"We want to contribute in any way we can to reduce these mass shootings," the bank's vice chair Anne Finucane told Bloomberg Television on Tuesday, referring to the perennial scourge that is a hot-button issue in American life and politics.

"It is our intention not to finance these military-style firearms for civilian use."

Weapons control groups hailed the move.

"When the second-largest bank in the US takes concrete steps to prevent gun violence, it sends a clear message to the entire industry," said John Feinblatt, president of Everytown for Gun Safety.

"It's time for every financial institution to do their part. We applaud Bank of America for walking the walk on gun safety."

In the days that followed a shooting at a Florida high school that saw a former student armed with a military-style rifle kill 14 students and three staff members, several major companies took measures to distance themselves from assault weapons manufacturers, or to increase the minimum age limit to purchase the firearms.

Citigroup has banned its clients from selling firearms to people under the age of 21.