_en-US" xlink:label="lab_bac_March172025Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 17, 2025 [Member] </link:label>
<link:label id="lab_bac_March172025Member_documentation_en-US" xlink:label="lab_bac_March172025Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> March 17, 2025 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_March172025Member" xlink:href="bac-20221231.xsd#bac_March172025Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_March172025Member" xlink:to="lab_bac_March172025Member" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FederalHousingAdministrationMember_ad37c21a-6bc7-4ef8-950f-444c1bc109e3_terseLabel_en-US" xlink:label="lab_bac_FederalHousingAdministrationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Housing Administration </link:label>
<link:label id="lab_bac_FederalHousingAdministrationMember_label_en-US" xlink:label="lab_bac_FederalHousingAdministrationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Housing Administration [Member] </link:label>
<link:label id="lab_bac_FederalHousingAdministrationMember_documentation_en-US" xlink:label="lab_bac_FederalHousingAdministrationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Housing Administration [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FederalHousingAdministrationMember" xlink:href="bac-20221231.xsd#bac_FederalHousingAdministrationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FederalHousingAdministrationMember" xlink:to="lab_bac_FederalHousingAdministrationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement_f63f9544-b22d-4a9a-ac98-53fbef2b3231_totalLabel_en-US" xlink:label="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentAndBrokerageServicesBrokerageFeesMember_df7071da-5a57-45ef-9e40-6efd1ae67dbd_terseLabel_en-US" xlink:label="lab_bac_InvestmentAndBrokerageServicesBrokerageFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokerage fees </link:label>
<link:label id="lab_bac_InvestmentAndBrokerageServicesBrokerageFeesMember_label_en-US" xlink:label="lab_bac_InvestmentAndBrokerageServicesBrokerageFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment And Brokerage Services, Brokerage Fees [Member] </link:label>
<link:label id="lab_bac_InvestmentAndBrokerageServicesBrokerageFeesMember_documentation_en-US" xlink:label="lab_bac_InvestmentAndBrokerageServicesBrokerageFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment And Brokerage Services, Brokerage Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentAndBrokerageServicesBrokerageFeesMember" xlink:href="bac-20221231.xsd#bac_InvestmentAndBrokerageServicesBrokerageFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentAndBrokerageServicesBrokerageFeesMember" xlink:to="lab_bac_InvestmentAndBrokerageServicesBrokerageFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_389e0cfc-3d40-41cd-b0e2-d75169f2186f_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_6e30c3fb-2d99-41fa-b36c-652b1909211f_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_758cf7a1-3107-4f8b-96da-b5f0283623fc_netLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial assets </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetsFairValueDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy_688dd218-4124-43e6-8f9b-78732634a4f6_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held-for-sale </link:label>
<link:label id="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy_label_en-US" xlink:label="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Held-for-sale [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy" xlink:to="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForSalePolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInDeposits_6e4008ea-ef62-428b-8503-8b747620c6b2_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDeposits" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInDeposits_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDeposits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncreaseDecreaseInDeposits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeposits" xlink:to="lab_us-gaap_IncreaseDecreaseInDeposits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_8248f3d4-c84f-47e3-af1d-58f8c09e7048_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding at beginning of period (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_78df5732-1f78-4c26-979c-40a7bb2c4355_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding at end of period (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinanceLeasesPortfolioSegmentMember_070ed329-a1a3-47b4-bba5-fbe94584213c_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeasesPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial lease financing </link:label>
<link:label id="lab_us-gaap_FinanceLeasesPortfolioSegmentMember_label_en-US" xlink:label="lab_us-gaap_FinanceLeasesPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Leases Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeasesPortfolioSegmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinanceLeasesPortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeasesPortfolioSegmentMember" xlink:to="lab_us-gaap_FinanceLeasesPortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsCarryingValue_7b466284-f8f8-47fa-b795-a389761de6f3_verboseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsCarryingValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit extension commitments, carrying value </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsCarryingValue_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Carrying Value </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsCarryingValue_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the carrying amount of legally binding unfunded lending commitments, excluding commitments accounted for under the fair value option, that have been distributed to other financial institutions. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsCarryingValue" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsCarryingValue" xlink:to="lab_bac_CreditExtensionCommitmentsCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LoansAndSecuritiesFairValueDisclosure_652e82d4-9112-4c58-a299-af8aeac6d870_terseLabel_en-US" xlink:label="lab_bac_LoansAndSecuritiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and securities, fair value </link:label>
<link:label id="lab_bac_LoansAndSecuritiesFairValueDisclosure_label_en-US" xlink:label="lab_bac_LoansAndSecuritiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans And Securities, Fair Value Disclosure </link:label>
<link:label id="lab_bac_LoansAndSecuritiesFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_LoansAndSecuritiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans And Securities, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LoansAndSecuritiesFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_LoansAndSecuritiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LoansAndSecuritiesFairValueDisclosure" xlink:to="lab_bac_LoansAndSecuritiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_867dc348-d7ed-45df-bc10-8d208e4283f9_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_10bd7abf-e286-4a78-90ee-f067f111e5b6_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred expense </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_21fde966-64ac-4552-b94e-3a530c295e2a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets for Plan Benefits, Defined Benefit Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:to="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingLiabilitiesTableTextBlock_f7f3fcf6-0792-4051-ac62-83d6d7534457_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities </link:label>
<link:label id="lab_us-gaap_OffsettingLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffsettingLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract_8fa9cfd5-eb23-4778-9fd0-58804b175832_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt: </link:label>
<link:label id="lab_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Long-Term Debt and Capital Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract" xlink:to="lab_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationTaxExemptIncome_3ad67253-d554-49bc-94ce-ad7837560310_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationTaxExemptIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax-exempt income, including dividends </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationTaxExemptIncome_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationTaxExemptIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationTaxExemptIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxReconciliationTaxExemptIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationTaxExemptIncome" xlink:to="lab_us-gaap_IncomeTaxReconciliationTaxExemptIncome" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_9df2243d-dfe9-4530-bf22-281eb94df6c7_terseLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carried at fair value </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_7f44c79e-6b36-40e2-9ff7-45d4b2316c6d_totalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_317a6b8d-bc5b-41bc-8b6c-073f54e3b889_verboseLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities carried at fair value </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_label_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Excluding Accrued Interest </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Excluding Accrued Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:to="lab_bac_DebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities_68a5a310-921b-4d38-9148-a2a5454ca063_terseLabel_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value carrying amount, liabilities </link:label>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities_1f3bd98e-9a03-4596-acfb-da6503ac6f63_totalLabel_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities_label_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Fair Value Carrying Amount, Liabilities </link:label>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities_documentation_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Fair Value Carrying Amount, Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionFairValueCarryingAmountLiabilities" xlink:href="bac-20221231.xsd#bac_FairValueOptionFairValueCarryingAmountLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionFairValueCarryingAmountLiabilities" xlink:to="lab_bac_FairValueOptionFairValueCarryingAmountLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears_d37d11b0-3f50-4ecd-bcb3-69632ccc0aaf_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Three to Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears_label_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement, Expiration From Three To Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Not Subject to Master Netting Arrangement, Expiration From Three To Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears" xlink:to="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationFromThreeToFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationAwardTrancheOneMember_022059a9-d3f6-4ca4-87e6-70cf2de0fe91_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year 1 </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationAwardTrancheOneMember_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Tranche One [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationAwardTrancheOneMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:to="lab_us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherInvestmentsMember_021026d5-acf6-45e3-9284-3324b1dbf050_terseLabel_en-US" xlink:label="lab_us-gaap_OtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other investments </link:label>
<link:label id="lab_us-gaap_OtherInvestmentsMember_label_en-US" xlink:label="lab_us-gaap_OtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestmentsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherInvestmentsMember" xlink:to="lab_us-gaap_OtherInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_d7471d5b-ffc4-433e-bf55-1ba3ead42800_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Table] </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeOther_c5541721-2710-480d-8ac5-5ccec5dd8e68_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other interest income </link:label>
<link:label id="lab_us-gaap_InterestIncomeOther_label_en-US" xlink:label="lab_us-gaap_InterestIncomeOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeOther" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestIncomeOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOther" xlink:to="lab_us-gaap_InterestIncomeOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtDisclosureAbstract_8fb2d387-3ada-4a85-8c9a-35ad1adc59a4_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalHomeLoanBankAdvancesMember_193816f6-4919-4967-ad31-49975dd09871_terseLabel_en-US" xlink:label="lab_us-gaap_FederalHomeLoanBankAdvancesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances from Federal Home Loan Banks: </link:label>
<link:label id="lab_us-gaap_FederalHomeLoanBankAdvancesMember_label_en-US" xlink:label="lab_us-gaap_FederalHomeLoanBankAdvancesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Home Loan Bank Advances [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalHomeLoanBankAdvancesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalHomeLoanBankAdvancesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalHomeLoanBankAdvancesMember" xlink:to="lab_us-gaap_FederalHomeLoanBankAdvancesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementLocationAxis_38d5c64e-f6f9-4884-a6ef-3e1e29adc356_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Axis] </link:label>
<link:label id="lab_us-gaap_IncomeStatementLocationAxis_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementLocationAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeStatementLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationAxis" xlink:to="lab_us-gaap_IncomeStatementLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense_af760b5e-3e94-4ed2-9303-58b390afabcc_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Penalties and interest expense (benefit) </link:label>
<link:label id="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Examination, Penalties and Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense" xlink:to="lab_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationAwardTrancheThreeMember_8ae24084-80aa-498f-a320-b828e015fc0c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAwardTrancheThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year 3 </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationAwardTrancheThreeMember_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAwardTrancheThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Tranche Three [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationAwardTrancheThreeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationAwardTrancheThreeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationAwardTrancheThreeMember" xlink:to="lab_us-gaap_ShareBasedCompensationAwardTrancheThreeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_114ed3b0-4ad6-43a0-ae66-46fb7e1950d6_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Company contributions (withdrawals) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions by Employer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:to="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_3576ce45-fc9a-4ed1-a397-69b9319abf68_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used in) financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditMember_202afbd7-0c38-4c35-9ae8-de0a32ddaffe_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loans </link:label>
<link:label id="lab_us-gaap_LineOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LineOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember" xlink:to="lab_us-gaap_LineOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember_aac82fb4-e70b-461a-a8f9-3b1b47bced8f_terseLabel_en-US" xlink:label="lab_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial advisory services </link:label>
<link:label id="lab_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember_label_en-US" xlink:label="lab_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Income, Financial Advisory Services [Member] </link:label>
<link:label id="lab_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember_documentation_en-US" xlink:label="lab_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Income, Financial Advisory Services [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember" xlink:href="bac-20221231.xsd#bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember" xlink:to="lab_bac_InvestmentBankingIncomeFinancialAdvisoryServicesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentsAxis_b128868a-0a3b-419a-9f98-4634ad364e33_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Axis] </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsAxis_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherCommitmentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsAxis" xlink:to="lab_us-gaap_OtherCommitmentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_d9d8c40d-bee8-433f-9680-a102566f2d45_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in the Allowance for Credit Losses </link:label>
<link:label id="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:to="lab_us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityAbstract_fc4c1807-7556-4da0-853d-b2fc37cb14ed_verboseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shareholders’ equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockholdersEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_33822251-4851-4117-a853-718b75e5f57f_totalLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_79207da5-1e40-470f-aa18-5eeb2531064f_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_c9e9c4dd-f9ed-4d63-b3e1-cdff37798738_negatedLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases charged off </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_e6e5dea0-bcdc-4aac-9b16-31bfb9b332ec_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Interest Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanInterestCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:to="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MunicipalBondsMember_2472b819-b19c-4c93-ad51-9f71c5dc777f_terseLabel_en-US" xlink:label="lab_us-gaap_MunicipalBondsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Municipal Bond Trusts </link:label>
<link:label id="lab_us-gaap_MunicipalBondsMember_label_en-US" xlink:label="lab_us-gaap_MunicipalBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Municipal Bonds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MunicipalBondsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MunicipalBondsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MunicipalBondsMember" xlink:to="lab_us-gaap_MunicipalBondsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingLiabilitiesLineItems_ed4fc05c-f649-4e8e-9135-765fc776033f_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities [Line Items] </link:label>
<link:label id="lab_us-gaap_OffsettingLiabilitiesLineItems_label_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingLiabilitiesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffsettingLiabilitiesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingLiabilitiesLineItems" xlink:to="lab_us-gaap_OffsettingLiabilitiesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_be66f013-a7a2-44b1-8484-eb5617d02cb7_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net increase (decrease) in fair value </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Reclassifications, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_353738be-bbe2-4e6b-b15e-6d8e7d6c1c23_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying and Fair Value of Financial Instruments </link:label>
<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_8c37c455-2900-4704-8ce6-3a313154a21f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeContractTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeContractTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditCardLinesMember_a7775846-7167-43df-9117-9d3bdc0ce3e3_verboseLabel_en-US" xlink:label="lab_bac_CreditCardLinesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit card lines </link:label>
<link:label id="lab_bac_CreditCardLinesMember_label_en-US" xlink:label="lab_bac_CreditCardLinesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card Lines [Member] </link:label>
<link:label id="lab_bac_CreditCardLinesMember_documentation_en-US" xlink:label="lab_bac_CreditCardLinesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitment to extend credit for credit cards. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditCardLinesMember" xlink:href="bac-20221231.xsd#bac_CreditCardLinesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditCardLinesMember" xlink:to="lab_bac_CreditCardLinesMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityRegistrantName_07a2b03e-8706-4faf-b484-f4f1bf5476ed_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingLiabilitiesFairValueDisclosure_55b88dd2-b635-41fb-96af-4d599364ef84_verboseLabel_en-US" xlink:label="lab_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total trading account liabilities </link:label>
<link:label id="lab_us-gaap_TradingLiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Liabilities, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingLiabilitiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:to="lab_us-gaap_TradingLiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_c4c894a9-7867-42d1-bb99-df3fb825bac0_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonqualifiedPlanMember_f200ff67-41a1-4b0b-9f4a-1407e893b191_terseLabel_en-US" xlink:label="lab_us-gaap_NonqualifiedPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonqualified </link:label>
<link:label id="lab_us-gaap_NonqualifiedPlanMember_label_en-US" xlink:label="lab_us-gaap_NonqualifiedPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonqualified Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonqualifiedPlanMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NonqualifiedPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonqualifiedPlanMember" xlink:to="lab_us-gaap_NonqualifiedPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue_536d4524-3780-4695-a56b-1062f96a643e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redemption of preferred stock </link:label>
<link:label id="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue_c21fd93e-1e4d-4c7f-88ce-b780ab5262bf_terseLabel_en-US" xlink:label="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redemption of preferred stock </link:label>
<link:label id="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue_label_en-US" xlink:label="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Redeemed or Called During Period, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingAssetsLineItems_fdf964e4-a04c-4a29-ba77-c355602fedc2_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets [Line Items] </link:label>
<link:label id="lab_us-gaap_OffsettingAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_OffsettingAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingAssetsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffsettingAssetsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingAssetsLineItems" xlink:to="lab_us-gaap_OffsettingAssetsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OverTheCounterMember_112414e1-ff2f-48b5-9977-8e02e9c6230c_terseLabel_en-US" xlink:label="lab_us-gaap_OverTheCounterMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over-the-counter </link:label>
<link:label id="lab_us-gaap_OverTheCounterMember_label_en-US" xlink:label="lab_us-gaap_OverTheCounterMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over-the-Counter [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OverTheCounterMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OverTheCounterMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OverTheCounterMember" xlink:to="lab_us-gaap_OverTheCounterMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_861c5857-df88-4d3a-bfa8-21d3e8155fe9_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PrivateLabelSecuritizationTrusteesMember_31791b2d-61fe-4f54-91bf-b0e09713f986_terseLabel_en-US" xlink:label="lab_bac_PrivateLabelSecuritizationTrusteesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Label Securitization Trustees </link:label>
<link:label id="lab_bac_PrivateLabelSecuritizationTrusteesMember_label_en-US" xlink:label="lab_bac_PrivateLabelSecuritizationTrusteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Label Securitization Trustees [Member] </link:label>
<link:label id="lab_bac_PrivateLabelSecuritizationTrusteesMember_documentation_en-US" xlink:label="lab_bac_PrivateLabelSecuritizationTrusteesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Label Securitization Trustees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PrivateLabelSecuritizationTrusteesMember" xlink:href="bac-20221231.xsd#bac_PrivateLabelSecuritizationTrusteesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PrivateLabelSecuritizationTrusteesMember" xlink:to="lab_bac_PrivateLabelSecuritizationTrusteesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseLongTermDebt_83346551-8f50-4e1e-a94e-74b16b5ccf18_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_InterestExpenseLongTermDebt_label_en-US" xlink:label="lab_us-gaap_InterestExpenseLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Long-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseLongTermDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseLongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseLongTermDebt" xlink:to="lab_us-gaap_InterestExpenseLongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_c5d44a93-019c-420e-8ac4-47703ae99db6_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Benefit Plans </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EMEAMember_1853763d-e668-46bd-a55e-8f34af4b16ce_terseLabel_en-US" xlink:label="lab_us-gaap_EMEAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Europe, Middle East and Africa </link:label>
<link:label id="lab_us-gaap_EMEAMember_label_en-US" xlink:label="lab_us-gaap_EMEAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EMEA [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EMEAMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EMEAMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EMEAMember" xlink:to="lab_us-gaap_EMEAMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeasesAbstract_b6915896-9fbf-433e-ad5d-cb6ceff24873_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases [Abstract] </link:label>
<link:label id="lab_us-gaap_LeasesAbstract_label_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeasesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LeasesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesAbstract" xlink:to="lab_us-gaap_LeasesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms_4dbe96c7-fa76-42c8-a696-c8c539d4b499_terseLabel_en-US" xlink:label="lab_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value asset (liability), with identical underlying referenced names and terms </link:label>
<link:label id="lab_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms_label_en-US" xlink:label="lab_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Fair Value, With Identical Underlying Referenced Names and Terms </link:label>
<link:label id="lab_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms_documentation_en-US" xlink:label="lab_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the carrying value of written credit derivatives for which purchased credit derivatives with identical underlying referenced names were held in order to offset exposure. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms" xlink:href="bac-20221231.xsd#bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms" xlink:to="lab_bac_CreditDerivativeFairValueWithIdenticalUnderlyingReferencedNamesandTerms" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CustomerVehiclesMember_72fff4fc-231d-4fc1-8a35-b97dccde122d_terseLabel_en-US" xlink:label="lab_bac_CustomerVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Vehicles </link:label>
<link:label id="lab_bac_CustomerVehiclesMember_label_en-US" xlink:label="lab_bac_CustomerVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Vehicles [Member] </link:label>
<link:label id="lab_bac_CustomerVehiclesMember_documentation_en-US" xlink:label="lab_bac_CustomerVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Vehicles [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CustomerVehiclesMember" xlink:href="bac-20221231.xsd#bac_CustomerVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CustomerVehiclesMember" xlink:to="lab_bac_CustomerVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset_2f20ce9f-7cf4-403c-9315-69d01d1b6edd_totalLabel_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Balance Sheet Amount </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset_label_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, After Offset </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, After Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset" xlink:to="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAfterOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GeographicDistributionDomain_37233992-7565-4995-b0fd-8eb9eab728a5_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Domain] </link:label>
<link:label id="lab_us-gaap_GeographicDistributionDomain_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeographicDistributionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GeographicDistributionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionDomain" xlink:to="lab_us-gaap_GeographicDistributionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_82ce52ac-1f06-4edf-bf53-c5bbde22bcb7_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net operating loss carryforwards </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_1f3e3dbc-2644-4ea7-94b3-11bdd447ff85_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Asset </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_1e7aabaf-23d8-47c2-8c86-94f95940031a_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principles of Consolidation </link:label>
<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ConsolidationPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockExchangesTable_a9f42246-b53d-4e9e-95ee-66e4ff023a81_terseLabel_en-US" xlink:label="lab_bac_PreferredStockExchangesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Exchanges [Table] </link:label>
<link:label id="lab_bac_PreferredStockExchangesTable_label_en-US" xlink:label="lab_bac_PreferredStockExchangesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Exchanges [Table] </link:label>
<link:label id="lab_bac_PreferredStockExchangesTable_documentation_en-US" xlink:label="lab_bac_PreferredStockExchangesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Exchanges [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockExchangesTable" xlink:href="bac-20221231.xsd#bac_PreferredStockExchangesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockExchangesTable" xlink:to="lab_bac_PreferredStockExchangesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_33499fcd-09bd-4cc0-b075-a5ca616fe601_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MinimumMember_a3682436-c11e-4640-9dae-d64dbbdf8a58_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum </link:label>
<link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_MinimumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityEmergingGrowthCompany_3551d821-28d3-4463-87bb-c49a587d735f_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset_b53ae7f0-b142-498e-b371-7d671f7782a5_totalLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Balance Sheet Amount </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, After Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, After Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAfterOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_bc11c700-0ebc-4e33-b04e-f7e6ed493dce_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock, par value (in dollars per share) </link:label>
<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Par or Stated Value Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_8e1f933d-b7fb-4015-ae15-be704b93117c_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurements </link:label>
<link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsValuationAllowance_6660e833-c5c7-4b38-ba85-ef8659457840_negatedLabel_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsValuationAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Allowance </link:label>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards, Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLossCarryforwardsValuationAllowance" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLossCarryforwardsValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLossCarryforwardsValuationAllowance" xlink:to="lab_us-gaap_OperatingLossCarryforwardsValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ParticipantLoansMember_fd1cf3bb-f006-4733-896e-77faf82a266e_terseLabel_en-US" xlink:label="lab_bac_ParticipantLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Participant loans </link:label>
<link:label id="lab_bac_ParticipantLoansMember_label_en-US" xlink:label="lab_bac_ParticipantLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Participant Loans [Member] </link:label>
<link:label id="lab_bac_ParticipantLoansMember_documentation_en-US" xlink:label="lab_bac_ParticipantLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Participant Loans </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ParticipantLoansMember" xlink:href="bac-20221231.xsd#bac_ParticipantLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ParticipantLoansMember" xlink:to="lab_bac_ParticipantLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract_633f92a4-3833-4d2f-9edd-61777392159d_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityFileNumber_2576b735-b783-412a-8e2b-2ceec02a976f_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_fe3a2fb1-a25d-4087-8124-558b65b96689_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Line Items] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GlobalWealthAndInvestmentManagementSegmentMember_07e76715-39bb-4073-889b-eb984c94c737_terseLabel_en-US" xlink:label="lab_bac_GlobalWealthAndInvestmentManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Wealth & Investment Management </link:label>
<link:label id="lab_bac_GlobalWealthAndInvestmentManagementSegmentMember_label_en-US" xlink:label="lab_bac_GlobalWealthAndInvestmentManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Wealth and Investment Management Segment [Member] </link:label>
<link:label id="lab_bac_GlobalWealthAndInvestmentManagementSegmentMember_documentation_en-US" xlink:label="lab_bac_GlobalWealthAndInvestmentManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> GWIM provides comprehensive wealth management capabilities to a broad base of clients from emerging affluent to the ultra-high-net-worth. These services include investment and brokerage services, estate and financial planning, fiduciary portfolio management, cash and liability management and specialty asset management. GWIM also provides retirement and benefit plan services, philanthropic management and asset management to individual and institutional clients. In addition, GWIM includes the results of BofA Capital Management, the cash and liquidity asset management business that the Corporation retained following the sale of the Columbia long-term asset management business, and other miscellaneous items. GWIM also reflects the impact of migrating clients and their related deposit and loan balances to or from GWIM and Deposits, Home Loans & Insurance and the Corporation’s ALM activities. Subsequent to the date of migration, the associated net interest income, noninterest income and noninterest expense are recorded in the business to which the clients migrated. </link:label>
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<link:label id="lab_us-gaap_PrimeMember_ecaaed9a-096b-4218-b921-97d599f4bfae_terseLabel_en-US" xlink:label="lab_us-gaap_PrimeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prime </link:label>
<link:label id="lab_us-gaap_PrimeMember_label_en-US" xlink:label="lab_us-gaap_PrimeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prime [Member] </link:label>
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<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_5ee82bdc-e3ab-46d2-affa-963e77f25256_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value by Liability Class [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value by Liability Class [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain"/>
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<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_aff27798-277b-4d5f-94b1-65def0f270ff_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives and Hedging Activities, Trading Derivatives and Other Risk Management Activities, and Derivatives Used for Hedge Accounting Purposes (Accounting Hedges) </link:label>
<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock" xlink:to="lab_us-gaap_DerivativesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_10a8006c-8a63-49c7-a461-1d719d8be183_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted stock units granted in period (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_472e8eb3-f624-40a5-89c5-4bc9fbc58d6c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Granted (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
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<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations_9dab275b-1962-4520-8b42-ce7c0c6c3625_totalLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total income tax expense </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock_80b3f6f7-c886-498b-999b-92ca2c4912d8_terseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operating Loss Carryforwards </link:label>
<link:label id="lab_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Operating Loss Carryforwards [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock" xlink:to="lab_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankHoldingCompaniesandRelatedSubsidiariesMember_1046812f-67b9-4382-a4b2-bb59c6fa9e1f_terseLabel_en-US" xlink:label="lab_bac_BankHoldingCompaniesandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank holding companies and related subsidiaries </link:label>
<link:label id="lab_bac_BankHoldingCompaniesandRelatedSubsidiariesMember_label_en-US" xlink:label="lab_bac_BankHoldingCompaniesandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Holding Companies and Related Subsidiaries [Member] </link:label>
<link:label id="lab_bac_BankHoldingCompaniesandRelatedSubsidiariesMember_documentation_en-US" xlink:label="lab_bac_BankHoldingCompaniesandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Holding Companies and Related Subsidiaries [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankHoldingCompaniesandRelatedSubsidiariesMember" xlink:href="bac-20221231.xsd#bac_BankHoldingCompaniesandRelatedSubsidiariesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankHoldingCompaniesandRelatedSubsidiariesMember" xlink:to="lab_bac_BankHoldingCompaniesandRelatedSubsidiariesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeriesEPreferredStockMember_cab08818-f3e2-4630-b572-b82919ca1a96_verboseLabel_en-US" xlink:label="lab_us-gaap_SeriesEPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E </link:label>
<link:label id="lab_us-gaap_SeriesEPreferredStockMember_2163ec36-914a-4070-a539-57f038ef8d99_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesEPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series E Preferred Stock </link:label>
<link:label id="lab_us-gaap_SeriesEPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesEPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series E Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesEPreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SeriesEPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesEPreferredStockMember" xlink:to="lab_us-gaap_SeriesEPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss_172579bb-ba39-426c-b081-6f59006ef4cd_negatedTotalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Losses </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss_label_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Gross Unrealized Loss </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Gross Unrealized Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss" xlink:to="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal_8d40d0c1-9c31-47af-b2bb-fd40d8dc5d69_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for loan and lease losses </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax_7ab699c3-a654-48ef-bf73-0085933c80fe_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements, curtailments and other </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax"/>
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<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable_4253b2b3-8275-40d0-9265-c264180d001a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresTable"/>
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<link:label id="lab_bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember_8e07c921-4d58-4f1d-ad06-6b2d087d9392_terseLabel_en-US" xlink:label="lab_bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) </link:label>
<link:label id="lab_bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember_label_en-US" xlink:label="lab_bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] </link:label>
<link:label id="lab_bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember_documentation_en-US" xlink:label="lab_bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal National Mortgage Association Certificates and Obligations (FNMA) and Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember" xlink:href="bac-20221231.xsd#bac_FederalNationalMortgageAssociationCertificatesandObligationsFNMAandFederalHomeLoanMortgageCorporationCertificatesandObligationsFHLMCMember"/>
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<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan_5c5acb0e-8eb7-4601-8b62-6985d23b05db_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loans Converted to Term Loans </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolvingConvertedToTermLoan" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_46346792-0273-476c-abc8-43d291f061f9_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Derivative Liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:to="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_8af81240-9690-40fa-80db-805eb89e6b36_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember_94dffcf6-d76e-4cd0-8f91-53477599d7e9_terseLabel_en-US" xlink:label="lab_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities gegregated for compliance or deposited with clearing organizations </link:label>
<link:label id="lab_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember_label_en-US" xlink:label="lab_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Segregated for Compliance or Deposited with Clearing Organizations [Member] </link:label>
<link:label id="lab_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember_documentation_en-US" xlink:label="lab_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Segregated for Compliance or Deposited with Clearing Organizations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember" xlink:href="bac-20221231.xsd#bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember" xlink:to="lab_bac_SecuritiesSegregatedforComplianceorDepositedwithClearingOrganizationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_848da4b9-aa47-4c94-b190-2ae771713e0a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateFutureandForwardMember_efd09f0f-515e-4ca3-b6d6-fb7c678e7fbd_terseLabel_en-US" xlink:label="lab_bac_InterestRateFutureandForwardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Future and Forwards </link:label>
<link:label id="lab_bac_InterestRateFutureandForwardMember_label_en-US" xlink:label="lab_bac_InterestRateFutureandForwardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Future and Forward [Member] </link:label>
<link:label id="lab_bac_InterestRateFutureandForwardMember_documentation_en-US" xlink:label="lab_bac_InterestRateFutureandForwardMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Future and Forward [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateFutureandForwardMember" xlink:href="bac-20221231.xsd#bac_InterestRateFutureandForwardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateFutureandForwardMember" xlink:to="lab_bac_InterestRateFutureandForwardMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears_ed9a606a-7fb7-4717-b80a-ca28cc844daa_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> One to Three Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears_label_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Expiration From One to Three Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Expiration From One to Three Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears" xlink:to="lab_bac_DerivativeLiabilityNotionalAmountExpirationFromOneToThreeYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax_1bffa89f-17d0-4990-8c2d-cc624d6f9738_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements, curtailments and other </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AociBeforeTaxAttributableToParent_df72e47d-eab7-4c97-9625-ba491b58bf8f_terseLabel_en-US" xlink:label="lab_us-gaap_AociBeforeTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pretax income (loss) in accumulated OCI </link:label>
<link:label id="lab_us-gaap_AociBeforeTaxAttributableToParent_label_en-US" xlink:label="lab_us-gaap_AociBeforeTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI before Tax, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AociBeforeTaxAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AociBeforeTaxAttributableToParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AociBeforeTaxAttributableToParent" xlink:to="lab_us-gaap_AociBeforeTaxAttributableToParent" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FeesandCommissionsCreditandDebitCardsGross_3f9d0188-9f44-4dd2-a6f8-a153d80acdee_terseLabel_en-US" xlink:label="lab_bac_FeesandCommissionsCreditandDebitCardsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interchange fees, gross and merchant income </link:label>
<link:label id="lab_bac_FeesandCommissionsCreditandDebitCardsGross_label_en-US" xlink:label="lab_bac_FeesandCommissionsCreditandDebitCardsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fees and Commissions, Credit and Debit Cards, Gross </link:label>
<link:label id="lab_bac_FeesandCommissionsCreditandDebitCardsGross_documentation_en-US" xlink:label="lab_bac_FeesandCommissionsCreditandDebitCardsGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fees and Commissions, Credit and Debit Cards, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FeesandCommissionsCreditandDebitCardsGross" xlink:href="bac-20221231.xsd#bac_FeesandCommissionsCreditandDebitCardsGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FeesandCommissionsCreditandDebitCardsGross" xlink:to="lab_bac_FeesandCommissionsCreditandDebitCardsGross" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems_b1d7da86-d97f-4141-bd06-10719548688e_terseLabel_en-US" xlink:label="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues from External Customers and Long-Lived Assets [Line Items] </link:label>
<link:label id="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues from External Customers and Long-Lived Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:to="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_7d99e6d0-777f-4afb-bca8-805d5464bb56_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of vested in period </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesLLPreferredStockMember_c5879c64-697b-46c1-8a1a-1d320cf36456_terseLabel_en-US" xlink:label="lab_bac_SeriesLLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL </link:label>
<link:label id="lab_bac_SeriesLLPreferredStockMember_38d99b1a-2a4a-4559-9a99-9c8bee6c44c4_verboseLabel_en-US" xlink:label="lab_bac_SeriesLLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series LL Preferred Stock </link:label>
<link:label id="lab_bac_SeriesLLPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesLLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series LL Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesLLPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesLLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series LL Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesLLPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesLLPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesLLPreferredStockMember" xlink:to="lab_bac_SeriesLLPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesGGPreferredStockMember_ffc4a381-2e99-48eb-b477-62de061249b3_verboseLabel_en-US" xlink:label="lab_bac_SeriesGGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG </link:label>
<link:label id="lab_bac_SeriesGGPreferredStockMember_b3caa23f-74c0-4f80-a34a-21351a7a4d2c_terseLabel_en-US" xlink:label="lab_bac_SeriesGGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series GG Preferred Stock </link:label>
<link:label id="lab_bac_SeriesGGPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesGGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series GG Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesGGPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesGGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series GG Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesGGPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesGGPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesGGPreferredStockMember" xlink:to="lab_bac_SeriesGGPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommodityOptionMember_b0511475-46d5-4467-b9bf-baa3f26d6af7_terseLabel_en-US" xlink:label="lab_us-gaap_CommodityOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Options </link:label>
<link:label id="lab_us-gaap_CommodityOptionMember_label_en-US" xlink:label="lab_us-gaap_CommodityOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommodityOptionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommodityOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommodityOptionMember" xlink:to="lab_us-gaap_CommodityOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_5053972d-f2a5-4b52-950e-ec51bab79f4e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable" xlink:to="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesAAPreferredStockMember_1ecb2136-4326-4a9d-972b-52cc429637cd_terseLabel_en-US" xlink:label="lab_bac_SeriesAAPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series AA Preferred Stock </link:label>
<link:label id="lab_bac_SeriesAAPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesAAPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series AA Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesAAPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesAAPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series AA Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesAAPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesAAPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesAAPreferredStockMember" xlink:to="lab_bac_SeriesAAPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_cb99596e-9532-4fe4-b727-cb5e2139509a_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current year actuarial loss (gain) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_4785c521-cbe1-4fb6-8416-d9be277f128b_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Past Due [Line Items] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Past Due [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedIncomeStatementTable_bf86aff4-6b8c-4028-a72c-54e1b367e691_terseLabel_en-US" xlink:label="lab_srt_CondensedIncomeStatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statement [Table] </link:label>
<link:label id="lab_srt_CondensedIncomeStatementTable_label_en-US" xlink:label="lab_srt_CondensedIncomeStatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedIncomeStatementTable" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CondensedIncomeStatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedIncomeStatementTable" xlink:to="lab_srt_CondensedIncomeStatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RealEstateLoanMember_acff4dfc-18f2-4d09-85d7-3069ac72cf33_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial real estate </link:label>
<link:label id="lab_us-gaap_RealEstateLoanMember_label_en-US" xlink:label="lab_us-gaap_RealEstateLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateLoanMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RealEstateLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateLoanMember" xlink:to="lab_us-gaap_RealEstateLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_4d30f66b-0699-4ca3-9980-ea0ed6bd30b1_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Line Items] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeInstrumentsGainLossLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_8dbd0141-00f8-47c0-aa77-e907b9312b17_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Lease, Payment to be Received, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_f230d3e3-fa1a-4639-9981-cef54c5f579b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redemption of preferred stock </link:label>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Repurchase of Redeemable Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StructuredFinanceMember_da8e9db0-1bdb-4db3-9ddd-3e885d14471e_terseLabel_en-US" xlink:label="lab_us-gaap_StructuredFinanceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured liabilities </link:label>
<link:label id="lab_us-gaap_StructuredFinanceMember_label_en-US" xlink:label="lab_us-gaap_StructuredFinanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured Finance [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StructuredFinanceMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StructuredFinanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StructuredFinanceMember" xlink:to="lab_us-gaap_StructuredFinanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NoncoreNonbankVariableInterestEntityMember_4778e2ab-700d-4205-8c87-9e07c9bb5783_terseLabel_en-US" xlink:label="lab_bac_NoncoreNonbankVariableInterestEntityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-core/non-bank VIEs </link:label>
<link:label id="lab_bac_NoncoreNonbankVariableInterestEntityMember_label_en-US" xlink:label="lab_bac_NoncoreNonbankVariableInterestEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-core/Non-bank Variable Interest Entity [Member] </link:label>
<link:label id="lab_bac_NoncoreNonbankVariableInterestEntityMember_documentation_en-US" xlink:label="lab_bac_NoncoreNonbankVariableInterestEntityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-core/Non-bank Variable Interest Entity [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NoncoreNonbankVariableInterestEntityMember" xlink:href="bac-20221231.xsd#bac_NoncoreNonbankVariableInterestEntityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NoncoreNonbankVariableInterestEntityMember" xlink:to="lab_bac_NoncoreNonbankVariableInterestEntityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockIncludingAdditionalPaidInCapital_011db815-7c13-4b5f-ad08-79785faeb567_totalLabel_en-US" xlink:label="lab_us-gaap_PreferredStockIncludingAdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_PreferredStockIncludingAdditionalPaidInCapital_label_en-US" xlink:label="lab_us-gaap_PreferredStockIncludingAdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Including Additional Paid in Capital </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockIncludingAdditionalPaidInCapital" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockIncludingAdditionalPaidInCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockIncludingAdditionalPaidInCapital" xlink:to="lab_us-gaap_PreferredStockIncludingAdditionalPaidInCapital" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears_f9373180-74b2-431b-b74a-f8267f273f1f_terseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expire After Five Years </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Notional Amount, Expiration After Five Years </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents unfunded legally binding commitments, expiring after five years of the balance sheet date. Such commitments consist of the entity committing to lend a specified amount to named borrowers at a certain interest rate, during a certain period and, usually, for a certain purpose. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears" xlink:to="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_cd5796bc-8044-4147-99d6-39c4d44d67f5_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock issued under employee plans, net, and other </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_68863fbc-681f-453a-964b-894d24d259a4_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract_d47612b4-b02b-494a-afc1-27221d0966e0_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held-for-sale: </link:label>
<link:label id="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract_label_en-US" xlink:label="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Origination and Purchases of Loans Held-for-sale [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract" xlink:to="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSaleAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputCorrelationIRIRMember_80729db0-32f6-457b-a57b-3fba4acf7924_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputCorrelationIRIRMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Correlation (IR/IR) </link:label>
<link:label id="lab_bac_MeasurementInputCorrelationIRIRMember_label_en-US" xlink:label="lab_bac_MeasurementInputCorrelationIRIRMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Correlation (IR/IR) [Member] </link:label>
<link:label id="lab_bac_MeasurementInputCorrelationIRIRMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputCorrelationIRIRMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Correlation (IR/IR) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputCorrelationIRIRMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputCorrelationIRIRMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputCorrelationIRIRMember" xlink:to="lab_bac_MeasurementInputCorrelationIRIRMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesQQPreferredStockMember_e257de04-cc4b-4327-88fa-be41a3449d3f_terseLabel_en-US" xlink:label="lab_bac_SeriesQQPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ </link:label>
<link:label id="lab_bac_SeriesQQPreferredStockMember_08f6413a-eab8-4ae0-a3b7-deefe5265b69_verboseLabel_en-US" xlink:label="lab_bac_SeriesQQPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series QQ Preferred Stock </link:label>
<link:label id="lab_bac_SeriesQQPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesQQPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series QQ Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesQQPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesQQPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series QQ Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesQQPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesQQPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesQQPreferredStockMember" xlink:to="lab_bac_SeriesQQPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EquityFutureAndForwardMember_c5fadbc3-bdc6-46f5-b137-0fe5d015f033_terseLabel_en-US" xlink:label="lab_bac_EquityFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Futures and Forwards </link:label>
<link:label id="lab_bac_EquityFutureAndForwardMember_label_en-US" xlink:label="lab_bac_EquityFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Future And Forward [Member] </link:label>
<link:label id="lab_bac_EquityFutureAndForwardMember_documentation_en-US" xlink:label="lab_bac_EquityFutureAndForwardMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Future and Forward [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EquityFutureAndForwardMember" xlink:href="bac-20221231.xsd#bac_EquityFutureAndForwardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EquityFutureAndForwardMember" xlink:to="lab_bac_EquityFutureAndForwardMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_581557ab-8a0f-49b1-9dba-14d2c86e452d_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings (Accumulated Deficit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance_ad3f6592-79ab-4515-808d-3b124374a3f3_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held-for-sale (includes $1,115 and $4,455 measured at fair value) </link:label>
<link:label id="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance_686a8420-0cde-4fd2-99bd-e958418eb3d1_verboseLabel_en-US" xlink:label="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for sale </link:label>
<link:label id="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance_label_en-US" xlink:label="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Held-for-Sale, Excluding Accrued Interest, Not Part of Disposal Group, After Valuation Allowance </link:label>
<link:label id="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance_documentation_en-US" xlink:label="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Held-for-Sale, Excluding Accrued Interest, Not Part of Disposal Group, After Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance" xlink:href="bac-20221231.xsd#bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance" xlink:to="lab_bac_FinancingReceivableHeldForSaleExcludingAccruedInterestNotPartOfDisposalGroupAfterValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock_1ed7d05a-8608-4621-8a89-0e9f9a3d7fdb_terseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type Lease, Lease Income </link:label>
<link:label id="lab_us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock_label_en-US" xlink:label="lab_us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type Lease, Lease Income [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock" xlink:to="lab_us-gaap_SalesTypeLeaseLeaseIncomeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FixedRateDebtMember_3cb4bcda-37d3-498f-8e9d-aeaa7fef6c52_terseLabel_en-US" xlink:label="lab_bac_FixedRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Rate Debt </link:label>
<link:label id="lab_bac_FixedRateDebtMember_label_en-US" xlink:label="lab_bac_FixedRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Rate Debt [Member] </link:label>
<link:label id="lab_bac_FixedRateDebtMember_documentation_en-US" xlink:label="lab_bac_FixedRateDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Rate Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FixedRateDebtMember" xlink:href="bac-20221231.xsd#bac_FixedRateDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FixedRateDebtMember" xlink:to="lab_bac_FixedRateDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_05c3366b-b819-4a14-85b9-6786d305e79f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:to="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeExpenseNetAbstract_cd903b00-8855-4359-be8a-af85aba340b8_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest income </link:label>
<link:label id="lab_us-gaap_InterestIncomeExpenseNetAbstract_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense), Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNetAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestIncomeExpenseNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeExpenseNetAbstract" xlink:to="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScenarioUnspecifiedDomain_a841d1d4-7089-4e82-8008-9f4cc11319b1_terseLabel_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Domain] </link:label>
<link:label id="lab_srt_ScenarioUnspecifiedDomain_label_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioUnspecifiedDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ScenarioUnspecifiedDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioUnspecifiedDomain" xlink:to="lab_srt_ScenarioUnspecifiedDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputLongDatedInflationRatesMember_d1294047-be9d-4b55-b36a-8c971862c00d_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputLongDatedInflationRatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-dated inflation rates </link:label>
<link:label id="lab_bac_MeasurementInputLongDatedInflationRatesMember_label_en-US" xlink:label="lab_bac_MeasurementInputLongDatedInflationRatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Long-Dated Inflation Rates [Member] </link:label>
<link:label id="lab_bac_MeasurementInputLongDatedInflationRatesMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputLongDatedInflationRatesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Long-Dated Inflation Rates [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputLongDatedInflationRatesMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputLongDatedInflationRatesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputLongDatedInflationRatesMember" xlink:to="lab_bac_MeasurementInputLongDatedInflationRatesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_f8a57e2d-1858-45ae-910b-c38f594fb06e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recurring </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementsRecurringMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:to="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities_afe20a27-c7dc-47b9-8b30-f2bbbf86e6c4_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Financial instruments collateral </link:label>
<link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Security Not Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeCollateralObligationToReturnSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:to="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommoditiesInvestmentMember_881ed3c4-9223-44ca-b4e3-192a44f867fd_terseLabel_en-US" xlink:label="lab_us-gaap_CommoditiesInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodities Investment </link:label>
<link:label id="lab_us-gaap_CommoditiesInvestmentMember_label_en-US" xlink:label="lab_us-gaap_CommoditiesInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodities Investment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommoditiesInvestmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommoditiesInvestmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommoditiesInvestmentMember" xlink:to="lab_us-gaap_CommoditiesInvestmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months_55f6d5ab-8c1d-4b9c-ada8-c5387ab35f90_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than Twelve Months </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months </link:label>
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<link:label id="lab_dei_DocumentFiscalYearFocus_ffe92a26-1d97-40a7-8112-b59265a433e6_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
<link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
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<link:label id="lab_us-gaap_PlanAssetCategoriesDomain_5760df7a-cab6-45ce-80a5-ef57ff5ffae4_terseLabel_en-US" xlink:label="lab_us-gaap_PlanAssetCategoriesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Domain] </link:label>
<link:label id="lab_us-gaap_PlanAssetCategoriesDomain_label_en-US" xlink:label="lab_us-gaap_PlanAssetCategoriesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanAssetCategoriesDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PlanAssetCategoriesDomain"/>
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<link:label id="lab_bac_SecuritiesBasedLendingLoansMember_8dcfd463-7160-4b88-9917-62d42ad2a69d_terseLabel_en-US" xlink:label="lab_bac_SecuritiesBasedLendingLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Based Lending Loans </link:label>
<link:label id="lab_bac_SecuritiesBasedLendingLoansMember_label_en-US" xlink:label="lab_bac_SecuritiesBasedLendingLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Based Lending Loans [Member] </link:label>
<link:label id="lab_bac_SecuritiesBasedLendingLoansMember_documentation_en-US" xlink:label="lab_bac_SecuritiesBasedLendingLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Based Lending Loans [Member] </link:label>
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<link:label id="lab_bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances_83d395ad-5746-4a99-8480-e941f812c966_terseLabel_en-US" xlink:label="lab_bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral posted subject to unilateral termination upon downgrade, one incremental notch </link:label>
<link:label id="lab_bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances_label_en-US" xlink:label="lab_bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Posted, Effect of Downgrade by One Incremental Notch, Aggregate Fair Value, Including Triggering Circumstances </link:label>
<link:label id="lab_bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances_documentation_en-US" xlink:label="lab_bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Posted, Effect of Downgrade by One Incremental Notch, Aggregate Fair Value, Including Triggering Circumstances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances" xlink:href="bac-20221231.xsd#bac_CollateralPostedEffectofDowngradebyOneIncrementalNotchAggregateFairValueIncludingTriggeringCircumstances"/>
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<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember_32f8b433-9bb1-4414-8540-09231dfb9827_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds sold and securities borrowed or purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember_label_en-US" xlink:label="lab_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalFundsSoldAndSecuritiesBorrowedOrPurchasedUnderAgreementsToResellMember"/>
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<link:label id="lab_bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax_4d4ca7a1-3e48-4152-912c-6858db5e40cc_terseLabel_en-US" xlink:label="lab_bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive income benefit </link:label>
<link:label id="lab_bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax_label_en-US" xlink:label="lab_bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Tax </link:label>
<link:label id="lab_bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax_documentation_en-US" xlink:label="lab_bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax" xlink:href="bac-20221231.xsd#bac_AccumulatedOtherComprehensiveIncomeLossAvailableforsaleSecuritiesAdjustmentTax"/>
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<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_89bd9975-74f6-473f-9a93-a8ce8a15e482_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock_674059e1-d1ea-448c-a06c-cdbf675415e3_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet </link:label>
<link:label id="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ScheduleOfCondensedBalanceSheetTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:to="lab_srt_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable_707ec316-7960-4d72-a3db-ba29aefcd5fe_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTable"/>
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<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving_d3181206-195b-401d-bcc0-11a796c84704_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Revolving Loans </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving_d419e52e-4721-41a7-afa8-b1e1b8ef43cc_verboseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Revolving Loans </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Revolving </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Revolving </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolving"/>
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<link:label id="lab_bac_TaxCutsAndJobsActIncompleteAccountingProvisionalUndistributedAccumulatedEarningsOfForeignSubsidiary_6006927a-0b0e-4504-b972-e46039b9a788_terseLabel_en-US" xlink:label="lab_bac_TaxCutsAndJobsActIncompleteAccountingProvisionalUndistributedAccumulatedEarningsOfForeignSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Temporary differences with investments in Non-US subsidiaries </link:label>
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<link:label id="lab_bac_TaxCutsAndJobsActIncompleteAccountingProvisionalUndistributedAccumulatedEarningsOfForeignSubsidiary_documentation_en-US" xlink:label="lab_bac_TaxCutsAndJobsActIncompleteAccountingProvisionalUndistributedAccumulatedEarningsOfForeignSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Undistributed Accumulated Earnings of Foreign Subsidiary </link:label>
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<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingConvertedToTermLoan_79db0501-476c-4909-8b24-25082ff6b52b_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Revolving Loans Converted to Term Loans </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingConvertedToTermLoan_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Revolving, Converted To Term Loan </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingConvertedToTermLoan_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffRevolvingConvertedToTermLoan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Revolving, Converted To Term Loan </link:label>
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<link:label id="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_d1490468-0515-44ce-8008-a4503a4d4136_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Credit Quality Indicators </link:label>
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<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock"/>
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<link:label id="lab_bac_Series2PreferredStockMember_8dd4a5d3-1b9c-4124-8cf7-40f4f6cb0501_verboseLabel_en-US" xlink:label="lab_bac_Series2PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2 </link:label>
<link:label id="lab_bac_Series2PreferredStockMember_fe5d30e2-7bc0-4e98-817b-95e8afa7a160_terseLabel_en-US" xlink:label="lab_bac_Series2PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 2 Preferred Stock </link:label>
<link:label id="lab_bac_Series2PreferredStockMember_label_en-US" xlink:label="lab_bac_Series2PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 2 Preferred Stock [Member] </link:label>
<link:label id="lab_bac_Series2PreferredStockMember_documentation_en-US" xlink:label="lab_bac_Series2PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Two Preferred Stock member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_Series2PreferredStockMember" xlink:href="bac-20221231.xsd#bac_Series2PreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_Series2PreferredStockMember" xlink:to="lab_bac_Series2PreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UsTreasuryUstInterestRateMember_cc40ee6e-3e06-4c29-97e1-a7ed8cfdf15a_terseLabel_en-US" xlink:label="lab_us-gaap_UsTreasuryUstInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury (UST) Interest Rate </link:label>
<link:label id="lab_us-gaap_UsTreasuryUstInterestRateMember_label_en-US" xlink:label="lab_us-gaap_UsTreasuryUstInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury (UST) Interest Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UsTreasuryUstInterestRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UsTreasuryUstInterestRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UsTreasuryUstInterestRateMember" xlink:to="lab_us-gaap_UsTreasuryUstInterestRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear_a4824087-c221-4f96-9e0b-9b9e928a86d8_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Originated in fiscal year before current fiscal year </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LeverageBasedCapitalMetricsAbstract_837182a4-0a75-412f-b4e3-86458785ca3c_terseLabel_en-US" xlink:label="lab_bac_LeverageBasedCapitalMetricsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leverage-based metrics: </link:label>
<link:label id="lab_bac_LeverageBasedCapitalMetricsAbstract_label_en-US" xlink:label="lab_bac_LeverageBasedCapitalMetricsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leverage-Based Capital Metrics [Abstract] </link:label>
<link:label id="lab_bac_LeverageBasedCapitalMetricsAbstract_documentation_en-US" xlink:label="lab_bac_LeverageBasedCapitalMetricsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leverage-based Capital Metrics [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LeverageBasedCapitalMetricsAbstract" xlink:href="bac-20221231.xsd#bac_LeverageBasedCapitalMetricsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LeverageBasedCapitalMetricsAbstract" xlink:to="lab_bac_LeverageBasedCapitalMetricsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityOvernightAndOnDemandMember_b623c90a-62b4-4db9-a484-5d59a662f2ad_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityOvernightAndOnDemandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Overnight and Continuous </link:label>
<link:label id="lab_us-gaap_MaturityOvernightAndOnDemandMember_label_en-US" xlink:label="lab_us-gaap_MaturityOvernightAndOnDemandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Overnight and on Demand [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityOvernightAndOnDemandMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MaturityOvernightAndOnDemandMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityOvernightAndOnDemandMember" xlink:to="lab_us-gaap_MaturityOvernightAndOnDemandMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PositionDomain_143c1065-e0a5-4974-aa6b-d3f659173df8_terseLabel_en-US" xlink:label="lab_us-gaap_PositionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Position [Domain] </link:label>
<link:label id="lab_us-gaap_PositionDomain_label_en-US" xlink:label="lab_us-gaap_PositionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Position [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PositionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PositionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PositionDomain" xlink:to="lab_us-gaap_PositionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember_bf661a1c-9a35-4bdb-abe0-7803cb210016_terseLabel_en-US" xlink:label="lab_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward-Dated Repurchase and Securities Lending Agreements </link:label>
<link:label id="lab_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember_label_en-US" xlink:label="lab_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward-Dated Repurchase and Securities Lending Agreements [Member] </link:label>
<link:label id="lab_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember_documentation_en-US" xlink:label="lab_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward-Dated Repurchase and Securities Lending Agreements [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember" xlink:href="bac-20221231.xsd#bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember" xlink:to="lab_bac_ForwardDatedRepurchaseandSecuritiesLendingAgreementsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Goodwill_49813eaf-899c-4c26-a9f1-cc835c065d35_terseLabel_en-US" xlink:label="lab_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill </link:label>
<link:label id="lab_us-gaap_Goodwill_4ef53ae3-dda0-4b88-8207-b1dbbf4a8e51_verboseLabel_en-US" xlink:label="lab_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total goodwill </link:label>
<link:label id="lab_us-gaap_Goodwill_label_en-US" xlink:label="lab_us-gaap_Goodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Goodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Goodwill" xlink:to="lab_us-gaap_Goodwill" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PayablesToSubsidiaries_45f6d2bb-bfd7-444c-a161-de316a5cffa5_terseLabel_en-US" xlink:label="lab_bac_PayablesToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables to subsidiaries: </link:label>
<link:label id="lab_bac_PayablesToSubsidiaries_label_en-US" xlink:label="lab_bac_PayablesToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables To Subsidiaries </link:label>
<link:label id="lab_bac_PayablesToSubsidiaries_documentation_en-US" xlink:label="lab_bac_PayablesToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables to Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PayablesToSubsidiaries" xlink:href="bac-20221231.xsd#bac_PayablesToSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PayablesToSubsidiaries" xlink:to="lab_bac_PayablesToSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_b4d151e2-254f-4292-95a9-3b3103cdbe49_verboseLabel_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 capital ratio </link:label>
<link:label id="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:to="lab_us-gaap_TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract_d7a7c09f-6363-4a76-8454-6de241cb1447_terseLabel_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (decrease) in taxes resulting from: </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract_label_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Increase (Decrease) in Taxes, Amount [Abstract] </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract_documentation_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Increase (Decrease) in Taxes, Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract" xlink:href="bac-20221231.xsd#bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract" xlink:to="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesAmountAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_5a7105af-6639-4c1b-8937-1a3ba3a9e11e_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax expense </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_b0e990f1-38a6-48cf-a467-bbbda7bdd6f5_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total income tax expense </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_5ad2a4f3-68b8-4dce-9e40-2ffa16a57681_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax expense </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_srt_SegmentGeographicalDomain_e35668c1-a3ea-4202-b49f-7b9fad546b05_terseLabel_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>
<link:label id="lab_srt_SegmentGeographicalDomain_label_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_SegmentGeographicalDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_SegmentGeographicalDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SegmentGeographicalDomain" xlink:to="lab_srt_SegmentGeographicalDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_d9794056-6268-4c5a-b547-5dd9cc3c7044_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation allowance </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityPublicFloat_6e46e1b8-a995-4762-b24c-48e46fce166b_terseLabel_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:label id="lab_dei_EntityPublicFloat_label_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityPublicFloat" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPublicFloat"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_c14b46fe-f0e1-450e-8c54-f821746d9562_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_BalanceSheetLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_us-gaap_BalanceSheetLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeathBankruptcyOrFraudMember_76fd32c8-b2e9-4364-a8b8-c6e23839da9c_terseLabel_en-US" xlink:label="lab_bac_DeathBankruptcyOrFraudMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Death, Bankruptcy or Fraud </link:label>
<link:label id="lab_bac_DeathBankruptcyOrFraudMember_label_en-US" xlink:label="lab_bac_DeathBankruptcyOrFraudMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Death, Bankruptcy Or Fraud [Member] </link:label>
<link:label id="lab_bac_DeathBankruptcyOrFraudMember_documentation_en-US" xlink:label="lab_bac_DeathBankruptcyOrFraudMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Death, Bankruptcy Or Fraud </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeathBankruptcyOrFraudMember" xlink:href="bac-20221231.xsd#bac_DeathBankruptcyOrFraudMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeathBankruptcyOrFraudMember" xlink:to="lab_bac_DeathBankruptcyOrFraudMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountAssets_1cb5d70d-e465-4005-8f76-41aef63efbb5_totalLabel_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountAssets_label_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Fair Value Carrying Amount, Assets </link:label>
<link:label id="lab_bac_FairValueOptionFairValueCarryingAmountAssets_documentation_en-US" xlink:label="lab_bac_FairValueOptionFairValueCarryingAmountAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Fair Value Carrying Amount, Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionFairValueCarryingAmountAssets" xlink:href="bac-20221231.xsd#bac_FairValueOptionFairValueCarryingAmountAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionFairValueCarryingAmountAssets" xlink:to="lab_bac_FairValueOptionFairValueCarryingAmountAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease_f2cd6ea6-d33b-4052-8acf-49521f6ef619_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged asset, available-for-sale debt securities, cumulative fair value adjustments </link:label>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:to="lab_us-gaap_HedgedAssetFairValueHedgeCumulativeIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss_dae91094-6137-416d-ad31-f0c155ac6138_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued interest receivable </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Accrued Interest, after Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss" xlink:to="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablePercentPastDue1_a04ed7c9-3495-4722-b82b-8982ec811363_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablePercentPastDue1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of outstandings </link:label>
<link:label id="lab_us-gaap_FinancingReceivablePercentPastDue1_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablePercentPastDue1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Percent Past Due </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablePercentPastDue1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivablePercentPastDue1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablePercentPastDue1" xlink:to="lab_us-gaap_FinancingReceivablePercentPastDue1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_8eb9db90-0c1a-4d1a-b6bd-6a707df15510_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gross derivative liabilities, before netting </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Subject to Master Netting Arrangement, before Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesLineItems_ae287dc4-c972-4879-9636-0ada4e670950_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Line Items] </link:label>
<link:label id="lab_us-gaap_LossContingenciesLineItems_label_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LossContingenciesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesLineItems" xlink:to="lab_us-gaap_LossContingenciesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusAxis_1c608fb6-d3ee-4c3e-8d99-bb2efa2a3c50_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTaxStatusAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTaxStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Tax Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTaxStatusAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetirementPlanTaxStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTaxStatusAxis" xlink:to="lab_us-gaap_RetirementPlanTaxStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ServicingAssetMeasurementInputTerm_1bd6b941-ce1a-48b0-8953-88eed26f1d36_terseLabel_en-US" xlink:label="lab_bac_ServicingAssetMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MSRs </link:label>
<link:label id="lab_bac_ServicingAssetMeasurementInputTerm_label_en-US" xlink:label="lab_bac_ServicingAssetMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing Asset, Measurement Input, Term </link:label>
<link:label id="lab_bac_ServicingAssetMeasurementInputTerm_documentation_en-US" xlink:label="lab_bac_ServicingAssetMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing Asset, Measurement Input, Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ServicingAssetMeasurementInputTerm" xlink:href="bac-20221231.xsd#bac_ServicingAssetMeasurementInputTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ServicingAssetMeasurementInputTerm" xlink:to="lab_bac_ServicingAssetMeasurementInputTerm" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Investments_0485867c-1818-4f72-9d85-adefb3947043_terseLabel_en-US" xlink:label="lab_us-gaap_Investments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total retained positions </link:label>
<link:label id="lab_us-gaap_Investments_label_en-US" xlink:label="lab_us-gaap_Investments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Investments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Investments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Investments" xlink:to="lab_us-gaap_Investments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativesContractTypeDomain_3d7343cb-3e0c-4a27-a1cc-b120dca39f17_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Domain] </link:label>
<link:label id="lab_us-gaap_CreditDerivativesContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativesContractTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditDerivativesContractTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativesContractTypeDomain" xlink:to="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditCardandDirectIndirectConsumerMember_a423debe-700f-47f0-aa1f-8376fa822313_terseLabel_en-US" xlink:label="lab_bac_CreditCardandDirectIndirectConsumerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Direct/ Indirect Consumer </link:label>
<link:label id="lab_bac_CreditCardandDirectIndirectConsumerMember_label_en-US" xlink:label="lab_bac_CreditCardandDirectIndirectConsumerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Direct/ Indirect Consumer [Member] </link:label>
<link:label id="lab_bac_CreditCardandDirectIndirectConsumerMember_documentation_en-US" xlink:label="lab_bac_CreditCardandDirectIndirectConsumerMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Direct/ Indirect Consumer [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditCardandDirectIndirectConsumerMember" xlink:href="bac-20221231.xsd#bac_CreditCardandDirectIndirectConsumerMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditCardandDirectIndirectConsumerMember" xlink:to="lab_bac_CreditCardandDirectIndirectConsumerMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_f2db1f84-db5f-4673-a789-ae9774662a9b_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance on nonperforming loans </link:label>
<link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableAllowanceForCreditLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_c9c42c1e-4997-4e17-9e02-8b580ead4d51_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ABO </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BACEPVestingOverThreeYearsMember_fb93040f-f9f7-4731-8b2d-f41fe889ad23_terseLabel_en-US" xlink:label="lab_bac_BACEPVestingOverThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BACEP, Vesting In One-Third Increments </link:label>
<link:label id="lab_bac_BACEPVestingOverThreeYearsMember_label_en-US" xlink:label="lab_bac_BACEPVestingOverThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BACEP, Vesting Over Three Years [Member] </link:label>
<link:label id="lab_bac_BACEPVestingOverThreeYearsMember_documentation_en-US" xlink:label="lab_bac_BACEPVestingOverThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BACEP, Vesting Over Three Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BACEPVestingOverThreeYearsMember" xlink:href="bac-20221231.xsd#bac_BACEPVestingOverThreeYearsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BACEPVestingOverThreeYearsMember" xlink:to="lab_bac_BACEPVestingOverThreeYearsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold_55b234ef-e709-4890-9345-85dbd433bee0_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities received as collateral, amount re-pledged and sold </link:label>
<link:label id="lab_us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold_label_en-US" xlink:label="lab_us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Received as Collateral, Amount Repledged and Sold </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" xlink:to="lab_us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RecessionaryEnvironmentOverallEconomicOutlook_9d7a2417-b1dc-4b50-85bf-3d5e07bf61eb_terseLabel_en-US" xlink:label="lab_bac_RecessionaryEnvironmentOverallEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Overall economic outlook for recessionary environment </link:label>
<link:label id="lab_bac_RecessionaryEnvironmentOverallEconomicOutlook_label_en-US" xlink:label="lab_bac_RecessionaryEnvironmentOverallEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recessionary Environment, Overall Economic Outlook </link:label>
<link:label id="lab_bac_RecessionaryEnvironmentOverallEconomicOutlook_documentation_en-US" xlink:label="lab_bac_RecessionaryEnvironmentOverallEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recessionary Environment, Overall Economic Outlook </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RecessionaryEnvironmentOverallEconomicOutlook" xlink:href="bac-20221231.xsd#bac_RecessionaryEnvironmentOverallEconomicOutlook"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RecessionaryEnvironmentOverallEconomicOutlook" xlink:to="lab_bac_RecessionaryEnvironmentOverallEconomicOutlook" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear_d2ea30aa-c694-4252-9acd-e93a16e2aac8_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross charge-offs, Originated three years before current fiscal year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Four, Originated, Three Years Before Current Fiscal Year </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance For Credit Loss, Writeoff, Year Four, Originated, Three Years Before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoffYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherVariousInvestmentsMember_ad2b23fd-07d6-46aa-a5a2-0527b09f95ab_terseLabel_en-US" xlink:label="lab_bac_OtherVariousInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Various Investments </link:label>
<link:label id="lab_bac_OtherVariousInvestmentsMember_label_en-US" xlink:label="lab_bac_OtherVariousInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Various Investments [Member] </link:label>
<link:label id="lab_bac_OtherVariousInvestmentsMember_documentation_en-US" xlink:label="lab_bac_OtherVariousInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Various Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherVariousInvestmentsMember" xlink:href="bac-20221231.xsd#bac_OtherVariousInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherVariousInvestmentsMember" xlink:to="lab_bac_OtherVariousInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentBankingRevenue_e1d0bb9f-1416-43ac-89ce-a1468146504f_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentBankingRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment banking fees </link:label>
<link:label id="lab_us-gaap_InvestmentBankingRevenue_label_en-US" xlink:label="lab_us-gaap_InvestmentBankingRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentBankingRevenue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentBankingRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentBankingRevenue" xlink:to="lab_us-gaap_InvestmentBankingRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_2332f747-f59a-4e7e-a5ed-e066832975b9_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments_23728622-2518-4450-aee8-93bd87c1747f_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Other Adjustments, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:to="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent_bd0582b0-bc70-4445-8e57-1e5d11c07894_negatedTerseLabel_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate differential on non-U.S. earnings </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent_label_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Law Changes, Percent </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent_documentation_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Law Changes, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent" xlink:href="bac-20221231.xsd#bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent" xlink:to="lab_bac_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxLawChangesPercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansHeldForSaleFairValueDisclosure_bc058004-6e13-4027-a0cc-e874fa68bc88_terseLabel_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held for sale, measured at fair value </link:label>
<link:label id="lab_us-gaap_LoansHeldForSaleFairValueDisclosure_3f64305a-24fe-4a3f-a1bc-17a111b652e7_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held-for-sale </link:label>
<link:label id="lab_us-gaap_LoansHeldForSaleFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held-for-sale, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansHeldForSaleFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:to="lab_us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_30d0a978-ca67-4a70-a348-40213459be9a_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Unrealized Loss Position </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExchangeTradedMember_d09daf80-0e1c-4d52-8289-cc4fbf591090_terseLabel_en-US" xlink:label="lab_us-gaap_ExchangeTradedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange-traded </link:label>
<link:label id="lab_us-gaap_ExchangeTradedMember_label_en-US" xlink:label="lab_us-gaap_ExchangeTradedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange Traded [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExchangeTradedMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ExchangeTradedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExchangeTradedMember" xlink:to="lab_us-gaap_ExchangeTradedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments_7d66e297-7005-4922-8f7a-ed1b4293d9f5_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in affordable housing project investments </link:label>
<link:label id="lab_us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments_label_en-US" xlink:label="lab_us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization Method Qualified Affordable Housing Project Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments" xlink:to="lab_us-gaap_AmortizationMethodQualifiedAffordableHousingProjectInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3_73f0b97a-490d-4246-bc07-1c8c97688525_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Transfers out of Level 3  </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NonBankVariableInterestEntitiesMember_44425a1e-2300-42eb-b220-f41d320f57f8_terseLabel_en-US" xlink:label="lab_bac_NonBankVariableInterestEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonbank VIEs </link:label>
<link:label id="lab_bac_NonBankVariableInterestEntitiesMember_label_en-US" xlink:label="lab_bac_NonBankVariableInterestEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Bank Variable Interest Entities [Member] </link:label>
<link:label id="lab_bac_NonBankVariableInterestEntitiesMember_documentation_en-US" xlink:label="lab_bac_NonBankVariableInterestEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Bank Variable Interest Entities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NonBankVariableInterestEntitiesMember" xlink:href="bac-20221231.xsd#bac_NonBankVariableInterestEntitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NonBankVariableInterestEntitiesMember" xlink:to="lab_bac_NonBankVariableInterestEntitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditCardandOtherUnsecuredConsumerLoansMember_732d1bc8-0fe3-4358-9e55-3a1a1e92caa8_terseLabel_en-US" xlink:label="lab_bac_CreditCardandOtherUnsecuredConsumerLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Other Unsecured Consumer Loans </link:label>
<link:label id="lab_bac_CreditCardandOtherUnsecuredConsumerLoansMember_label_en-US" xlink:label="lab_bac_CreditCardandOtherUnsecuredConsumerLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Other Unsecured Consumer Loans [Member] </link:label>
<link:label id="lab_bac_CreditCardandOtherUnsecuredConsumerLoansMember_documentation_en-US" xlink:label="lab_bac_CreditCardandOtherUnsecuredConsumerLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Other Unsecured Consumer Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditCardandOtherUnsecuredConsumerLoansMember" xlink:href="bac-20221231.xsd#bac_CreditCardandOtherUnsecuredConsumerLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditCardandOtherUnsecuredConsumerLoansMember" xlink:to="lab_bac_CreditCardandOtherUnsecuredConsumerLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear_d603eff6-ceb5-4c7e-b775-e3e673e46375_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Originated four years before current fiscal year </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_7b138200-4978-4b1a-8938-22de65e734db_verboseLabel_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_6eec31ff-5c53-479f-b534-8cb033f2553a_terseLabel_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other debt securities carried at fair value </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_label_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Excluding Accrued Interest </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest_documentation_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Excluding Accrued Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:href="bac-20221231.xsd#bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:to="lab_bac_OtherDebtSecuritiesCarriedAtFairValueExcludingAccruedInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_e2cedf6a-5444-47e1-8550-a2ac6ce05a58_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_d5e6f172-9f1c-44bf-ac08-29331a4b1e6a_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GainLossonOtherAssets_bce2c263-29cc-42aa-9f26-23830bf006b1_verboseLabel_en-US" xlink:label="lab_bac_GainLossonOtherAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_bac_GainLossonOtherAssets_label_en-US" xlink:label="lab_bac_GainLossonOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Other Assets </link:label>
<link:label id="lab_bac_GainLossonOtherAssets_documentation_en-US" xlink:label="lab_bac_GainLossonOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the amount of gain (loss) recognized on other assets, still held as of the reporting date, measured at fair value on a nonrecurring basis. Other Assets are those not individually reported in the financial statements or separately disclosed. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GainLossonOtherAssets" xlink:href="bac-20221231.xsd#bac_GainLossonOtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GainLossonOtherAssets" xlink:to="lab_bac_GainLossonOtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities_3e3a8ca8-566e-47f6-8b22-a1cdb7c9585e_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from paydowns and maturities </link:label>
<link:label id="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities" xlink:to="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure_330f4129-3404-401c-b09e-054f533b3e57_terseLabel_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Instruments backed by commercial real estate assets </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure_label_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Commercial Real Estate, Fair Value Disclosure </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Commercial Real Estate, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure" xlink:to="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput_febdee28-dc9b-4054-bff7-a37827629777_terseLabel_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Instruments backed by commercial real estate assets </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput_label_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Commercial Real Estate, Measurement Input </link:label>
<link:label id="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput_documentation_en-US" xlink:label="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Financial Instruments, Collateralized By Commercial Real Estate, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput" xlink:href="bac-20221231.xsd#bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput" xlink:to="lab_bac_AssetBackedFinancialInstrumentsCollateralizedByCommercialRealEstateMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock_7c987c56-297c-461a-8eff-b2108073ee95_terseLabel_en-US" xlink:label="lab_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Investment in Sales-type and Direct Financing Leases </link:label>
<link:label id="lab_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock_label_en-US" xlink:label="lab_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Investment in Sales-type and Direct Financing Leases [Table Text Block] </link:label>
<link:label id="lab_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock_documentation_en-US" xlink:label="lab_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Investment in Sales-type and Direct Financing Leases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock" xlink:href="bac-20221231.xsd#bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock" xlink:to="lab_bac_ScheduleOfNetInvestmentInSalesTypeAndDirectFinancingLeasesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherCommitmentTerminationPriorNoticePeriod_85c2d4af-c769-46ba-872a-79f76852abcd_terseLabel_en-US" xlink:label="lab_bac_OtherCommitmentTerminationPriorNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other commitment, termination prior notice period </link:label>
<link:label id="lab_bac_OtherCommitmentTerminationPriorNoticePeriod_label_en-US" xlink:label="lab_bac_OtherCommitmentTerminationPriorNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, Termination Prior Notice Period </link:label>
<link:label id="lab_bac_OtherCommitmentTerminationPriorNoticePeriod_documentation_en-US" xlink:label="lab_bac_OtherCommitmentTerminationPriorNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitment, Termination Prior Notice Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherCommitmentTerminationPriorNoticePeriod" xlink:href="bac-20221231.xsd#bac_OtherCommitmentTerminationPriorNoticePeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherCommitmentTerminationPriorNoticePeriod" xlink:to="lab_bac_OtherCommitmentTerminationPriorNoticePeriod" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TransfersContinuingInvolvementServicingFeeAdvances_0c0d7d26-1345-450a-9b02-f1486abeece7_terseLabel_en-US" xlink:label="lab_bac_TransfersContinuingInvolvementServicingFeeAdvances" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers continuing involvement servicing fee advances </link:label>
<link:label id="lab_bac_TransfersContinuingInvolvementServicingFeeAdvances_label_en-US" xlink:label="lab_bac_TransfersContinuingInvolvementServicingFeeAdvances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers Continuing Involvement Servicing Fee Advances </link:label>
<link:label id="lab_bac_TransfersContinuingInvolvementServicingFeeAdvances_documentation_en-US" xlink:label="lab_bac_TransfersContinuingInvolvementServicingFeeAdvances" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the servicing advances on loans serviced, including securitizations where the entity has continuing involvement. Advance types include principal and interest (P&I), tax and insurance (T&I, also known as escrow advances) and corporate payments which are costs associated with foreclosing on and liquidating mortgage collateral. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TransfersContinuingInvolvementServicingFeeAdvances" xlink:href="bac-20221231.xsd#bac_TransfersContinuingInvolvementServicingFeeAdvances"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TransfersContinuingInvolvementServicingFeeAdvances" xlink:to="lab_bac_TransfersContinuingInvolvementServicingFeeAdvances" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesRRPreferredStockMember_9c6f2ebc-234a-4094-b284-460103e6d44a_terseLabel_en-US" xlink:label="lab_bac_SeriesRRPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series RR Preferred Stock </link:label>
<link:label id="lab_bac_SeriesRRPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesRRPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series RR Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesRRPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesRRPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series RR Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesRRPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesRRPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesRRPreferredStockMember" xlink:to="lab_bac_SeriesRRPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommodityContractMember_4d8e2232-fde1-402b-8ca8-07edede40f79_verboseLabel_en-US" xlink:label="lab_us-gaap_CommodityContractMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity contracts </link:label>
<link:label id="lab_us-gaap_CommodityContractMember_label_en-US" xlink:label="lab_us-gaap_CommodityContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommodityContractMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommodityContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommodityContractMember" xlink:to="lab_us-gaap_CommodityContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CounterpartyNameAxis_b876b0dd-2472-4d1f-943f-e8eef06d0135_terseLabel_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Axis] </link:label>
<link:label id="lab_srt_CounterpartyNameAxis_label_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CounterpartyNameAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CounterpartyNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CounterpartyNameAxis" xlink:to="lab_srt_CounterpartyNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear_9ed8c1d8-e62e-4bb3-9bf5-d63c577995ba_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than One Year </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear_label_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject To Master Netting Arrangement, Expiration Less Than One Year </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement, Expiration Less Than One Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear" xlink:to="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangementExpirationLessThanOneYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales_43f8f95d-7e25-4331-a9a4-88139c994427_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_ba28f1de-9564-48b1-b42b-85ff934ad6a8_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends and other </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_f3cedc6b-2486-430a-973c-585b190f3bbd_negatedLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends and other </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividends and Other Adjustments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="lab_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAbstract_1a87b29d-884d-479f-bb33-859e17586991_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities: </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAbstract" xlink:to="lab_us-gaap_DebtSecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RepaymentsOfLongTermDebt_224a2a8d-01d5-468d-9d2b-67a53c6de2da_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement </link:label>
<link:label id="lab_us-gaap_RepaymentsOfLongTermDebt_8cc1f332-441b-4f25-bdff-a5b91e6e3d64_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement of long-term debt </link:label>
<link:label id="lab_us-gaap_RepaymentsOfLongTermDebt_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Long-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RepaymentsOfLongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLongTermDebt" xlink:to="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsDeclaredTableTextBlock_35c65365-5afa-4246-9321-916dd3784e2c_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsDeclaredTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Dividends </link:label>
<link:label id="lab_us-gaap_DividendsDeclaredTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DividendsDeclaredTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Declared [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsDeclaredTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DividendsDeclaredTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsDeclaredTableTextBlock" xlink:to="lab_us-gaap_DividendsDeclaredTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_c5571fff-0ab2-427a-826d-f902893821fd_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions, December 31 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DomesticPlanMember_a8f5deb4-2d38-4c82-b1e8-b70b3ac7d5d5_terseLabel_en-US" xlink:label="lab_us-gaap_DomesticPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic Plan </link:label>
<link:label id="lab_us-gaap_DomesticPlanMember_label_en-US" xlink:label="lab_us-gaap_DomesticPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DomesticPlanMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DomesticPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DomesticPlanMember" xlink:to="lab_us-gaap_DomesticPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMember_15d19695-c3c5-41f9-aa29-77f7f3187739_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtMember_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMember" xlink:to="lab_us-gaap_LongTermDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UsGovernmentAgencyInsuredLoansMember_3d91e261-019d-4a46-8a83-be679abd2253_terseLabel_en-US" xlink:label="lab_us-gaap_UsGovernmentAgencyInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government Agency Insured Loans </link:label>
<link:label id="lab_us-gaap_UsGovernmentAgencyInsuredLoansMember_label_en-US" xlink:label="lab_us-gaap_UsGovernmentAgencyInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government Agency Insured Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UsGovernmentAgencyInsuredLoansMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UsGovernmentAgencyInsuredLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UsGovernmentAgencyInsuredLoansMember" xlink:to="lab_us-gaap_UsGovernmentAgencyInsuredLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_3e485df3-1162-485d-8e60-c5ae428ddc21_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities, after netting </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeferredTaxAssetsSecurityLoanandDebtValuations_827a79c9-21d5-4e2e-9f90-966b4c8b8fcf_terseLabel_en-US" xlink:label="lab_bac_DeferredTaxAssetsSecurityLoanandDebtValuations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security, loan and debt valuations </link:label>
<link:label id="lab_bac_DeferredTaxAssetsSecurityLoanandDebtValuations_label_en-US" xlink:label="lab_bac_DeferredTaxAssetsSecurityLoanandDebtValuations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Security, Loan, and Debt Valuations </link:label>
<link:label id="lab_bac_DeferredTaxAssetsSecurityLoanandDebtValuations_documentation_en-US" xlink:label="lab_bac_DeferredTaxAssetsSecurityLoanandDebtValuations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Security, Loan, and Debt Valuations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredTaxAssetsSecurityLoanandDebtValuations" xlink:href="bac-20221231.xsd#bac_DeferredTaxAssetsSecurityLoanandDebtValuations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeferredTaxAssetsSecurityLoanandDebtValuations" xlink:to="lab_bac_DeferredTaxAssetsSecurityLoanandDebtValuations" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateRiskOnLongTernDebtMember_c00af6d4-5ef2-4ece-bf03-b2320033586e_terseLabel_en-US" xlink:label="lab_bac_InterestRateRiskOnLongTernDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate risk on long-term debt </link:label>
<link:label id="lab_bac_InterestRateRiskOnLongTernDebtMember_label_en-US" xlink:label="lab_bac_InterestRateRiskOnLongTernDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk On Long-Tern Debt [Member] </link:label>
<link:label id="lab_bac_InterestRateRiskOnLongTernDebtMember_documentation_en-US" xlink:label="lab_bac_InterestRateRiskOnLongTernDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk On Long Tern Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateRiskOnLongTernDebtMember" xlink:href="bac-20221231.xsd#bac_InterestRateRiskOnLongTernDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateRiskOnLongTernDebtMember" xlink:to="lab_bac_InterestRateRiskOnLongTernDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_f65ad812-d47a-4708-bde2-b525fa6f5d24_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingExpenses_3dcca31f-f10d-4abf-ae6f-9eaec225216f_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total expense </link:label>
<link:label id="lab_us-gaap_OperatingExpenses_label_en-US" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Expenses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingExpenses" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingExpenses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="lab_us-gaap_OperatingExpenses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialPortfolioSegmentMember_0509f8a2-8c9a-4202-b017-763954a74f70_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial </link:label>
<link:label id="lab_us-gaap_CommercialPortfolioSegmentMember_9ff59cec-f642-44b7-82f9-b42a92b6ead7_verboseLabel_en-US" xlink:label="lab_us-gaap_CommercialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial </link:label>
<link:label id="lab_us-gaap_CommercialPortfolioSegmentMember_label_en-US" xlink:label="lab_us-gaap_CommercialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialPortfolioSegmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommercialPortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialPortfolioSegmentMember" xlink:to="lab_us-gaap_CommercialPortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MaximumMember_df86122a-a3cb-42ca-8e27-b8ec35135809_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum </link:label>
<link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_MaximumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortMember_825301e1-15e4-46b6-bd03-e597989e5a02_terseLabel_en-US" xlink:label="lab_us-gaap_ShortMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Written options </link:label>
<link:label id="lab_us-gaap_ShortMember_label_en-US" xlink:label="lab_us-gaap_ShortMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShortMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortMember" xlink:to="lab_us-gaap_ShortMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ResidentialMortgageMember_3e8fdccb-cfe2-4a63-bcd2-3503e25f27f3_terseLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage </link:label>
<link:label id="lab_us-gaap_ResidentialMortgageMember_label_en-US" xlink:label="lab_us-gaap_ResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialMortgageMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ResidentialMortgageMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialMortgageMember" xlink:to="lab_us-gaap_ResidentialMortgageMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_26c91ff5-53be-427f-9117-f9846d0f77b4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Risk Management Derivatives </link:label>
<link:label id="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives Not Designated as Hedging Instruments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_c54d3b26-579a-4f56-9efa-4094b6e57385_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock repurchased </link:label>
<link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_cef8c396-1465-4a5c-bd79-519b7f3a3743_netLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase price of shares repurchased and retired </link:label>
<link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchased and Retired During Period, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingAbstract_5a7de10e-7743-4ac3-9128-cbb7200e79ef_terseLabel_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Principal Outstanding </link:label>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingAbstract_label_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Contractual Principal Outstanding [Abstract] </link:label>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingAbstract_documentation_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Contractual Principal Outstanding [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionContractualPrincipalOutstandingAbstract" xlink:href="bac-20221231.xsd#bac_FairValueOptionContractualPrincipalOutstandingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionContractualPrincipalOutstandingAbstract" xlink:to="lab_bac_FairValueOptionContractualPrincipalOutstandingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PerformingFinancingReceivableMember_4b6c7083-fc2c-4d43-8448-4356c71dc401_terseLabel_en-US" xlink:label="lab_us-gaap_PerformingFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performing Financial Instruments </link:label>
<link:label id="lab_us-gaap_PerformingFinancingReceivableMember_label_en-US" xlink:label="lab_us-gaap_PerformingFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performing Financial Instruments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PerformingFinancingReceivableMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PerformingFinancingReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PerformingFinancingReceivableMember" xlink:to="lab_us-gaap_PerformingFinancingReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue_3cf04730-a38f-4a23-b620-32693165d16c_terseLabel_en-US" xlink:label="lab_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from paydowns and maturities </link:label>
<link:label id="lab_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue_label_en-US" xlink:label="lab_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Maturities Prepayments And Calls Of Debt Securities, Fair Value </link:label>
<link:label id="lab_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue_documentation_en-US" xlink:label="lab_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The cash inflow associated maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as debt securities carried at fair value. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue" xlink:href="bac-20221231.xsd#bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue" xlink:to="lab_bac_ProceedsFromMaturitiesPrepaymentsAndCallsOfDebtSecuritiesFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_16621580-2678-4617-88dd-92fec85ac882_terseLabel_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualifying Accounting Hedges </link:label>
<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_label_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DesignatedAsHedgingInstrumentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:to="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RevolvingLoanConvertedtoTermLoanMember_3a211421-e3fc-432d-af29-59d004a94da6_terseLabel_en-US" xlink:label="lab_bac_RevolvingLoanConvertedtoTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loans Converted to Term Loans </link:label>
<link:label id="lab_bac_RevolvingLoanConvertedtoTermLoanMember_label_en-US" xlink:label="lab_bac_RevolvingLoanConvertedtoTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loan Converted to Term Loan [Member] </link:label>
<link:label id="lab_bac_RevolvingLoanConvertedtoTermLoanMember_documentation_en-US" xlink:label="lab_bac_RevolvingLoanConvertedtoTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loan Converted to Term Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RevolvingLoanConvertedtoTermLoanMember" xlink:href="bac-20221231.xsd#bac_RevolvingLoanConvertedtoTermLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RevolvingLoanConvertedtoTermLoanMember" xlink:to="lab_bac_RevolvingLoanConvertedtoTermLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember_604f890f-cba4-4293-8feb-4a01b61ea19d_terseLabel_en-US" xlink:label="lab_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031 of BofA Finance LLC (and the guarantee of the Registrant with respect thereto) </link:label>
<link:label id="lab_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember_label_en-US" xlink:label="lab_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Medium-Term Notes, Series A, Step Up Callable Notes [Member] </link:label>
<link:label id="lab_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember_documentation_en-US" xlink:label="lab_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Medium-Term Notes, Series A, Step Up Callable Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember" xlink:href="bac-20221231.xsd#bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember" xlink:to="lab_bac_SeniorMediumTermNotesSeriesAStepUpCallableNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_02667b3c-d092-4db1-ab30-21a7024f19bc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementFrequencyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_9a3934e1-ca65-4b76-a948-7104ca3a4a0a_verboseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shareholders' Equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Note Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_60763893-690a-46ee-9271-74ce8e0054b7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Benefit Costs </link:label>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Benefit Costs [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfNetBenefitCostsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BanksandRelatedSubsidiariesMember_8e80e24f-34ba-436a-9534-758ebeda4c1d_terseLabel_en-US" xlink:label="lab_bac_BanksandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banks and related subsidiaries </link:label>
<link:label id="lab_bac_BanksandRelatedSubsidiariesMember_label_en-US" xlink:label="lab_bac_BanksandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banks and Related Subsidiaries [Member] </link:label>
<link:label id="lab_bac_BanksandRelatedSubsidiariesMember_documentation_en-US" xlink:label="lab_bac_BanksandRelatedSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banks and Related Subsidiaries [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BanksandRelatedSubsidiariesMember" xlink:href="bac-20221231.xsd#bac_BanksandRelatedSubsidiariesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BanksandRelatedSubsidiariesMember" xlink:to="lab_bac_BanksandRelatedSubsidiariesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableModificationsPostModificationInterestRate_8990a5f2-c3b4-44f1-9602-f3bfcdf4dd44_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPostModificationInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Post-Modification Interest Rate </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsPostModificationInterestRate_label_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPostModificationInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Post-Modification Interest Rate </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsPostModificationInterestRate_documentation_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPostModificationInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Post-Modification Interest Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableModificationsPostModificationInterestRate" xlink:href="bac-20221231.xsd#bac_FinancingReceivableModificationsPostModificationInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableModificationsPostModificationInterestRate" xlink:to="lab_bac_FinancingReceivableModificationsPostModificationInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InvestmentandBrokerageServicesMember_be120d1a-1d12-464a-a960-43ef765e73d7_terseLabel_en-US" xlink:label="lab_bac_InvestmentandBrokerageServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment and brokerage services </link:label>
<link:label id="lab_bac_InvestmentandBrokerageServicesMember_label_en-US" xlink:label="lab_bac_InvestmentandBrokerageServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment and Brokerage Services [Member] </link:label>
<link:label id="lab_bac_InvestmentandBrokerageServicesMember_documentation_en-US" xlink:label="lab_bac_InvestmentandBrokerageServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment and Brokerage Services [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InvestmentandBrokerageServicesMember" xlink:href="bac-20221231.xsd#bac_InvestmentandBrokerageServicesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InvestmentandBrokerageServicesMember" xlink:to="lab_bac_InvestmentandBrokerageServicesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanRestructuringModificationNameDomain_78254a16-68e4-472f-8224-570f3a99807e_terseLabel_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification Name [Domain] </link:label>
<link:label id="lab_us-gaap_LoanRestructuringModificationNameDomain_label_en-US" xlink:label="lab_us-gaap_LoanRestructuringModificationNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Restructuring Modification Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanRestructuringModificationNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoanRestructuringModificationNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanRestructuringModificationNameDomain" xlink:to="lab_us-gaap_LoanRestructuringModificationNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_24a8454d-6ad3-4cbc-9d7a-3a0e71909196_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual plan asset allocations </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeMember_3c75b444-d228-456a-9f77-d5daba581d50_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income </link:label>
<link:label id="lab_us-gaap_InterestIncomeMember_9a850998-642b-45d9-a410-9d06f13afd02_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest income </link:label>
<link:label id="lab_us-gaap_InterestIncomeMember_label_en-US" xlink:label="lab_us-gaap_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeMember" xlink:to="lab_us-gaap_InterestIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityContractMember_4177ae47-3416-4cbe-aff6-91c912123665_terseLabel_en-US" xlink:label="lab_us-gaap_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity contracts </link:label>
<link:label id="lab_us-gaap_EquityContractMember_label_en-US" xlink:label="lab_us-gaap_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityContractMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquityContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityContractMember" xlink:to="lab_us-gaap_EquityContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_5e4944e0-1c4b-43b5-855c-861039a8eec8_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock repurchased (in shares) </link:label>
<link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_0df381e9-0389-4bfd-b2ad-f4990c3b1532_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total share repurchases, including CCAR capital plan repurchases (in shares) </link:label>
<link:label id="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchased and Retired During Period, Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="lab_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="arc" order="1"/>
<link:label id="lab_dei_Security12bTitle_9d7e4bd8-46d1-4bf5-8a57-774d6fd69393_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_d7a27fc2-c898-427b-9cae-4f415b3353ff_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:to="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_8961688d-c1e6-4bed-90aa-3d0308afcc52_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-backed securities, fair value </link:label>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-Backed Securities Available-for-Sale, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure" xlink:to="lab_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember_8856aa77-c0b5-4d86-83a3-0edc77f0bbf6_terseLabel_en-US" xlink:label="lab_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned And Financial Assets Sold Under Agreements To Repurchase </link:label>
<link:label id="lab_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember_label_en-US" xlink:label="lab_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned And Financial Assets Sold Under Agreements To Repurchase [Member] </link:label>
<link:label id="lab_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember_documentation_en-US" xlink:label="lab_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned and Financial Assets Sold Under Agreements to Repurchase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember" xlink:href="bac-20221231.xsd#bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember" xlink:to="lab_bac_SecuritiesLoanedAndFinancialAssetsSoldUnderAgreementsToRepurchaseMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_a10985e3-05a3-4165-9304-990f8b6ba4c5_negatedLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than Twelve Months </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherAssetsIncludingAuctionRateSecuritiesMember_02c26794-cbac-451d-9d4d-88a21432af52_terseLabel_en-US" xlink:label="lab_bac_OtherAssetsIncludingAuctionRateSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets, primarily auction rate securities </link:label>
<link:label id="lab_bac_OtherAssetsIncludingAuctionRateSecuritiesMember_label_en-US" xlink:label="lab_bac_OtherAssetsIncludingAuctionRateSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Including Auction Rate Securities [Member] </link:label>
<link:label id="lab_bac_OtherAssetsIncludingAuctionRateSecuritiesMember_documentation_en-US" xlink:label="lab_bac_OtherAssetsIncludingAuctionRateSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Including Auction Rate Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherAssetsIncludingAuctionRateSecuritiesMember" xlink:href="bac-20221231.xsd#bac_OtherAssetsIncludingAuctionRateSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherAssetsIncludingAuctionRateSecuritiesMember" xlink:to="lab_bac_OtherAssetsIncludingAuctionRateSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_6d0c9528-0df2-4bbc-8b36-23ed18737d25_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Segment Information </link:label>
<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SegmentReportingDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_46bfe64f-b28a-40a3-9320-3bd3d49c5bb4_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amortization of premium/discount on debt securities </link:label>
<link:label id="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_label_en-US" xlink:label="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accretion (Amortization) of Discounts and Premiums, Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:to="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable_d8f215fb-b9e0-4dd9-a0df-362532ac6a5e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Allowance for Credit Loss [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFinancingReceivableAllowanceForCreditLossesTable"/>
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<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_43c65c17-2495-48f4-944e-6e48b2f1eaf2_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and shareholders’ equity </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity [Abstract] </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_7c17c2b1-de52-4a54-bccd-705dec7cba15_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in foreign currency translation adjustments </link:label>
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<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent"/>
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<link:label id="lab_bac_AutoLoansandLeasesMember_a222e3d5-728d-4077-b43b-459a7a576ed9_terseLabel_en-US" xlink:label="lab_bac_AutoLoansandLeasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auto Loans and Leases </link:label>
<link:label id="lab_bac_AutoLoansandLeasesMember_label_en-US" xlink:label="lab_bac_AutoLoansandLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auto Loans and Leases [Member] </link:label>
<link:label id="lab_bac_AutoLoansandLeasesMember_documentation_en-US" xlink:label="lab_bac_AutoLoansandLeasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auto Loans and Leases [Member] </link:label>
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<link:label id="lab_bac_DebtSecuritiesAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_3a72d10a-7c96-42df-a338-8da278fca325_totalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_bac_DebtSecuritiesAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_label_en-US" xlink:label="lab_bac_DebtSecuritiesAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Amortized Cost, Excluding Accrued Interest, Before Allowance For Credit Loss </link:label>
<link:label id="lab_bac_DebtSecuritiesAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Amortized Cost, Excluding Accrued Interest, Before Allowance For Credit Loss </link:label>
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<link:label id="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedEquallyOverFourYearPeriod_d459fa2c-7520-4d14-b503-c304ef09f341_terseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedEquallyOverFourYearPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of prior years market gains (losses) recognized equally over four year period </link:label>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedEquallyOverFourYearPeriod_label_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedEquallyOverFourYearPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans, Percentage Of Prior Years Market Gains (Losses) Recognized Equally Over Four Year Period </link:label>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedEquallyOverFourYearPeriod_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedEquallyOverFourYearPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the remaining market gains losses recognized by asset valuation method for qualified pension plans. </link:label>
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<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount_3f9d1a88-4f44-48fa-82ea-80582313a818_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross cash proceeds from transfer of securities </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount"/>
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<link:label id="lab_us-gaap_LoansReceivableFairValueDisclosure_63f5634f-690a-4cdd-a488-301a34c2b6c0_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases, measured at fair value </link:label>
<link:label id="lab_us-gaap_LoansReceivableFairValueDisclosure_db02624f-3c87-46fa-8bf8-7c785ec99f48_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases </link:label>
<link:label id="lab_us-gaap_LoansReceivableFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_LoansReceivableFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Receivable, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansReceivableFairValueDisclosure"/>
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<link:label id="lab_bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions_39139773-0459-4a54-a121-4780a63bdec7_terseLabel_en-US" xlink:label="lab_bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net operating losses before benefit of federal deductions </link:label>
<link:label id="lab_bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions_label_en-US" xlink:label="lab_bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Asset, Operating Loss Carryforwards, Before Federal Deductions </link:label>
<link:label id="lab_bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions_documentation_en-US" xlink:label="lab_bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Asset, Operating Loss Carryforwards, Before Federal Deductions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions" xlink:href="bac-20221231.xsd#bac_DeferredTaxAssetOperatingLossCarryforwardsBeforeFederalDeductions"/>
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<link:label id="lab_us-gaap_AdvancedApproachMember_c3a6e6bd-24c6-4896-b514-dd59a1ed0c1f_terseLabel_en-US" xlink:label="lab_us-gaap_AdvancedApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advanced Approaches </link:label>
<link:label id="lab_us-gaap_AdvancedApproachMember_label_en-US" xlink:label="lab_us-gaap_AdvancedApproachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Advanced Approach [Member] </link:label>
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<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_0a2bb653-7973-4927-acf0-7db3bfc0f8bc_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average common shares issued and outstanding (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
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<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss_bb028f2d-1ed6-48e6-8794-d7a46fbeba3b_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity, at cost (fair value – $524,267 and $665,890) </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss </link:label>
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<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement_e4f327dc-3b41-47d9-ad7c-cab89d1b5f82_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Derivative Assets </link:label>
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<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyAccrualAtCarryingValue_b8ac11fd-a2a8-4b69-a536-43afdbb763f7_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss contingency accrual </link:label>
<link:label id="lab_us-gaap_LossContingencyAccrualAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Accrual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LossContingencyAccrualAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:to="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments_8a151f47-ee45-498e-80ff-8b08ff775e6d_verboseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities, reserve for unfunded lending commitments </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Reserve for Unfunded Lending Commitments </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the estimated probable losses related to unfunded lending commitments measured at historical cost, such as letters of credit and financial guarantees, and binding unfunded loan commitments. Unfunded lending commitments are subject to the same assessment as funded loans except utilization assumptions are considered. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments" xlink:to="lab_bac_CreditExtensionCommitmentsReserveforUnfundedLendingCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PerformancebyGeographicalAreaDisclosureTextBlock_0c8046f2-492a-4338-9f0c-490adae53042_terseLabel_en-US" xlink:label="lab_bac_PerformancebyGeographicalAreaDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance by Geographical Area </link:label>
<link:label id="lab_bac_PerformancebyGeographicalAreaDisclosureTextBlock_label_en-US" xlink:label="lab_bac_PerformancebyGeographicalAreaDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance by Geographical Area Disclosure [Text Block] </link:label>
<link:label id="lab_bac_PerformancebyGeographicalAreaDisclosureTextBlock_documentation_en-US" xlink:label="lab_bac_PerformancebyGeographicalAreaDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance by Geographical Area Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PerformancebyGeographicalAreaDisclosureTextBlock" xlink:href="bac-20221231.xsd#bac_PerformancebyGeographicalAreaDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PerformancebyGeographicalAreaDisclosureTextBlock" xlink:to="lab_bac_PerformancebyGeographicalAreaDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage_c9fadb54-d297-4e41-8f48-69f443689c27_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Target allocation, percentage </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Target Allocation, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems_791fd39f-7138-49fe-a632-3132fb8d6e70_terseLabel_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statements, Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CondensedBalanceSheetStatementsCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CorporateSecuritiesTradingLoansandOtherMember_2dad3a41-80a8-4c05-989f-62f9b642850a_terseLabel_en-US" xlink:label="lab_bac_CorporateSecuritiesTradingLoansandOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate securities, trading loans and other </link:label>
<link:label id="lab_bac_CorporateSecuritiesTradingLoansandOtherMember_label_en-US" xlink:label="lab_bac_CorporateSecuritiesTradingLoansandOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Securities, Trading Loans and Other [Member] </link:label>
<link:label id="lab_bac_CorporateSecuritiesTradingLoansandOtherMember_documentation_en-US" xlink:label="lab_bac_CorporateSecuritiesTradingLoansandOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate securities, trading loans and other Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CorporateSecuritiesTradingLoansandOtherMember" xlink:href="bac-20221231.xsd#bac_CorporateSecuritiesTradingLoansandOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CorporateSecuritiesTradingLoansandOtherMember" xlink:to="lab_bac_CorporateSecuritiesTradingLoansandOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingLiabilitiesTable_3a51b28d-ae74-43b8-838b-994de3d970cc_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities [Table] </link:label>
<link:label id="lab_us-gaap_OffsettingLiabilitiesTable_label_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingLiabilitiesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffsettingLiabilitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingLiabilitiesTable" xlink:to="lab_us-gaap_OffsettingLiabilitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeNotionalAmount_91775eb9-38a7-4cc3-914f-c81a5ef24090_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract/Notional </link:label>
<link:label id="lab_us-gaap_DerivativeNotionalAmount_f9dec00a-8311-4df1-a800-6b17551d3819_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_DerivativeNotionalAmount_5905ca0b-1387-453a-8f9e-0289452bdadd_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional amount of derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Notional Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNotionalAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeNotionalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNotionalAmount" xlink:to="lab_us-gaap_DerivativeNotionalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear_efe42b18-cd9e-420b-bb39-0c7a300d0bfb_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Health care cost trend rate assumed for next fiscal year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:to="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FeesAndCommissions1_f114b205-be8c-4eef-85b7-00193f37c700_verboseLabel_en-US" xlink:label="lab_bac_FeesAndCommissions1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fees and commissions </link:label>
<link:label id="lab_bac_FeesAndCommissions1_112661ea-4706-416b-9fa5-7fff8471df1c_totalLabel_en-US" xlink:label="lab_bac_FeesAndCommissions1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total fees and commissions </link:label>
<link:label id="lab_bac_FeesAndCommissions1_label_en-US" xlink:label="lab_bac_FeesAndCommissions1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fees And Commissions1 </link:label>
<link:label id="lab_bac_FeesAndCommissions1_documentation_en-US" xlink:label="lab_bac_FeesAndCommissions1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fees And Commissions1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FeesAndCommissions1" xlink:href="bac-20221231.xsd#bac_FeesAndCommissions1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FeesAndCommissions1" xlink:to="lab_bac_FeesAndCommissions1" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_b8ecb9aa-8d2e-451a-9e0a-5206510daa2a_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_72f8d607-7e2d-489a-a380-1ed3f93c7480_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets_4ed5c39a-fca0-40a7-a6a5-fc254937e5ee_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 leverage ratio </link:label>
<link:label id="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets_label_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:to="lab_us-gaap_TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_3cb48843-78f5-4eee-bc34-e13065ad9fdc_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 3 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueInputsLevel3Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_be4e623a-3a44-4677-b941-90686f2f1328_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_4e17ceb9-852b-4be6-aac8-4175a82d85a8_verboseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_ad1d89c5-e48f-4670-8a8d-6ee3dfc0f245_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity securities </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_4d7408bb-26f1-44b1-ba93-ddb62583872f_totalLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity, fair value </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesFairValue_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HeldToMaturitySecuritiesFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets_3f3b1c18-d434-4e35-afac-bddca8d1eed8_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of derecognized assets </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales, Fair Value of Derecognized Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:to="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesFairValueOfDerecognizedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate_16183f39-cd1d-4f12-b545-345e25e24300_terseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of prior years market gains (losses) recognized at next measurement date </link:label>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate_label_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans, Percentage Of Prior Years Market Gains (Losses) Recognized At Next Measurement Date </link:label>
<link:label id="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the prior years market gains losses recognized by asset valuation method for qualified pension plans. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate" xlink:to="lab_bac_DefinedBenefitPlansPercentageOfPriorYearsMarketGainsLossesRecognizedAtNextMeasurementDate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeExpenseNet_bc639fe1-4b8d-4c18-92df-5766041aa18a_totalLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest income </link:label>
<link:label id="lab_us-gaap_InterestIncomeExpenseNet_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense), Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestIncomeExpenseNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeExpenseNet" xlink:to="lab_us-gaap_InterestIncomeExpenseNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_53292a92-1d26-4672-8d97-dc022f472c97_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Tax Assets and Liabilities </link:label>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Tax Assets and Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InternalProgramsMember_05cf9944-8412-4342-b746-b71e42ba061d_terseLabel_en-US" xlink:label="lab_bac_InternalProgramsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal programs </link:label>
<link:label id="lab_bac_InternalProgramsMember_label_en-US" xlink:label="lab_bac_InternalProgramsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Programs [Member] </link:label>
<link:label id="lab_bac_InternalProgramsMember_documentation_en-US" xlink:label="lab_bac_InternalProgramsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Programs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InternalProgramsMember" xlink:href="bac-20221231.xsd#bac_InternalProgramsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InternalProgramsMember" xlink:to="lab_bac_InternalProgramsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestIncomeAbstract_ad24442d-c464-41e1-9b51-7e94db8c1ea6_verboseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest income </link:label>
<link:label id="lab_us-gaap_NoninterestIncomeAbstract_ba5ddf0e-f9c1-41bb-b621-1ac02f300c09_terseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest income </link:label>
<link:label id="lab_us-gaap_NoninterestIncomeAbstract_label_en-US" xlink:label="lab_us-gaap_NoninterestIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Income [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncomeAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NoninterestIncomeAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestIncomeAbstract" xlink:to="lab_us-gaap_NoninterestIncomeAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnemploymentRatePreviousEconomicOutlook_fc3ce7ee-e612-4c5f-b614-acbe1389d2ac_terseLabel_en-US" xlink:label="lab_bac_UnemploymentRatePreviousEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unemployment rate, previous economic outlook </link:label>
<link:label id="lab_bac_UnemploymentRatePreviousEconomicOutlook_label_en-US" xlink:label="lab_bac_UnemploymentRatePreviousEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unemployment Rate, Previous Economic Outlook </link:label>
<link:label id="lab_bac_UnemploymentRatePreviousEconomicOutlook_documentation_en-US" xlink:label="lab_bac_UnemploymentRatePreviousEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unemployment Rate, Previous Economic Outlook </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnemploymentRatePreviousEconomicOutlook" xlink:href="bac-20221231.xsd#bac_UnemploymentRatePreviousEconomicOutlook"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnemploymentRatePreviousEconomicOutlook" xlink:to="lab_bac_UnemploymentRatePreviousEconomicOutlook" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsByNatureAxis_3989a133-7134-4b12-bf7c-464214484e71_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsByNatureAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Axis] </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsByNatureAxis_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsByNatureAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsByNatureAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GuaranteeObligationsByNatureAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsByNatureAxis" xlink:to="lab_us-gaap_GuaranteeObligationsByNatureAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue_a06dc3eb-3c05-4f51-9023-9fbc6b16ee74_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonperforming loans </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue_label_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Recorded Investment, Current and 1 To 29 Days Past Due </link:label>
<link:label id="lab_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue_documentation_en-US" xlink:label="lab_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Recorded Investment, Current and 1 To 29 Days Past Due </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue" xlink:href="bac-20221231.xsd#bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue" xlink:to="lab_bac_FinancingReceivableExcludingAccruedInterestRecordedInvestmentCurrentAnd1To29DaysPastDue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1_5c9bce8c-552a-49e9-8de8-9f6b90d1db7e_terseLabel_en-US" xlink:label="lab_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Item </link:label>
<link:label id="lab_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1_label_en-US" xlink:label="lab_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1" xlink:to="lab_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock_cf1a8d37-4bd5-44a7-b270-cab1bc44fc91_terseLabel_en-US" xlink:label="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposits </link:label>
<link:label id="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposit Liabilities Disclosures [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DepositLiabilitiesDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:to="lab_us-gaap_DepositLiabilitiesDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_10ede34d-5a76-46f5-b387-e4e39558209b_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted earnings per common share </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDilutedAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerShareDilutedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDilutedAbstract" xlink:to="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_31b93a69-bca3-4aab-92c5-ad68a293aaee_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DemandDepositAccountsStatedMaturities_37e3f0bd-4c20-4930-be39-23b851053189_terseLabel_en-US" xlink:label="lab_bac_DemandDepositAccountsStatedMaturities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stated maturities </link:label>
<link:label id="lab_bac_DemandDepositAccountsStatedMaturities_label_en-US" xlink:label="lab_bac_DemandDepositAccountsStatedMaturities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Deposit Accounts, Stated Maturities </link:label>
<link:label id="lab_bac_DemandDepositAccountsStatedMaturities_documentation_en-US" xlink:label="lab_bac_DemandDepositAccountsStatedMaturities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Deposit Accounts, Stated Maturities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DemandDepositAccountsStatedMaturities" xlink:href="bac-20221231.xsd#bac_DemandDepositAccountsStatedMaturities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DemandDepositAccountsStatedMaturities" xlink:to="lab_bac_DemandDepositAccountsStatedMaturities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_85aba1da-9535-4a3d-b760-792d2cfc34cd_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuances </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MarketableSecuritiesPledgedAsCollateral_1bc1038d-5c21-464e-b35f-13e89533227e_terseLabel_en-US" xlink:label="lab_bac_MarketableSecuritiesPledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities, pledged as collateral </link:label>
<link:label id="lab_bac_MarketableSecuritiesPledgedAsCollateral_label_en-US" xlink:label="lab_bac_MarketableSecuritiesPledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities Pledged As Collateral </link:label>
<link:label id="lab_bac_MarketableSecuritiesPledgedAsCollateral_documentation_en-US" xlink:label="lab_bac_MarketableSecuritiesPledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Marketable Securities Pledged As Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MarketableSecuritiesPledgedAsCollateral" xlink:href="bac-20221231.xsd#bac_MarketableSecuritiesPledgedAsCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MarketableSecuritiesPledgedAsCollateral" xlink:to="lab_bac_MarketableSecuritiesPledgedAsCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_d663cc73-a676-4241-85fa-7525eda29fdb_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets, net (excluding goodwill) </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Net (Excluding Goodwill) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_99758882-b27a-496e-836c-8c6956eb208e_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationAwardTrancheTwoMember_5318518d-aeaa-49a8-a97f-4de6c876198d_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year 2 </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationAwardTrancheTwoMember_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Tranche Two [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationAwardTrancheTwoMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:to="lab_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable_071955da-206f-473f-8186-40a98e8e9e2f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenues from External Customers and Long-Lived Assets [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenues from External Customers and Long-Lived Assets [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:to="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant_20898b1c-a019-45ff-b093-9df4c31f241c_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan participant contributions </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NonCashNetTransferIntoLoansHeldForSale_19d93df2-25e7-4041-bd4e-7f3f2ff57d1d_terseLabel_en-US" xlink:label="lab_bac_NonCashNetTransferIntoLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net non-cash transfers into LHFS </link:label>
<link:label id="lab_bac_NonCashNetTransferIntoLoansHeldForSale_label_en-US" xlink:label="lab_bac_NonCashNetTransferIntoLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash Net Transfer Into Loans-Held-For-Sale </link:label>
<link:label id="lab_bac_NonCashNetTransferIntoLoansHeldForSale_documentation_en-US" xlink:label="lab_bac_NonCashNetTransferIntoLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash Net Transfer Into Loans-Held-For-Sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NonCashNetTransferIntoLoansHeldForSale" xlink:href="bac-20221231.xsd#bac_NonCashNetTransferIntoLoansHeldForSale"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NonCashNetTransferIntoLoansHeldForSale" xlink:to="lab_bac_NonCashNetTransferIntoLoansHeldForSale" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TaxCreditVehiclesMember_e6abf215-b754-4d77-9fe8-40b610fdfcb6_terseLabel_en-US" xlink:label="lab_bac_TaxCreditVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Vehicles </link:label>
<link:label id="lab_bac_TaxCreditVehiclesMember_label_en-US" xlink:label="lab_bac_TaxCreditVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Vehicles [Member] </link:label>
<link:label id="lab_bac_TaxCreditVehiclesMember_documentation_en-US" xlink:label="lab_bac_TaxCreditVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Vehicles [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TaxCreditVehiclesMember" xlink:href="bac-20221231.xsd#bac_TaxCreditVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TaxCreditVehiclesMember" xlink:to="lab_bac_TaxCreditVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ResidentialPortfolioSegmentMember_5378a4d9-720c-4c38-96fb-8313e5729c16_terseLabel_en-US" xlink:label="lab_us-gaap_ResidentialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer real estate </link:label>
<link:label id="lab_us-gaap_ResidentialPortfolioSegmentMember_label_en-US" xlink:label="lab_us-gaap_ResidentialPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialPortfolioSegmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ResidentialPortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialPortfolioSegmentMember" xlink:to="lab_us-gaap_ResidentialPortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedatFairValueAbstract_7296f8cd-a062-48cb-9820-38b6cbebb5e6_terseLabel_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedatFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities, Carried at Fair Value: </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedatFairValueAbstract_label_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedatFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities, Carried at Fair Value [Abstract] </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedatFairValueAbstract_documentation_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedatFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities, Carried at Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherDebtSecuritiesCarriedatFairValueAbstract" xlink:href="bac-20221231.xsd#bac_OtherDebtSecuritiesCarriedatFairValueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherDebtSecuritiesCarriedatFairValueAbstract" xlink:to="lab_bac_OtherDebtSecuritiesCarriedatFairValueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesRRAndTTPreferredStockMember_ad2cb997-17cc-4884-8de4-6f2612ebbe01_terseLabel_en-US" xlink:label="lab_bac_SeriesRRAndTTPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series RR And TT Preferred Stock </link:label>
<link:label id="lab_bac_SeriesRRAndTTPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesRRAndTTPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series RR And TT Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesRRAndTTPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesRRAndTTPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series RR And TT Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesRRAndTTPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesRRAndTTPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesRRAndTTPreferredStockMember" xlink:to="lab_bac_SeriesRRAndTTPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_06e6c86e-a247-4f85-8c3b-8cd8949978eb_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Instruments </link:label>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Instruments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfDerivativeInstrumentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_33df9a25-2264-46c3-adee-787ab66cfbd2_verboseLabel_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. sovereign debt </link:label>
<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_a0fde50e-1d47-48d2-856a-f4e7689d6b3b_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. debt securities </link:label>
<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Security, Government, Non-US [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ForeignGovernmentDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:to="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate_8378104f-0f32-48d0-bde3-07f53103bc78_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax law changes, negative (positive) adjustment </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate_04efbc54-7094-43dc-bd67-625d509d20cd_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax law changes </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:to="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxAuthorityDomain_d05b8b2a-9a3c-4660-b92e-956502798078_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Domain] </link:label>
<link:label id="lab_us-gaap_IncomeTaxAuthorityDomain_label_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxAuthorityDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxAuthorityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityDomain" xlink:to="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_03ef41f5-72cb-42ab-9a40-43f5d631604e_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and securities collateral posted </link:label>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Already Posted, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CollateralAlreadyPostedAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:to="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_fb32968b-1c7a-4a95-82a4-a826e0cd8bfe_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other financing activities, net </link:label>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Other Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember_ade7933f-4808-4157-bd09-3cc69953d9fb_terseLabel_en-US" xlink:label="lab_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto) </link:label>
<link:label id="lab_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember_label_en-US" xlink:label="lab_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Preferred Hybrid Income Term Securities [Member] </link:label>
<link:label id="lab_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember_documentation_en-US" xlink:label="lab_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Preferred Hybrid Income Term Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:href="bac-20221231.xsd#bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:to="lab_bac_FloatingRatePreferredHybridIncomeTermSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShorttermDebtFairValue_9edf3b71-34a8-4938-be9f-d92ac96a5d16_verboseLabel_en-US" xlink:label="lab_us-gaap_ShorttermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings, measured at fair value </link:label>
<link:label id="lab_us-gaap_ShorttermDebtFairValue_25599be8-742c-48a8-88ef-39f369d1952f_terseLabel_en-US" xlink:label="lab_us-gaap_ShorttermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShorttermDebtFairValue_label_en-US" xlink:label="lab_us-gaap_ShorttermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-Term Debt, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShorttermDebtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShorttermDebtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShorttermDebtFairValue" xlink:to="lab_us-gaap_ShorttermDebtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_0b7a0ae2-ffa3-42d1-ba39-d7406306e05f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansReceivableMember_f69f4063-f566-4ab0-a315-509d401b8f4a_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases </link:label>
<link:label id="lab_us-gaap_LoansReceivableMember_daa72e04-1967-4451-ad58-bf28c4e21792_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer and commercial loans </link:label>
<link:label id="lab_us-gaap_LoansReceivableMember_label_en-US" xlink:label="lab_us-gaap_LoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Receivable [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableMember" xlink:to="lab_us-gaap_LoansReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_efc98ea9-8f2b-4328-a71c-d0f1ba957938_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember_59ea8fc3-c702-4243-b7fc-0c509112f67b_verboseLabel_en-US" xlink:label="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Treasury and government agencies </link:label>
<link:label id="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government Corporations and Agencies Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:to="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityAbstract_49665597-941c-4d7e-8f8a-bf83e871b435_terseLabel_en-US" xlink:label="lab_us-gaap_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity [Abstract] </link:label>
<link:label id="lab_us-gaap_EquityAbstract_label_en-US" xlink:label="lab_us-gaap_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityAbstract" xlink:to="lab_us-gaap_EquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember_6ffd0dca-c804-4692-b818-de513bbacf97_terseLabel_en-US" xlink:label="lab_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded loan commitment, held as a security </link:label>
<link:label id="lab_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember_label_en-US" xlink:label="lab_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Loan Commitment, Debt Securities And Other Investments [Member] </link:label>
<link:label id="lab_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember_documentation_en-US" xlink:label="lab_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Loan Commitment, Debt Securities And Other Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember" xlink:href="bac-20221231.xsd#bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember" xlink:to="lab_bac_UnfundedLoanCommitmentDebtSecuritiesAndOtherInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements_d60b3603-601e-458e-b172-c0f2445e4fd4_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember_8538303c-b9ce-4df3-8d08-2fb2f9f894be_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Past Due 30 Days or More </link:label>
<link:label id="lab_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember_label_en-US" xlink:label="lab_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivables, Total 30 Days or Greater Past Due [Member] </link:label>
<link:label id="lab_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember_documentation_en-US" xlink:label="lab_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivables, Total 30 Days or Greater Past Due [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember" xlink:href="bac-20221231.xsd#bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember" xlink:to="lab_bac_FinancingReceivablesTotal30DaysorGreaterPastDueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCreditDerivativesTable_44add766-afcc-42be-ac1e-77df74471704_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCreditDerivativesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Derivatives [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfCreditDerivativesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCreditDerivativesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Credit Derivatives [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCreditDerivativesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfCreditDerivativesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCreditDerivativesTable" xlink:to="lab_us-gaap_ScheduleOfCreditDerivativesTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract_4856355f-cc80-4e12-98ac-8efdab597099_terseLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other [Abstract] </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember_99f52929-2afb-4127-b834-0be7a6082369_terseLabel_en-US" xlink:label="lab_bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flow, Stochastic recovery correlation model </link:label>
<link:label id="lab_bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember_label_en-US" xlink:label="lab_bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flow, Stochastic Recovery Correlation Model [Member] </link:label>
<link:label id="lab_bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember_documentation_en-US" xlink:label="lab_bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flow, Stochastic Recovery Correlation Model [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember" xlink:href="bac-20221231.xsd#bac_ValuationTechniqueDiscountedCashFlowStochasticRecoveryCorrelationModelMember"/>
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<link:label id="lab_srt_ConsolidatedEntitiesDomain_5a6b32c6-e50f-4bf2-ae58-613374d4b217_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ConsolidatedEntitiesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation_7911e953-34a5-493f-a31a-4ba62fd6f42a_verboseLabel_en-US" xlink:label="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares paid for tax withholding for share based compensation (in shares) </link:label>
<link:label id="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:to="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract_a5375ae7-e421-46ec-949f-13f9ca0e99ff_terseLabel_en-US" xlink:label="lab_bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock: </link:label>
<link:label id="lab_bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract_label_en-US" xlink:label="lab_bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From (Repurchase Of) Equity, Preferred Stock And Preference Stock [Abstract] </link:label>
<link:label id="lab_bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract_documentation_en-US" xlink:label="lab_bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From (Repurchase Of) Equity, Preferred Stock And Preference Stock [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract" xlink:href="bac-20221231.xsd#bac_ProceedsFromRepurchaseOfEquityPreferredStockAndPreferenceStockAbstract"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax_f410e8cb-bf78-4f17-b5dc-f60fcffe5f37_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net actuarial loss (gain) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_a4a169c4-aca4-4a79-89b7-d3d35a5d1620_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effective Income Tax Rate Reconciliation </link:label>
<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_f9f7061b-1be7-4221-95e9-945c7479ec3c_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net increase (decrease) in cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
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<link:label id="lab_bac_DebtToValueLessThanOrEqualToNinetyPercentMember_37b2eb75-8a4e-4f9d-8cb1-4801f6a135a6_terseLabel_en-US" xlink:label="lab_bac_DebtToValueLessThanOrEqualToNinetyPercentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than or equal to 90 percent </link:label>
<link:label id="lab_bac_DebtToValueLessThanOrEqualToNinetyPercentMember_label_en-US" xlink:label="lab_bac_DebtToValueLessThanOrEqualToNinetyPercentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt To Value Less, Than Or Equal To Ninety Percent [Member] </link:label>
<link:label id="lab_bac_DebtToValueLessThanOrEqualToNinetyPercentMember_documentation_en-US" xlink:label="lab_bac_DebtToValueLessThanOrEqualToNinetyPercentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt To Value Less, Than Or Equal To Ninety Percent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtToValueLessThanOrEqualToNinetyPercentMember" xlink:href="bac-20221231.xsd#bac_DebtToValueLessThanOrEqualToNinetyPercentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtToValueLessThanOrEqualToNinetyPercentMember" xlink:to="lab_bac_DebtToValueLessThanOrEqualToNinetyPercentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_26d9f21b-5c5d-40bc-b560-f620e2c742a0_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State tax expense, net of federal benefit </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCentralIndexKey_1182ce5d-1060-48ce-80cc-cf25e3bdb30f_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions_7966fcae-361b-4630-8428-d9b2641323b4_terseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legally binding unfunded commitments syndicated </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Notional Amount, Distributions to Other Financial Institutions </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legally binding unfunded commitments distributed to other financial institutions. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsNotionalAmountDistributionstoOtherFinancialInstitutions"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward_de2410e1-710c-4c44-8016-63c90c6c116f_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward"/>
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<link:label id="lab_srt_LatinAmericaMember_662e3643-3e54-43e2-a6fb-86d62bfe9530_terseLabel_en-US" xlink:label="lab_srt_LatinAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Latin America and the Caribbean </link:label>
<link:label id="lab_srt_LatinAmericaMember_label_en-US" xlink:label="lab_srt_LatinAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Latin America [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_LatinAmericaMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_LatinAmericaMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LatinAmericaMember" xlink:to="lab_srt_LatinAmericaMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_125211f1-fad6-4914-bab0-e4dc12e26878_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock_a03bc066-71e7-4a5a-85a8-3cb9297a69e4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays_efc93c1c-edf7-4ef1-842d-5c57c2cf19ca_terseLabel_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period of consecutive trading days </link:label>
<link:label id="lab_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays_label_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Convertible, Threshold Consecutive Trading Days </link:label>
<link:label id="lab_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays_documentation_en-US" xlink:label="lab_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Convertible, Threshold Consecutive Trading Days </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays" xlink:href="bac-20221231.xsd#bac_PreferredStockConvertibleThresholdConsecutiveTradingDays"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays" xlink:to="lab_bac_PreferredStockConvertibleThresholdConsecutiveTradingDays" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputTypeAxis_40f5b9db-c770-4f86-9159-6912347785cc_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Axis] </link:label>
<link:label id="lab_us-gaap_MeasurementInputTypeAxis_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeAxis" xlink:to="lab_us-gaap_MeasurementInputTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RiskWeightedAssets_61037d84-9e8e-4f12-86cc-9b716994200b_terseLabel_en-US" xlink:label="lab_us-gaap_RiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk-weighted assets </link:label>
<link:label id="lab_us-gaap_RiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_RiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Risk-Weighted Assets, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RiskWeightedAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RiskWeightedAssets" xlink:to="lab_us-gaap_RiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset_85e92857-0c64-4445-b603-918bfac13837_terseLabel_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Liabilities </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset_label_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, Before Offset </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Securities Loaned, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset" xlink:to="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementBeforeOffset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance_a1762d9e-dc5d-4a28-898c-128e6a52209c_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unpaid Principal Balance </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance_label_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Post-Modification, Unpaid Principal Balance </link:label>
<link:label id="lab_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance_documentation_en-US" xlink:label="lab_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modifications, Unpaid Principal Balance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance" xlink:href="bac-20221231.xsd#bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance" xlink:to="lab_bac_FinancingReceivableModificationsPostModificationUnpaidPrincipalBalance" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityDomain_8c184331-2873-4b8c-a3d9-da24bad9cd6a_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityDomain" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract_451d1f14-b700-4158-84e6-fd6a2a9c06fd_terseLabel_en-US" xlink:label="lab_us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of Fair Value Hedges on Results of Operations [Abstract] </link:label>
<link:label id="lab_us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of Fair Value Hedges on Results of Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract" xlink:to="lab_us-gaap_EffectOfFairValueHedgesOnResultsOfOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsAbstract_3f30f682-92bd-4b24-a1c6-3b538f4dfcf0_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_AssetsAbstract_09a2f622-b615-4945-a36d-d49ab13db2bf_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> On-balance sheet assets </link:label>
<link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestIncomeFromSubsidiaries_173aba80-26ea-4521-87f8-a063da1cdd1a_terseLabel_en-US" xlink:label="lab_bac_InterestIncomeFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest from subsidiaries </link:label>
<link:label id="lab_bac_InterestIncomeFromSubsidiaries_label_en-US" xlink:label="lab_bac_InterestIncomeFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income From Subsidiaries </link:label>
<link:label id="lab_bac_InterestIncomeFromSubsidiaries_documentation_en-US" xlink:label="lab_bac_InterestIncomeFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents interest income from subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestIncomeFromSubsidiaries" xlink:href="bac-20221231.xsd#bac_InterestIncomeFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestIncomeFromSubsidiaries" xlink:to="lab_bac_InterestIncomeFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingLiabilities_5abbbd02-7ab2-4e42-9889-e82426f575e4_verboseLabel_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingLiabilities_label_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Contractual Principal Outstanding, Liabilities </link:label>
<link:label id="lab_bac_FairValueOptionContractualPrincipalOutstandingLiabilities_documentation_en-US" xlink:label="lab_bac_FairValueOptionContractualPrincipalOutstandingLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Contractual Principal Outstanding, Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionContractualPrincipalOutstandingLiabilities" xlink:href="bac-20221231.xsd#bac_FairValueOptionContractualPrincipalOutstandingLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionContractualPrincipalOutstandingLiabilities" xlink:to="lab_bac_FairValueOptionContractualPrincipalOutstandingLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromInvestments_91bb31d0-f5a8-48ad-b429-9eddbcf34307_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net sales (purchases) of securities </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromInvestments_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForProceedsFromInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromInvestments" xlink:to="lab_us-gaap_PaymentsForProceedsFromInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield_52cbbf1e-0954-4427-a85d-2cc2e8724153_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after five years though ten years, yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Net Carrying Amount, Average Yield </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Net Carrying Amount, Average Yield </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield" xlink:to="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmountAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract_afb000e5-f21b-4d1e-b59a-1d405c790e0e_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseAbstract_1dd631de-c360-4b73-bd56-ec981a492a89_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseAbstract" xlink:to="lab_us-gaap_InterestExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditRiskOnLoansMember_0cdad75d-094b-4079-93e5-9ec97728d8bf_terseLabel_en-US" xlink:label="lab_bac_CreditRiskOnLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit risk on loans </link:label>
<link:label id="lab_bac_CreditRiskOnLoansMember_label_en-US" xlink:label="lab_bac_CreditRiskOnLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Risk On Loans [Member] </link:label>
<link:label id="lab_bac_CreditRiskOnLoansMember_documentation_en-US" xlink:label="lab_bac_CreditRiskOnLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Risk on Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditRiskOnLoansMember" xlink:href="bac-20221231.xsd#bac_CreditRiskOnLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditRiskOnLoansMember" xlink:to="lab_bac_CreditRiskOnLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesMember_bfeb8750-4c04-42ce-a8a6-d54aac49dfea_verboseLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-backed securities </link:label>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Mortgage-Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByAssetClassAxis_7b8e7fa8-07dd-40d6-8aee-0029f6a27e4d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByAssetClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByAssetClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueByAssetClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByAssetClassAxis" xlink:to="lab_us-gaap_FairValueByAssetClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_6b5b0f3a-b601-45fc-9368-045cc2716be9_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Common Share </link:label>
<link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerSharePolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract_5fb1caa3-0205-453f-bbdd-53650abccaca_terseLabel_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (decrease) in taxes resulting from: </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract_label_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Increase (Decrease) in Taxes, Percent [Abstract] </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract_documentation_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Increase (Decrease) in Taxes, Percent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract" xlink:href="bac-20221231.xsd#bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract" xlink:to="lab_bac_EffectiveIncomeTaxRateReconciliationatFederalStatutoryIncomeTaxRateIncreaseDecreaseinTaxesPercentAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_d0a9d7be-7708-4928-8893-6d9574d1df64_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensation_4f73d099-091c-4dcb-8284-1149da64f282_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-based compensation </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Noncash Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableRateAxis_e4565382-38a1-49e6-8fa7-92e502ce8282_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>
<link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableRateAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TermLoansMember_1f6cfe41-ccbd-479a-994c-7faa4eea2722_terseLabel_en-US" xlink:label="lab_bac_TermLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loans </link:label>
<link:label id="lab_bac_TermLoansMember_label_en-US" xlink:label="lab_bac_TermLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loans [Member] </link:label>
<link:label id="lab_bac_TermLoansMember_documentation_en-US" xlink:label="lab_bac_TermLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TermLoansMember" xlink:href="bac-20221231.xsd#bac_TermLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TermLoansMember" xlink:to="lab_bac_TermLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_67e55e8d-c299-422b-a429-875cc7bc773f_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Leases [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeasesOfLessorDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:to="lab_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestExpense_2992e225-9229-44e5-b00e-eadaeb2d93d4_totalLabel_en-US" xlink:label="lab_us-gaap_NoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total noninterest expense </link:label>
<link:label id="lab_us-gaap_NoninterestExpense_69d08bdb-4f98-4f2f-9563-ffbe5abc804f_terseLabel_en-US" xlink:label="lab_us-gaap_NoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest expense </link:label>
<link:label id="lab_us-gaap_NoninterestExpense_label_en-US" xlink:label="lab_us-gaap_NoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NoninterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestExpense" xlink:to="lab_us-gaap_NoninterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiability_1ebc0bf2-0f9f-4d0b-9238-025ffb0aae1e_terseLabel_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reserve for unfunded lending commitments </link:label>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiability_bf693f52-3a77-4131-827a-eac743c61c82_periodStartLabel_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiability" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reserve for unfunded lending commitments, beginning balance </link:label>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiability_0d354449-6cc7-4b03-966a-b3d38ab88323_periodEndLabel_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiability" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reserve for unfunded lending commitments, ending balance </link:label>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiability_label_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-Balance-Sheet, Credit Loss, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffBalanceSheetCreditLossLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffBalanceSheetCreditLossLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffBalanceSheetCreditLossLiability" xlink:to="lab_us-gaap_OffBalanceSheetCreditLossLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConsumerPortfolioSegmentMember_93b8265d-efb3-416c-9654-d353ba03049b_terseLabel_en-US" xlink:label="lab_us-gaap_ConsumerPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Portfolio Segment </link:label>
<link:label id="lab_us-gaap_ConsumerPortfolioSegmentMember_42a7279b-6b29-4719-97ef-b85a9ccf8391_verboseLabel_en-US" xlink:label="lab_us-gaap_ConsumerPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card and Other Consumer </link:label>
<link:label id="lab_us-gaap_ConsumerPortfolioSegmentMember_label_en-US" xlink:label="lab_us-gaap_ConsumerPortfolioSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Portfolio Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsumerPortfolioSegmentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ConsumerPortfolioSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsumerPortfolioSegmentMember" xlink:to="lab_us-gaap_ConsumerPortfolioSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend_eef090d6-2ce0-4259-a8ac-5e26a89bfc6d_terseLabel_en-US" xlink:label="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership percentage in depository shares for semi-annual cash dividends </link:label>
<link:label id="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend_label_en-US" xlink:label="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Ownership Percentage In Depository Shares, Semi Annual Cash Dividend </link:label>
<link:label id="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend_documentation_en-US" xlink:label="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Ownership Percentage In Depository Shares, Semi Annual Cash Dividend </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend" xlink:href="bac-20221231.xsd#bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend" xlink:to="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesSemiAnnualCashDividend" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_85a03614-7ddd-4529-a5bd-2b3f4e6c54eb_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalNoninvestmentGradeMember_313c82ac-e852-4b06-a7f1-52346194fad7_terseLabel_en-US" xlink:label="lab_us-gaap_InternalNoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-investment grade </link:label>
<link:label id="lab_us-gaap_InternalNoninvestmentGradeMember_label_en-US" xlink:label="lab_us-gaap_InternalNoninvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Noninvestment Grade [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalNoninvestmentGradeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InternalNoninvestmentGradeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalNoninvestmentGradeMember" xlink:to="lab_us-gaap_InternalNoninvestmentGradeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_8c3fb3d0-2182-40f1-9323-1786ddc096f4_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net realized (gains) losses reclassified into earnings </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherShortTermBorrowings_ba348742-19d3-4ef1-a55d-ab351e893f56_terseLabel_en-US" xlink:label="lab_us-gaap_OtherShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings (includes $832 and $4,279 measured at fair value) </link:label>
<link:label id="lab_us-gaap_OtherShortTermBorrowings_179fdd46-e120-49a7-803c-162a22b09001_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_OtherShortTermBorrowings_label_en-US" xlink:label="lab_us-gaap_OtherShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Short-Term Borrowings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherShortTermBorrowings" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherShortTermBorrowings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherShortTermBorrowings" xlink:to="lab_us-gaap_OtherShortTermBorrowings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_0b470fe4-d9c6-4dcf-b535-329cc1a50ac4_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_4f7dc7d4-c870-44ec-bff0-23588fe8338a_totalLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total undiscounted cash flows </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables_ed05b7f3-b9e8-4191-9013-dd2167299c4f_terseLabel_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold period of collateral-dependent troubled debt restructurings </link:label>
<link:label id="lab_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables_label_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold Period Past Due For Collateral-Dependent Troubled Debt Restructurings Of Financing Receivables </link:label>
<link:label id="lab_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables_documentation_en-US" xlink:label="lab_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold Period Past Due For Collateral-Dependent Troubled Debt Restructurings Of Financing Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables" xlink:href="bac-20221231.xsd#bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables" xlink:to="lab_bac_ThresholdPeriodPastDueForCollateralDependentTroubledDebtRestructuringsOfFinancingReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset_a3fd4f18-53be-48c8-bb56-adc8c2ca417d_totalLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Balance Sheet Amount </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, After Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, After Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAfterOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_1028babd-8b01-4b2d-8d1e-ae62b441797c_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated VIEs </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Primary Beneficiary [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset_952cca6c-e77b-415c-b724-866cb5f98a1c_terseLabel_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Assets/Liabilities </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset_label_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Subject To Master Netting Arrangement, Before Offset </link:label>
<link:label id="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount, before effects of master netting arrangements, of securities purchased under agreements to resell and securities borrowed. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset" xlink:to="lab_bac_SecuritiesBorrowedSubjectToMasterNettingArrangementBeforeOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetLiabilityNetMeasurementInput_29e8e2fd-75bd-497d-b0f6-b277e5fb75d1_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetLiabilityNetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net derivative assets (liabilities) </link:label>
<link:label id="lab_us-gaap_DerivativeAssetLiabilityNetMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetLiabilityNetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability) Net, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetLiabilityNetMeasurementInput" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssetLiabilityNetMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetLiabilityNetMeasurementInput" xlink:to="lab_us-gaap_DerivativeAssetLiabilityNetMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_266969cb-892d-4ac2-9773-328124a326e0_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherLongTermDebtMember_4d35ca0a-5104-4b37-8f55-65591133e7dd_terseLabel_en-US" xlink:label="lab_bac_OtherLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_OtherLongTermDebtMember_label_en-US" xlink:label="lab_bac_OtherLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Long-term Debt [Member] </link:label>
<link:label id="lab_bac_OtherLongTermDebtMember_documentation_en-US" xlink:label="lab_bac_OtherLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other long-term debt member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherLongTermDebtMember" xlink:href="bac-20221231.xsd#bac_OtherLongTermDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherLongTermDebtMember" xlink:to="lab_bac_OtherLongTermDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure_fdac3703-8996-4df8-81b9-daf70e1a6793_verboseLabel_en-US" xlink:label="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest bearing, measured at fair value </link:label>
<link:label id="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure_b09ca204-eec4-44e9-b642-0090c2ecb605_terseLabel_en-US" xlink:label="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-bearing deposits in U.S. offices </link:label>
<link:label id="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure_label_en-US" xlink:label="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-Bearing Deposit Liabilities, Domestic, Fair Value Disclosure </link:label>
<link:label id="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-bearing Deposit Liabilities, Domestic, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure" xlink:to="lab_bac_InterestBearingDepositLiabilitiesDomesticFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FairValueOptionAggregateDifferencesLiabilities_1b1add56-962f-488e-928a-6954651aa709_verboseLabel_en-US" xlink:label="lab_bac_FairValueOptionAggregateDifferencesLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_bac_FairValueOptionAggregateDifferencesLiabilities_label_en-US" xlink:label="lab_bac_FairValueOptionAggregateDifferencesLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Liabilities </link:label>
<link:label id="lab_bac_FairValueOptionAggregateDifferencesLiabilities_documentation_en-US" xlink:label="lab_bac_FairValueOptionAggregateDifferencesLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FairValueOptionAggregateDifferencesLiabilities" xlink:href="bac-20221231.xsd#bac_FairValueOptionAggregateDifferencesLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FairValueOptionAggregateDifferencesLiabilities" xlink:to="lab_bac_FairValueOptionAggregateDifferencesLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JuniorSubordinatedDebtMember_407ed2fe-b18d-4c6d-a29c-f23ff67603c7_terseLabel_en-US" xlink:label="lab_us-gaap_JuniorSubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Junior subordinated notes: </link:label>
<link:label id="lab_us-gaap_JuniorSubordinatedDebtMember_label_en-US" xlink:label="lab_us-gaap_JuniorSubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Junior Subordinated Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JuniorSubordinatedDebtMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_JuniorSubordinatedDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JuniorSubordinatedDebtMember" xlink:to="lab_us-gaap_JuniorSubordinatedDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet_4ec942cf-76aa-4d0c-a311-8f0d07d7b5bf_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds sold and securities borrowed or purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Federal Funds Sold and Securities Purchased under Agreements to Resell, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet" xlink:to="lab_us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PublicRealEstateInvestmentTrustsMember_683962a1-5942-4645-820b-c2d0c717d2dd_terseLabel_en-US" xlink:label="lab_bac_PublicRealEstateInvestmentTrustsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate investment trusts </link:label>
<link:label id="lab_bac_PublicRealEstateInvestmentTrustsMember_label_en-US" xlink:label="lab_bac_PublicRealEstateInvestmentTrustsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Real Estate Investment Trusts [Member] </link:label>
<link:label id="lab_bac_PublicRealEstateInvestmentTrustsMember_documentation_en-US" xlink:label="lab_bac_PublicRealEstateInvestmentTrustsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public real estate investment trusts. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PublicRealEstateInvestmentTrustsMember" xlink:href="bac-20221231.xsd#bac_PublicRealEstateInvestmentTrustsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PublicRealEstateInvestmentTrustsMember" xlink:to="lab_bac_PublicRealEstateInvestmentTrustsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAmendments_ac05b5e7-1c09-4add-99b1-fc56f9b13a79_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan amendments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAmendments_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPlanAmendments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiabilityRollforward_7b040362-377b-4439-a482-1b0b89124a53_terseLabel_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiabilityRollforward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-Balance Sheet, Credit Loss, Liability [Roll Forward] </link:label>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiabilityRollforward_label_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiabilityRollforward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffBalanceSheetCreditLossLiabilityRollforward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffBalanceSheetCreditLossLiabilityRollforward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffBalanceSheetCreditLossLiabilityRollforward" xlink:to="lab_us-gaap_OffBalanceSheetCreditLossLiabilityRollforward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedge_852eaadf-c82b-4e82-8d3a-773f7404bf8f_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged asset, available-for-sale debt securities and trading account assets, carrying value </link:label>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedge_label_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Asset, Fair Value Hedge </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedAssetFairValueHedge" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedAssetFairValueHedge"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedAssetFairValueHedge" xlink:to="lab_us-gaap_HedgedAssetFairValueHedge" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis_dce96e35-3079-494c-b4cf-8741569413c8_totalLabel_en-US" xlink:label="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total revenue, net of interest expense </link:label>
<link:label id="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis_2bdcda84-c50a-4ff1-b1a6-81e7b4028369_terseLabel_en-US" xlink:label="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments’ total revenue, net of interest expense </link:label>
<link:label id="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis_label_en-US" xlink:label="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues, Net Of Interest Expense, Full Tax Equivalent Basis </link:label>
<link:label id="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis_documentation_en-US" xlink:label="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, at full tax equivalent basis, net of interest expense. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis" xlink:href="bac-20221231.xsd#bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis" xlink:to="lab_bac_RevenuesNetOfInterestExpenseFullTaxEquivalentBasis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LongTermDepositsMember_16694e92-c87e-4e71-94db-2c6ba8cc66ad_terseLabel_en-US" xlink:label="lab_bac_LongTermDepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term deposits </link:label>
<link:label id="lab_bac_LongTermDepositsMember_label_en-US" xlink:label="lab_bac_LongTermDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Deposits [Member] </link:label>
<link:label id="lab_bac_LongTermDepositsMember_documentation_en-US" xlink:label="lab_bac_LongTermDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Term Deposits Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LongTermDepositsMember" xlink:href="bac-20221231.xsd#bac_LongTermDepositsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LongTermDepositsMember" xlink:to="lab_bac_LongTermDepositsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_71bb92b8-4192-412c-8861-d70a03253544_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Property, Plant and Equipment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault_4f808d36-4939-4da0-8c32-268b86ce617c_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments in payment default </link:label>
<link:label id="lab_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault_label_en-US" xlink:label="lab_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring, Commitments in Payment Default </link:label>
<link:label id="lab_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault_documentation_en-US" xlink:label="lab_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Troubled Debt Restructuring, Commitments in Payment Default </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault" xlink:href="bac-20221231.xsd#bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault" xlink:to="lab_bac_FinancingReceivableTroubledDebtRestructuringCommitmentsInPaymentDefault" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset_b7ab288c-b14c-4949-848a-c0f5de988222_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Cash collateral received/paid </link:label>
<link:label id="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:to="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_7a42cda5-0237-47d7-bb80-bfc925f7cba6_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other investing activities, net </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Other Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain_33b4a833-f0e0-4618-a0ed-7c7d11971d27_terseLabel_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-lived Intangible Assets, Major Class Name [Domain] </link:label>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain_label_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-Lived Intangible Assets, Major Class Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_3824da42-8376-4d08-9e5a-7c697d77314d_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Abstract] </link:label>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_a81ab9cb-5ffb-4469-8e68-2aebb69cda29_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Assets from Segment to Consolidated [Table] </link:label>
<link:label id="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Assets from Segment to Consolidated [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:to="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward_efc831f3-4045-4ba0-ad54-57691d04564c_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Loan and Lease Losses [Roll Forward] </link:label>
<link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward_label_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Loan and Lease Losses [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AllowanceForLoanAndLeaseLossesRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:to="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure_800f3bc2-2aaf-4acd-9d21-bf511ff42b87_terseLabel_en-US" xlink:label="lab_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities </link:label>
<link:label id="lab_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued Expenses and Other Liabilities, Fair Value Disclosure </link:label>
<link:label id="lab_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure_documentation_en-US" xlink:label="lab_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amount as of the balance sheet date of liabilities not otherwise specified in the taxonomy. Also, serves as the sum of liabilities not individually reported in the financial statements, or not separately disclosed in the notes. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure" xlink:href="bac-20221231.xsd#bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure" xlink:to="lab_bac_AccruedExpensesandOtherLiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesMember_aff04c35-de95-4c69-b42c-fc2def788c3f_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS debt securities – Non-agency residential </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesMember_09c72fea-90a2-4a8c-a19e-6641ce6fc9fa_netLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AFS securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesMember_e9c10584-2ebe-44c0-9c03-1bfc8155208e_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total AFS debt securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesMember" xlink:to="lab_us-gaap_DebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred_0e9e4ba1-2297-42e8-8920-863c76349d84_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred_269be1e5-8763-4e28-abef-1b41da0b5bc2_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:to="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_70ac763a-c2dc-4d87-b755-bb1d5c6c631e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Maturities of Long-term Debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Maturities of Long-Term Debt [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventTypeAxis_aa164264-55c4-4640-85f6-f7d98ab9a96c_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>
<link:label id="lab_us-gaap_SubsequentEventTypeAxis_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SubsequentEventTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_2a694deb-7dce-4d68-9b3f-2d0f20838747_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of compensation increase </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenFairValue_860bf636-01fb-447f-8d5e-6467cfc42b61_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after ten years, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenFairValue_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling After Year Ten, Fair Value </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingAfterYearTenFairValue_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingAfterYearTenFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, after Ten Years, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingAfterYearTenFairValue" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingAfterYearTenFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingAfterYearTenFairValue" xlink:to="lab_bac_DebtMaturitiesRollingAfterYearTenFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaN.A.SeniorNotesFloatingMember_804344df-5dd5-4a9c-96fb-1e910c11af95_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaN.A.SeniorNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating </link:label>
<link:label id="lab_bac_BankofAmericaN.A.SeniorNotesFloatingMember_label_en-US" xlink:label="lab_bac_BankofAmericaN.A.SeniorNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Senior Notes, Floating [Member] </link:label>
<link:label id="lab_bac_BankofAmericaN.A.SeniorNotesFloatingMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaN.A.SeniorNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America, N.A., Senior Notes, Floating [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaN.A.SeniorNotesFloatingMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaN.A.SeniorNotesFloatingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaN.A.SeniorNotesFloatingMember" xlink:to="lab_bac_BankofAmericaN.A.SeniorNotesFloatingMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_StatementScenarioAxis_5b8b4b4d-d993-4f02-aae7-7a2f4888274d_terseLabel_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Axis] </link:label>
<link:label id="lab_srt_StatementScenarioAxis_label_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_StatementScenarioAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_StatementScenarioAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementScenarioAxis" xlink:to="lab_srt_StatementScenarioAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount_594e9846-d37a-42a2-85bf-9a6da47a9d33_terseLabel_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in one year or less, amount </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount_label_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Net Carrying Amount </link:label>
<link:label id="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount_documentation_en-US" xlink:label="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Net Carrying Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount" xlink:href="bac-20221231.xsd#bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount" xlink:to="lab_bac_HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsNetCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherOperatingIncomeExpenseMember_367d3830-c92f-4c8b-af4e-0f571c37cf08_terseLabel_en-US" xlink:label="lab_us-gaap_OtherOperatingIncomeExpenseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Income </link:label>
<link:label id="lab_us-gaap_OtherOperatingIncomeExpenseMember_label_en-US" xlink:label="lab_us-gaap_OtherOperatingIncomeExpenseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operating Income (Expense) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherOperatingIncomeExpenseMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherOperatingIncomeExpenseMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherOperatingIncomeExpenseMember" xlink:to="lab_us-gaap_OtherOperatingIncomeExpenseMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_c72687aa-5bf8-4145-95b3-423a8bf4277e_terseLabel_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vesting percentage </link:label>
<link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_label_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingActivitiesGainLossByTypeTable_78127470-3f39-4c17-b506-3fa1e3dbefcb_terseLabel_en-US" xlink:label="lab_us-gaap_TradingActivitiesGainLossByTypeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activities, Gain and Losses, by Type, by Income Statement Location [Table] </link:label>
<link:label id="lab_us-gaap_TradingActivitiesGainLossByTypeTable_label_en-US" xlink:label="lab_us-gaap_TradingActivitiesGainLossByTypeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activities, Gain and Losses, by Type, by Income Statement Location [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingActivitiesGainLossByTypeTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingActivitiesGainLossByTypeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingActivitiesGainLossByTypeTable" xlink:to="lab_us-gaap_TradingActivitiesGainLossByTypeTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PlanNameAxis_e710299b-aa86-4fbb-8da5-264bf7cfb2ed_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>
<link:label id="lab_us-gaap_PlanNameAxis_label_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PlanNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameAxis" xlink:to="lab_us-gaap_PlanNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedContributionPlanDividendPaymentsToThePlan_d991eeb7-2605-43db-9d7c-0f7a551b914d_terseLabel_en-US" xlink:label="lab_bac_DefinedContributionPlanDividendPaymentsToThePlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend payments to the plan </link:label>
<link:label id="lab_bac_DefinedContributionPlanDividendPaymentsToThePlan_label_en-US" xlink:label="lab_bac_DefinedContributionPlanDividendPaymentsToThePlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Dividend Payments To The Plan </link:label>
<link:label id="lab_bac_DefinedContributionPlanDividendPaymentsToThePlan_documentation_en-US" xlink:label="lab_bac_DefinedContributionPlanDividendPaymentsToThePlan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the payments to plans for dividends on common stock. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedContributionPlanDividendPaymentsToThePlan" xlink:href="bac-20221231.xsd#bac_DefinedContributionPlanDividendPaymentsToThePlan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedContributionPlanDividendPaymentsToThePlan" xlink:to="lab_bac_DefinedContributionPlanDividendPaymentsToThePlan" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AccruedExpensesandOtherLiabilitiesMember_a45f634f-757c-4b54-a5d4-97f143390e69_terseLabel_en-US" xlink:label="lab_bac_AccruedExpensesandOtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities </link:label>
<link:label id="lab_bac_AccruedExpensesandOtherLiabilitiesMember_label_en-US" xlink:label="lab_bac_AccruedExpensesandOtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued Expenses and Other Liabilities [Member] </link:label>
<link:label id="lab_bac_AccruedExpensesandOtherLiabilitiesMember_documentation_en-US" xlink:label="lab_bac_AccruedExpensesandOtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> -- None. No documentation exists for this element. -- </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AccruedExpensesandOtherLiabilitiesMember" xlink:href="bac-20221231.xsd#bac_AccruedExpensesandOtherLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AccruedExpensesandOtherLiabilitiesMember" xlink:to="lab_bac_AccruedExpensesandOtherLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock_22aa82a3-9965-431e-ae88-670bddb2a2f4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Instruments Included in Trading Activities </link:label>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Instruments Included in Trading Activities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RecourseStatusDomain_fb06bcf8-cd9c-475c-b81c-cfb1334fc058_terseLabel_en-US" xlink:label="lab_us-gaap_RecourseStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recourse Status [Domain] </link:label>
<link:label id="lab_us-gaap_RecourseStatusDomain_label_en-US" xlink:label="lab_us-gaap_RecourseStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recourse Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RecourseStatusDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RecourseStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RecourseStatusDomain" xlink:to="lab_us-gaap_RecourseStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateRiskOnVariableRatePortfoliosMember_df88e18b-7b72-4bef-8557-a791b7ae4621_terseLabel_en-US" xlink:label="lab_bac_InterestRateRiskOnVariableRatePortfoliosMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate risk on variable-rate portfolios </link:label>
<link:label id="lab_bac_InterestRateRiskOnVariableRatePortfoliosMember_label_en-US" xlink:label="lab_bac_InterestRateRiskOnVariableRatePortfoliosMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk on Variable-Rate Portfolios [Member] </link:label>
<link:label id="lab_bac_InterestRateRiskOnVariableRatePortfoliosMember_documentation_en-US" xlink:label="lab_bac_InterestRateRiskOnVariableRatePortfoliosMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk On Variable Rate Portfolios Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateRiskOnVariableRatePortfoliosMember" xlink:href="bac-20221231.xsd#bac_InterestRateRiskOnVariableRatePortfoliosMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateRiskOnVariableRatePortfoliosMember" xlink:to="lab_bac_InterestRateRiskOnVariableRatePortfoliosMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NumberOfOperatingSegments_359fd0b8-d182-46b1-817e-87ce44f80216_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of operating segments </link:label>
<link:label id="lab_us-gaap_NumberOfOperatingSegments_label_en-US" xlink:label="lab_us-gaap_NumberOfOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Operating Segments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NumberOfOperatingSegments" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NumberOfOperatingSegments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfOperatingSegments" xlink:to="lab_us-gaap_NumberOfOperatingSegments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset_924f6ca1-8e5f-452b-a2d4-5bd784af72c4_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Cash collateral received/paid </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:to="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ConsumerVehicleLoansMember_cc9b8887-cee3-4acc-bb0f-d802915abbfd_terseLabel_en-US" xlink:label="lab_bac_ConsumerVehicleLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Vehicle Loans </link:label>
<link:label id="lab_bac_ConsumerVehicleLoansMember_label_en-US" xlink:label="lab_bac_ConsumerVehicleLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Vehicle Loans [Member] </link:label>
<link:label id="lab_bac_ConsumerVehicleLoansMember_documentation_en-US" xlink:label="lab_bac_ConsumerVehicleLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Vehicle Loans </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ConsumerVehicleLoansMember" xlink:href="bac-20221231.xsd#bac_ConsumerVehicleLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ConsumerVehicleLoansMember" xlink:to="lab_bac_ConsumerVehicleLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_d98770ab-1466-496d-bb1b-d7b0786bcfee_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax-exempt income, including dividends </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_04f99bdf-f63c-45eb-8ec4-56e61a247169_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears_de00d980-0161-484b-85bb-f869ca85010c_terseLabel_en-US" xlink:label="lab_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of contractual agreements </link:label>
<link:label id="lab_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears_label_en-US" xlink:label="lab_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Contractual Agreements with Maturities Exceeding Three Years </link:label>
<link:label id="lab_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears_documentation_en-US" xlink:label="lab_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Contractual Agreements with Maturities Exceeding Three Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears" xlink:href="bac-20221231.xsd#bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears" xlink:to="lab_bac_NumberofContractualAgreementswithMaturitiesExceedingThreeYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepositLiabilityLineItems_b7a011be-ac05-4a60-aab4-a3e0d33d91a5_terseLabel_en-US" xlink:label="lab_us-gaap_DepositLiabilityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposit Liability [Line Items] </link:label>
<link:label id="lab_us-gaap_DepositLiabilityLineItems_label_en-US" xlink:label="lab_us-gaap_DepositLiabilityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deposit Liability [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositLiabilityLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DepositLiabilityLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositLiabilityLineItems" xlink:to="lab_us-gaap_DepositLiabilityLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_843f353a-dcb6-45d8-8ea0-21f501de408f_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 1 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel1Member" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueInputsLevel1Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_0972466c-066d-4a99-9ce7-6a4b5fe37d9d_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCreditDerivativesMember_b45ac831-9f6e-49b7-98dc-d40e850f5e89_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCreditDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total return swaps/options: </link:label>
<link:label id="lab_us-gaap_OtherCreditDerivativesMember_label_en-US" xlink:label="lab_us-gaap_OtherCreditDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Credit Derivatives [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCreditDerivativesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherCreditDerivativesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCreditDerivativesMember" xlink:to="lab_us-gaap_OtherCreditDerivativesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LeaseFinancingMember_c1089e80-a4c2-4377-a128-aa5007e0b7e4_terseLabel_en-US" xlink:label="lab_bac_LeaseFinancingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Lease Financing </link:label>
<link:label id="lab_bac_LeaseFinancingMember_label_en-US" xlink:label="lab_bac_LeaseFinancingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Financing [Member] </link:label>
<link:label id="lab_bac_LeaseFinancingMember_documentation_en-US" xlink:label="lab_bac_LeaseFinancingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Financing [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LeaseFinancingMember" xlink:href="bac-20221231.xsd#bac_LeaseFinancingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LeaseFinancingMember" xlink:to="lab_bac_LeaseFinancingMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ResidentialandCommercialFinancingReceivableMember_7b6966c5-1051-426f-897e-bbb9e46ab8b7_terseLabel_en-US" xlink:label="lab_bac_ResidentialandCommercialFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential and Commercial Financing Receivable </link:label>
<link:label id="lab_bac_ResidentialandCommercialFinancingReceivableMember_label_en-US" xlink:label="lab_bac_ResidentialandCommercialFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential and Commercial Financing Receivable [Member] </link:label>
<link:label id="lab_bac_ResidentialandCommercialFinancingReceivableMember_documentation_en-US" xlink:label="lab_bac_ResidentialandCommercialFinancingReceivableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential and Commercial Financing Receivable [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ResidentialandCommercialFinancingReceivableMember" xlink:href="bac-20221231.xsd#bac_ResidentialandCommercialFinancingReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ResidentialandCommercialFinancingReceivableMember" xlink:to="lab_bac_ResidentialandCommercialFinancingReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LeveragedLeaseTrustsMember_8cc92425-d2a0-418e-8050-67e45246cf67_terseLabel_en-US" xlink:label="lab_bac_LeveragedLeaseTrustsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leveraged Lease Trusts </link:label>
<link:label id="lab_bac_LeveragedLeaseTrustsMember_label_en-US" xlink:label="lab_bac_LeveragedLeaseTrustsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leveraged Lease Trusts [Member] </link:label>
<link:label id="lab_bac_LeveragedLeaseTrustsMember_documentation_en-US" xlink:label="lab_bac_LeveragedLeaseTrustsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leveraged Lease Trusts. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LeveragedLeaseTrustsMember" xlink:href="bac-20221231.xsd#bac_LeveragedLeaseTrustsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LeveragedLeaseTrustsMember" xlink:to="lab_bac_LeveragedLeaseTrustsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate_cb7deecb-6b31-4772-8a44-22f5e81c7a1d_terseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-crediting rate </link:label>
<link:label id="lab_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Interest-Crediting Rate </link:label>
<link:label id="lab_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Interest-Crediting Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate" xlink:to="lab_bac_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationInterestCreditingRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_a4491d10-492b-4b65-b49c-a160dc999ea7_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable [Line Items] </link:label>
<link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_label_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts, Notes, Loans and Financing Receivable [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccountsNotesAndLoansReceivableLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:to="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale_990eb7b5-33fa-44c7-a0ff-462aa03ba1b4_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains on securitizations </link:label>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale_label_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:to="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_d1a0acf0-a137-427c-9390-6c09268cb021_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity </link:label>
<link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherLiabilities_e4b4a32f-81c4-4cf2-8fdb-45fe36c1d96b_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All other liabilities (includes $13 and $7 of non-recourse liabilities) </link:label>
<link:label id="lab_us-gaap_OtherLiabilities_7320d62a-1456-4137-8460-1a051d3784ee_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All other liabilities </link:label>
<link:label id="lab_us-gaap_OtherLiabilities_label_en-US" xlink:label="lab_us-gaap_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilities" xlink:to="lab_us-gaap_OtherLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToAcquireHeldToMaturitySecurities_cc3ade6b-dcb8-43d6-8e81-96cf14313c3e_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireHeldToMaturitySecurities_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Held-to-Maturity Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsToAcquireHeldToMaturitySecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:to="lab_us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReceivablesAbstract_f7fa39ee-686b-49fe-9258-bac46ed171d8_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables [Abstract] </link:label>
<link:label id="lab_us-gaap_ReceivablesAbstract_label_en-US" xlink:label="lab_us-gaap_ReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ReceivablesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesAbstract" xlink:to="lab_us-gaap_ReceivablesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoninterestIncome_395aa7a4-0b98-4453-aadb-478f61fd290b_totalLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total noninterest income </link:label>
<link:label id="lab_us-gaap_NoninterestIncome_09b966b8-b175-412f-b9d7-ab293eee9f43_verboseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest income </link:label>
<link:label id="lab_us-gaap_NoninterestIncome_label_en-US" xlink:label="lab_us-gaap_NoninterestIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NoninterestIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestIncome" xlink:to="lab_us-gaap_NoninterestIncome" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentAnnualReport_b352fa6c-42b2-4219-a913-3b718a109def_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:label id="lab_dei_DocumentAnnualReport_label_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAnnualReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAnnualReport" xlink:to="lab_dei_DocumentAnnualReport" xlink:type="arc" order="1"/>
<link:label id="lab_dei_LegalEntityAxis_f62b5125-d3b7-4bb1-b104-56c76a213f66_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:label id="lab_dei_LegalEntityAxis_label_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_LegalEntityAxis" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LegalEntityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanPurchaseCommitmentsMember_a2703233-c2ac-46cf-90c5-9802e556523b_terseLabel_en-US" xlink:label="lab_us-gaap_LoanPurchaseCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Purchase Commitments </link:label>
<link:label id="lab_us-gaap_LoanPurchaseCommitmentsMember_label_en-US" xlink:label="lab_us-gaap_LoanPurchaseCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Purchase Commitments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanPurchaseCommitmentsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoanPurchaseCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanPurchaseCommitmentsMember" xlink:to="lab_us-gaap_LoanPurchaseCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_85533a4a-5f36-4736-958f-b3513bda0d49_terseLabel_en-US" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding Loans and Leases and Allowance for Credit Losses </link:label>
<link:label id="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans, Notes, Trade and Other Receivables Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:to="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_StatementGeographicalAxis_81d45d76-0674-493b-8742-f031c0555769_terseLabel_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>
<link:label id="lab_srt_StatementGeographicalAxis_label_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_StatementGeographicalAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_StatementGeographicalAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementGeographicalAxis" xlink:to="lab_srt_StatementGeographicalAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditScoreFicoDomain_4ed55cbe-119f-4711-8687-6058053fd92a_terseLabel_en-US" xlink:label="lab_us-gaap_CreditScoreFicoDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Domain] </link:label>
<link:label id="lab_us-gaap_CreditScoreFicoDomain_label_en-US" xlink:label="lab_us-gaap_CreditScoreFicoDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Score, FICO [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditScoreFicoDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditScoreFicoDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditScoreFicoDomain" xlink:to="lab_us-gaap_CreditScoreFicoDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesIndustryMember_d30825ff-83da-4082-a888-2c1bacad5525_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesIndustryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Industry Sector [Domain] </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesIndustryMember_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesIndustryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Industry Sector [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesIndustryMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquitySecuritiesIndustryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesIndustryMember" xlink:to="lab_us-gaap_EquitySecuritiesIndustryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_e52e9f56-88ff-4cae-b989-6f4da8ca8576_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BankofAmericaCorporationSeniorNotesFloatingMember_2e616406-d479-4dbf-8e18-8a191c8005d9_terseLabel_en-US" xlink:label="lab_bac_BankofAmericaCorporationSeniorNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSeniorNotesFloatingMember_label_en-US" xlink:label="lab_bac_BankofAmericaCorporationSeniorNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Senior Notes, Floating [Member] </link:label>
<link:label id="lab_bac_BankofAmericaCorporationSeniorNotesFloatingMember_documentation_en-US" xlink:label="lab_bac_BankofAmericaCorporationSeniorNotesFloatingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation, Senior Notes, Floating [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BankofAmericaCorporationSeniorNotesFloatingMember" xlink:href="bac-20221231.xsd#bac_BankofAmericaCorporationSeniorNotesFloatingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BankofAmericaCorporationSeniorNotesFloatingMember" xlink:to="lab_bac_BankofAmericaCorporationSeniorNotesFloatingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPreferredStockCash_aff725e9-6d37-4b30-a2aa-eacc05562308_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStockCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred </link:label>
<link:label id="lab_us-gaap_DividendsPreferredStockCash_ec563a70-71cd-497c-8e68-fa7ac2369c8d_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStockCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends </link:label>
<link:label id="lab_us-gaap_DividendsPreferredStockCash_label_en-US" xlink:label="lab_us-gaap_DividendsPreferredStockCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Preferred Stock, Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPreferredStockCash" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DividendsPreferredStockCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPreferredStockCash" xlink:to="lab_us-gaap_DividendsPreferredStockCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities_a681a63d-b0ab-4d04-8240-066c837c8592_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Financial instruments collateral </link:label>
<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Security Not Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeCollateralRightToReclaimSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:to="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SharebasedCompensationAwardTrancheFourMember_c87d4e2e-447d-459f-a08f-5b37fe6fce18_terseLabel_en-US" xlink:label="lab_bac_SharebasedCompensationAwardTrancheFourMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Year 4 </link:label>
<link:label id="lab_bac_SharebasedCompensationAwardTrancheFourMember_label_en-US" xlink:label="lab_bac_SharebasedCompensationAwardTrancheFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Award, Tranche Four [Member] </link:label>
<link:label id="lab_bac_SharebasedCompensationAwardTrancheFourMember_documentation_en-US" xlink:label="lab_bac_SharebasedCompensationAwardTrancheFourMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Award, Tranche Four [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SharebasedCompensationAwardTrancheFourMember" xlink:href="bac-20221231.xsd#bac_SharebasedCompensationAwardTrancheFourMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SharebasedCompensationAwardTrancheFourMember" xlink:to="lab_bac_SharebasedCompensationAwardTrancheFourMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivablesPastDueTable_07d0c5a6-3f28-4983-8b86-a7f234c57592_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivablesPastDueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Past Due [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFinancingReceivablesPastDueTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivablesPastDueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Past Due [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancingReceivablesPastDueTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFinancingReceivablesPastDueTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFinancingReceivablesPastDueTable" xlink:to="lab_us-gaap_ScheduleOfFinancingReceivablesPastDueTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_e3277fd1-fae5-4c80-810f-e4e8c3c98a06_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities_83dfc59d-aa4f-4268-a6a7-6d825b29000e_negatedTerseLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Right To Reclaim Securities </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Right To Reclaim Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementRightToReclaimSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductsAndServicesDomain_190190c3-a5d0-4d80-b5fa-32e4a7105bc6_terseLabel_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:label id="lab_srt_ProductsAndServicesDomain_label_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductsAndServicesDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ProductsAndServicesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductsAndServicesDomain" xlink:to="lab_srt_ProductsAndServicesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityShellCompany_eea40764-29aa-4282-8d23-d07977d6280d_terseLabel_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:label id="lab_dei_EntityShellCompany_label_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany" xlink:to="lab_dei_EntityShellCompany" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_77c1a44c-9602-406c-b282-372e16f12a59_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decreases related to positions taken during prior years </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities_29de747b-32ce-4c8b-a44a-1f800c9ce204_negatedTerseLabel_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities_label_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, Collateral, Right To Reclaim Securities </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities_documentation_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, Collateral, Right To Reclaim Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities" xlink:href="bac-20221231.xsd#bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities" xlink:to="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementCollateralRightToReclaimSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_cac9bf5b-92d8-4276-b9a2-c566ed35b912_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Allocation of Plan Assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Allocation of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NumberofPortfolioSegments_429072b7-aa0f-4184-a839-355a047c3b72_terseLabel_en-US" xlink:label="lab_bac_NumberofPortfolioSegments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of portfolio segments </link:label>
<link:label id="lab_bac_NumberofPortfolioSegments_label_en-US" xlink:label="lab_bac_NumberofPortfolioSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Portfolio Segments </link:label>
<link:label id="lab_bac_NumberofPortfolioSegments_documentation_en-US" xlink:label="lab_bac_NumberofPortfolioSegments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Portfolio Segments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NumberofPortfolioSegments" xlink:href="bac-20221231.xsd#bac_NumberofPortfolioSegments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NumberofPortfolioSegments" xlink:to="lab_bac_NumberofPortfolioSegments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_2d62857d-4cca-4f86-923d-d2fa45365e87_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in: </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Operating Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_e373bd68-af42-45ac-be26-ff5b18005a0c_totalLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Liabilities </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Amount Offset Against Collateral </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag_a86f8d77-10ae-41cf-9971-6418c6375923_terseLabel_en-US" xlink:label="lab_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease Income, Comprehensive Income, Extensible List Not Disclosed Flag </link:label>
<link:label id="lab_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag_label_en-US" xlink:label="lab_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease Income, Comprehensive Income, Extensible List Not Disclosed Flag </link:label>
<link:label id="lab_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag_documentation_en-US" xlink:label="lab_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease Income, Comprehensive Income, Extensible List Not Disclosed Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag" xlink:href="bac-20221231.xsd#bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag" xlink:to="lab_bac_OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFlag" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_c32f35a3-aafe-411d-9c17-a1e9980d30ca_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_994305b7-4fe4-4f72-837b-70ca72f1901f_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialInstrumentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis" xlink:to="lab_us-gaap_FinancialInstrumentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_6fe92b56-8125-4a07-8ea6-14aec49539e0_totalLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Liabilities </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Amount Offset Against Collateral </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Subject To Master Netting Arrangement, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilitySubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears_bcb30433-5894-4911-8596-f1903464463d_terseLabel_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expire After Three Years Through Five Years </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears_label_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Extension Commitments, Notional Amount, Expiration After Three Years Through Five Years </link:label>
<link:label id="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears_documentation_en-US" xlink:label="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents unfunded legally binding commitments, expiring after three years through five years of the balance sheet date. Such commitments consist of the entity committing to lend a specified amount to named borrowers at a certain interest rate, during a certain period and, usually, for a certain purpose. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears" xlink:href="bac-20221231.xsd#bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears" xlink:to="lab_bac_CreditExtensionCommitmentsNotionalAmountExpirationAfterThreeYearsThroughFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventMember_023810d1-f134-49b6-ac96-c90414fe40eb_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event </link:label>
<link:label id="lab_us-gaap_SubsequentEventMember_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SubsequentEventMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidationItemsDomain_15714759-65a5-419b-b1e4-c84bf5a68c29_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Domain] </link:label>
<link:label id="lab_srt_ConsolidationItemsDomain_label_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ConsolidationItemsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsDomain" xlink:to="lab_srt_ConsolidationItemsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentPeriodEndDate_453cf832-dec6-4c63-b31a-0566aafe36e2_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_ffb1f521-16ee-4855-a5f1-147a6fe4d3c4_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2027 </link:label>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Lease, Payment to be Received, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesAvailableForSaleLineItems_fcc4d724-5ed2-4ab2-b140-5c86c1e7e471_terseLabel_en-US" xlink:label="lab_bac_DebtSecuritiesAvailableForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-For-Sale [Line Items] </link:label>
<link:label id="lab_bac_DebtSecuritiesAvailableForSaleLineItems_label_en-US" xlink:label="lab_bac_DebtSecuritiesAvailableForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-For-Sale [Line Items] </link:label>
<link:label id="lab_bac_DebtSecuritiesAvailableForSaleLineItems_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesAvailableForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Disclosure of information about investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesAvailableForSaleLineItems" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesAvailableForSaleLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesAvailableForSaleLineItems" xlink:to="lab_bac_DebtSecuritiesAvailableForSaleLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExchangeClearedMember_566f191b-f926-4420-bdbc-dd46420ca93a_terseLabel_en-US" xlink:label="lab_us-gaap_ExchangeClearedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over-the-counter cleared </link:label>
<link:label id="lab_us-gaap_ExchangeClearedMember_label_en-US" xlink:label="lab_us-gaap_ExchangeClearedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange Cleared [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExchangeClearedMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ExchangeClearedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExchangeClearedMember" xlink:to="lab_us-gaap_ExchangeClearedMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherFinancialAssetsMember_1f267ae4-041f-4a4c-8c65-c0e12a050eec_terseLabel_en-US" xlink:label="lab_bac_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets </link:label>
<link:label id="lab_bac_OtherFinancialAssetsMember_label_en-US" xlink:label="lab_bac_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Financial Assets [Member] </link:label>
<link:label id="lab_bac_OtherFinancialAssetsMember_documentation_en-US" xlink:label="lab_bac_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Financial Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherFinancialAssetsMember" xlink:href="bac-20221231.xsd#bac_OtherFinancialAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherFinancialAssetsMember" xlink:to="lab_bac_OtherFinancialAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FICCRepoProgramMember_dd1b8c3e-b60d-4364-b886-cb1e81cfeb14_terseLabel_en-US" xlink:label="lab_bac_FICCRepoProgramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICC Repo Program </link:label>
<link:label id="lab_bac_FICCRepoProgramMember_label_en-US" xlink:label="lab_bac_FICCRepoProgramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICC Repo Program [Member] </link:label>
<link:label id="lab_bac_FICCRepoProgramMember_documentation_en-US" xlink:label="lab_bac_FICCRepoProgramMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FICC Repo Program [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FICCRepoProgramMember" xlink:href="bac-20221231.xsd#bac_FICCRepoProgramMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FICCRepoProgramMember" xlink:to="lab_bac_FICCRepoProgramMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification_98810af0-c36e-4911-a4d7-ae7d7eb38fef_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period for payment default after modification </link:label>
<link:label id="lab_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification_label_en-US" xlink:label="lab_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Period For Payment Default After Modification </link:label>
<link:label id="lab_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification_documentation_en-US" xlink:label="lab_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Period for Payment Default after Modification </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification" xlink:href="bac-20221231.xsd#bac_FinancingReceivablePeriodForPaymentDefaultAfterModification"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification" xlink:to="lab_bac_FinancingReceivablePeriodForPaymentDefaultAfterModification" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorLeaseDescriptionTable_553bc806-5ec1-4527-ab22-0a5a97fd3812_terseLabel_en-US" xlink:label="lab_us-gaap_LessorLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Lease, Description [Table] </link:label>
<link:label id="lab_us-gaap_LessorLeaseDescriptionTable_label_en-US" xlink:label="lab_us-gaap_LessorLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Lease, Description [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorLeaseDescriptionTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorLeaseDescriptionTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorLeaseDescriptionTable" xlink:to="lab_us-gaap_LessorLeaseDescriptionTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue_d5213dd6-34f8-461b-bafb-62e19900d5d6_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonperforming loans and leases, percent outstanding </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Nonaccrual, Percent Past Due </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesFvNi_a7e5d0b1-2af9-477c-aedb-28f6035849ae_verboseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNi" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity securities, fair value </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesFvNi_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNi" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities, FV-NI, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquitySecuritiesFvNi"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNi" xlink:to="lab_us-gaap_EquitySecuritiesFvNi" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation_649bfa90-e355-4f4b-94ab-1f6920c501aa_negatedTerseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements and curtailments </link:label>
<link:label id="lab_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Curtailments and Settlements, Benefit Obligation </link:label>
<link:label id="lab_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Curtailments and Settlements, Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation" xlink:to="lab_bac_DefinedBenefitPlanCurtailmentsandSettlementsBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale_85f9e375-0298-4cda-9dc6-a8cc5b3f11f3_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Originations and purchases </link:label>
<link:label id="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale_a648badc-f604-43e7-99b6-d2b7cb0ad49f_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Originations and purchases </link:label>
<link:label id="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale_label_en-US" xlink:label="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Origination and Purchases of Loans Held-for-sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale" xlink:to="lab_us-gaap_PaymentsForOriginationAndPurchasesOfLoansHeldForSale" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockLiquidationPreference_0d9d3f39-3a3b-4137-b7e1-dbefb647159f_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidation preference per share (in dollars per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockLiquidationPreference_8dc62aeb-1ac4-4133-aa33-f4603414f32f_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liquidation Preference per Share (in dollars per share) </link:label>
<link:label id="lab_us-gaap_PreferredStockLiquidationPreference_label_en-US" xlink:label="lab_us-gaap_PreferredStockLiquidationPreference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Liquidation Preference Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockLiquidationPreference" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PreferredStockLiquidationPreference"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockLiquidationPreference" xlink:to="lab_us-gaap_PreferredStockLiquidationPreference" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesPPPreferredStockMember_b5f048bc-0100-419d-bf47-fdf0f92aee78_terseLabel_en-US" xlink:label="lab_bac_SeriesPPPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP </link:label>
<link:label id="lab_bac_SeriesPPPreferredStockMember_59a68c76-7eca-4e3e-90a3-b8fc4d6d07e8_verboseLabel_en-US" xlink:label="lab_bac_SeriesPPPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series PP Preferred Stock </link:label>
<link:label id="lab_bac_SeriesPPPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesPPPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series PP Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesPPPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesPPPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series PP Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesPPPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesPPPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesPPPreferredStockMember" xlink:to="lab_bac_SeriesPPPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_27c5f275-81d6-42c9-9f31-31a157ab0b92_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2027 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AutoAndSpecialtyLendingLoansAndLeasesMember_fd7c7c55-b2e1-46f2-b0bb-57d1772019bb_terseLabel_en-US" xlink:label="lab_bac_AutoAndSpecialtyLendingLoansAndLeasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dealer Financial Services Loans </link:label>
<link:label id="lab_bac_AutoAndSpecialtyLendingLoansAndLeasesMember_label_en-US" xlink:label="lab_bac_AutoAndSpecialtyLendingLoansAndLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auto And Specialty Lending Loans And Leases [Member] </link:label>
<link:label id="lab_bac_AutoAndSpecialtyLendingLoansAndLeasesMember_documentation_en-US" xlink:label="lab_bac_AutoAndSpecialtyLendingLoansAndLeasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auto And Specialty Lending Loans And Leases [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AutoAndSpecialtyLendingLoansAndLeasesMember" xlink:href="bac-20221231.xsd#bac_AutoAndSpecialtyLendingLoansAndLeasesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AutoAndSpecialtyLendingLoansAndLeasesMember" xlink:to="lab_bac_AutoAndSpecialtyLendingLoansAndLeasesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GeographicDistributionDomesticMember_c74c7ffa-f078-41c3-9223-f31f1b60aa03_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomesticMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> United States </link:label>
<link:label id="lab_us-gaap_GeographicDistributionDomesticMember_ab8c7d1e-ecc5-4209-b90d-e5fa19625134_verboseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomesticMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. </link:label>
<link:label id="lab_us-gaap_GeographicDistributionDomesticMember_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomesticMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution, Domestic [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeographicDistributionDomesticMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GeographicDistributionDomesticMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionDomesticMember" xlink:to="lab_us-gaap_GeographicDistributionDomesticMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetBackedSecuritiesMember_9c14d6bf-5abc-462c-a5ac-61e0b4c17beb_terseLabel_en-US" xlink:label="lab_us-gaap_AssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed securities </link:label>
<link:label id="lab_us-gaap_AssetBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_AssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetBackedSecuritiesMember" xlink:to="lab_us-gaap_AssetBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ResecuritizationTrustsMember_ed3959ab-53b7-4af3-8fe4-26f8bb0db568_terseLabel_en-US" xlink:label="lab_bac_ResecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resecuritization Trusts </link:label>
<link:label id="lab_bac_ResecuritizationTrustsMember_label_en-US" xlink:label="lab_bac_ResecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resecuritization Trusts [Member] </link:label>
<link:label id="lab_bac_ResecuritizationTrustsMember_documentation_en-US" xlink:label="lab_bac_ResecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resecuritization vehicles. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ResecuritizationTrustsMember" xlink:href="bac-20221231.xsd#bac_ResecuritizationTrustsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ResecuritizationTrustsMember" xlink:to="lab_bac_ResecuritizationTrustsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_NoninterestIncomeOtherOperatingIncomeMember_81d9ab58-62f4-4172-aef7-fc96f99c5268_terseLabel_en-US" xlink:label="lab_bac_NoninterestIncomeOtherOperatingIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other income </link:label>
<link:label id="lab_bac_NoninterestIncomeOtherOperatingIncomeMember_label_en-US" xlink:label="lab_bac_NoninterestIncomeOtherOperatingIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Income, Other Operating Income [Member] </link:label>
<link:label id="lab_bac_NoninterestIncomeOtherOperatingIncomeMember_documentation_en-US" xlink:label="lab_bac_NoninterestIncomeOtherOperatingIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noninterest Income, Other Operating Income [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_NoninterestIncomeOtherOperatingIncomeMember" xlink:href="bac-20221231.xsd#bac_NoninterestIncomeOtherOperatingIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_NoninterestIncomeOtherOperatingIncomeMember" xlink:to="lab_bac_NoninterestIncomeOtherOperatingIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GlobalSystemicallyImportantBankSurcharge_50857804-2045-496f-a6ab-4335be8de15f_terseLabel_en-US" xlink:label="lab_bac_GlobalSystemicallyImportantBankSurcharge" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> G-SIB surcharge </link:label>
<link:label id="lab_bac_GlobalSystemicallyImportantBankSurcharge_label_en-US" xlink:label="lab_bac_GlobalSystemicallyImportantBankSurcharge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Systemically Important Bank Surcharge </link:label>
<link:label id="lab_bac_GlobalSystemicallyImportantBankSurcharge_documentation_en-US" xlink:label="lab_bac_GlobalSystemicallyImportantBankSurcharge" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Systemically Important Bank Surcharge </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GlobalSystemicallyImportantBankSurcharge" xlink:href="bac-20221231.xsd#bac_GlobalSystemicallyImportantBankSurcharge"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GlobalSystemicallyImportantBankSurcharge" xlink:to="lab_bac_GlobalSystemicallyImportantBankSurcharge" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfGoodwillTable_3e6b6d11-745d-469d-994d-98d22ee0091f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfGoodwillTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGoodwillTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfGoodwillTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGoodwillTable" xlink:to="lab_us-gaap_ScheduleOfGoodwillTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ProceedsfromSaleofDebtSecuritiesFairValue_cac370df-7d33-47ca-be72-b7a72ab9cae7_terseLabel_en-US" xlink:label="lab_bac_ProceedsfromSaleofDebtSecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales </link:label>
<link:label id="lab_bac_ProceedsfromSaleofDebtSecuritiesFairValue_label_en-US" xlink:label="lab_bac_ProceedsfromSaleofDebtSecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Debt Securities, Fair Value </link:label>
<link:label id="lab_bac_ProceedsfromSaleofDebtSecuritiesFairValue_documentation_en-US" xlink:label="lab_bac_ProceedsfromSaleofDebtSecuritiesFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The cash inflow associated with the sale of debt securities carried at fair value. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ProceedsfromSaleofDebtSecuritiesFairValue" xlink:href="bac-20221231.xsd#bac_ProceedsfromSaleofDebtSecuritiesFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ProceedsfromSaleofDebtSecuritiesFairValue" xlink:to="lab_bac_ProceedsfromSaleofDebtSecuritiesFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_72e99dcc-849e-4647-8642-4b9c9353559c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities_c30018a6-3f05-417e-a020-862f65038ec2_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative debit valuation adjustment </link:label>
<link:label id="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Credit Risk Valuation Adjustment, Derivative Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset_dd5b1770-f5b3-418c-8c96-bf34ab0128da_terseLabel_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Liabilities </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset_label_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Before Offset </link:label>
<link:label id="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset_documentation_en-US" xlink:label="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements Liability, Other, Subject To Master Netting Arrangement, Before Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset" xlink:href="bac-20221231.xsd#bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset" xlink:to="lab_bac_SecuritiesFinancingAgreementsLiabilityOtherSubjectToMasterNettingArrangementBeforeOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxCreditCarryforwardLineItems_d89e8ec6-a4d2-493d-ad6f-6ef5885deea4_terseLabel_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward [Line Items] </link:label>
<link:label id="lab_us-gaap_TaxCreditCarryforwardLineItems_label_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxCreditCarryforwardLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TaxCreditCarryforwardLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxCreditCarryforwardLineItems" xlink:to="lab_us-gaap_TaxCreditCarryforwardLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract_25d16613-8e3b-42a1-842f-b369c2a481ca_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax effect </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain_174cb0c1-c515-4a95-b62d-c2f11e60d817_totalLabel_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain_label_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Gross Unrealized Gain </link:label>
<link:label id="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Gross Unrealized Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:to="lab_bac_DebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_91af13da-3e69-4e8d-826c-9bdc61894810_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option </link:label>
<link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_label_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Changes in Fair Value, Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionChangesInFairValueGainLoss1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:to="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:type="arc" order="1"/>
<link:label id="lab_bac_June12023Member_170b4437-0991-484f-9911-0dc3b4f37b27_terseLabel_en-US" xlink:label="lab_bac_June12023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> June 1, 2023 </link:label>
<link:label id="lab_bac_June12023Member_label_en-US" xlink:label="lab_bac_June12023Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> June 1, 2023 [Member] </link:label>
<link:label id="lab_bac_June12023Member_documentation_en-US" xlink:label="lab_bac_June12023Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> June 1, 2023 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_June12023Member" xlink:href="bac-20221231.xsd#bac_June12023Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_June12023Member" xlink:to="lab_bac_June12023Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PledgingPurposeAxis_8408edb7-488b-4e26-917d-e06ab2e5c794_terseLabel_en-US" xlink:label="lab_us-gaap_PledgingPurposeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledging Purpose [Axis] </link:label>
<link:label id="lab_us-gaap_PledgingPurposeAxis_label_en-US" xlink:label="lab_us-gaap_PledgingPurposeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledging Purpose [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgingPurposeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PledgingPurposeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PledgingPurposeAxis" xlink:to="lab_us-gaap_PledgingPurposeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy_7d5305f5-e35a-4369-a989-4adbdb3555d1_terseLabel_en-US" xlink:label="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Financing Agreements </link:label>
<link:label id="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy_label_en-US" xlink:label="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase and Resale Agreements Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RepurchaseAndResaleAgreementsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:to="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesByIndustryAxis_9d5fec57-fcbe-453f-ad4d-548a9acbc3fa_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesByIndustryAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Industry Sector [Axis] </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesByIndustryAxis_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesByIndustryAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Industry Sector [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesByIndustryAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquitySecuritiesByIndustryAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesByIndustryAxis" xlink:to="lab_us-gaap_EquitySecuritiesByIndustryAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_faf337f5-4a35-45cf-b65b-373a0a1ee9a2_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2028 - 2032 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_f441ec89-f9d3-4133-84b7-75687ce6640e_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_17287ee5-378c-40f6-9c1b-65e949139025_verboseLabel_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments’ total assets </link:label>
<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementOfFinancialPositionAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_7994e30c-bb51-4383-8cd7-fd63f067cb10_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 </link:label>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Lease, Payment to be Received, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SubsidiaryOwnershipInterestPercentage_94a72766-72ce-45ce-ad13-ef394d8a19df_terseLabel_en-US" xlink:label="lab_bac_SubsidiaryOwnershipInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiary, ownership interest, percentage </link:label>
<link:label id="lab_bac_SubsidiaryOwnershipInterestPercentage_label_en-US" xlink:label="lab_bac_SubsidiaryOwnershipInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiary, Ownership Interest, Percentage </link:label>
<link:label id="lab_bac_SubsidiaryOwnershipInterestPercentage_documentation_en-US" xlink:label="lab_bac_SubsidiaryOwnershipInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiary, Ownership Interest, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SubsidiaryOwnershipInterestPercentage" xlink:href="bac-20221231.xsd#bac_SubsidiaryOwnershipInterestPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SubsidiaryOwnershipInterestPercentage" xlink:to="lab_bac_SubsidiaryOwnershipInterestPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_dbc9e0d5-474b-48c3-9516-f957b3a6e57f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers_21a64d4d-c4c2-4ac0-9706-72c3dfe7b291_verboseLabel_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash proceeds from new securitizations </link:label>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers_label_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows Between Transferor and Transferee, Proceeds from New Transfers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:to="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:type="arc" order="1"/>
<link:label id="lab_dei_AuditorName_a31a1fa6-d61b-4f02-bd72-1d37e78c9b9a_terseLabel_en-US" xlink:label="lab_dei_AuditorName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auditor Name </link:label>
<link:label id="lab_dei_AuditorName_label_en-US" xlink:label="lab_dei_AuditorName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Auditor Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_AuditorName" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorName" xlink:to="lab_dei_AuditorName" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_304994fc-c10e-4549-80e6-ecebd62c150d_terseLabel_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plan </link:label>
<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PensionPlansDefinedBenefitMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:to="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableModificationSubsequentDefaultPercentExpectedToBeInPaymentDefaultWithin12MonthsAfterModification_5e6bd60e-37de-4d0d-9b8c-8b212f32db5d_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableModificationSubsequentDefaultPercentExpectedToBeInPaymentDefaultWithin12MonthsAfterModification" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percent expected to be in payment default within 12 months after modification </link:label>
<link:label id="lab_bac_FinancingReceivableModificationSubsequentDefaultPercentExpectedToBeInPaymentDefaultWithin12MonthsAfterModification_label_en-US" xlink:label="lab_bac_FinancingReceivableModificationSubsequentDefaultPercentExpectedToBeInPaymentDefaultWithin12MonthsAfterModification" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modification, Subsequent Default, Percent Expected To Be In Payment Default Within 12 Months After Modification </link:label>
<link:label id="lab_bac_FinancingReceivableModificationSubsequentDefaultPercentExpectedToBeInPaymentDefaultWithin12MonthsAfterModification_documentation_en-US" xlink:label="lab_bac_FinancingReceivableModificationSubsequentDefaultPercentExpectedToBeInPaymentDefaultWithin12MonthsAfterModification" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Modification, Subsequent Default, Percent Expected to Be in Payment Default Within 12 Months After Modification </link:label>
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<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationChangesinPriorPeriodUnrealizedTaxBenefitsIncludingInterestPercent_b94a6bba-3fb1-48e0-88cc-5cb8c2032c46_terseLabel_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationChangesinPriorPeriodUnrealizedTaxBenefitsIncludingInterestPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in prior-period UTBs, including interest </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationChangesinPriorPeriodUnrealizedTaxBenefitsIncludingInterestPercent_label_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationChangesinPriorPeriodUnrealizedTaxBenefitsIncludingInterestPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Changes in Prior Period Unrealized Tax Benefits, Including Interest, Percent </link:label>
<link:label id="lab_bac_EffectiveIncomeTaxRateReconciliationChangesinPriorPeriodUnrealizedTaxBenefitsIncludingInterestPercent_documentation_en-US" xlink:label="lab_bac_EffectiveIncomeTaxRateReconciliationChangesinPriorPeriodUnrealizedTaxBenefitsIncludingInterestPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Changes in Prior Period Unrealized Tax Benefits, Including Interest, Percent </link:label>
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<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_7f9e4d8c-57cf-4059-b4cc-aadc84e6fd25_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increases related to positions taken during prior years </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions"/>
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<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_15dc7dd5-00b9-4b45-b6c5-611940bf15ce_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations </link:label>
<link:label id="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock"/>
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<link:label id="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax_bfeee64f-0d08-40a0-9f82-7e8884d6e229_totalLabel_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income before income taxes and equity in undistributed earnings of subsidiaries </link:label>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax_label_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, before Income (Loss) From Subsidiaries, Net of Tax </link:label>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax_documentation_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents income before equity in undistributed earnings of subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax" xlink:href="bac-20221231.xsd#bac_IncomeLossfromContinuingOperationsbeforeIncomeLossFromSubsidiariesNetofTax"/>
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<link:label id="lab_srt_ParentCompanyMember_226d2184-77fc-4986-ac2e-928626a86cd5_terseLabel_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of America Corporation </link:label>
<link:label id="lab_srt_ParentCompanyMember_label_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ParentCompanyMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ParentCompanyMember"/>
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<link:label id="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock_41916e8f-762c-4120-b169-23cc953cbc5d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Changes in Fair Value of Plan Assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Changes in Fair Value of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock"/>
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<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_f7071f1d-da19-40f5-bc67-f5b7fef6ce96_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 3-Month London Interbank Offered Rate (LIBOR) </link:label>
<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember"/>
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<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease_96efc121-a822-401f-8236-b2d0436caae7_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged liability, long-term debt, cumulative fair value adjustments </link:label>
<link:label id="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease"/>
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<link:label id="lab_us-gaap_RetainedInterestFairValueDisclosure_3dc1e92a-d029-430a-86a7-ca74c0fe6903_verboseLabel_en-US" xlink:label="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residual interests </link:label>
<link:label id="lab_us-gaap_RetainedInterestFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Interest, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedInterestFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetainedInterestFairValueDisclosure"/>
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<link:label id="lab_us-gaap_TimeDeposits_63f33008-eeb5-41e4-aa5b-1208a01a6a02_totalLabel_en-US" xlink:label="lab_us-gaap_TimeDeposits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total time deposits </link:label>
<link:label id="lab_us-gaap_TimeDeposits_label_en-US" xlink:label="lab_us-gaap_TimeDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDeposits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDeposits"/>
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<link:label id="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_95920741-26e6-44df-84a8-df7d3cbf09c4_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities </link:label>
<link:label id="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] </link:label>
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<link:label id="lab_us-gaap_CreditMember_c46be505-f04f-40f7-bf90-b2e036fc1dca_terseLabel_en-US" xlink:label="lab_us-gaap_CreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit risk </link:label>
<link:label id="lab_us-gaap_CreditMember_label_en-US" xlink:label="lab_us-gaap_CreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditMember" xlink:to="lab_us-gaap_CreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_4b9f72bd-0af2-4530-a1c3-06a263f53db2_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. state and local </link:label>
<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred State and Local Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
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<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease_4bdee2f3-52b2-4607-b182-6d3c2847dc7e_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan and leases receivable, allowance, period increase (decrease) </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Period Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfGoodwillTextBlock_9d26172c-3fd1-417c-b2f9-ccd3df7a331d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill </link:label>
<link:label id="lab_us-gaap_ScheduleOfGoodwillTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Goodwill [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGoodwillTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfGoodwillTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGoodwillTextBlock" xlink:to="lab_us-gaap_ScheduleOfGoodwillTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_Other1Member_c6a49c7c-ce6b-49b3-a489-0f23bab3a634_terseLabel_en-US" xlink:label="lab_bac_Other1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_Other1Member_label_en-US" xlink:label="lab_bac_Other1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other1 [Member] </link:label>
<link:label id="lab_bac_Other1Member_documentation_en-US" xlink:label="lab_bac_Other1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_Other1Member" xlink:href="bac-20221231.xsd#bac_Other1Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_Other1Member" xlink:to="lab_bac_Other1Member" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments_a2e487af-fba8-4d08-b4fa-09a35bffd205_negatedTerseLabel_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance costs and certain adjustments </link:label>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments_label_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redeemable and NonRedeemable, Value, Issuance Costs And Adjustments </link:label>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments_documentation_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redeemable and NonRedeemable, Value, Issuance Costs And Adjustments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments" xlink:href="bac-20221231.xsd#bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments" xlink:to="lab_bac_PreferredStockRedeemableandNonRedeemableValueIssuanceCostsAndAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_516f5978-dbb5-46a7-9441-86d0d7098e25_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanDisclosureLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:to="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram_efc06ce0-faf3-4139-aa43-21d2f52fd91e_terseLabel_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Registration statement, short-term debt outstanding under program </link:label>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram_label_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Registration Statement, Short-Term Debt Outstanding Under Program </link:label>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram_documentation_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Registration Statement, Short-Term Debt Outstanding Under Program </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram" xlink:href="bac-20221231.xsd#bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram" xlink:to="lab_bac_DebtInstrumentRegistrationStatementShortTermDebtOutstandingUnderProgram" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputCostToSellMember_031f68ab-66cc-48f3-8a7d-3d7ce5c80187_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputCostToSellMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs to sell </link:label>
<link:label id="lab_us-gaap_MeasurementInputCostToSellMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputCostToSellMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Cost to Sell [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputCostToSellMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MeasurementInputCostToSellMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputCostToSellMember" xlink:to="lab_us-gaap_MeasurementInputCostToSellMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_cced5256-d444-45c8-9a7d-6c9c84910aa1_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds sold and securities borrowed or purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income, Federal Funds Sold and Securities Purchased under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_InterestIncomeFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_f6d91bb8-fba2-45db-b823-53d95d138869_terseLabel_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing fees </link:label>
<link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_label_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets" xlink:to="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_fa3eb750-2c22-4736-a211-9c49ba14288e_terseLabel_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Domain] </link:label>
<link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_label_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_RepurchaseAgreementCounterpartyNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:to="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_RefreshedFICOScorebetween680and740Member_738587b9-8b15-4e26-b13f-ecd8310331a5_terseLabel_en-US" xlink:label="lab_bac_RefreshedFICOScorebetween680and740Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than or equal to 680 and less than 740 </link:label>
<link:label id="lab_bac_RefreshedFICOScorebetween680and740Member_label_en-US" xlink:label="lab_bac_RefreshedFICOScorebetween680and740Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score between 680 and 740 [Member] </link:label>
<link:label id="lab_bac_RefreshedFICOScorebetween680and740Member_documentation_en-US" xlink:label="lab_bac_RefreshedFICOScorebetween680and740Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refreshed FICO, Score between 680 and 740 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_RefreshedFICOScorebetween680and740Member" xlink:href="bac-20221231.xsd#bac_RefreshedFICOScorebetween680and740Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_RefreshedFICOScorebetween680and740Member" xlink:to="lab_bac_RefreshedFICOScorebetween680and740Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionAggregateDifferencesAbstract_3c239a82-c5a0-4099-b243-d202aee84ff2_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionAggregateDifferencesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Carrying Amount Less Unpaid Principal </link:label>
<link:label id="lab_us-gaap_FairValueOptionAggregateDifferencesAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueOptionAggregateDifferencesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionAggregateDifferencesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionAggregateDifferencesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionAggregateDifferencesAbstract" xlink:to="lab_us-gaap_FairValueOptionAggregateDifferencesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PriceRiskOnCommodityInventoryMember_8655ce8b-ddde-447b-bb53-ae01b461e2a6_terseLabel_en-US" xlink:label="lab_bac_PriceRiskOnCommodityInventoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price risk on commodity inventory </link:label>
<link:label id="lab_bac_PriceRiskOnCommodityInventoryMember_label_en-US" xlink:label="lab_bac_PriceRiskOnCommodityInventoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price Risk On Commodity Inventory [Member] </link:label>
<link:label id="lab_bac_PriceRiskOnCommodityInventoryMember_documentation_en-US" xlink:label="lab_bac_PriceRiskOnCommodityInventoryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price Risk On Commodity Inventory </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PriceRiskOnCommodityInventoryMember" xlink:href="bac-20221231.xsd#bac_PriceRiskOnCommodityInventoryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PriceRiskOnCommodityInventoryMember" xlink:to="lab_bac_PriceRiskOnCommodityInventoryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain_40d4011b-e173-447d-9b6e-92ad5acce772_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Domain] </link:label>
<link:label id="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable Portfolio Segment [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivablePortfolioSegmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:to="lab_us-gaap_FinancingReceivablePortfolioSegmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain_7196b081-ef41-42df-a344-234223573ab8_terseLabel_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Unrealized Gains </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain_label_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Gross Unrealized Gain </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain_documentation_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Gross Unrealized Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:href="bac-20221231.xsd#bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:to="lab_bac_OtherDebtSecuritiesCarriedAtFairValueGrossUnrealizedGain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears_2a124ab4-10f3-4cb8-aec1-365ec377dfcd_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears_label_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Greater Than Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Notional Amount, Greater Than Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears" xlink:to="lab_bac_DerivativeLiabilityNotionalAmountGreaterThanFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsOther_f369cee3-620c-4973-92ef-73885e861441_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOther" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_us-gaap_DeferredTaxAssetsOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3_b86e1ce7-892f-4abb-8a35-aef78cc1fb85_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Transfers into Level 3  </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum_e36c74d6-30c2-4f6f-b37c-6b7b9b71bb82_terseLabel_en-US" xlink:label="lab_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected period of total unrecognized compensation cost </link:label>
<link:label id="lab_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum_label_en-US" xlink:label="lab_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-Based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized, Period For Recognition, Maximum </link:label>
<link:label id="lab_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum_documentation_en-US" xlink:label="lab_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition, Maximum </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum" xlink:href="bac-20221231.xsd#bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum" xlink:to="lab_bac_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostNotYetRecognizedPeriodForRecognitionMaximum" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MoneyMarketAndInterestBearingCashMember_d1ddf97b-82a7-470c-97ed-10ad73dde1a6_terseLabel_en-US" xlink:label="lab_bac_MoneyMarketAndInterestBearingCashMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Money market and interest-bearing cash </link:label>
<link:label id="lab_bac_MoneyMarketAndInterestBearingCashMember_label_en-US" xlink:label="lab_bac_MoneyMarketAndInterestBearingCashMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Money Market And Interest Bearing Cash [Member] </link:label>
<link:label id="lab_bac_MoneyMarketAndInterestBearingCashMember_documentation_en-US" xlink:label="lab_bac_MoneyMarketAndInterestBearingCashMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Money market and interest-bearing cash. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MoneyMarketAndInterestBearingCashMember" xlink:href="bac-20221231.xsd#bac_MoneyMarketAndInterestBearingCashMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MoneyMarketAndInterestBearingCashMember" xlink:to="lab_bac_MoneyMarketAndInterestBearingCashMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_Series4PreferredStockMember_def3aa21-2a08-45a3-a57f-220c14fede32_verboseLabel_en-US" xlink:label="lab_bac_Series4PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4 </link:label>
<link:label id="lab_bac_Series4PreferredStockMember_46311cb8-2db9-4366-b090-ffb848f18f51_terseLabel_en-US" xlink:label="lab_bac_Series4PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 4 Preferred Stock </link:label>
<link:label id="lab_bac_Series4PreferredStockMember_label_en-US" xlink:label="lab_bac_Series4PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 4 Preferred Stock [Member] </link:label>
<link:label id="lab_bac_Series4PreferredStockMember_documentation_en-US" xlink:label="lab_bac_Series4PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Four Preferred Stock member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_Series4PreferredStockMember" xlink:href="bac-20221231.xsd#bac_Series4PreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_Series4PreferredStockMember" xlink:to="lab_bac_Series4PreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized_1591f253-4e40-4ee6-9216-9fc792d7c24d_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of mortgage-backed securities to third-party trust </link:label>
<link:label id="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized_label_en-US" xlink:label="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Financial Assets Accounted for as Sales, Amount Derecognized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:to="lab_us-gaap_TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_b6ffedfa-b183-4de7-bda3-91031c56c290_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ValuationIncomeMarketandCostApproachMember_798277ad-5ef0-429a-a4a1-fcf2fde1b1e1_terseLabel_en-US" xlink:label="lab_bac_ValuationIncomeMarketandCostApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flow, Market comparables, Industry standard derivative pricing </link:label>
<link:label id="lab_bac_ValuationIncomeMarketandCostApproachMember_label_en-US" xlink:label="lab_bac_ValuationIncomeMarketandCostApproachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation, Income, Market and Cost Approach [Member] </link:label>
<link:label id="lab_bac_ValuationIncomeMarketandCostApproachMember_documentation_en-US" xlink:label="lab_bac_ValuationIncomeMarketandCostApproachMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation, Income, Market and Cost Approach [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ValuationIncomeMarketandCostApproachMember" xlink:href="bac-20221231.xsd#bac_ValuationIncomeMarketandCostApproachMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ValuationIncomeMarketandCostApproachMember" xlink:to="lab_bac_ValuationIncomeMarketandCostApproachMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_74229968-4f40-45ea-9c5a-fafb9f4ef743_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2027 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsCommonStockCash_8a5bfb67-7a39-4422-b417-12e2c896b0f4_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStockCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common </link:label>
<link:label id="lab_us-gaap_DividendsCommonStockCash_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStockCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Common Stock, Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStockCash" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DividendsCommonStockCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockCash" xlink:to="lab_us-gaap_DividendsCommonStockCash" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsPortionResolved_6c826abc-274e-4ed8-b1f1-13b87bf6c08b_terseLabel_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsPortionResolved" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Claims resolved </link:label>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsPortionResolved_label_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsPortionResolved" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unresolved Repurchase Claims, Portion Resolved </link:label>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsPortionResolved_documentation_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsPortionResolved" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unresolved Repurchase Claims, Portion Resolved </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnresolvedRepurchaseClaimsPortionResolved" xlink:href="bac-20221231.xsd#bac_UnresolvedRepurchaseClaimsPortionResolved"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnresolvedRepurchaseClaimsPortionResolved" xlink:to="lab_bac_UnresolvedRepurchaseClaimsPortionResolved" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_f27fa3a4-55c7-4946-bdc4-228d7f652a8f_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Lease, Payment to be Received, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CommoditySwapMember_ec6ef78a-4711-44f8-8f39-9705612ebdd8_terseLabel_en-US" xlink:label="lab_bac_CommoditySwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Swaps </link:label>
<link:label id="lab_bac_CommoditySwapMember_label_en-US" xlink:label="lab_bac_CommoditySwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Swap [Member] </link:label>
<link:label id="lab_bac_CommoditySwapMember_documentation_en-US" xlink:label="lab_bac_CommoditySwapMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CommoditySwapMember" xlink:href="bac-20221231.xsd#bac_CommoditySwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CommoditySwapMember" xlink:to="lab_bac_CommoditySwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease_3daa825a-34fb-4926-903b-f22646c8bb24_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale securities from discontinued hedging relationships cumulative increase (decrease) </link:label>
<link:label id="lab_us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:to="lab_us-gaap_HedgedAssetDiscontinuedFairValueHedgeCumulativeIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementTable_65e06843-e384-4b1c-baae-e543bd276fc3_terseLabel_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
<link:label id="lab_us-gaap_StatementTable_label_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock_6d38187d-c5f4-46f8-a929-30480c672155_terseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Tax Credit Carryforwards </link:label>
<link:label id="lab_us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Tax Credit Carryforwards [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock"/>
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<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems_21a941ae-472e-4b52-9dde-0e150fcda85e_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Credit Quality Indicator [Line Items] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Credit Quality Indicator [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableRecordedInvestmentLineItems"/>
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<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement_8ea5b3ef-32d7-4f08-bc58-9a115356972f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Derivative Liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement_8e11bf0d-13f1-4050-8a19-bebe4ef2b34e_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement_a5cae421-6bad-4a33-96bc-009dd54ebbea_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_4252e85a-0d90-4a16-8827-84ac76b01624_totalLabel_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_label_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Amortized Cost, Excluding Accrued Interest, Before Allowance For Credit Loss </link:label>
<link:label id="lab_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss_documentation_en-US" xlink:label="lab_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Securities Carried at Fair Value, Amortized Cost, Excluding Accrued Interest, Before Allowance For Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:href="bac-20221231.xsd#bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:to="lab_bac_OtherDebtSecuritiesCarriedAtFairValueAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateOptionMember_9ae3602c-2ae3-4613-874e-feefd1d20c81_terseLabel_en-US" xlink:label="lab_bac_InterestRateOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Options </link:label>
<link:label id="lab_bac_InterestRateOptionMember_label_en-US" xlink:label="lab_bac_InterestRateOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Option [Member] </link:label>
<link:label id="lab_bac_InterestRateOptionMember_documentation_en-US" xlink:label="lab_bac_InterestRateOptionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateOptionMember" xlink:href="bac-20221231.xsd#bac_InterestRateOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateOptionMember" xlink:to="lab_bac_InterestRateOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_9e212ac6-e484-4c7e-9c21-1f90a5b788b8_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_47889315-86b7-4ce9-8bc8-d5e82dbf19c4_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost recognized </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedContributionPlanCostRecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:to="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RangeAxis_dff53f63-488f-4004-9df9-4d82f9e139eb_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>
<link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_RangeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LongTermDebtExcludingSeniorStructuredNotesMember_c9be2418-2c98-4743-b2e6-344ba8812d71_terseLabel_en-US" xlink:label="lab_bac_LongTermDebtExcludingSeniorStructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Term Debt, Excluding Senior Structured Notes </link:label>
<link:label id="lab_bac_LongTermDebtExcludingSeniorStructuredNotesMember_label_en-US" xlink:label="lab_bac_LongTermDebtExcludingSeniorStructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Term Debt, Excluding Senior Structured Notes [Member] </link:label>
<link:label id="lab_bac_LongTermDebtExcludingSeniorStructuredNotesMember_documentation_en-US" xlink:label="lab_bac_LongTermDebtExcludingSeniorStructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Term Debt, Excluding Senior Structured Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LongTermDebtExcludingSeniorStructuredNotesMember" xlink:href="bac-20221231.xsd#bac_LongTermDebtExcludingSeniorStructuredNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LongTermDebtExcludingSeniorStructuredNotesMember" xlink:to="lab_bac_LongTermDebtExcludingSeniorStructuredNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward_6956b899-6b09-4d4b-bb82-8e075710f9e7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesMember_bd0ca5fe-9fab-449e-a4d1-61673f41d826_terseLabel_en-US" xlink:label="lab_bac_SecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities </link:label>
<link:label id="lab_bac_SecuritiesMember_label_en-US" xlink:label="lab_bac_SecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities [Member] </link:label>
<link:label id="lab_bac_SecuritiesMember_documentation_en-US" xlink:label="lab_bac_SecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesMember" xlink:href="bac-20221231.xsd#bac_SecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesMember" xlink:to="lab_bac_SecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets_350bd253-14e5-4931-a12b-ca1a23fc7803_negatedTerseLabel_en-US" xlink:label="lab_bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading and derivative assets/liabilities </link:label>
<link:label id="lab_bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets_label_en-US" xlink:label="lab_bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Financial Instruments Used in Operating Activities and Derivative Assets </link:label>
<link:label id="lab_bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets_documentation_en-US" xlink:label="lab_bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Financial Instruments Used in Operating Activities and Derivative Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets" xlink:href="bac-20221231.xsd#bac_IncreaseDecreaseinFinancialInstrumentsUsedinOperatingActivitiesandDerivativeAssets"/>
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<link:label id="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion_e35b1181-6c96-495b-84c5-ebbb1b2af7b3_terseLabel_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock to be convertible into common shares (in shares) </link:label>
<link:label id="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion_label_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible Preferred Stock, Shares Issued upon Conversion </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:to="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock_9174291f-a7e7-40dc-a2a3-4f3ab8b332b7_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows </link:label>
<link:label id="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statement [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ScheduleOfCondensedCashFlowStatementTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:to="lab_srt_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DemandDepositAccounts_9260a89f-1705-4fd3-a3f8-1e6ad34c1fa6_terseLabel_en-US" xlink:label="lab_us-gaap_DemandDepositAccounts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand deposits </link:label>
<link:label id="lab_us-gaap_DemandDepositAccounts_label_en-US" xlink:label="lab_us-gaap_DemandDepositAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Deposit Accounts </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DemandDepositAccounts" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DemandDepositAccounts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DemandDepositAccounts" xlink:to="lab_us-gaap_DemandDepositAccounts" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_a6a08725-4891-48e3-b4f1-f95fbf3ed976_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPayableTable_a3967c90-06fd-4696-bbea-0469914e0b5e_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Payable [Table] </link:label>
<link:label id="lab_us-gaap_DividendsPayableTable_label_en-US" xlink:label="lab_us-gaap_DividendsPayableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Payable [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DividendsPayableTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableTable" xlink:to="lab_us-gaap_DividendsPayableTable" xlink:type="arc" order="1"/>
<link:label id="lab_srt_LitigationCaseTypeDomain_ad246538-6520-4e34-b7ee-a4404325900a_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>
<link:label id="lab_srt_LitigationCaseTypeDomain_label_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseTypeDomain" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_LitigationCaseTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseTypeDomain" xlink:to="lab_srt_LitigationCaseTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FundingValuationGainLossonDerivativeAssetGross_bea296ee-3d03-4938-ae3a-9fd6bf07a6a2_terseLabel_en-US" xlink:label="lab_bac_FundingValuationGainLossonDerivativeAssetGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets/liabilities (FVA) </link:label>
<link:label id="lab_bac_FundingValuationGainLossonDerivativeAssetGross_label_en-US" xlink:label="lab_bac_FundingValuationGainLossonDerivativeAssetGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funding Valuation Gain (Loss) on Derivative Asset, Gross </link:label>
<link:label id="lab_bac_FundingValuationGainLossonDerivativeAssetGross_documentation_en-US" xlink:label="lab_bac_FundingValuationGainLossonDerivativeAssetGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funding Valuation Gain (Loss) on Derivative Asset, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FundingValuationGainLossonDerivativeAssetGross" xlink:href="bac-20221231.xsd#bac_FundingValuationGainLossonDerivativeAssetGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FundingValuationGainLossonDerivativeAssetGross" xlink:to="lab_bac_FundingValuationGainLossonDerivativeAssetGross" xlink:type="arc" order="1"/>
<link:label id="lab_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember_5d27c251-0963-4a5c-a756-197b22b5239e_terseLabel_en-US" xlink:label="lab_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government-sponsored agency guaranteed </link:label>
<link:label id="lab_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember_label_en-US" xlink:label="lab_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government-sponsored Agency Guaranteed Debt Securities [Member] </link:label>
<link:label id="lab_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember_documentation_en-US" xlink:label="lab_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government-sponsored Agency Guaranteed Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember" xlink:href="bac-20221231.xsd#bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember" xlink:to="lab_bac_USGovernmentsponsoredAgencyGuaranteedDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_Series1Series5PreferredStockMember_0ab21210-24bb-4de6-b330-85b326a02450_terseLabel_en-US" xlink:label="lab_bac_Series1Series5PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 1 - Series 5 Preferred Stock </link:label>
<link:label id="lab_bac_Series1Series5PreferredStockMember_label_en-US" xlink:label="lab_bac_Series1Series5PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 1 - Series 5 Preferred Stock [Member] </link:label>
<link:label id="lab_bac_Series1Series5PreferredStockMember_documentation_en-US" xlink:label="lab_bac_Series1Series5PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 1 - Series 5 Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_Series1Series5PreferredStockMember" xlink:href="bac-20221231.xsd#bac_Series1Series5PreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_Series1Series5PreferredStockMember" xlink:to="lab_bac_Series1Series5PreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAgencyDomain_5616f525-27ad-4787-a73a-4080c722c6b9_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Domain] </link:label>
<link:label id="lab_us-gaap_RegulatoryAgencyDomain_label_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAgencyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RegulatoryAgencyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAgencyDomain" xlink:to="lab_us-gaap_RegulatoryAgencyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxCreditCarryforwardAxis_96e74ef2-e98c-4b6c-a85a-25a3976c248b_terseLabel_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward [Axis] </link:label>
<link:label id="lab_us-gaap_TaxCreditCarryforwardAxis_label_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxCreditCarryforwardAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TaxCreditCarryforwardAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxCreditCarryforwardAxis" xlink:to="lab_us-gaap_TaxCreditCarryforwardAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputVolatilitiesMember_3da751e9-e7d4-4369-9caa-c9b6a2d37a42_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Volatilities </link:label>
<link:label id="lab_bac_MeasurementInputVolatilitiesMember_label_en-US" xlink:label="lab_bac_MeasurementInputVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Volatilities [Member] </link:label>
<link:label id="lab_bac_MeasurementInputVolatilitiesMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputVolatilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Volatilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputVolatilitiesMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputVolatilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputVolatilitiesMember" xlink:to="lab_bac_MeasurementInputVolatilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_66fd4058-02c9-4fcd-b4d5-e364fb9b6e39_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding at beginning of period (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_03e18a1d-5afc-4880-a96d-b071f56db52d_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding at end of period (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_eae00768-f45e-4b75-96d6-5bbce81e245e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableRateDomain_ffa5e8e6-6fe8-4df8-b218-e4be482d893e_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>
<link:label id="lab_us-gaap_VariableRateDomain_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VariableRateDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain" xlink:to="lab_us-gaap_VariableRateDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_2274c98a-e6b2-4167-b2cd-b03c6046734b_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-use asset </link:label>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther_e0a6e1cd-4853-421c-a4cb-b6ed629a1b36_terseLabel_en-US" xlink:label="lab_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther_label_en-US" xlink:label="lab_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-Balance Sheet, Credit Loss, Liability, Increase (Decrease) In Other </link:label>
<link:label id="lab_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther_documentation_en-US" xlink:label="lab_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-Balance Sheet, Credit Loss, Liability, Increase (Decrease) In Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther" xlink:href="bac-20221231.xsd#bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther" xlink:to="lab_bac_OffBalanceSheetCreditLossLiabilityIncreaseDecreaseInOther" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance_96f89286-20e1-47fb-b601-4c78fca6d4e0_totalLabel_en-US" xlink:label="lab_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Deferred Tax Asset </link:label>
<link:label id="lab_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance_label_en-US" xlink:label="lab_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Net Valuation Allowance </link:label>
<link:label id="lab_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance_documentation_en-US" xlink:label="lab_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Net of Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance" xlink:href="bac-20221231.xsd#bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance" xlink:to="lab_bac_DeferredTaxAssetsOperatingLossCarryforwardsNetValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears_f7b877e6-d370-49eb-9988-85e936e0c7bd_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease_b6ebef24-79ec-46c1-95cf-4c8d7f999590_terseLabel_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative basis adjustments, hedging relationships </link:label>
<link:label id="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease" xlink:to="lab_us-gaap_HedgedAssetFairValueHedgeLastOfLayerCumulativeIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentTransitionReport_e45c03b4-98e1-4d4c-ad59-ce03f03d0cf3_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentTransitionReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignCountryMember_b3b70d53-9791-4cb4-9baa-04167539b44d_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignCountryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net operating losses – non-U.S. </link:label>
<link:label id="lab_us-gaap_ForeignCountryMember_label_en-US" xlink:label="lab_us-gaap_ForeignCountryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Tax Authority [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCountryMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ForeignCountryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCountryMember" xlink:to="lab_us-gaap_ForeignCountryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_e25e5e08-7c70-42a3-8474-86556f10f584_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal_4a3d99b3-15d4-4497-815d-b29cb6f50d07_terseLabel_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for unfunded lending commitments </link:label>
<link:label id="lab_us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal_label_en-US" xlink:label="lab_us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal" xlink:to="lab_us-gaap_OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal" xlink:type="arc" order="1"/>
<link:label id="lab_dei_LocalPhoneNumber_0ec09f53-ad1d-44d4-8d33-53b7b016452b_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>
<link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MutualAndExchangeTradedFundsMember_18a0c7f5-3329-4551-9c97-ac2b790849da_terseLabel_en-US" xlink:label="lab_bac_MutualAndExchangeTradedFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mutual and exchange-traded funds </link:label>
<link:label id="lab_bac_MutualAndExchangeTradedFundsMember_label_en-US" xlink:label="lab_bac_MutualAndExchangeTradedFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mutual And Exchange Traded Funds [Member] </link:label>
<link:label id="lab_bac_MutualAndExchangeTradedFundsMember_documentation_en-US" xlink:label="lab_bac_MutualAndExchangeTradedFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mutual And Exchange Traded Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MutualAndExchangeTradedFundsMember" xlink:href="bac-20221231.xsd#bac_MutualAndExchangeTradedFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MutualAndExchangeTradedFundsMember" xlink:to="lab_bac_MutualAndExchangeTradedFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield_42a042ed-1a5b-413c-a036-bc01baf785b6_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after five years through ten years, yield </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield_label_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Rolling Year Six Through Ten, Amortized Cost Basis, Average Yield </link:label>
<link:label id="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Yield, after Five Through Ten Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield" xlink:to="lab_bac_DebtMaturitiesRollingYearSixThroughTenAmortizedCostBasisAverageYield" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent_cf9d98ca-a267-43cb-b15c-f5937cb2a6b2_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in debit valuation adjustments </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent_0ef1b003-8524-41b6-9fdb-54439e82b7f6_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in debit valuation adjustments </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax and Reclassification Adjustment, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustmentAttributableToParent"/>
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<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss_5ad2a8a7-4f51-4acd-90bc-fd27388035fb_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized Cost </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss_78cbbbb8-e602-4aaf-ab81-167fb6822811_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity securities </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesHeldToMaturityExcludingAccruedInterestBeforeAllowanceForCreditLoss"/>
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<link:label id="lab_us-gaap_LessorDirectFinancingLeasesTextBlock_ba8ee8e7-b6ff-4af7-ac11-1527e19e409b_terseLabel_en-US" xlink:label="lab_us-gaap_LessorDirectFinancingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_LessorDirectFinancingLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LessorDirectFinancingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Direct Financing Leases [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorDirectFinancingLeasesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorDirectFinancingLeasesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorDirectFinancingLeasesTextBlock" xlink:to="lab_us-gaap_LessorDirectFinancingLeasesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_bac3abb0-7533-435e-8af9-1dc492b43aa8_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities"/>
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<link:label id="lab_us-gaap_BrokerageCommissionsRevenue_432c8906-ae7f-4294-95a7-2fd0628565b8_terseLabel_en-US" xlink:label="lab_us-gaap_BrokerageCommissionsRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment and brokerage services </link:label>
<link:label id="lab_us-gaap_BrokerageCommissionsRevenue_label_en-US" xlink:label="lab_us-gaap_BrokerageCommissionsRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokerage Commissions Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BrokerageCommissionsRevenue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_BrokerageCommissionsRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BrokerageCommissionsRevenue" xlink:to="lab_us-gaap_BrokerageCommissionsRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_5bdefd62-7496-41e0-91df-b2b03e298fcc_verboseLabel_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities (includes $9,752 and $11,489 measured at fair value and $1,540 and $1,456 of reserve for unfunded lending commitments) </link:label>
<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_62d5fcc2-2205-406b-9137-74db777e7c9f_terseLabel_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued expenses and other liabilities </link:label>
<link:label id="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities_label_en-US" xlink:label="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued Liabilities and Other Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="lab_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LoansandLeasesMember_ba864b3a-9db4-45a2-a57d-5f70550f1836_terseLabel_en-US" xlink:label="lab_bac_LoansandLeasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases </link:label>
<link:label id="lab_bac_LoansandLeasesMember_label_en-US" xlink:label="lab_bac_LoansandLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Leases [Member] </link:label>
<link:label id="lab_bac_LoansandLeasesMember_documentation_en-US" xlink:label="lab_bac_LoansandLeasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Leases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LoansandLeasesMember" xlink:href="bac-20221231.xsd#bac_LoansandLeasesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LoansandLeasesMember" xlink:to="lab_bac_LoansandLeasesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesZPreferredStockMember_5bfd8e2c-7b12-4637-b065-82b7125b805b_terseLabel_en-US" xlink:label="lab_bac_SeriesZPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Z Preferred Stock </link:label>
<link:label id="lab_bac_SeriesZPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesZPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Z Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesZPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesZPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Z Preferred Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesZPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesZPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesZPreferredStockMember" xlink:to="lab_bac_SeriesZPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod_f61b4d29-47ee-46a3-b393-f29f32a6e46a_terseLabel_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Registration statement, minimum maturity period (in days) </link:label>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod_label_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Registration Statement, Minimum Maturity Period </link:label>
<link:label id="lab_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod_documentation_en-US" xlink:label="lab_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Registration Statement, Minimum Maturity Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod" xlink:href="bac-20221231.xsd#bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod" xlink:to="lab_bac_DebtInstrumentRegistrationStatementMinimumMaturityPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralizedDebtObligationsMember_cc07e6c5-c155-4974-a9ef-b31473d44445_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralizedDebtObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Debt Obligations </link:label>
<link:label id="lab_us-gaap_CollateralizedDebtObligationsMember_label_en-US" xlink:label="lab_us-gaap_CollateralizedDebtObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Debt Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralizedDebtObligationsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CollateralizedDebtObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralizedDebtObligationsMember" xlink:to="lab_us-gaap_CollateralizedDebtObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosure_3b0701e6-20db-4fa0-bec9-1e2791cc7d6d_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_bac_BACEPVestingOverFourYearsMember_f2b19f1b-05c3-48f2-84ac-4d4550859245_terseLabel_en-US" xlink:label="lab_bac_BACEPVestingOverFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BACEP, Vesting In One-Fourth Increments </link:label>
<link:label id="lab_bac_BACEPVestingOverFourYearsMember_label_en-US" xlink:label="lab_bac_BACEPVestingOverFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BACEP, Vesting Over Four Years [Member] </link:label>
<link:label id="lab_bac_BACEPVestingOverFourYearsMember_documentation_en-US" xlink:label="lab_bac_BACEPVestingOverFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BACEP, Vesting Over Four Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_BACEPVestingOverFourYearsMember" xlink:href="bac-20221231.xsd#bac_BACEPVestingOverFourYearsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_BACEPVestingOverFourYearsMember" xlink:to="lab_bac_BACEPVestingOverFourYearsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_38af2bc0-7a7c-4514-ac68-44ddc5aaf0b8_verboseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized_da4c60d4-5b63-425c-a588-55fcbd8e2bfb_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and lease receivable, securities based lending </link:label>
<link:label id="lab_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized_label_en-US" xlink:label="lab_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Securities Based Lending Overcollateralized </link:label>
<link:label id="lab_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized_documentation_en-US" xlink:label="lab_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Securities Based Lending Overcollateralized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized" xlink:href="bac-20221231.xsd#bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized" xlink:to="lab_bac_FinancingReceivableSecuritiesBasedLendingOvercollateralized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_3b14b3f0-d34d-4b8f-a483-6f455292f92c_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises and Equipment </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TradingInventoryOtherMember_727c75f7-ac1f-437c-af05-28b65b30355e_terseLabel_en-US" xlink:label="lab_bac_TradingInventoryOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading inventory – other </link:label>
<link:label id="lab_bac_TradingInventoryOtherMember_label_en-US" xlink:label="lab_bac_TradingInventoryOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Inventory - Other [Member] </link:label>
<link:label id="lab_bac_TradingInventoryOtherMember_documentation_en-US" xlink:label="lab_bac_TradingInventoryOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Inventory - Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TradingInventoryOtherMember" xlink:href="bac-20221231.xsd#bac_TradingInventoryOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TradingInventoryOtherMember" xlink:to="lab_bac_TradingInventoryOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment_39cf52e9-75b6-4b34-86ad-56806b92e85b_terseLabel_en-US" xlink:label="lab_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded commitment payment period </link:label>
<link:label id="lab_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment_label_en-US" xlink:label="lab_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualified Affordable Housing Project Investments, Commitment Period of Payment </link:label>
<link:label id="lab_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment_documentation_en-US" xlink:label="lab_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualified Affordable Housing Project Investments, Commitment Period of Payment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment" xlink:href="bac-20221231.xsd#bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment" xlink:to="lab_bac_QualifiedAffordableHousingProjectInvestmentsCommitmentPeriodofPayment" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets_48e21362-d0d8-4725-8ea2-8b12120f990c_terseLabel_en-US" xlink:label="lab_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative funding valuation adjustment </link:label>
<link:label id="lab_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets_label_en-US" xlink:label="lab_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Funding Risk Valuation Adjustment, Derivative Assets </link:label>
<link:label id="lab_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets_documentation_en-US" xlink:label="lab_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Funding Risk Valuation Adjustment, Derivative Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets" xlink:href="bac-20221231.xsd#bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets" xlink:to="lab_bac_DerivativeFundingRiskValuationAdjustmentDerivativeAssets" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentFiscalPeriodFocus_86c3eec8-277e-4e2b-913c-c3d7953adeee_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
<link:label id="lab_dei_DocumentFiscalPeriodFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalPeriodFocus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_8d449bca-1c9c-4d02-9e10-4ab3b5981177_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per common share </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerShareBasicAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:to="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLineItems_358dd59e-8a77-4cb8-8b7a-c452b4aacae6_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>
<link:label id="lab_us-gaap_DerivativeLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLineItems" xlink:to="lab_us-gaap_DerivativeLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax_42daf1f3-31f2-4df1-9bfe-fe677da97d38_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in undistributed earnings (losses) of subsidiaries: </link:label>
<link:label id="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax_1a2cf440-85da-4169-aaf6-95db878c5410_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in undistributed (earnings) losses of subsidiaries </link:label>
<link:label id="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Subsidiaries, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeLossFromSubsidiariesNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:to="lab_us-gaap_IncomeLossFromSubsidiariesNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseBorrowings_e61eccea-eba2-4a08-9d7b-def1d6202a39_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest on borrowed funds from subsidiaries </link:label>
<link:label id="lab_us-gaap_InterestExpenseBorrowings_label_en-US" xlink:label="lab_us-gaap_InterestExpenseBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Borrowings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseBorrowings" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestExpenseBorrowings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseBorrowings" xlink:to="lab_us-gaap_InterestExpenseBorrowings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_4d99fe1f-0a1f-49c9-a31b-a7a79104929c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Line Items] </link:label>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:to="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareCashPaid_29ba6fb2-49fe-4974-980c-0aea37b347b6_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash dividends paid per share (in usd per share) </link:label>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareCashPaid_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Dividends, Per Share, Cash Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockDividendsPerShareCashPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:to="lab_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CarryingValueofCreditRelatedNotesAbstract_09ae42df-bdca-4606-8034-f8931c89855e_terseLabel_en-US" xlink:label="lab_bac_CarryingValueofCreditRelatedNotesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value of Credit-related Notes </link:label>
<link:label id="lab_bac_CarryingValueofCreditRelatedNotesAbstract_label_en-US" xlink:label="lab_bac_CarryingValueofCreditRelatedNotesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value of Credit-Related Notes [Abstract] </link:label>
<link:label id="lab_bac_CarryingValueofCreditRelatedNotesAbstract_documentation_en-US" xlink:label="lab_bac_CarryingValueofCreditRelatedNotesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value of Credit-Related Notes [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CarryingValueofCreditRelatedNotesAbstract" xlink:href="bac-20221231.xsd#bac_CarryingValueofCreditRelatedNotesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CarryingValueofCreditRelatedNotesAbstract" xlink:to="lab_bac_CarryingValueofCreditRelatedNotesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_April272027Member_28f7758c-4fb9-4329-a7fa-ffb90d8a3b93_terseLabel_en-US" xlink:label="lab_bac_April272027Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> April 27, 2027 </link:label>
<link:label id="lab_bac_April272027Member_label_en-US" xlink:label="lab_bac_April272027Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> April 27, 2027 [Member] </link:label>
<link:label id="lab_bac_April272027Member_documentation_en-US" xlink:label="lab_bac_April272027Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> April 27, 2027 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_April272027Member" xlink:href="bac-20221231.xsd#bac_April272027Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_April272027Member" xlink:to="lab_bac_April272027Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_b77a325a-6815-4695-a8d6-e0558f5e4211_verboseLabel_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value </link:label>
<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reported Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt_63eb149d-3db7-4d2d-b98b-ceb9c3ef2f20_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal subsidy on benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Prescription Drug Subsidy Receipt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationPrescriptionDrugSubsidyReceipt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingSegmentsMember_083a323e-95d1-4445-86c8-543cca6b8546_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Segments </link:label>
<link:label id="lab_us-gaap_OperatingSegmentsMember_label_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Segments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingSegmentsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingSegmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingSegmentsMember" xlink:to="lab_us-gaap_OperatingSegmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract_88e4bc6b-10fc-4423-917a-caa830b44380_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial liabilities </link:label>
<link:label id="lab_us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Liabilities Fair Value Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract" xlink:to="lab_us-gaap_FinancialLiabilitiesFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis_94fc7c48-e117-4d95-ac6c-57d63e694245_terseLabel_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in one year or less, amount </link:label>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis_label_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis </link:label>
<link:label id="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis_documentation_en-US" xlink:label="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities Carried at Fair Value, Debt Maturities, Within One Year, Amortized Cost Basis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis" xlink:href="bac-20221231.xsd#bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis" xlink:to="lab_bac_DebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_d349bf0b-6bed-4000-9ae4-c599bbf31557_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from issuance </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_3abc4db5-0d16-48c2-8c4c-fde483bb5e92_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from issuance of long-term debt </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Long-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_bfbf3504-04f1-4921-9c05-4a639e48a30c_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income applicable to common shareholders </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_720edff2-9550-4f8e-bc97-e651196af9fd_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income applicable to common shareholders </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherIncomeMember_27970714-6989-427c-a001-db0e68578cb4_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other income </link:label>
<link:label id="lab_us-gaap_OtherIncomeMember_label_en-US" xlink:label="lab_us-gaap_OtherIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Income [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIncomeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncomeMember" xlink:to="lab_us-gaap_OtherIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PledgedStatusDomain_244cac43-e10f-47c1-b521-7d1ba3081ebd_terseLabel_en-US" xlink:label="lab_us-gaap_PledgedStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Status [Domain] </link:label>
<link:label id="lab_us-gaap_PledgedStatusDomain_label_en-US" xlink:label="lab_us-gaap_PledgedStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedStatusDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PledgedStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PledgedStatusDomain" xlink:to="lab_us-gaap_PledgedStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember_9509d7b9-8a9b-4308-b539-890666418207_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock and Additional Paid-in Capital </link:label>
<link:label id="lab_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember_6c8c6ea3-df9a-4f0a-8b1d-1b3afc2f0e63_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CCAR capital plan repurchases </link:label>
<link:label id="lab_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock Including Additional Paid in Capital [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_CommonStockIncludingAdditionalPaidInCapitalMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InsuranceAnnuityContractsMember_60ed8542-e375-4ff0-b667-3d2567302538_terseLabel_en-US" xlink:label="lab_bac_InsuranceAnnuityContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Insurance Annuity Contracts </link:label>
<link:label id="lab_bac_InsuranceAnnuityContractsMember_label_en-US" xlink:label="lab_bac_InsuranceAnnuityContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Insurance Annuity Contracts [Member] </link:label>
<link:label id="lab_bac_InsuranceAnnuityContractsMember_documentation_en-US" xlink:label="lab_bac_InsuranceAnnuityContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Insurance Annuity Contracts [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InsuranceAnnuityContractsMember" xlink:href="bac-20221231.xsd#bac_InsuranceAnnuityContractsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InsuranceAnnuityContractsMember" xlink:to="lab_bac_InsuranceAnnuityContractsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_091e6939-7f01-4fef-90d6-922fb7954f75_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentPolicyTextBlock_9c3ab65c-ab3f-4a00-8330-c1e48e05df99_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities </link:label>
<link:label id="lab_us-gaap_InvestmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentPolicyTextBlock" xlink:to="lab_us-gaap_InvestmentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_f110a46c-6ac2-4ff0-ae63-00317fac7139_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue_094eb7bb-dbe9-4fc4-8264-e9ea7cd18b1d_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt outstanding, unconditionally guaranteed </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Current Carrying Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GuaranteeObligationsCurrentCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:to="lab_us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_9cc05f4e-b739-4106-b5b7-78116833bd51_terseLabel_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_label_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:to="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne_a8ccfabc-f7f7-4631-8e44-507f9645648a_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in One Year or Less </link:label>
<link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Amortized Cost Excluding Accrued Interest, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne" xlink:to="lab_us-gaap_DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CreditDerivativeMaximumExposureOnetoThreeYears_fe1b9d6c-16a2-4c26-a9e9-771d63d0c08f_terseLabel_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureOnetoThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> One to Three Years </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureOnetoThreeYears_label_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureOnetoThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, One to Three Years </link:label>
<link:label id="lab_bac_CreditDerivativeMaximumExposureOnetoThreeYears_documentation_en-US" xlink:label="lab_bac_CreditDerivativeMaximumExposureOnetoThreeYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivative, Maximum Exposure, One to Three Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CreditDerivativeMaximumExposureOnetoThreeYears" xlink:href="bac-20221231.xsd#bac_CreditDerivativeMaximumExposureOnetoThreeYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CreditDerivativeMaximumExposureOnetoThreeYears" xlink:to="lab_bac_CreditDerivativeMaximumExposureOnetoThreeYears" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember_19ea3993-42a9-4c71-b46c-8eac92537b35_terseLabel_en-US" xlink:label="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage - Agency </link:label>
<link:label id="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember_8a8674d8-1cff-4d11-9b63-c4020dd86103_verboseLabel_en-US" xlink:label="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Agency </link:label>
<link:label id="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember_label_en-US" xlink:label="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] </link:label>
<link:label id="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember_documentation_en-US" xlink:label="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember" xlink:href="bac-20221231.xsd#bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember" xlink:to="lab_bac_ResidentialMortgagebackedSecuritiesIssuedbyUSGovernmentSponsoredEnterprisesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable_6f0bb0e8-95a5-4453-ac08-edf6bd7da3e7_terseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease receivables </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable_9a786aec-1d9d-46ad-9ded-0930d817d42e_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type and Direct Financing Leases, Lease Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount_26c74e74-7592-46c7-a45f-3861999fbac6_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Net present value adjustment </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_7c46f0b7-036f-41be-9101-da42ff8a5e1b_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DisaggregationOfRevenueTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueTable" xlink:to="lab_us-gaap_DisaggregationOfRevenueTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityRecurringBasisStillHeldUnrealizedGainLossStatementOfIncomeExtensibleList_c4a6ef39-d4ce-4710-bad9-496be97f4256_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityRecurringBasisStillHeldUnrealizedGainLossStatementOfIncomeExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityRecurringBasisStillHeldUnrealizedGainLossStatementOfIncomeExtensibleList_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityRecurringBasisStillHeldUnrealizedGainLossStatementOfIncomeExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityRecurringBasisStillHeldUnrealizedGainLossStatementOfIncomeExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityRecurringBasisStillHeldUnrealizedGainLossStatementOfIncomeExtensibleList"/>
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<link:label id="lab_bac_PreferredStockExcludingSeriesBFGPreferredMember_6baa655f-ad02-4c00-8981-2dfd3bd925b3_terseLabel_en-US" xlink:label="lab_bac_PreferredStockExcludingSeriesBFGPreferredMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Excluding Series B, F, G And T Preferred </link:label>
<link:label id="lab_bac_PreferredStockExcludingSeriesBFGPreferredMember_label_en-US" xlink:label="lab_bac_PreferredStockExcludingSeriesBFGPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Excluding Series B, F, G Preferred [Member] </link:label>
<link:label id="lab_bac_PreferredStockExcludingSeriesBFGPreferredMember_documentation_en-US" xlink:label="lab_bac_PreferredStockExcludingSeriesBFGPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Excluding Series B, F, G Preferred [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockExcludingSeriesBFGPreferredMember" xlink:href="bac-20221231.xsd#bac_PreferredStockExcludingSeriesBFGPreferredMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockExcludingSeriesBFGPreferredMember" xlink:to="lab_bac_PreferredStockExcludingSeriesBFGPreferredMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperating_f9ba0c4f-b8bd-442c-97ed-9b910a17a1df_terseLabel_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperating_508a549e-66b7-4251-8697-5640fe6ae196_totalLabel_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total interest income </link:label>
<link:label id="lab_us-gaap_InterestAndDividendIncomeOperating_label_en-US" xlink:label="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest and Dividend Income, Operating </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndDividendIncomeOperating" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestAndDividendIncomeOperating"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndDividendIncomeOperating" xlink:to="lab_us-gaap_InterestAndDividendIncomeOperating" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestIncomeDebtSecuritiesOperating_586c71b3-6821-43bd-950b-b6339a3cdaa0_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeDebtSecuritiesOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt securities </link:label>
<link:label id="lab_us-gaap_InterestIncomeDebtSecuritiesOperating_label_en-US" xlink:label="lab_us-gaap_InterestIncomeDebtSecuritiesOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income, Debt Securities, Operating </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeDebtSecuritiesOperating" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestIncomeDebtSecuritiesOperating"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeDebtSecuritiesOperating" xlink:to="lab_us-gaap_InterestIncomeDebtSecuritiesOperating" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit_b0cd6bbb-47d5-4de1-bcdd-da5fa9e4042d_negatedTerseLabel_en-US" xlink:label="lab_bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of actuarial loss (gain) and prior service cost </link:label>
<link:label id="lab_bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit_label_en-US" xlink:label="lab_bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization Of Gain (Loss) And Prior Service Cost (Credit) </link:label>
<link:label id="lab_bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit_documentation_en-US" xlink:label="lab_bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization Of Gain (Loss) And Prior Service Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit" xlink:href="bac-20221231.xsd#bac_DefinedBenefitPlanAmortizationOfGainLossAndPriorServiceCostCredit"/>
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<link:label id="lab_us-gaap_DerivativeTable_15ae9c46-74c1-497d-ac9b-3534218676f5_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:label id="lab_us-gaap_DerivativeTable_label_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTable" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTable" xlink:to="lab_us-gaap_DerivativeTable" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesKKPreferredStockMember_6197198d-1080-4479-ba53-d1ce56279193_terseLabel_en-US" xlink:label="lab_bac_SeriesKKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK </link:label>
<link:label id="lab_bac_SeriesKKPreferredStockMember_a7a6120e-9caf-4da9-bba4-cb420fae2b5d_verboseLabel_en-US" xlink:label="lab_bac_SeriesKKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series KK Preferred Stock </link:label>
<link:label id="lab_bac_SeriesKKPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesKKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series KK Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesKKPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesKKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series KK Preferred Stock [Member] </link:label>
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<link:label id="lab_bac_SeriesFFPreferredStockMember_080a1b74-96ca-41a7-b554-b8b499d19fc4_terseLabel_en-US" xlink:label="lab_bac_SeriesFFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series FF Preferred Stock </link:label>
<link:label id="lab_bac_SeriesFFPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesFFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series FF Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesFFPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesFFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series FF Preferred Stock </link:label>
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<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales_d98492d5-c585-40f1-a0ff-107ed85883e5_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds_9fb868cb-5085-4270-a467-f718cd50ada1_terseLabel_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Claims related to loans in specific private-label securitization groups </link:label>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds_label_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unresolved Repurchase Claims, Net Of Duplicate Claims, Amount In Which Corporation Owns Substantially All Of The Outstanding Bonds </link:label>
<link:label id="lab_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds_documentation_en-US" xlink:label="lab_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unresolved Repurchase Claims, Net of Duplicate Claims, Amount in which Corporation Owns Substantially All of the Outstanding Bonds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds" xlink:href="bac-20221231.xsd#bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds" xlink:to="lab_bac_UnresolvedRepurchaseClaimsNetOfDuplicateClaimsAmountInWhichCorporationOwnsSubstantiallyAllOfTheOutstandingBonds" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths_16674c00-c581-4b66-8a7b-3fefce6a3ff8_terseLabel_en-US" xlink:label="lab_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash dividends allowable to be declared and paid by consolidated subsidiaries to the parent company </link:label>
<link:label id="lab_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths_label_en-US" xlink:label="lab_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Dividends Allowable To Be Declared And Paid To Parent Company By Consolidated Subsidiaries, Next Twelve Months </link:label>
<link:label id="lab_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths_documentation_en-US" xlink:label="lab_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Dividends Allowable To Be Declared And Paid To Parent Company By Consolidated Subsidiaries, Next Twelve Months </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths" xlink:href="bac-20221231.xsd#bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths" xlink:to="lab_bac_CashDividendsAllowableToBeDeclaredAndPaidToParentCompanyByConsolidatedSubsidiariesNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses_c049cc77-6cff-4aec-bf22-e4f4d1bf216a_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommunicationsAndInformationTechnology_87c7d9a0-f649-48b2-81ff-66a8c26331d7_terseLabel_en-US" xlink:label="lab_us-gaap_CommunicationsAndInformationTechnology" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Information processing and communications </link:label>
<link:label id="lab_us-gaap_CommunicationsAndInformationTechnology_label_en-US" xlink:label="lab_us-gaap_CommunicationsAndInformationTechnology" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Communications and Information Technology </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommunicationsAndInformationTechnology" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommunicationsAndInformationTechnology"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommunicationsAndInformationTechnology" xlink:to="lab_us-gaap_CommunicationsAndInformationTechnology" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeconsolidationAssetsDeconsolidatedInPeriod_a37e6c42-83df-4c91-9cb0-55237e86cb70_terseLabel_en-US" xlink:label="lab_bac_DeconsolidationAssetsDeconsolidatedInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deconsolidation of securitizations </link:label>
<link:label id="lab_bac_DeconsolidationAssetsDeconsolidatedInPeriod_label_en-US" xlink:label="lab_bac_DeconsolidationAssetsDeconsolidatedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deconsolidation, Assets Deconsolidated In Period </link:label>
<link:label id="lab_bac_DeconsolidationAssetsDeconsolidatedInPeriod_documentation_en-US" xlink:label="lab_bac_DeconsolidationAssetsDeconsolidatedInPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deconsolidation, Assets Deconsolidated In Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeconsolidationAssetsDeconsolidatedInPeriod" xlink:href="bac-20221231.xsd#bac_DeconsolidationAssetsDeconsolidatedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeconsolidationAssetsDeconsolidatedInPeriod" xlink:to="lab_bac_DeconsolidationAssetsDeconsolidatedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_ba14930d-f72c-4604-8706-d7fc31504a89_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Canceled (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_3e4faddb-c58c-43df-86d8-6bb47f4a9cc8_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_BalanceSheetLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationAxis" xlink:to="lab_us-gaap_BalanceSheetLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxCreditCarryforwardValuationAllowance_b8ece2d4-2778-4fcd-a815-c86ab466b728_negatedLabel_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardValuationAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Allowance </link:label>
<link:label id="lab_us-gaap_TaxCreditCarryforwardValuationAllowance_label_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward, Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxCreditCarryforwardValuationAllowance" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TaxCreditCarryforwardValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxCreditCarryforwardValuationAllowance" xlink:to="lab_us-gaap_TaxCreditCarryforwardValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_6dc6dfdf-23a1-4b8f-8675-0837db5653a8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (loss) on derivatives not designated as hedging </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:to="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsNatureDomain_209f78af-50b8-4831-b50b-97ded0c943ae_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsNatureDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Domain] </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsNatureDomain_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsNatureDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsNatureDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GuaranteeObligationsNatureDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsNatureDomain" xlink:to="lab_us-gaap_GuaranteeObligationsNatureDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_OtherTaxableSecuritiesMember_9e5660d0-fae9-4c72-946f-b01c048da5eb_terseLabel_en-US" xlink:label="lab_bac_OtherTaxableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other taxable securities </link:label>
<link:label id="lab_bac_OtherTaxableSecuritiesMember_b98f0309-d3df-44b7-8277-7070801aa4dd_verboseLabel_en-US" xlink:label="lab_bac_OtherTaxableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other taxable securities </link:label>
<link:label id="lab_bac_OtherTaxableSecuritiesMember_label_en-US" xlink:label="lab_bac_OtherTaxableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Taxable Securities [Member] </link:label>
<link:label id="lab_bac_OtherTaxableSecuritiesMember_documentation_en-US" xlink:label="lab_bac_OtherTaxableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Taxable Securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_OtherTaxableSecuritiesMember" xlink:href="bac-20221231.xsd#bac_OtherTaxableSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_OtherTaxableSecuritiesMember" xlink:to="lab_bac_OtherTaxableSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_bb33f2b0-bcf9-4276-b9d9-fd225169b9d9_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_16cb92fc-4e6c-4bd3-ad07-dd3ad1a80486_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_73623009-22e6-49cc-820e-37640263be4d_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Requirements and Restrictions </link:label>
<link:label id="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock_label_en-US" xlink:label="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Capital Requirements under Banking Regulations [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:to="lab_us-gaap_RegulatoryCapitalRequirementsUnderBankingRegulationsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TradingGainsLosses_a1b43fd2-aaa3-4426-8769-d16b900f5826_terseLabel_en-US" xlink:label="lab_us-gaap_TradingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market making and similar activities </link:label>
<link:label id="lab_us-gaap_TradingGainsLosses_72fa5c55-706b-4514-b3ad-a6aab0aef036_verboseLabel_en-US" xlink:label="lab_us-gaap_TradingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales and trading revenue </link:label>
<link:label id="lab_us-gaap_TradingGainsLosses_label_en-US" xlink:label="lab_us-gaap_TradingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingGainsLosses" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TradingGainsLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingGainsLosses" xlink:to="lab_us-gaap_TradingGainsLosses" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntitySmallBusiness_01774772-011a-4f59-87fd-f17d926d14cb_terseLabel_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:label id="lab_dei_EntitySmallBusiness_label_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntitySmallBusiness"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitySmallBusiness" xlink:to="lab_dei_EntitySmallBusiness" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFive_33120d83-e203-435f-a06e-1e896bd51395_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in 2027 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearFive_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearFive" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositMaturitiesYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesYearFive" xlink:to="lab_us-gaap_TimeDepositMaturitiesYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RestrictedCash_a9a9c7e0-590e-4351-a25a-87a96dd8dfb7_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted cash </link:label>
<link:label id="lab_us-gaap_RestrictedCash_label_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RestrictedCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCash" xlink:to="lab_us-gaap_RestrictedCash" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtToValueGreaterThanHundredPercentMember_79c46683-0cab-4d4a-aed8-b0c5c7a13ece_terseLabel_en-US" xlink:label="lab_bac_DebtToValueGreaterThanHundredPercentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than 100 percent </link:label>
<link:label id="lab_bac_DebtToValueGreaterThanHundredPercentMember_label_en-US" xlink:label="lab_bac_DebtToValueGreaterThanHundredPercentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt To Value, Greater Than Hundred Percent [Member] </link:label>
<link:label id="lab_bac_DebtToValueGreaterThanHundredPercentMember_documentation_en-US" xlink:label="lab_bac_DebtToValueGreaterThanHundredPercentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt To Value, Greater Than Hundred Percent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtToValueGreaterThanHundredPercentMember" xlink:href="bac-20221231.xsd#bac_DebtToValueGreaterThanHundredPercentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtToValueGreaterThanHundredPercentMember" xlink:to="lab_bac_DebtToValueGreaterThanHundredPercentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_b22d4317-610d-487f-953d-6a54cdedc5d3_verboseLabel_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Significant Accounting Principles </link:label>
<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant Accounting Policies [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SmallBusinessCardLoansMember_82410820-c400-4d71-9917-087360cbb6e7_terseLabel_en-US" xlink:label="lab_bac_SmallBusinessCardLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Small Business Card Loans </link:label>
<link:label id="lab_bac_SmallBusinessCardLoansMember_label_en-US" xlink:label="lab_bac_SmallBusinessCardLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Small Business Card Loans [Member] </link:label>
<link:label id="lab_bac_SmallBusinessCardLoansMember_documentation_en-US" xlink:label="lab_bac_SmallBusinessCardLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Small Business Card Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SmallBusinessCardLoansMember" xlink:href="bac-20221231.xsd#bac_SmallBusinessCardLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SmallBusinessCardLoansMember" xlink:to="lab_bac_SmallBusinessCardLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome_0f5c9c6f-d142-4594-b2e9-6ee3fefa1487_terseLabel_en-US" xlink:label="lab_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Terminated cash flow hedges, period forecasted transaction recognized in interest income (in years) </link:label>
<link:label id="lab_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome_label_en-US" xlink:label="lab_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Terminated Cash Flow Hedges, Length of Time Over Which Forecasted Transactions Are Recognized In Interest Income </link:label>
<link:label id="lab_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome_documentation_en-US" xlink:label="lab_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Terminated Cash Flow Hedges, Length of Time Over Which Forecasted Transactions Are Recognized In Interest Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome" xlink:href="bac-20221231.xsd#bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome" xlink:to="lab_bac_TerminatedCashFlowHedgesLengthOfTimeOverWhichForecastedTransactionsAreRecognizedInInterestIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_6a985a01-1349-4283-b9b6-7a8084eace90_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Domain] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssetsFairValueDisclosure_249511ee-7038-44a0-9248-da606e1aea2f_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets, measured at fair value </link:label>
<link:label id="lab_us-gaap_OtherAssetsFairValueDisclosure_386ba7bc-dd44-41a6-9cb2-60ae39a564d2_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets, primarily auction rate securities </link:label>
<link:label id="lab_us-gaap_OtherAssetsFairValueDisclosure_a2406f37-f7db-4e95-8869-b1e45b6f569d_netLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_OtherAssetsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherAssetsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsFairValueDisclosure" xlink:to="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_e619a0d1-c293-4a7d-a0af-c2e1ab6088d3_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetirementPlanSponsorLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanSponsorLocationDomain" xlink:to="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_7645e474-853b-4cb3-88fc-673957aaee0e_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ConsolidatedEntitiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableNetofDeferredIncomePercent_38bfbadc-6e6d-4b57-b8af-b4862962c2d7_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableNetofDeferredIncomePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of outstandings, total outstanding </link:label>
<link:label id="lab_bac_FinancingReceivableNetofDeferredIncomePercent_label_en-US" xlink:label="lab_bac_FinancingReceivableNetofDeferredIncomePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Net of Deferred Income, Percent </link:label>
<link:label id="lab_bac_FinancingReceivableNetofDeferredIncomePercent_documentation_en-US" xlink:label="lab_bac_FinancingReceivableNetofDeferredIncomePercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Net of Deferred Income, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableNetofDeferredIncomePercent" xlink:href="bac-20221231.xsd#bac_FinancingReceivableNetofDeferredIncomePercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableNetofDeferredIncomePercent" xlink:to="lab_bac_FinancingReceivableNetofDeferredIncomePercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_8aa6282b-bcef-49e5-942e-3a3ec69b84ca_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock </link:label>
<link:label id="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:to="lab_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_d590a548-4586-4641-97d8-8052eb6c031f_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DebtInstrumentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems" xlink:to="lab_us-gaap_DebtInstrumentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_UnemploymentRateCurrentEconomicOutlook_3aed4aae-9564-4f20-b1d2-d0469582ec14_terseLabel_en-US" xlink:label="lab_bac_UnemploymentRateCurrentEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unemployment rate, current economic outlook </link:label>
<link:label id="lab_bac_UnemploymentRateCurrentEconomicOutlook_label_en-US" xlink:label="lab_bac_UnemploymentRateCurrentEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unemployment Rate, Current Economic Outlook </link:label>
<link:label id="lab_bac_UnemploymentRateCurrentEconomicOutlook_documentation_en-US" xlink:label="lab_bac_UnemploymentRateCurrentEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unemployment Rate, Current Economic Outlook </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_UnemploymentRateCurrentEconomicOutlook" xlink:href="bac-20221231.xsd#bac_UnemploymentRateCurrentEconomicOutlook"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_UnemploymentRateCurrentEconomicOutlook" xlink:to="lab_bac_UnemploymentRateCurrentEconomicOutlook" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ClassOfStockLineItems_0cccd157-63f4-430e-ae0d-244a8c0c1ae7_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Line Items] </link:label>
<link:label id="lab_us-gaap_ClassOfStockLineItems_label_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ClassOfStockLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems" xlink:to="lab_us-gaap_ClassOfStockLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember_7322b76e-c8b5-402f-948a-31d5478157f6_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds purchased and securities loaned or sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember_label_en-US" xlink:label="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember" xlink:to="lab_us-gaap_FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_c327bd2e-06f9-486f-b7e4-b314899590b2_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Debt and Equity Securities [Abstract] </link:label>
<link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Debt and Equity Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:to="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived_6107ec39-b6de-49a2-981e-716887e8822d_totalLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total undiscounted cash flows </link:label>
<link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessor, Operating Lease, Payments to be Received </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JuniorLienMember_e0de264a-91b5-4c3b-b330-7dee6409c350_terseLabel_en-US" xlink:label="lab_us-gaap_JuniorLienMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Junior Lien </link:label>
<link:label id="lab_us-gaap_JuniorLienMember_label_en-US" xlink:label="lab_us-gaap_JuniorLienMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Junior Lien [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JuniorLienMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_JuniorLienMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JuniorLienMember" xlink:to="lab_us-gaap_JuniorLienMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery_2069290f-94f2-4c54-a840-d7acef2a425a_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recoveries of loans and leases previously charged off </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing_7a67b5c6-4e4c-492d-aa20-a2b84f223867_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accruing past due 90 days or more </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, 90 Days or More Past Due, Still Accruing </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterest90DaysOrMorePastDueStillAccruing" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_26a68a2c-60ca-4362-869d-462074eafebe_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Operating Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DebtSecuritiesHeldToMaturityMember_c7f06c3a-aada-45e1-aa3c-175ee08205b6_terseLabel_en-US" xlink:label="lab_bac_DebtSecuritiesHeldToMaturityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held To Maturity </link:label>
<link:label id="lab_bac_DebtSecuritiesHeldToMaturityMember_label_en-US" xlink:label="lab_bac_DebtSecuritiesHeldToMaturityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held To Maturity [Member] </link:label>
<link:label id="lab_bac_DebtSecuritiesHeldToMaturityMember_documentation_en-US" xlink:label="lab_bac_DebtSecuritiesHeldToMaturityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held To Maturity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DebtSecuritiesHeldToMaturityMember" xlink:href="bac-20221231.xsd#bac_DebtSecuritiesHeldToMaturityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DebtSecuritiesHeldToMaturityMember" xlink:to="lab_bac_DebtSecuritiesHeldToMaturityMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember_edd75aaa-a228-4d92-b0ff-05381db625f1_terseLabel_en-US" xlink:label="lab_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-settled Restricted Stock and Restricted Stock Units </link:label>
<link:label id="lab_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember_label_en-US" xlink:label="lab_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-settled Restricted Stock and Restricted Stock Units [Member] </link:label>
<link:label id="lab_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember_documentation_en-US" xlink:label="lab_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-settled Restricted Stock and Restricted Stock Units [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember" xlink:href="bac-20221231.xsd#bac_StocksettledRestrictedStockandRestrictedStockUnitsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember" xlink:to="lab_bac_StocksettledRestrictedStockandRestrictedStockUnitsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_A2021LongTermDebtNotesMember_5a6a307c-93a1-42c1-8093-11ca99f5703f_terseLabel_en-US" xlink:label="lab_bac_A2021LongTermDebtNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt Notes </link:label>
<link:label id="lab_bac_A2021LongTermDebtNotesMember_label_en-US" xlink:label="lab_bac_A2021LongTermDebtNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 Long-Term Debt Notes [Member] </link:label>
<link:label id="lab_bac_A2021LongTermDebtNotesMember_documentation_en-US" xlink:label="lab_bac_A2021LongTermDebtNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 Long-Term Debt Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_A2021LongTermDebtNotesMember" xlink:href="bac-20221231.xsd#bac_A2021LongTermDebtNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_A2021LongTermDebtNotesMember" xlink:to="lab_bac_A2021LongTermDebtNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock_b1efd70e-1f2e-4d65-9eae-955376fd0555_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected Maturity Distribution </link:label>
<link:label id="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Classified by Contractual Maturity Date [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:to="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments_8b3e5567-6195-4537-821e-09960593c982_verboseLabel_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value </link:label>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments_label_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redeemable and NonRedeemable, Value, Before Adjustments </link:label>
<link:label id="lab_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments_documentation_en-US" xlink:label="lab_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Redeemable and NonRedeemable, Value, Before Adjustments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments" xlink:href="bac-20221231.xsd#bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments" xlink:to="lab_bac_PreferredStockRedeemableandNonRedeemableValueBeforeAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityFilerCategory_0e5f68ba-7453-46c1-a21a-33ac247d98b3_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:label id="lab_dei_EntityFilerCategory_label_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember_a08e85d6-bdf2-4be7-a5af-ebb9ca426da2_terseLabel_en-US" xlink:label="lab_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flow, Market comparables </link:label>
<link:label id="lab_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember_label_en-US" xlink:label="lab_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flow And Market Approach [Member] </link:label>
<link:label id="lab_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember_documentation_en-US" xlink:label="lab_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation, Income and Market Approach [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember" xlink:href="bac-20221231.xsd#bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember" xlink:to="lab_bac_ValuationTechniqueDiscountedCashFlowAndMarketApproachMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_c946951a-01ac-4073-91f7-8e5497f20e89_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Fair Value Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_feb74f10-f41a-47e8-8b31-52ae9e632caf_terseLabel_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-based compensation cost </link:label>
<link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_label_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Payment Arrangement, Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AllocatedShareBasedCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_dei_SecurityExchangeName_ac025a9b-1b91-4b52-978e-f498cbc1ef17_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook_b5ea4b5a-862a-47f3-8873-c7020e106542_terseLabel_en-US" xlink:label="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. gross domestic product, current economic outlook </link:label>
<link:label id="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook_label_en-US" xlink:label="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance For Credit Losses, United States Gross Domestic Product, Current Economic Outlook </link:label>
<link:label id="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook_documentation_en-US" xlink:label="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance For Credit Losses, United States Gross Domestic Product, Current Economic Outlook </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook" xlink:href="bac-20221231.xsd#bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook" xlink:to="lab_bac_AllowanceForCreditLossesUnitedStatesGrossDomesticProductCurrentEconomicOutlook" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HomeEquityLineofCreditWithNegativeAllowanceMember_ac6aeb9b-b76b-42fc-b62a-d8ad74b9066d_terseLabel_en-US" xlink:label="lab_bac_HomeEquityLineofCreditWithNegativeAllowanceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Line of Credit No Related Allowance </link:label>
<link:label id="lab_bac_HomeEquityLineofCreditWithNegativeAllowanceMember_label_en-US" xlink:label="lab_bac_HomeEquityLineofCreditWithNegativeAllowanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Line of Credit With Negative Allowance [Member] </link:label>
<link:label id="lab_bac_HomeEquityLineofCreditWithNegativeAllowanceMember_documentation_en-US" xlink:label="lab_bac_HomeEquityLineofCreditWithNegativeAllowanceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Home Equity Line of Credit With Negative Allowance [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HomeEquityLineofCreditWithNegativeAllowanceMember" xlink:href="bac-20221231.xsd#bac_HomeEquityLineofCreditWithNegativeAllowanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HomeEquityLineofCreditWithNegativeAllowanceMember" xlink:to="lab_bac_HomeEquityLineofCreditWithNegativeAllowanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_8731c5a7-cd54-4ac2-8e79-5c932eab558d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaterialReconcilingItemsMember_3ae44954-9e76-467a-8664-baabc7306b62_terseLabel_en-US" xlink:label="lab_us-gaap_MaterialReconcilingItemsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items </link:label>
<link:label id="lab_us-gaap_MaterialReconcilingItemsMember_label_en-US" xlink:label="lab_us-gaap_MaterialReconcilingItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaterialReconcilingItemsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_MaterialReconcilingItemsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaterialReconcilingItemsMember" xlink:to="lab_us-gaap_MaterialReconcilingItemsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract_3a3e8fce-57b3-45bb-8c3e-e92a80512c2a_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale debt securities </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesFairValueToAmortizedCostBasisAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets_15f69615-73dc-40f9-9107-4fde3db60690_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option </link:label>
<link:label id="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets_label_en-US" xlink:label="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Credit Risk, Gains (Losses) on Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:to="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalToRiskWeightedAssets_2080278c-3536-4826-b781-f6703862940c_verboseLabel_en-US" xlink:label="lab_us-gaap_CapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capital ratio </link:label>
<link:label id="lab_us-gaap_CapitalToRiskWeightedAssets_label_en-US" xlink:label="lab_us-gaap_CapitalToRiskWeightedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Total Risk-Based Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalToRiskWeightedAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CapitalToRiskWeightedAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalToRiskWeightedAssets" xlink:to="lab_us-gaap_CapitalToRiskWeightedAssets" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputCorrelationMember_3638ac56-d271-4adf-861b-90907400659f_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Correlation </link:label>
<link:label id="lab_bac_MeasurementInputCorrelationMember_label_en-US" xlink:label="lab_bac_MeasurementInputCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Correlation [Member] </link:label>
<link:label id="lab_bac_MeasurementInputCorrelationMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputCorrelationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Correlation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputCorrelationMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputCorrelationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputCorrelationMember" xlink:to="lab_bac_MeasurementInputCorrelationMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods_c3b09939-a784-4324-8f3a-f71664cf79fd_terseLabel_en-US" xlink:label="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of semi annual periods for termination (or more) </link:label>
<link:label id="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods_label_en-US" xlink:label="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Termination of Voting Rights, Dividend Paid, Number of Semi Annual Periods </link:label>
<link:label id="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods_documentation_en-US" xlink:label="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Termination of Voting Rights, Dividend Paid, Number of Semi Annual Periods </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods" xlink:href="bac-20221231.xsd#bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods" xlink:to="lab_bac_PreferredStockTerminationOfVotingRightsDividendPaidNumberOfSemiAnnualPeriods" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember_5a6c8e19-91ff-460e-a40a-b326fa7e32df_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 60 to 89 Days Past Due </link:label>
<link:label id="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember_label_en-US" xlink:label="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Asset, 60 to 89 Days Past Due [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivables60To89DaysPastDueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:to="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member_bf10202f-2df9-419a-8cad-b462e943e04b_terseLabel_en-US" xlink:label="lab_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries, Bank of America California, N.A. </link:label>
<link:label id="lab_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member_label_en-US" xlink:label="lab_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries, Bank Of America California, N.A. [Member] </link:label>
<link:label id="lab_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member_documentation_en-US" xlink:label="lab_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries, Bank of America California, N.A. [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member" xlink:href="bac-20221231.xsd#bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member" xlink:to="lab_bac_SubsidiariesBankOfAmericaCaliforniaN.A.Member" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CoverAbstract_3368a46c-934b-4eeb-a8c5-8ef094c50c63_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>
<link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear_7987ac91-884c-4a21-bac2-92e67f5a7928_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Originated in current fiscal year </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GeographicDistributionAxis_2e74d1db-1699-4a20-9117-b88241bd9b68_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Axis] </link:label>
<link:label id="lab_us-gaap_GeographicDistributionAxis_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeographicDistributionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GeographicDistributionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionAxis" xlink:to="lab_us-gaap_GeographicDistributionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_InterestRateRiskOnMortgageActivitiesMember_7340b1ac-ccd2-43d0-854f-65ce423afaac_terseLabel_en-US" xlink:label="lab_bac_InterestRateRiskOnMortgageActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate risk on mortgage activities </link:label>
<link:label id="lab_bac_InterestRateRiskOnMortgageActivitiesMember_label_en-US" xlink:label="lab_bac_InterestRateRiskOnMortgageActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk On Mortgage Activities [Member] </link:label>
<link:label id="lab_bac_InterestRateRiskOnMortgageActivitiesMember_documentation_en-US" xlink:label="lab_bac_InterestRateRiskOnMortgageActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Risk On Mortgage Activities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_InterestRateRiskOnMortgageActivitiesMember" xlink:href="bac-20221231.xsd#bac_InterestRateRiskOnMortgageActivitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_InterestRateRiskOnMortgageActivitiesMember" xlink:to="lab_bac_InterestRateRiskOnMortgageActivitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits_36417acb-a055-435d-8545-74a16d180860_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affordable housing/energy/other credits </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Credit, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCredits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeMember_ba7c7972-d26b-4188-a825-5786d7d03f88_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative </link:label>
<link:label id="lab_us-gaap_DerivativeMember_label_en-US" xlink:label="lab_us-gaap_DerivativeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeMember" xlink:to="lab_us-gaap_DerivativeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssets_997cf536-332b-4383-b6d8-b21a9e3da071_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets (includes $9,594 and $12,144 measured at fair value) </link:label>
<link:label id="lab_us-gaap_OtherAssets_355938cb-1ee0-4ea0-a477-c38707a4d33e_netLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All other assets </link:label>
<link:label id="lab_us-gaap_OtherAssets_b4e491cc-c82f-4c04-a342-f31f843a725c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_OtherAssets_label_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets" xlink:to="lab_us-gaap_OtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingAbstract_977e5364-055b-4ea4-86c2-661bddfd49ed_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>
<link:label id="lab_us-gaap_SegmentReportingAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SegmentReportingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAbstract" xlink:to="lab_us-gaap_SegmentReportingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PledgingPurposeDomain_22a7ed7a-244b-49f0-ad50-fb574b01b8e8_terseLabel_en-US" xlink:label="lab_us-gaap_PledgingPurposeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledging Purpose [Domain] </link:label>
<link:label id="lab_us-gaap_PledgingPurposeDomain_label_en-US" xlink:label="lab_us-gaap_PledgingPurposeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledging Purpose [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgingPurposeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PledgingPurposeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PledgingPurposeDomain" xlink:to="lab_us-gaap_PledgingPurposeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetInvestmentInLease_a4884218-9c49-4d1b-aee5-a49dd9ca69de_totalLabel_en-US" xlink:label="lab_us-gaap_NetInvestmentInLease" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total net investment in sales-type and direct financing leases </link:label>
<link:label id="lab_us-gaap_NetInvestmentInLease_label_en-US" xlink:label="lab_us-gaap_NetInvestmentInLease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Investment in Lease, before Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetInvestmentInLease" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetInvestmentInLease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetInvestmentInLease" xlink:to="lab_us-gaap_NetInvestmentInLease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_131ecbfb-012d-4805-945a-e75282b9b1d8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Axis] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:to="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_GlobalMarketsSegmentMember_4bbcfda8-d8b0-4375-8041-1dfd19ea6d0c_terseLabel_en-US" xlink:label="lab_bac_GlobalMarketsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Markets </link:label>
<link:label id="lab_bac_GlobalMarketsSegmentMember_label_en-US" xlink:label="lab_bac_GlobalMarketsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Markets Segment [Member] </link:label>
<link:label id="lab_bac_GlobalMarketsSegmentMember_documentation_en-US" xlink:label="lab_bac_GlobalMarketsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global Markets provides financial products, advisory services, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets also works with commercial and corporate clients to provide debt and equity underwriting and distribution capabilities, merger-related and other advisory services, and risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income and mortgage-related products. As a result of the Corporation’s market-making activities in these products, it may be required to manage positions in government securities, equity and equity-linked securities, high-grade and high-yield corporate debt securities, commercial paper, MBS and ABS. Corporate banking services provide a wide range of lending-related products and services, integrated working capital management and treasury solutions to clients through the Corporation’s network of offices and client relationship teams along with various product partners. Corporate clients are generally defined as companies with sales greater than $2 billion. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_GlobalMarketsSegmentMember" xlink:href="bac-20221231.xsd#bac_GlobalMarketsSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_GlobalMarketsSegmentMember" xlink:to="lab_bac_GlobalMarketsSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance_4c917b17-7d90-4c64-b45d-aaa82cfd9f80_terseLabel_en-US" xlink:label="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and leases receivable, percentage increase in allowance </link:label>
<link:label id="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance_label_en-US" xlink:label="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable And Off-Balance Sheet, Credit Loss, Allowance, Percentage Increase In Allowance </link:label>
<link:label id="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance_documentation_en-US" xlink:label="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable And Off-Balance Sheet, Credit Loss, Allowance, Percentage Increase In Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance" xlink:href="bac-20221231.xsd#bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance" xlink:to="lab_bac_FinancingReceivableAndOffBalanceSheetCreditLossAllowancePercentageIncreaseInAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationTaxCredits_20dbe737-e500-4e2d-9905-dcab996c8c20_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationTaxCredits" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affordable housing/energy/other credits </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationTaxCredits_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationTaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Credit, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationTaxCredits" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxReconciliationTaxCredits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationTaxCredits" xlink:to="lab_us-gaap_IncomeTaxReconciliationTaxCredits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonUsMember_a4fe8620-67f0-4f65-bf6b-a4f32e1588c5_terseLabel_en-US" xlink:label="lab_us-gaap_NonUsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>
<link:label id="lab_us-gaap_NonUsMember_label_en-US" xlink:label="lab_us-gaap_NonUsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-US [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonUsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NonUsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonUsMember" xlink:to="lab_us-gaap_NonUsMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SeriesLPreferredStockMember_ff2089ff-4f80-45db-941f-eef3224c56db_netLabel_en-US" xlink:label="lab_bac_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L </link:label>
<link:label id="lab_bac_SeriesLPreferredStockMember_fd7a7135-6a00-4f18-a7d6-5782842a42af_verboseLabel_en-US" xlink:label="lab_bac_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series L Preferred Stock </link:label>
<link:label id="lab_bac_SeriesLPreferredStockMember_32656ef5-fd6d-456c-a5d4-84ec6a855dbb_terseLabel_en-US" xlink:label="lab_bac_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series L Preferred Stock </link:label>
<link:label id="lab_bac_SeriesLPreferredStockMember_label_en-US" xlink:label="lab_bac_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series L Preferred Stock [Member] </link:label>
<link:label id="lab_bac_SeriesLPreferredStockMember_documentation_en-US" xlink:label="lab_bac_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series L Preferred Stock Member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SeriesLPreferredStockMember" xlink:href="bac-20221231.xsd#bac_SeriesLPreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SeriesLPreferredStockMember" xlink:to="lab_bac_SeriesLPreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax_d4e1744b-a0ab-4777-a3d8-95d38d555ee7_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of actuarial gain (loss) and prior service cost </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain_96df0089-8d56-48b2-a353-b049625d7ffc_terseLabel_en-US" xlink:label="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividend Rate, Date Change From Fixed To Variable [Domain] </link:label>
<link:label id="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain_label_en-US" xlink:label="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividend Rate, Date Change From Fixed To Variable [Domain] </link:label>
<link:label id="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain_documentation_en-US" xlink:label="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Preferred Stock Dividend Rate, Date Change From Fixed To Variable [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain" xlink:href="bac-20221231.xsd#bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain" xlink:to="lab_bac_PreferredStockDividendRateDateChangeFromFixedToVariableDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff_f43fe50f-e7be-4c63-b486-4c66a8ff4200_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold period past due for write-off of financing receivable </link:label>
<link:label id="lab_us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Threshold Period Past Due, Writeoff </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff" xlink:to="lab_us-gaap_FinancingReceivableThresholdPeriodPastDueWriteoff" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VestingAxis_b611e47c-7373-4a2e-931b-5a97e72758ea_terseLabel_en-US" xlink:label="lab_us-gaap_VestingAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vesting [Axis] </link:label>
<link:label id="lab_us-gaap_VestingAxis_label_en-US" xlink:label="lab_us-gaap_VestingAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vesting [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VestingAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_VestingAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VestingAxis" xlink:to="lab_us-gaap_VestingAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_c77ff1a7-f35f-4a46-a782-56072a881c9e_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted earnings (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_3079250c-854a-4a7f-ac15-1bbac3643ed6_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted earnings per common share (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDiluted" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerShareDiluted"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditCardReceivablesMember_71b07dba-3a40-4e88-b2d2-100c6e1013c6_verboseLabel_en-US" xlink:label="lab_us-gaap_CreditCardReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit card </link:label>
<link:label id="lab_us-gaap_CreditCardReceivablesMember_e864fb38-9b42-44d1-9e6f-a6336b0cf27b_terseLabel_en-US" xlink:label="lab_us-gaap_CreditCardReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card Receivable [Member] </link:label>
<link:label id="lab_us-gaap_CreditCardReceivablesMember_label_en-US" xlink:label="lab_us-gaap_CreditCardReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Card Receivable [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditCardReceivablesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CreditCardReceivablesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditCardReceivablesMember" xlink:to="lab_us-gaap_CreditCardReceivablesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation_b86d58bd-8086-4c7d-a5dd-3c20352f5591_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend_23d40176-3126-4236-b942-adf18f98eb23_terseLabel_en-US" xlink:label="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership percentage in depository shares for quarterly cash dividends </link:label>
<link:label id="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend_label_en-US" xlink:label="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Ownership Percentage In Depository Shares, Quarterly Cash Dividend </link:label>
<link:label id="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend_documentation_en-US" xlink:label="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Ownership Percentage In Depository Shares, Quarterly Cash Dividend </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend" xlink:href="bac-20221231.xsd#bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend" xlink:to="lab_bac_PreferredStockOwnershipPercentageInDepositorySharesQuarterlyCashDividend" xlink:type="arc" order="1"/>
<link:label id="lab_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock_fa829900-c8d9-4c5a-a1ea-42b43145532d_terseLabel_en-US" xlink:label="lab_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral Required to be Posted Upon Downgrade </link:label>
<link:label id="lab_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock_label_en-US" xlink:label="lab_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Additional Collateral Required Upon Downgrade [Table Text Block] </link:label>
<link:label id="lab_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock_documentation_en-US" xlink:label="lab_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Additional Collateral Required Upon Downgrade </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock" xlink:href="bac-20221231.xsd#bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock" xlink:to="lab_bac_ScheduleofAdditionalCollateralRequiredUponDowngradeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue_3a1314ff-860c-4db2-b1ae-c3f2abf7628d_terseLabel_en-US" xlink:label="lab_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional collateral required to be posted upon downgrade, one incremental notch </link:label>
<link:label id="lab_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue_label_en-US" xlink:label="lab_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral, Effect of Downgrade by One Incremental Notch, Aggregate Fair Value </link:label>
<link:label id="lab_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue_documentation_en-US" xlink:label="lab_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral, Effect of Downgrade by One Incremental Notch, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue" xlink:href="bac-20221231.xsd#bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue" xlink:to="lab_bac_AdditionalCollateralEffectofDowngradebyOneIncrementalNotchAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonEquityTierOneCapital_7a1ae04b-3c73-4fc7-9940-aeabe5d6bbe3_terseLabel_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common equity tier 1 capital </link:label>
<link:label id="lab_us-gaap_CommonEquityTierOneCapital_label_en-US" xlink:label="lab_us-gaap_CommonEquityTierOneCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonEquityTierOneCapital" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonEquityTierOneCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonEquityTierOneCapital" xlink:to="lab_us-gaap_CommonEquityTierOneCapital" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidationItemsAxis_5f3eb7b3-8d0e-466e-9e07-88246a3b66f4_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Axis] </link:label>
<link:label id="lab_srt_ConsolidationItemsAxis_label_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsAxis" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ConsolidationItemsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsAxis" xlink:to="lab_srt_ConsolidationItemsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_ad65b73c-93a8-421a-9a53-4539ce5a03e7_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_cc3b4d96-6029-4948-bbdc-b49e147a73b7_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred tax assets, net of valuation allowance </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net of Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DeferredTaxAssetsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesMember_92c17313-860c-4f65-946f-b01c59adc358_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity securities </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesMember" xlink:to="lab_us-gaap_EquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_LoansHeldForSaleMember_fd4da640-30c6-4d95-9e7a-b7f2ff732888_terseLabel_en-US" xlink:label="lab_bac_LoansHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held-for-sale </link:label>
<link:label id="lab_bac_LoansHeldForSaleMember_a0ab0e11-9589-4de2-b9c2-68995f0a6708_verboseLabel_en-US" xlink:label="lab_bac_LoansHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans held-for-sale </link:label>
<link:label id="lab_bac_LoansHeldForSaleMember_label_en-US" xlink:label="lab_bac_LoansHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held-for-Sale [Member] </link:label>
<link:label id="lab_bac_LoansHeldForSaleMember_documentation_en-US" xlink:label="lab_bac_LoansHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Held-for-Sale [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_LoansHeldForSaleMember" xlink:href="bac-20221231.xsd#bac_LoansHeldForSaleMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_LoansHeldForSaleMember" xlink:to="lab_bac_LoansHeldForSaleMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_CarryingValueofDerivativesAbstract_ba53df9b-2208-4596-b9ac-eab727ae4220_terseLabel_en-US" xlink:label="lab_bac_CarryingValueofDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value of Credit Derivatives </link:label>
<link:label id="lab_bac_CarryingValueofDerivativesAbstract_label_en-US" xlink:label="lab_bac_CarryingValueofDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value of Derivatives [Abstract] </link:label>
<link:label id="lab_bac_CarryingValueofDerivativesAbstract_documentation_en-US" xlink:label="lab_bac_CarryingValueofDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Value of Derivatives [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_CarryingValueofDerivativesAbstract" xlink:href="bac-20221231.xsd#bac_CarryingValueofDerivativesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_CarryingValueofDerivativesAbstract" xlink:to="lab_bac_CarryingValueofDerivativesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAbstract_bb92cf7e-1f67-4540-956b-7ab8b2fffac4_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities: </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HeldToMaturitySecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_99f438fa-93fc-40c6-9077-b8cad84c5957_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption, Adjustment </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption, Adjustment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_ac1c22db-c4b2-4bed-80c3-a38fae2def3b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_1d127193-dcae-4f7b-8336-a8e4cde3b6bb_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Legally enforceable master netting agreements </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Subject to Master Netting Arrangement, Asset Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DerivativeLiabilityFairValueGrossAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:to="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax_04b20651-089e-4194-a851-94c4974be00e_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net increase (decrease) in fair value </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Reclassifications, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_e5147877-4b8c-4199-b0a2-48c9e03baffd_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Financing Receivable [Axis] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Financing Receivable [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_2268881b-b596-4a93-8b35-b43a4b37189d_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity of Lessor and Lessee Arrangements </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Maturity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving_bdb88a7f-cf83-4303-bafd-e97ecf456e34_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loans </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving_aca0b1ab-45c4-4b9e-a1cf-ef5fde8d519c_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Loans </link:label>
<link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Excluding Accrued Interest, Revolving </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestRevolving"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving" xlink:to="lab_us-gaap_FinancingReceivableExcludingAccruedInterestRevolving" xlink:type="arc" order="1"/>
<link:label id="lab_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount_961fe4f6-2c2e-4122-8b03-c92fbb1ad13d_terseLabel_en-US" xlink:label="lab_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due after five years through ten years, amount </link:label>
<link:label id="lab_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount_label_en-US" xlink:label="lab_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-To-Maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Net Carrying Amount </link:label>
<link:label id="lab_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount_documentation_en-US" xlink:label="lab_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-To-Maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Net Carrying Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount" xlink:href="bac-20221231.xsd#bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount" xlink:to="lab_bac_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenNetCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TimeDepositMaturitiesTableTextBlock_e823d0be-0c21-4717-bde6-4a789aeda7cc_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Time Deposits </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositMaturitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:to="lab_us-gaap_TimeDepositMaturitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock_cdfc1b51-789e-4e11-bdae-8fd638c564fc_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Related Securitizations </link:label>
<link:label id="lab_us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Gain (Loss) on Securitizations or Asset-Backed Financing Arrangements of Financial Assets Accounted for as Sale [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock" xlink:to="lab_us-gaap_ScheduleOfGainLossOnSecuritizationsOfFinancialAssetsAccountedForAsSaleTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtMember_dab5c573-3c13-48b4-a055-14ec5573a68c_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermDebtMember_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-Term Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ShortTermDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtMember" xlink:to="lab_us-gaap_ShortTermDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ClassOfStockDomain_0fc399ad-eb2f-45f7-86aa-553e629d1a33_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>
<link:label id="lab_us-gaap_ClassOfStockDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ClassOfStockDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputPowerForwardPriceMember_b59df56d-e1bf-41d2-a05d-a23bc08d732d_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputPowerForwardPriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Power forward price </link:label>
<link:label id="lab_bac_MeasurementInputPowerForwardPriceMember_label_en-US" xlink:label="lab_bac_MeasurementInputPowerForwardPriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Power Forward Price [Member] </link:label>
<link:label id="lab_bac_MeasurementInputPowerForwardPriceMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputPowerForwardPriceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Power Forward Price </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputPowerForwardPriceMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputPowerForwardPriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputPowerForwardPriceMember" xlink:to="lab_bac_MeasurementInputPowerForwardPriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis_ff04f12e-98c2-457c-9a76-2456276d53cc_verboseLabel_en-US" xlink:label="lab_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax expense </link:label>
<link:label id="lab_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis_label_en-US" xlink:label="lab_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit), Full Tax Equivalent Basis </link:label>
<link:label id="lab_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis_documentation_en-US" xlink:label="lab_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations and derived on a full tax equivalent basis (an adjustment for tax exempt income). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis" xlink:href="bac-20221231.xsd#bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis" xlink:to="lab_bac_IncomeTaxExpenseBenefitFullTaxEquivalentBasis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DeferredCompensationHedgesMember_c28c4a00-210d-4562-aba9-811df79468c9_terseLabel_en-US" xlink:label="lab_bac_DeferredCompensationHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price risk on certain compensation plans </link:label>
<link:label id="lab_bac_DeferredCompensationHedgesMember_label_en-US" xlink:label="lab_bac_DeferredCompensationHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Hedges [Member] </link:label>
<link:label id="lab_bac_DeferredCompensationHedgesMember_documentation_en-US" xlink:label="lab_bac_DeferredCompensationHedgesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation Hedges [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DeferredCompensationHedgesMember" xlink:href="bac-20221231.xsd#bac_DeferredCompensationHedgesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DeferredCompensationHedgesMember" xlink:to="lab_bac_DeferredCompensationHedgesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanToValueDomain_42585b3d-f908-476e-b7b2-88b488d54925_terseLabel_en-US" xlink:label="lab_us-gaap_LoanToValueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Domain] </link:label>
<link:label id="lab_us-gaap_LoanToValueDomain_label_en-US" xlink:label="lab_us-gaap_LoanToValueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt-to-Value [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanToValueDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoanToValueDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanToValueDomain" xlink:to="lab_us-gaap_LoanToValueDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTypeAxis_bfa5449b-312c-4ffa-b2bf-1add55a41670_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTypeAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RetirementPlanTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeAxis" xlink:to="lab_us-gaap_RetirementPlanTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_bac_TrialModificationsMember_72fdad6b-fe84-47fd-b9c7-838f381bdad4_terseLabel_en-US" xlink:label="lab_bac_TrialModificationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trial modifications </link:label>
<link:label id="lab_bac_TrialModificationsMember_label_en-US" xlink:label="lab_bac_TrialModificationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trial Modifications [Member] </link:label>
<link:label id="lab_bac_TrialModificationsMember_documentation_en-US" xlink:label="lab_bac_TrialModificationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trial Modifications [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_TrialModificationsMember" xlink:href="bac-20221231.xsd#bac_TrialModificationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_TrialModificationsMember" xlink:to="lab_bac_TrialModificationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths_3a96cbcd-6c45-478b-bd5c-dd1129ca69db_verboseLabel_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths" xlink:to="lab_us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_da3fec14-aa9b-4571-8945-5677bd2df353_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance of Long-term Debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-Term Debt Instruments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears_02b99b61-c91b-42ba-846a-ed51a3d3992a_terseLabel_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears_label_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement, Expiration Greater Than Five Years </link:label>
<link:label id="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears_documentation_en-US" xlink:label="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability Not Subject to Master Netting Arrangement, Expiration Greater Than Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears" xlink:href="bac-20221231.xsd#bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears" xlink:to="lab_bac_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjecttoMasterNettingArrangementExpirationGreaterThanFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_bac_Series5PreferredStockMember_b619427c-9bff-4fc7-be01-e59c54ec5f21_verboseLabel_en-US" xlink:label="lab_bac_Series5PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5 </link:label>
<link:label id="lab_bac_Series5PreferredStockMember_bffdf9ed-3280-4c1a-b409-68e29397ed20_terseLabel_en-US" xlink:label="lab_bac_Series5PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 5 Preferred Stock </link:label>
<link:label id="lab_bac_Series5PreferredStockMember_label_en-US" xlink:label="lab_bac_Series5PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series 5 Preferred Stock [Member] </link:label>
<link:label id="lab_bac_Series5PreferredStockMember_documentation_en-US" xlink:label="lab_bac_Series5PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Five Preferred Stock member. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_Series5PreferredStockMember" xlink:href="bac-20221231.xsd#bac_Series5PreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_Series5PreferredStockMember" xlink:to="lab_bac_Series5PreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_bac_June202024Member_858118c0-cbbe-451c-ab47-8f40379aacf8_terseLabel_en-US" xlink:label="lab_bac_June202024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> June 20, 2024 </link:label>
<link:label id="lab_bac_June202024Member_label_en-US" xlink:label="lab_bac_June202024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> June 20, 2024 [Member] </link:label>
<link:label id="lab_bac_June202024Member_documentation_en-US" xlink:label="lab_bac_June202024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> June 20, 2024 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_June202024Member" xlink:href="bac-20221231.xsd#bac_June202024Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_June202024Member" xlink:to="lab_bac_June202024Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestBearingDepositsInBanks_700aa74e-dee7-447d-9d8f-2b16a43dac02_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestBearingDepositsInBanks" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks </link:label>
<link:label id="lab_us-gaap_InterestBearingDepositsInBanks_label_en-US" xlink:label="lab_us-gaap_InterestBearingDepositsInBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest-Bearing Deposits in Banks and Other Financial Institutions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestBearingDepositsInBanks" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InterestBearingDepositsInBanks"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestBearingDepositsInBanks" xlink:to="lab_us-gaap_InterestBearingDepositsInBanks" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerAbstract_f845e66b-5936-4500-935c-ae0c22b314f7_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Abstract] </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerAbstract_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RevenueFromContractWithCustomerAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract_97d026dc-50c0-4fea-88fa-d39bb30ae849_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pretax </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputUpfrontPointsMember_7b640fbd-0acb-4907-a9fd-301527a203da_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputUpfrontPointsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Upfront points </link:label>
<link:label id="lab_bac_MeasurementInputUpfrontPointsMember_label_en-US" xlink:label="lab_bac_MeasurementInputUpfrontPointsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Upfront Points [Member] </link:label>
<link:label id="lab_bac_MeasurementInputUpfrontPointsMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputUpfrontPointsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Upfront Points [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputUpfrontPointsMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputUpfrontPointsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputUpfrontPointsMember" xlink:to="lab_bac_MeasurementInputUpfrontPointsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant_294ad6b9-cf4e-4e32-8a95-ddd92df37db1_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan participant contributions </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions by Plan Participant </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_5282fc33-4b68-4d5d-abc0-eaeb34c78bbd_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrencySwapMember_c919b8d3-6409-4f9e-9254-4ffea884606f_terseLabel_en-US" xlink:label="lab_us-gaap_CurrencySwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Swaps </link:label>
<link:label id="lab_us-gaap_CurrencySwapMember_label_en-US" xlink:label="lab_us-gaap_CurrencySwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Currency Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrencySwapMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CurrencySwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrencySwapMember" xlink:to="lab_us-gaap_CurrencySwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_82b69ac2-9236-401f-8307-8898210db884_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions used to determine net cost for years ended December 31 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsAbstract_75ec5f09-3f27-457c-9f47-2231e240f811_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends declared: </link:label>
<link:label id="lab_us-gaap_DividendsAbstract_label_en-US" xlink:label="lab_us-gaap_DividendsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DividendsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsAbstract" xlink:to="lab_us-gaap_DividendsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation_1ffccac8-78a6-4e92-bf81-bbe48f5aa2dc_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PBO </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock_bebd6f29-fced-415d-bc6a-fc0a517dfa1a_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value Option Elections </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LienCategoryDomain_c05b0c9d-727a-41e8-99ea-19264b7ead38_terseLabel_en-US" xlink:label="lab_us-gaap_LienCategoryDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lien Category [Domain] </link:label>
<link:label id="lab_us-gaap_LienCategoryDomain_label_en-US" xlink:label="lab_us-gaap_LienCategoryDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lien Category [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LienCategoryDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LienCategoryDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LienCategoryDomain" xlink:to="lab_us-gaap_LienCategoryDomain" xlink:type="arc" order="1"/>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_478a48dd-1d56-4b69-a11d-5c948f1b0c17_totalLabel_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Liabilities </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Subject To Master Netting Arrangement, Amount Offset Against Collateral </link:label>
<link:label id="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral_documentation_en-US" xlink:label="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Securities Loaned, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:href="bac-20221231.xsd#bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:to="lab_bac_SecuritiesSoldSubjectToMasterNettingArrangementAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMember_71562b67-60dc-440b-9c40-58e6f52f0ea7_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity risk </link:label>
<link:label id="lab_us-gaap_EquityMember_label_en-US" xlink:label="lab_us-gaap_EquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EquityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMember" xlink:to="lab_us-gaap_EquityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TierOneLeverageCapitalToAverageAssets_f692081f-4311-4d34-bcd9-7058234631ce_terseLabel_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tier 1 leverage ratio </link:label>
<link:label id="lab_us-gaap_TierOneLeverageCapitalToAverageAssets_label_en-US" xlink:label="lab_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Banking Regulation, Tier 1 Leverage Capital Ratio, Actual </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TierOneLeverageCapitalToAverageAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:to="lab_us-gaap_TierOneLeverageCapitalToAverageAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_f7af2784-1f25-4a87-84b7-a801ac29d251_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts recognized in accumulated OCI </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_410d04e9-5208-44c0-878c-e4b2769848ac_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LongtermDebtTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_006c5283-aa84-438c-931e-a9999618fbb5_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherDebtSecuritiesMember_b21aeb34-f098-442e-a324-98ce8349e51b_terseLabel_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other debt securities carried at fair value – Non-agency residential MBS </link:label>
<link:label id="lab_us-gaap_OtherDebtSecuritiesMember_0275d5d1-b990-4072-a593-7308147d86a3_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other debt securities carried at fair value – Non-agency residential </link:label>
<link:label id="lab_us-gaap_OtherDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherDebtSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDebtSecuritiesMember" xlink:to="lab_us-gaap_OtherDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss_c1748660-9a9a-4ef9-b3b9-ae117dbb1db1_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) in OCI </link:label>
<link:label id="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss_label_en-US" xlink:label="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:to="lab_us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInOtherComprehensiveIncomeLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCommitmentsLineItems_e39d7913-2495-4fa8-80fd-8c02af800616_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Line Items] </link:label>
<link:label id="lab_us-gaap_OtherCommitmentsLineItems_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commitments [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherCommitmentsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsLineItems" xlink:to="lab_us-gaap_OtherCommitmentsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain_ceee958d-e25b-44e8-b30c-835847b53f3b_terseLabel_en-US" xlink:label="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Insured or Guaranteed by Government Authorities [Domain] </link:label>
<link:label id="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain_label_en-US" xlink:label="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Insured or Guaranteed by Government Authorities [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain" xlink:to="lab_us-gaap_LoansInsuredOrGuaranteedByGovernmentAuthoritiesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract_58d8fde6-d3d7-4503-957b-37fec6069e0e_terseLabel_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] </link:label>
<link:label id="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Held-to-Maturity, Fair Value, Rolling Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValueRollingMaturityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsOfOrdinaryDividends_fc0bfa54-a811-412d-b76f-2f819063c00a_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfOrdinaryDividends" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash dividends paid </link:label>
<link:label id="lab_us-gaap_PaymentsOfOrdinaryDividends_label_en-US" xlink:label="lab_us-gaap_PaymentsOfOrdinaryDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments of Ordinary Dividends </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfOrdinaryDividends" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_PaymentsOfOrdinaryDividends"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfOrdinaryDividends" xlink:to="lab_us-gaap_PaymentsOfOrdinaryDividends" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_24b747af-6952-4323-8787-3857a1d74637_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_2def0356-a98d-449b-8480-6b8348821d21_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember_99182ee4-b178-4f6c-bd88-d8d894f8cf90_terseLabel_en-US" xlink:label="lab_us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FNMA </link:label>
<link:label id="lab_us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember_label_en-US" xlink:label="lab_us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal National Mortgage Association (FNMA) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember" xlink:to="lab_us-gaap_FederalNationalMortgageAssociationFnmaInsuredLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy_9d5c3da6-fc2a-4769-8da7-79534baa3b5c_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Troubled Debt Restructurings </link:label>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Troubled Debt Restructuring [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy" xlink:to="lab_us-gaap_LoansAndLeasesReceivableTroubledDebtRestructuringPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember_15d74c74-e639-4d94-a6cd-b98840f0c2ce_terseLabel_en-US" xlink:label="lab_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Option-adjusted spread, variable rate </link:label>
<link:label id="lab_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember_label_en-US" xlink:label="lab_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Option-Adjusted Spread, Variable Rate [Member] </link:label>
<link:label id="lab_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember_documentation_en-US" xlink:label="lab_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Option-Adjusted Spread, Variable Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember" xlink:href="bac-20221231.xsd#bac_MeasurementInputOptionAdjustedSpreadVariableRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember" xlink:to="lab_bac_MeasurementInputOptionAdjustedSpreadVariableRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherNoninterestExpense_0de54dce-fed4-4af8-94ca-31786de391de_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other general operating </link:label>
<link:label id="lab_us-gaap_OtherNoninterestExpense_label_en-US" xlink:label="lab_us-gaap_OtherNoninterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Noninterest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoninterestExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherNoninterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoninterestExpense" xlink:to="lab_us-gaap_OtherNoninterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis_6bf13287-46e9-4de6-8e07-ded8d27fc262_totalLabel_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income before income taxes </link:label>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis_label_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest, Full Tax Equivalent Basis </link:label>
<link:label id="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis_documentation_en-US" xlink:label="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest, Full Tax Equivalent Basis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis" xlink:href="bac-20221231.xsd#bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis" xlink:to="lab_bac_IncomeLossfromContinuingOperationsbeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestFullTaxEquivalentBasis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_dee38132-d1cc-4f94-b774-8435aac47fd6_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_DisaggregationOfRevenueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:to="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust_0cd5e880-7aac-4fa0-8dd1-2ddbca29f64e_terseLabel_en-US" xlink:label="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average remaining life of bonds held in the trusts in years </link:label>
<link:label id="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust_label_en-US" xlink:label="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Qualitative and Quantitative Information, Transferor's Continuing Involvement, Remaining Life of Bonds Held in Trust </link:label>
<link:label id="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust_documentation_en-US" xlink:label="lab_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This represents the weighted-average remaining life of bonds held in municipal bond trusts. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust" xlink:href="bac-20221231.xsd#bac_QualitativeandQuantitativeInformationTransferorsContinuingInvolvementRemainingLifeofBondsHeldinTrust"/>
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<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_aa697293-16f8-4be2-b2f0-b1077f4b872c_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Quantitative Disclosures [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Quantitative Disclosures [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresLineItems"/>
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<link:label id="lab_us-gaap_TimeDepositMaturitiesYearThree_dee8d989-5053-4daf-8729-3d1a81b6806f_terseLabel_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Due in 2025 </link:label>
<link:label id="lab_us-gaap_TimeDepositMaturitiesYearThree_label_en-US" xlink:label="lab_us-gaap_TimeDepositMaturitiesYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Time Deposit Maturities, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TimeDepositMaturitiesYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_TimeDepositMaturitiesYearThree"/>
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<link:label id="lab_us-gaap_AccountingStandardsUpdate201613Member_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdate201613Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update 2016-13 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdate201613Member" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccountingStandardsUpdate201613Member"/>
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</link:labelLink>
</link:linkbase>

11 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/30/24  Bank of America Corp./DE          S-8         4/30/24    5:76K                                    Donnelley … Solutions/FA
 4/30/24  Bank of America Corp./DE          10-Q        3/31/24  137:44M
 3/25/24  Bank of America Corp./DE          S-3/A                  4:2.7M                                   Donnelley … Solutions/FA
 3/05/24  Bank of America Corp./DE          S-8         3/05/24    5:80K                                    Donnelley … Solutions/FA
 3/05/24  Bank of America Corp./DE          S-3                   11:3.6M                                   Donnelley … Solutions/FA
 2/20/24  Bank of America Corp./DE          10-K       12/31/23  200:61M
10/31/23  Bank of America Corp./DE          10-Q        9/30/23  140:50M
 7/31/23  Bank of America Corp./DE          10-Q        6/30/23  140:49M
 5/01/23  Bank of America Corp./DE          S-8         5/01/23    5:101K                                   Donnelley … Solutions/FA
 5/01/23  Bank of America Corp./DE          S-8         5/01/23    5:80K                                    Donnelley … Solutions/FA
 5/01/23  Bank of America Corp./DE          10-Q        3/31/23  137:45M

42 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/28/22  Bank of America Corp./DE          10-Q        9/30/22  137:50M
 4/29/22  Bank of America Corp./DE          10-Q        3/31/22  137:48M
 2/22/22  Bank of America Corp./DE          10-K       12/31/21  201:72M
 8/02/21  Bank of America Corp./DE          S-3/A                 12:4.2M                                   Donnelley … Solutions/FA
 4/29/21  Bank of America Corp./DE          10-Q        3/31/21  140:44M
 4/22/21  Bank of America Corp./DE          8-K:5,9     4/20/21   14:720K
 2/24/21  Bank of America Corp./DE          10-K       12/31/20  199:66M
 5/01/20  Bank of America Corp./DE          10-Q        3/31/20  138:49M
 2/19/20  Bank of America Corp./DE          10-K       12/31/19  207:80M
11/19/19  Bank of America Corp./DE          S-8        11/19/19    5:123K                                   Donnelley … Solutions/FA
 7/29/19  Bank of America Corp./DE          10-Q        6/30/19  141:64M
 4/24/19  Bank of America Corp./DE          8-K:5,9     4/24/19    3:268K
 2/26/19  Bank of America Corp./DE          10-K       12/31/18  203:76M
 7/30/18  Bank of America Corp./DE          10-Q        6/30/18  141:64M
 6/27/18  Bank of America Corp./DE          S-3/A                 14:4.2M                                   Donnelley … Solutions/FA
 2/23/17  Bank of America Corp./DE          10-K       12/31/16  209:78M
 1/13/17  Bank of America Corp./DE          8-K:9       1/13/17    7:805K                                   Donnelley … Solutions/FA
 5/02/16  Bank of America Corp./DE          10-Q        3/31/16  149:56M
 2/24/16  Bank of America Corp./DE          10-K       12/31/15  210:86M
 5/07/15  Bank of America Corp./DE          8-K:5,9     5/06/15    3:419K
 5/01/15  Merrill Lynch Pfd Funding III LP  S-3/A                 14:3.8M                                   Donnelley … Solutions/FA
 2/25/15  Bank of America Corp./DE          10-K       12/31/14  211:122M
 2/28/13  Bank of America Corp./DE          10-K       12/31/12  184:118M
 8/25/11  Bank of America Corp./DE          8-K:1,3,8,9 8/25/11    3:410K                                   Donnelley … Solutions/FA
 2/25/11  Bank of America Corp./DE          10-K12/31/10  191:87M                                    Donnelley … Solutions/FA
 2/26/10  Bank of America Corp./DE          10-K       12/31/09   67:20M                                    Donnelley … Solutions/FA
 2/27/09  Bank of America Corp./DE          10-K       12/31/08   28:12M                                    Donnelley … Solutions/FA
12/05/08  Bank of America Corp./DE          8-K:8,9    12/01/08    8:1.1M                                   Donnelley … Solutions/FA
 3/16/07  Bank of America Corp./DE          S-4                   15:759K                                   Bowne of Atlanta Inc./FA
 2/28/07  Bank of America Corp./DE          10-K12/31/06   23:7.8M                                   Donnelley … Solutions/FA
 5/05/06  Bank of America Corp./DE          S-3ASR      5/05/06   55:4.4M                                   Donnelley … Solutions/FA
10/26/05  Bank of America Corp./DE          8-K:1,9    10/26/05    3:53K                                    Donnelley … Solutions/FA
 3/01/05  Bank of America Corp./DE          10-K12/31/04   47:7M                                     Donnelley … Solutions/FA
 8/27/04  Bank of America Corp./DE          8-K:8,9     8/23/04    7:193K                                   Smith Helms Mu… Moore/FA
 3/01/04  Bank of America Corp./DE          10-K       12/31/03   15:5.3M                                   Donnelley … Solutions/FA
12/04/03  Bank of America Corp./DE          S-4                   10:2.4M                                   Donnelley … Solutions/FA
 3/03/03  Bank of America Corp./DE          10-K       12/31/02   20:5.9M                                   Donnelley … Solutions/FA
 6/14/01  Bank of America Corp./DE          8-K:5,7     6/05/01   10:563K                                   Smith Helms Mu… Moore/FA
11/18/98  Bank of America Corp./DE          8-K:5,7    11/16/98   11:352K                                   Smith Helms Mu… Moore/FA
 6/28/96  Bank of America Corp./DE          S-3                   12:541K                                   Donnelley … Solutions/FA
 3/29/96  Bank of America Corp./DE          10-K       12/31/95   23:901K                                   Donnelley … Solutions/FA
 2/01/95  Bank of America Corp./DE          S-3                   23:1.2M                                   Donnelley … Solutions/FA
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