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I can't take the phoniness of bank employees. I walked into a Chase bank the other day and after making a deposit, the teller told me that I was eligible for a "Special Savings Offer." The offer: If I bring over $10,000 of new money and place it into a savings account, I'll be eligible for a rate of 1%! Reading into the fine print it says that the 1% offer is for 3 months and after that offer period, the rate reverts back to the traditional savings rate.

My, how times have changed. Bank employees are "excited" to offer their customers a 1% return on their money while inflation averages 3%? They want us to lock our money up in CDs for 5 years at rates below 2%. I thought the idea of the bank was to safeguard your funds...seems like now all the banks do is lock in your losses.

Well it's time to use the banks to turn the tables and make some of your bank back. Personally, I like the financial strength and stability of J.P. Morgan Chase (NYSE:JPM) and I would have no problem putting that stock in my long term portfolio, but for this trade I am looking at the stock of Bank of America (NYSE:BAC).

I am choosing Bank of America for several reasons. First off, the stock is cheap. The stock trades around 7.23/share and on a valuation basis trades at just one-third book value and 5.6 times forward earnings. While on the topic of looking forward, there is some uncertainty with regards to how much BofA will owe in lawsuits over mortgage back securities, but I don't believe we'll see any progress in those lawsuits for a while and BAC has plenty of cash available should it need it at the ready.

All in all, I believe BAC is at a local bottom, if not an absolute bottom, moving forward. That being said I am always a risk adverse investor and so rather than buying the stock outright, I prefer to put on a covered call position. Even after 5 straight up days in the market, the covered call still offers a respectable return over a two month period.

At this point in time you can purchase the stock and sell the November 7.50 Call for .65/contract, thus giving you a net debit for the trade of 6.58.

With this trade you'll have downside protection of 9% and a potential maximum return on investment of 13.9% over the two months. As long as the stock doesn't head south, below 6.58, this will be a net winner and I certainly don't see the stock going below that point.

What makes me so positive? Warren Buffett purchased shares of BAC while it was trading in the high 6s, low 7s. There are plenty of investors in the market who track and duplicate his trades in efforts to gain a better return. This being the case, these followers should provide a natural support to the stock when it reaches this region.

Disclosure: I am long BAC. Along with being long BAC stock, I am SHORT the October and November 7 and 7.50 strike Calls.