Investors who bought shares of Bank of America (NYSE:BAC) during the past several years have been handsomely rewarded thus far, but is buying the bank's seldom discussed TARP warrants (NYSE: BAC-AW) (NYSE: BAC-BW) the better bet? Issued as part of the TARP program in late 2008 and early 2009, the warrants give the investor the right to buy Bank of America at a set price in the future.

In this segment of The Motley Fool's financials-focused show, Where the Money Is, banking analyst David Hanson takes a question from the mailbag about the Bank of America TARP warrants, how dividends impact the price, and which class of warrants he would buy.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.