BANK OF AMERICA

Newsroom

 

Consumer Banking

1/23/18 9:00 am EST

Millennials are proving that they are just as good as or better than older generations when it comes to money management habits like saving and budgeting, according to the Better Money Habits® Millennial Report released today. Millennials (ages 23 to 37) are saving (63 percent), and they are more likely to say they have a savings goal (57 percent) than members of Gen X (42 percent) and baby boomers (42 percent). It’s not all talk, either: the more...

1/12/18 2:29 pm EST

Bank of America today announced record-breaking person-to-person (P2P) payments use, as its customers increasingly make the move to cashless solutions.

Bank of America saw total Zelle transactions for 2017 hit nearly 68 million, an 84 percent growth rate from the previous year. In Q4 alone, Bank of America processed over 23 million transactions, totaling nearly $7 billion, up 91 percent from the prior year.

And the cashless trend continues to take off in 2018. Currently, Bank of America has more...

1/11/18 9:30 am EST

Bank of America today announced that it has opened its first center in Indianapolis, and will open several Advanced Centers this month, to provide customers access to services when and where they want within the greater Indianapolis region. The new locations will offer current banking, investment and commercial clients, as well as new clients in the area, access to the bank’s team of lending and small business client professionals and Merrill Edge’s investment professionals, seamlessly more...

1/4/18 10:35 am EST

Building on the trust consumers and brands have put in J.D. Power studies for decades, the marketing data and analytics company today announced the J.D. Power Mobile App Certification ProgramSM to recognize brands that provide an exceptional mobile app experience.

This exclusive program reflects the commitment and dedication of select brands to provide their customers with a mobile app experience that meets today's consumer expectations.

more...
12/7/17 9:00 am EST

Bank of America today announced a series of updates to its award-winning mobile banking app and online banking platform to better connect to its customers’ life priorities.

These latest enhancements provide customers new, interactive ways to use the app and the ability to further personalize the user experience, helping them meet their unique goals.

more...
12/6/17 9:30 am EST

To many Atlanta residents, providing for family (76 percent), having a family (53 percent) and making a difference in the lives of those in need (43 percent) are much more essential to their success than tallying personal and career-related achievements.

In fact, only 10 percent of Atlanta residents believe having an impressive resume or having a million dollars in the bank are key factors to success.

These sentiments are in line with all Americans, who also believe providing for family (73 more...

12/4/17 9:00 am EST

As the definition of success changes across the nation, Chicagoans are leading the charge in prioritizing family. In fact, 78 percent of residents say providing for family is most essential to their definition of success, compared to 73 percent of all Americans. Close relationships are also key to Chicagoans’ definition of success with almost one-third reporting a close-knit social circle contributes to their success.

more...
12/4/17 9:00 am EST

The definition of success is changing in Dallas/Fort Worth and across the country. Almost three-quarters of both Dallas/Fort Worth residents and Americans believe being able to provide for family is most essential to defining success.

In comparison, monetary and career-focused advancements are seen as far less essential. In fact, only 13 percent of Dallas/Fort Worth residents say being a millionaire is essential to their definition of success, and 11 percent consider having an impressive resume more...

12/4/17 9:00 am EST

While Phoenix-area residents were most likely to say they are knowledgeable about the Great Recession (49 percent) compared to those who live in other cities, it doesn’t mean they are willing to cut back on spending to save for the future. In fact, they are the least likely of those surveyed nationally to cut back on going out (30 percent versus 39 percent nationally) or delay buying a home (9 percent versus 18 percent nationally) to save money for the long run.

more...
12/4/17 9:00 am EST

Compared to all Americans surveyed, Southern California residents believe their investment habits are more “successful” (57 percent versus 48 percent nationally) today than they were 10 years ago. Southern Californians also believe their investing habits have been more “responsible” (60 percent versus 54 percent nationally) and more “forward-looking” (57 percent versus 52 percent nationally) over the past decade.  

more...
12/1/17 9:00 am EST

Uniquely shaped by their coming-of-age during the Great Recession a decade ago, millennials demonstrate a “do-it-myself” mindset as they continue to pursue financial independence and self-sufficiency. According to the latest Merrill Edge® Report, when asked what they’ll be able to rely on in 20 years, millennials’ top response was their savings account (66 percent) – a self-created and self-funded source. more...

11/20/17 3:29 pm EST

Bank of America today announced that its customers made more than 5 million Zelle® transactions, totaling $1.5 billion dollars in October, up 90 percent from person-to-person (P2P) transactions for the same period last year. The move to cashless shows no signs of slowing. Bank of America also reached more than 2.5 million active monthly Zelle P2P users, and continues to add thousands of new users every day. more...

10/23/17 10:00 am EDT

Bank of America announced today it would begin implementing Intel®Online Connect technology into its online banking platform, giving customers added security when they bank online. The two companies will jointly preview the technology at this week’s Money20/20 conference in Las Vegas.

Bank of America plans to incorporate the security feature into its online banking authentication process in 2018, and will be the first financial services company to offer the technology to customers. more...

10/10/17 9:00 am EDT

People would rather trip and fall in public than ask a friend to pay them back, yet many friendships end over the topic of money, according to a survey released today by Bank of America.

The Friends Again Report explores the impact of money on even the closest relationships. Its findings underpin why Bank of America has designated October 17 as “Pay Back a Friend Day” to demonstrate that no matter how long it’s been or how more...

9/18/17 8:30 am EDT

Bank of America today announced the launch of the Bank of America® Premium Rewards® credit card that provides customers with unlimited points that don’t expire, flexible rewards, and premium travel benefits.

more...
9/6/17 9:01 am EDT

BAC - Mobile DashboardBank of America today announced a series of updates to its award-winning mobile app to further customize the user experience and continue its investment in innovation that improves the financial lives of its customers.

“With 23 million mobile customers and growing, improving the customer experience is always a top priority,” said Michelle Moore, head of digital banking at Bank of America. “By taking a customer-first approach to innovation, we continuously raise the bar to deliver new, more...

8/17/17 9:00 am EDT

Digital natives’ obsession with technology is set to change the world as we know it. A new survey released today finds they are so concerned with their digital footprint, the majority (54 percent) of millennials and Generation Z (ages 13-17) are Googling themselves regularly, with 10 percent self-searching on a daily basis.

more...
7/26/17 4:15 pm EDT

Bank of America [NYSE: BAC] and PayPal [NASDAQ: PYPL] today announced a strategic partnership that will soon enable Bank of America customers to transact with PayPal in stores and seamlessly link their Bank of America cards into PayPal.

The agreement will take effect immediately, with new experiences available to Bank of America customers in the first half of 2018 that will make it even easier for them to shop how, where and when they more...

6/7/17 9:00 am EDT

What do you wish you had known before you chose your career? That question is at the heart of a collaboration between Bank of America and Khan Academy to help young adults gain knowledge about careers and personal finance as they’re looking for jobs or just starting out in the workforce.

As the class of 2017 sets out on their own, it’s worth noting that:

  • Roughly eight in ten recent college students will graduate without a job lined up, according to an Accenture study.

  • more...
5/30/17 9:00 am EDT

Bank of America has launched new capabilities for mobile clients to complete the auto financing process with the company. Clients can now search for a car from participating dealerships – all on their mobile device or computer and before ever visiting a dealership. The program will begin with a pilot period in the Carolinas and expand across the country in a phased rollout that will continue throughout the year.

more...
5/11/17 9:00 am EDT

It appears Americans have run out of excuses for not paying their friends back in a timely manner, whether it’s for a $5 latte or $2,500 vacation. A new survey released today finds 36 percent of adults currently use a person-to-person payments service (P2P), with millennials leading the charge at nearly double that rate (62 percent). What’s more, 45 percent of non-users say they plan to start using the service within the next year, foreshadowing more...

4/12/17 9:00 am EDT

Boston homeowners are increasingly investing in their homes, as 78 percent look for ways to make it more valuable, and 59 percent spend a lot of free time working on their home.

Still, fewer than one in four experienced buyers in the Boston area say a home’s true value is determined by how much it cost to purchase, according to the second annual Bank of America Homebuyer Insights Report. This is fewer than homeowners nationally (33 percent) and any of the 10 markets surveyed. more...

4/12/17 9:00 am EDT

For experienced buyers in the Charlotte metro area, their current home may be their forever home, according to the second annual Bank of America Homebuyer Insights Report. Seventy-nine percent of local homeowners say they could stay in their current home for the rest of their lives, higher than any of 10 markets surveyed. As such, these experienced buyers show clear sentimental ties to their property: nearly all are proud of owning their home (94 percent) and treasure the memories they have more...

4/12/17 9:00 am EDT

For experienced buyers in the Chicago metro area, homeownership has clear sentimental value, according to the second annual Bank of America Homebuyer Insights Report. Nearly all (97 percent) Chicago homeowners say they are proud of owning their home, higher than any of the 10 local markets surveyed. Additionally, 92 percent say they treasure the memories they have made in their home, and 79 percent say their home is an extension of their personality. more...

4/12/17 9:00 am EDT

When thinking about homeownership, experienced buyers in the Dallas-Fort Worth metro area overwhelmingly see its positive long-term impacts, according to the second annual Bank of America Homebuyer Insights Report. Compared to the national average (84 percent) and 10 markets surveyed, Dallas homeowners (90 percent) were most likely to say homeownership will have a positive impact on their long-term financial picture.

more...