Bank of America has a dividend yield of 3%. That's toward the high end of the yield range over the past decade, but investors looking for a high-yield bank stock can do better. A quick look to the north and you'll find that Bank of Montreal (NYSE: BMO) is offering 4.6% as of this writing, Toronto-Dominion Bank (NYSE: TD) 5%, and Bank of Nova Scotia (NYSE: BNS) 6.9%. Here are some key facts you need to know about this trio of high-yield bank stocks.

One of the most important differentiation points between a U.S. bank like Bank of America and Canadian banks like Bank of Montreal, TD Bank, and Scotiabank, is found on the regulatory front. Regulations in the U.S. simply aren't as strict, leading to excesses that can be fairly damaging to dividend investors. That was particularly clear during the Great Recession, when Bank of America, and many of its peers, cut their dividends in the face of economic hardship.

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Source Fool.com